No, Electroneum (ETN) is not a game changer, it just aims to be one but is a steep road ahead
Electroneum has seen better price action in the past. Peaking on September 28th with the value of $0.026991 with more than $12 million in daily trade volume, the currency dropped to $0.018009 just a day later. The next week saw ETN move in a sideways patter before it broke out above $0.025 on the 9th and the 15th of October. After the second peak the currency went into a two-week redline which ultimately led it to forming a monthly low of $0.013624 on the 25th. After recovering to $0.019, ETH retracted to $0.018 and has hovered around that value during the last couple of days.
At the moment of writing ETN can be purchased for $0.017698 USD (-2.62% drop in the last 24 hours)/0.00000281 BTC (-2.38% drop in the last 24 hours). This is a far cry from the token’s all time high of $0.229367 (a drop of 92%). Daily trade volume of the currency sits at $1,209,025, with most of it coming from Kucoin (26%), Liquid (24% and Cryptopia (22%). With a market cap of $146,560,839, Electroneum is currently the 52nd most valuable cryptocurrency on the market.
After launching its free payment e-commerce software which recognizes and accepts payment options like Paypal, Skrill, Sofort, Amazon Pay and others, Electroneum seems ready to expand its reach as a blockchain-based payment solution. The software is named ETNCommerce and has so far integrated with Joomla, WooCommerce and Magento, enabling store owners who support these payment processors to start accepting ETN. The open source nature of Electroneum software and the fact that it’s free to use are some of the reasons why the community thinks that more developers and users will join the project soon enough.
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The project has one important milestone coming up, one that the community has shared thoughts about. We are of course talking about the KYC compliance that ETN is going to introduce on November 12th. Some fear that the lack of privacy which comes with KYC will potentially drive investors and developers away from the project. Others suggest that KYC is necessary to cooperate with the biggest payment processors and merchants out there and claim that the move will in fact bring a lot more demand to ETN. While both sides present solid arguments it’s clear that KYC is necessary for mainstream adoption and the move should overall turn out to be a positive one for Electroneum.
The project released a teaser on November 1st; the teaser was published on the project’s official YouTube channel and delivered in the form of a graphic novel, suggesting that there is something “coming tomorrow”. The community is presuming that it’s a new partnership; users noticed pizza boxes on the novel and immediately jumped to a partnership with a company like Dominos. Right now we can’t tell what the whole announcement is about and more detail should be revealed tomorrow.
Electroneum recently got listed on the Turkish exchange SistemKoin, whose users will now be able to trade ETN for BTC, USD or Turkish Lira.
Mega news! #ETN is partnering with Turkey's top cryptocurrency exchange to bring 3 new ETN pairings – Dollars, Lira and BitCoin – live very soon.
And SistemKoin allows US citizens to trade, so they'll be able to open an account and buy and sell ETN in USD . Exciting times! pic.twitter.com/J07vTNBSeU
— electroneum (@electroneum) October 26, 2018
It was later confirmed that Quoine’s Liquid exchange will list the token as well, giving ETN its first EUR pairing. These two partnerships enable holders all over the world to purchase ETN for fiat currency.
Electroneum remains an active, engaged project with a clear direction: become the Paypal of cryptocurrency world. This will surely be a daunting task to complete. Still, with its mobile phone focus, its compliance with the law, its newly introduced liquidity/an expanding network of vendors, and a potential to provide financial services in the world of unbanked, Electroneum does have a few tricks up its sleeve. We’ll see if these tricks will be enough.
But don’t get to excited, the more big words you hear from a project, the more skeptical you should be. Everybody is “revolutionizing” something in crypto space, but in most cases, only their pockets get to see a revolution.
