Let's talk about Electroneum - First Mobile Mined Cryptocurrency - Sort Of.

Electronium is a British company that offers coins that can be mined with your mobile. All you need to do is download the app and you can mine the coins in the background. This is supposed to bring crypto and mining to the masses.

Mining requires setting up a rig which is difficult and requires technical knowledge. Electroneum is making mining accessible to the common person opening crypto mining to hundreds of thousands of people. It removes rig and server cost so no need for a mining contract. They state that mining Electroneum won't have any stress on your phone, it won't make your phone hot or damage your battery. Your phone will be assessed for its mining power and you will receive appropriate coins depending on your phones' specks.

However the "mining" they refer to is not actual block chain mining but just a simulation that will benchmark your phone's performance to distribute coins hence no drainage on your phone's battery or stress on your CPU.

They have a large team with good track record and seem trustworthy. Their team is also very diverse and it seems they have necessary skills to achieve what they set out to do.

Electronium also has a large community even thought it is still in its ICO stage. The mass adoption seems to be the result of its affiliate network programme. It allows users to get extra 1% in coins with a referral code.

They have secured listings on YoBit, Liqui and Cryptopia not the exchanges I use so it would be nice to the them get listed on something like Bittrex in the future.

They also offer an "unhackable" offline wallet, I don't know what this means so you'll have to do the research on this yourself. If you know please leave a comment.

So their long term plan is to get into online gaming and gambling. Meaning you will be able to use Electronium to purchase app store games and in-game items and upgrades. You'll also be able to use Electroneum tokens to make bets and gamble online. This is interesting as app store gaming and online gambling are huge industries but Electroneum are not the first and won't be the last to attempt at making decentralized payment for online games.

Someone had said that Electroneum may prove to be a hit in the developing countries where people will be able to earn up to £30 per month using their mobile. I don't know how many people have a smart phone in developing countries but i thought it was an interesting point to share.

Something that a lot of people like to point out is the total supply of Electroneum which is 21 billion which is huge and puts a lot of peoole off But the supply when it first comes on the exchanges will not be 21 Billion as only coins sold on the ICO count for the initial supply. All unsold coins will remain in the mining pool to be mined in the future. So circulating supply will be much smaller during the initial launch. Electroneum will also only have 2 decimal places so 21 billion is not huge especialy when you consider that bitcoin has 8 decimal places. If you want to do the math you can say that due to this fact the total supply of Electroneum is only 21 million.

My main concern with this coin is the ICO price which is £0.01 and seems overvalued to me. If we look at other coins which also have a large potential or circulating supply we can see that most of them even once established on an exchange usually don't fetch more than £0.01. Only exception is Ripple XRP which is averaging at £0.20 (£0.16 at time of writing) with a supply of 38.5 Billion but it it's technology is heavily backed by the banks so it's in the league of its own.

Below you can see the coins with large circulating supply and their value.

Therefore I will not be participating in the ICO as I assume that we will see a huge dump once the coin reaches the exchanges on 1st of November 2017 due to large ROI like the 5% referral bonus.

So personally I will not be investing in the ICO nor will I be purchasing Electroneum ( even if I would i dont use the exchanges it's going to be listed on ). But I have downloaded the app and will start mining the coins in the background on the 1st of November. I'm happy to participate due to low risk and high reward associated with Electroneum mining.

What are your thought on Electroneum? Did you participate in the ICO? Will you be mining it when its released?

Follow, Resteem & VoteUp @alexeysaharovski for cryptocurrency news & tips.