Electroneum cloud mining

Crypto Income #7 A complete guide for Electroneum

By knohen | Passive Income | 29 Jan 2020


Welcome back in my crypto income series.

Part 7 is all about cloud mining on your mobile phone just with an app, called Electroneum! Don't worry there is very little data usage, as all ETN rewards are processed in the cloud. This is a complete guide on how to start cloud mining up to 3$ per month in ETN completely for free!

 

Table of contents:

  1. What is Electroneum?
  2. Electroneum’s vision
  3. Journey
  4. App
  5. Wallet
  6. FAQ
  7. Generate more ETN
  8. Top up mobile airtime/data

 

1. What is Electroneum?

Electroneum website

Electroneum’s mobile-based payments solution is powered by ETN - the world’s fastest and first KYC/AML compliant cryptocurrency.

ETN is a store of value that can be used to purchase everyday items, from bread and milk, to mobile phone top ups. When used in conjunction with the Electroneum mobile application, users can transfer ETN to anyone in an instant, either in person or remotely.

 

 

Electroneum Moderated Blockchain Upgrade

 

 

KYC

Know your customer (KYC) refers to due diligence activities that financial institutions and other regulated companies must perform to ascertain relevant personal information from their clients for the purpose of doing business with them.

 

AML

Anti-money Laundering (AML) refers to a set of procedures, laws and regulations designed to stop the practice of generating income through illegal actions.

 

Why is compliance important?

As the world begins to adopt cryptocurrency, it’s clear that mass adoption is only possible if governments and corporations embrace the use of cryptocurrency. However, in order for this to occur, cryptocurrencies must ensure regulation is adhered to.

 

That is why in 2018, Electroneum (ETN) became the world’s first cryptocurrency to embrace KYC and AML compliance in compliance with the 5th EU Anti-Money Laundering Directive. This in turn, is enabling us to work with governments and corporations, who are helping us to introduce Electroneum to a worldwide community.

 

We have become KYC and AML compliant by introducing a verification process that all our users must adhere to, giving the governments and corporations of the world a cryptocurrency they can trust.

 

 2. Electroneum’s vision

Digital payments for everyone.

 

Electroneums vision

 

A new era of digital payments is needed to unlock the global economy for more than 1.7 billion unbanked people worldwide. We have developed a revolutionary new digital payments ecosystem that allows anyone to store, send and receive digital funds via their smartphone - no bank account required.

ETN acceptance is increasing rapidly every day. In fact, our user base grew faster in the last year than Facebook and Twitter. This is in part due to our revolutionary business model that allows us to reward users with up to $3 USD worth of ETN every month. Furthermore, our partners can earn an ongoing ETN reward through our referral programme, thus providing them with new revenue, viral growth and loyalty opportunities.

There are over 3,500,00 registered users already! As well as 150,000 followers on Facebook, 125,000 Followers on Twitter and 30,000 members on Telegram.

 

Those who need it the most

Unlike any other blockchain, our network is run by Non-Governmental Organisations (NGOs) who benefit from their work by using the ETN they receive in block rewards to enhance their own charitable initiatives.

 

By creating the most secure

In the fight against fraud, we became the world’s first KYC/AML compliant cryptocurrency, and the first to launch a Moderated Blockchain that makes us insusceptible to 51% attack – the largest threat to cryptocurrencies.

 

And greenest blockchain

Despite processing thousands of transactions every day, unlike any other blockchain network, our network’s energy consumption is equivalent to that of a single light bulb.

 

3. Journey

Our CEO, Richard Ells, started his interest in cryptocurrency back in 2015 and was building GPU mining rigs (‘ugly brutes’ as he refers to them) by 2016. Even back then, when Bitcoin was worth just a mere $500, Richard knew blockchain technology would change the world for the better. When friends and family would visit, they couldn’t understand the complexity of cryptocurrency. Richard wanted to make it easier for people to use so they too could benefit from the transformational nature of blockchain technology.

 

In August 2015, the basis of what has now become the Electroneum ecosystem started to develop. Richard sought the technical abilities of his team at Retortal, one of Richard’s other companies, to develop their own cryptocurrency. Whilst the design of that initial cryptocurrency was very different to what is seen today, it forged a path that enabled Richard and the team to structure the cryptocurrency to their specific use case.

 

Throughout the rest of 2015 and 2016, Richard and the team continued to build upon the project. In January 2017, Richard formally raised the initial investment required to launch the cryptocurrency, subsequently forming Electroneum Ltd in July 2017.

 

In September 2017, Electroneum made ETN exchange tokens available for sale in their Initial Coin Offering (ICO), also known as a token sale. The ETN token sale was a great success closing early after having achieved the maximum Bitcoin and Ethereum targets. The Electroneum ICO is still the record holder for the largest ICO ever to take place by participant numbers (115K+). The value of the Bitcoin and Ethereum that was used to purchase ETN was $40 million USD at the time the sale closed.

 

The Bitcoin and Ethereum from the ETN purchases are now being used to develop and promote the Electroneum ecosystem, supporting partnerships with MVNOs, MNO, corporates and retailers.

 

 4. App

Just download the app to start cloud mining ETN!

Google play or App Store

 

After downloading the app you can either let it run for when you have more time, or complete the small verify process which takes about 5 minutes and only takes a selfie, no documents! As a reward you get 25 ETN in total for verifying that you are not a bot.

 

Starting screen

 

Great, all you got to do now is extending your mining operation every 7 days! To do that just click the extend button after the countdown ran out, you can always see how long your mining operation is going, so you don’t have to extend it every day.

I have been mining for 2 days now and here are my results.

Notifications can be seen, in the wallet, in the upper right corner.

notificationRewards

 

 

5. Wallet

The ETN wallet is built into the app, you can find it in the bottom row in the middle.

 

Wallet

 

 

All your mined ETN coins get transferred to your wallet when you withdraw them from the rewards section. When you got some ETN in your wallet you can go forward and send it somewhere by clicking the “Pay” button.

 

 

Sending

 

To receive ETN just open “receive” in the wallet, there you will see your public address and a QR-code of it. You can share your public address everywhere, as people can only send ETN to it.

 

Receive

 

6. FAQ

Here are the most common questions answered.

FAQ 1

FAQ 2

FAQ 3

 

7. Generate more ETN

 

There are 3 ways to generate more ETN.

 

1. Use the referral code B4625D to get a 1% bonus on mining

 

To use the code just press the “… More” button on the right bottom corner. Then press “Generate more ETN”. Now press “View Referral program” and scroll down until you see “enter a referral code”, here you can enter the code B4625D.

 

Info

 

2. Invite friends with your referral code and get a 5% bonus on mining

 

To get a 5% bonus on mining, your friend has to download the app and enter your referral code. The 5% bonus is dependent on the amount of ETN mined. The bonus is not withdrawn from the mined ETN, it is bonus ETN both of you get.

 

Referral

 

3. Work online and earn ETN

 

Anytask

There is a new website called Anytask. It’s basically freelancer, but you get paid in ETN. Definitely check it out if you want to generate money online!

 

8. Top up mobile airtime/data

Electroneum allows its users to top up their smartphone data bill with ETN.

 

Availabe countriesTop up

 

Although it is currently only available in a few countries,

  • Brazil
  • Nigeria
  • Turkey
  • Tanzania, United Republic of Tanzania
  • Uganda
  • South Africa

They are working on making more and more countries available.

 

 

Thank you, for your attention!

I hope you liked my guide, you can comment down below if you like the app.

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knohen
knohen

I started trading BTC and other cryptocurrencies in late 2017. Now i am exploring all the dapps and games crypto has to offer.


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