Electroneum go big with a 75% block rewards reduction

Electroneum go big with a 75% block rewards reduction

Scarcity is good for any cryptocurrency. Richard Ells says it extends the longevity of ETN and reduces its emission, while helping increase scalability.

Momentum has built around Electroneum’s highly successful game-changing software update that introduces to the crypto industry a unique Moderated Blockchain that is a type of permissioned open distributed ledger system without the unwanted centralisation. It gives Electroneum minimal interference over the network only to guarantee the security to protect ETN users and exchanges.

Another very interesting element to the fork is the staggering 75% reduction of the block rewards bringing in scarcity while extending its longevity amongst other features, as CEO Richard Ells has explained.

“Scarcity is good for ETN, it extends its longevity and reduces emission” adds Electroneum’s founder and CEO. “It also helps us increase scalability and transaction speeds. Everybody is a winner.”

In numbers, the 75% reduction in block rewards means that from the 5 million ETN previously given to miners for validating transactions, now only 1.25 million ETN will be rewarded. In dollars, this means that from US$750,000 when ETN was priced at $0.0045 before the fork, block rewards will only be just under US$190,000.

"Halvening and a half"

Many cryptocurrencies go through halvening events. Electroneum has not only halved block rewards, but in the words of Richard Ells, “halved and a half”.

One of the most anticipated halvening events is that of Bitcoin, which is scheduled to happen in just under a year from now, sometime between March and June. The BTC block rewards halvening takes place every 210,000 blocks. Soon, Litecoin’s LTC will do the same.

Ells and everybody at Electroneum are passionate about the reach of ETN and how it is aimed at helping millions of people in hard-to-reach places in developed countries.

Since its inception, Electroneum has focused on mainstream adoption and helping people live more every day, Ells adds. So, the new Moderated Blockchain 15 coined Proof of Responsibility (PoR) 13, helps achieve precisely those goals that are important to the 40-member team at Electroneum, which by the way, is growing.

Also, the new Proof of Responsibility protocol, powered by the Moderated Blockchain, enables Electroneum to handpick ETN’s new trusted miners, who are NGOs that will use their mining rewards to provide people in developing countries the skills that can help them improve their lives.

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About Electroneum

Having attracted nearly 4 million registered users in just under three years, award-winning Electroneum is making great strides toward becoming a top 10 crypto in usability as just over 1,900 merchants, and service providers in over 170 countries around the world accept ETN as payment. More than 2.6 million app downloads have taken place. Approximately 175,000 mobile top-ups and more than 296,000 app-to-app transfers have taken place with ETN by our Electroneum users. AnyTask is Electroneum's global freelance platform and has seen over 444,600 people register to the website as either buyers or sellers, with over 6,050 tasks listed. AnyTask does not charge freelancers any fees or commissions, and unlike all other leading freelance platforms that take up two weeks to get freelancers paid, it takes minutes to get paid after the buyer approves a task. Electroneum is one of the world's first fully KYC/AML compliant cryptocurrency. It is also one of the few blockchain networks that are insusceptible to a 51% attack. It is the greenest cryptocurrency in existence and the only one to have launched its very own affordable US$40 smartphone designed for the needs of people in developing regions. It is currently the only cryptocurrency that has a direct collaborative agreement with two mobile network operators. It is presently the only crypto that works with NGOs as their trusted blockchain transaction validators. And the only cryptocurrency to allow for an in-depth examination for publication, and verification for public knowledge. Check out ETN Everywhere and ETN Donate.