Recently, a company called “Electroneum” launched a phone called the M1 for 80 dollars and it mines and trades .
The phone has a native called Electroneum (ETN) which is minable and tradable to people with wallets around the world. The system runs on proof-of-work and is able to mine offline, once set up properly. They call it “Cloud ” or “Mobile .”
Aim
The company aims to bring to poorer countries to handle money without banks and their excessive fees.
South Africa is the first target for the company to try and get people to use the currency and the phone. After all, their survey there showed that 97 percent of people would want to use ETN to pay for airtime & mobile data.
Electroneum wishes to make use of the currency in everyday activities; taking the bus, buying groceries, getting tickets for an event nearby, and even in-game purchases. Basically, a credit card, but for people who don’t want or can’t really get credit cards; there are a ton of reasons to not want one.
Money, ETN, and
Pricing will be at 60 dollars, but only for some countries. The system awards participants 3 dollars a month by the the phone does, to pay for any fees for data & airtime or other things. For every new customer you recommend, you get even more ETN. Also, f you didn’t know, mobile data can be dirt-cheap compared to the US. The phone is self-sufficient, and pays for itself in time.
How-To
To make a transaction, all you have to do is scan your wallets QR code and the transaction will go through and send you a notification when it’s done. How secure can that could be. QR codes?
Specs
The phone features a Quad Core 1.3Ghz processor, has 4–32 gigabytes of storage, dual SIM, and a 5MP front and 2MP rear cameras. The specs are pretty garbage, but’ll function for the price and the use.
Will it make a difference?
The only thing kind of sketchy about it though, is the “Cloud ” which they don’t clearly define on their website. Is it free and given by the company? Or is it mined on your phone? The phone is one of the things the strives to do. Get affordable transactions to countries where they can’t afford to. Banks with their monstrous fees can sometimes hack at your bank account when transferring money. Now that people can get a cheap vessel for the , it can revolutionize how people pay- really. This phone definitely has potential in developing countries and yes, I do believe it it can make a lasting difference.
Published at Sun, 03 Mar 2019 02:41:05 +0000
