There are many ways to approach the task of creating a valuable cryptocurrency. Bitcoin will remain the top cryptocurrency for quite some time to come, but things can always change in the future. Whether or not Electroneum has what it takes to rival the world’s top cryptocurrency remains to be determined. This particular project certainly looks interesting enough to play a role of importance.
An Overview of the Electroneum Project
Unlike most other cryptocurrencies in the world today, Electroneum focuses on the mobile ecosystem. It is positioned as a mobile cryptocurrency that is simple to use and powered by an app. Making cryptocurrencies more accessible will require a mobile strategy at some point. Even though Bitcoin and other top currencies all have mobile wallets, Electroneum may bring something to the table which these other coins cannot right now.
Electroneum Under the Hood
According to its website, Electroneum has the benefits of Bitcoin and other assets, while bringing more anonymity to the table. Moreover, its transaction speed is a lot higher. Given Bitcoin’s recent woes in the speed and fee department, Electroneum may be of great value to a lot of people in the future. Users will have their transaction history and wallet content protected from prying eyes. Additionally, there is an option to provide publicly accessible transaction hashes. A mix of privacy and transparency seems to work quite well, at least on paper.
Additionally, the Electroneum developers are confident they will be able to provide unhackable offline wallets. More specifically, there will be an option to generate multiple offline wallets, which will allow users to keep their funds safe and secure at all times. Generating an offline wallet needs to be done using an online platform, though, which raises a lot of privacy concerns. So far, there haven’t been any major issues with these offline wallets, but it’s always something to be wary about.
Other than that, there isn’t much that sets Electroneum apart from other cryptocurrencies. While the focus on optional transparency is significant, this is not the first project to provide such functionality. It is evident that there is a growing demand for privacy and anonymity in the world of cryptocurrencies, and Bitcoin cannot provide that functionality in its current form. Whether or not that is sufficient to warrant interest in Electroneum remains to be determined.
Is There a Roadmap to Speak of?
No cryptocurrency can afford to stand still. In the case of Electroneum, there is still a lot of work to be done in order for it to become a major cryptocurrency. The company has signed an agreement with XIUS, a telecommunications and payment giant. However, there does not appear to be any official roadmap as of right now, which is rather worrisome. This doesn’t mean the team will not announce anything in the future, but for now, things don’t look all that impressive. Electroneum’s lack of communication is a major worry for investors; that much is certain.