Firstly grab the app from Google Play Store, then you’ll have to sign up for an account and log in. Keep an eye out on your Virtual Mining, this is a first for any CryptoCurrency. Feel free to use my referral code (2E59F3) you win and I win, explained below.
We’ll go through the app screen by screen and add our thoughts where relevant.
If you want to skip to the end for our conclusion your more than welcome!
2.4.2 Current version when original Blog post released
2.4.3 Security release.
2.5.0 Updated Mobile miner payout Notifications.
A quick disclaimer. My interest in Electroneum is just general interest and limited to a few dollars worth of mining payouts. I spent some time in the Maidstone area a few years ago and like to see a local business going well. I generally think the project has a higher chance than most of reaching mass adoption. I am hoping that some of you readers will install the app and use my referral code, which will make me some coins if you keep mining.
There are four main sections the app Miner, Wallet, Value and More.
When you finally get into the app, get straight on to start mining. This is the fun part and you start making some coins. Watch your pending balance grow to 10 and you will see it reset to 0 and the 10 or so coins appear in your wallet. Recently it has been taking just over a day to earn 10 coins on an HTC U11.
If your phone drops off WiFi or 4G you may need to restart the miner. It can drop out without you noticing and you’ll miss out on your free coins.
Over time various things have changed and been adjusted. There are now almost always 100,000 miners online which means there will be fewer coins to go around, assuming they are releasing at a constant rate. When I first started mining, the payout amount was 5 coins this was increased to 10 to reduces traffic on the network. Originally the hash rate seemed to fluctuate a lot more with the usage or your phone. Mine now pretty much sits around 40 H/s where it used to change it was in sleep mode or other apps running.
Virtual mining is a clever idea. It gets people using to the idea of mining without any of the heads of running a full-scale mining rig.
The idea is the miner pays you some coins in proportion to the speed of your phone and the time it is running. Which is basically how a normal mining program works. Just in this case you are not actually doing the calculations so it uses very little data and very little power on top of what your phone would normally use.
This is where your money lives!
In version 2.4.2 (May 2018) notifications were added to let users know the progress of there payouts. This was in response to payouts troubles with a bug in the app with a huge volume of users all asking where their coins were at. The monthly blog post explains further.
2.5.0 Expanded Updates
Notifications now show in more detail of the stages of payout progress. I suspect to appease the user who have had balances pending for months.
The value screen at the top gives you the current market value of ETN in the currency of your choice. So far the for me has averaged around three cents.
The circulation number here is interesting, as of the 9:50pm 8th May 2018 6,923,000,839 which is only 32.97% of the 21 billion total. The idea is that there will only need to be two decimal points, more like a real currency.
Enter an ETN amount and it gives you a value you in the selected currency.
Electroneum has very ambitious growth plans, part of that is to get listed on as many of the exchanges as possible. This page keeps track of all the exchanges currently listing ETN. What this means for us is a way to Buy and Sell ETN with and for real money. Coin Spot is a big Australian exchange listing many coins, in the coming weeks ill be trying and reviewing how to get cash out of or wallet via this service.
Please use my referral Code “2E59F3”!
The referral program somewhat resembles a pyramid scheme, though everyone wins really. Firstly by giving both parties some coins, 5% for the referer and 1% of the referees mined coins. Secondly, the more people using this the more useful it will become.
Android Version Requirements
These comments are based on the current releases, not future plans.
- Excellent introduction to Crypto Currencies.
- Virtual Mining gives everyone a taste of mining.
- Free coins! Basically, Electroneum is buying users.
- A well-supported currency will be a usable currency in the future.
- No or slow communications regarding bugs.
- Still some major issues still being worked out.
- Reddit <https://www.reddit.com/r/Electroneum/>
- Official Site <https://electroneum.com>
- May 2018 Blog <https://electroneum.com/2018/05/04/new-weekly-update/>
- Facebook <https://www.facebook.com/electroneum/>
- Overview & White Paper – Electroneum <http://electroneum.com/technical-white-paper.pdf>
- Technical White Paper <http://electroneum.com/technical-white-paper.pdf>