Electroneum is a Layer 1 EVM-compatible blockchain, catering to 4+ million users worldwide. The network boasts transaction speeds of just 5 seconds with instant finality, and potentially the market’s lowest smart contract fees. Powered by the Istanbul Byzantine Fault Tolerance (IBFT) consensus mechanism and supported by known validators - targeting universities and Web3 infrastructure companies - the network is incredibly fast, secure and energy efficient. For several years, ETN has provided the backbone for AnyTask.com, helping the platform take advantage of blockchain technology and deliver a fairer, more efficient experience for freelancers globally.
## Who Are the Founders of Electroneum?
Electroneum Ltd. was founded in 2017 by British entrepreneur, Richard Ells. He is also the owner of Retortal, a social media management platform designed for businesses in the direct selling industry, and SiteWizard, a digital agency which he co-founded and still serves as a director to date. In 2019, he founded AnyTask.com - a successful freelance platform in the crypto space.
## What Makes Electroneum Unique?
In early 2024, Electroneum initiated its ‘Aurelius’ blockchain update, becoming a Layer 1 EVM-compatible blockchain. The network boasts industry-leading speed, security, and efficiency having implemented a unique take on the IBFT consensus mechanism, supported by known validators. Transactions on the blockchain take just five seconds with instant finality, meanwhile, smart contracts can be launched and operated at potentially the lowest cost available on the blockchain market today.
The network has proven to be effective over the years, providing not only the backbone to the ETN-Network, which today caters to more than four million users worldwide but also to AnyTask.com, supporting 15,000+ professionals across 140 countries. AnyTask.com provides a unique take on today’s freelance platforms, allowing freelancers to get paid in ETN - circumventing the need to have a bank account, of which 1.4 Billion people are affected (World Bank, 2021).
The Electroneum blockchain is powered by the IBFT consensus mechanism and supported by a group of known validators. Prior to the latest ‘Aurelius’ update, Electroneum launched its ‘Proof of Responsibility’ update, in which a group of NGOs were introduced to the validator programme.
This unique approach provided the NGOs with a brand new funding stream, supporting new and existing charitable initiatives. This programme continues to this day, and following the introduction of the ‘Aurelius’ update in early 2024, has expanded to universities and Web3 infrastructure companies.
In summary, Electroneum is a Layer 1 EVM-compatible blockchain with a proven history and a solid founder, company, and group of known validators behind it. Boasting industry-leading capabilities in speed, security, energy efficiency, and cost-effectiveness, any developer or organisation seeking to build blockchain solutions should ideally shortlist Electroneum as a preferred platform of choice.
## How Many Electroneum (ETN) Coins Are There in Circulation?
Electroneum’s total and circulating supply is limited by Electroneum Ltd. and will never exceed 21,000,000,000 ETN. As of 12 April 2024, there were 17,969,620,855 ETN in circulation, representing 85.5% of all the ETN there will ever be.
## How Is the Electroneum Network Secured?
Electroneum uses the IBFT consensus mechanism in conjunction with a group of known validators, which provides a multitude of advantages when compared with other blockchains. First and foremost, it guarantees immediate block finality, completing transactions in just five seconds. This is achieved by presenting only one block proposal per chain height, thus eliminating the complexities associated with forking and the risk of transaction reversals. Block forgery becomes exceedingly challenging as a result, requiring a supermajority of validators to sign off on blocks before insertion into the chain. Moreover, the leadership of the validator group rotates over time, preventing any single faulty node from exerting prolonged influence over the chain. IBFT also offers the benefit of operational flexibility by allowing the modification of validator groups over time, ensuring that only fully trusted nodes are included in the group, thereby maintaining the chain's security and reliability.
## Where Can You Buy Electroneum (ETN)?
Top exchanges where you can currently trade Electroneum (ETN) are:
* HTX
* Gate.io
* CoinEx
If you are new, you can find our simplified guide for purchasing crypto and more exchanges where you can trade here.
Electroneum was founded in July 2017 and subsequently completed a $40 million ICO in September of the same year, launching as the UK's first cryptocurrency project. The platform's primary objective is to provide fast, secure, and low-cost cryptocurrency transaction services to the global population of over one billion unbanked individuals. To achieve this goal, Electroneum introduced the wallet manager in December 2017, offering a convenient global spending solution for individuals who only have access to smartphones. Additionally, the first Android mobile "mining" app was launched in March 2018, allowing users to mine ETN coins using their device's processor. In April of the same year, the project was granted a patent for instant cryptocurrency transactions.
How to Buy ENT
1. How to Buy ENT on Exchanges
Step 1: Choose a reputable exchange platform
Select a trustworthy platform from numerous exchanges to make your purchase. Some trusted platforms include Coinbase, Binance, OKX, among others.
Step 2: Register an account
Create an account on the chosen exchange platform. You may need to provide personal information (such as phone number, email) to complete the registration process.
Step 3: Complete identity verification
For security reasons, some platforms may require you to undergo identity verification. Follow the platform's instructions, providing necessary identity information (such as country/ID number) and undergo facial recognition if prompted. Once your identity is confirmed, you'll receive notification.
Step 4: Link your bank or payment method
Link your bank account or other payment methods to the exchange platform for making payments when purchasing ENT.
Step 5: Purchase ENT
Find the option to buy coins on the exchange platform, select the C2C buying process, then input the amount of cryptocurrency you wish to purchase. Typically, you'll choose to buy USDT first and then proceed with the purchase method. Simply place your order, make payment to the seller, and you'll receive the cryptocurrency. Once the payment is completed, you can use your exchange assets to buy ENT.
Step 6: Store your ENT
After purchase, you can choose to store ENT in the digital wallet provided by the exchange platform or transfer it to a hardware wallet under your control.
Step 7: Security Tips
To protect your exchange account and ENT assets, it's essential to use strong passwords and enable two-factor authentication.
How to Buy ENT via Over-the-Counter (OTC) Trading
Over-the-counter (OTC) ENT trading occurs directly between buyers and sellers, bypassing exchanges or other intermediaries. Here are the general steps for OTC ENT trading:
Step 1: Find an OTC trading channel
Start by finding a reliable OTC trading platform or service provider. These platforms typically offer online marketplaces or ways to connect with brokers for trading.
Step 2: Register an account
Sign up for an account on the chosen OTC trading platform. You may need to provide some personal information (phone/email) to complete the registration process.
Step 3: Complete identity verification
For security purposes, some platforms may require you to undergo identity verification. Follow the platform's instructions to provide necessary identity information (nationality/ID) and undergo facial recognition or other verification steps.
Step 4: Browse the trading list
After logging into your account, browse through the platform's trading list to find ENT trades that interest you. You can choose trades based on the trader's reputation rating, trade volume, price, and payment methods.
Step 5: Select a trading partner
Once you find a suitable trade, click to enter the trading page and carefully review the trader's terms and conditions. Ensure you understand and agree to the trader's requirements, such as trade amount, payment method, trade time, etc.
Step 6: Negotiate trade details
After reaching an agreement with the trader, you can negotiate trade details such as trade amount, payment method, trade time, and location.
Step 7: Make payment
According to the agreement reached with the trader, use the chosen payment method to pay the ENT purchase amount to the seller.
Step 8: Confirm receipt
Once the trader confirms receiving your payment, they will release ENT to the ENT address you provided. You can check your ENT wallet balance after the trade to confirm its success.
3. How to Buy ENT through Decentralized Exchanges (DEX)
Buying ENT on decentralized exchanges (DEX) differs from purchasing other cryptocurrencies on centralized exchanges. Here are the general steps for buying ENT on DEX:
Step 1: Choose a ENT-supporting wallet
Create a new wallet supporting ENT assets, then select a decentralized exchange that supports ENT.
Step 2: Connect your wallet
Before using the DEX, you need to connect a wallet supporting the ENT blockchain. You can connect your wallet to the selected DEX via browser extension or mobile application.
Step 3: Deposit funds
In your wallet, select deposit and choose the asset you want to deposit (such as stablecoins). Follow the wallet prompts to complete the deposit process.
Step 4: Find the trading pair
Search or browse for the ENT trading pair on the DEX. Typically, you can find a search box or a list of trading pairs on the exchange's homepage or trading interface.
Step 5: Place an order
Once you find the ENT trading pair, you can choose between market or limit orders and input the quantity you want to purchase. Ensure you input the correct price and quantity in the order, then confirm the order.
Step 6: Wait for the trade to execute
Your order will be submitted to the ENT blockchain and wait for confirmation and execution by miners. Once the order is executed, you will receive the purchased ENT, which you can view in your wallet balance.
Step 7: Withdraw funds
After completing the trade, you can choose to withdraw the purchased ENT to your wallet for safer storage of your digital assets.
4. Official Channels for ENT Project Team or Community
Sometimes, the ENT project team or community may launch official channels for direct ENT purchases. This may include private placements, presales, or other forms of direct sales.