ETN-Network reports key improvements in the KYC process and expects to welcome a number of universities to validate the Electroneum blockchain in the near future.

ETN-Network reports key improvements in the KYC process and expects to welcome a number of universities to validate the Electroneum blockchain in the near future.

In this update, we are happy to report improvements in the KYC process, blockchain updates, and what the AnyTask™ Platform marketing team are currently working on. So, let’s start at the very core of the ETN-Network, with the blockchain, and what’s been happening behind the scenes. 

Blockchain Update  

University Validators 

After a successful transition to a public blockchain, we have decided to extend block validation privileges to a selected number of highly esteemed and vetted universities that share our keenness to promote and progress blockchain technology for the benefit of society. We will be actively engaging with their student and research populations to foster a more diverse body of talent contributing to the ETN-Network project.  

Smart Contracts 

On the development side of things, both attention and demand in the blockchain landscape have increasingly shifted towards solutions that extend the (now traditional) mechanisms of cryptocurrency payments such to facilitate more complex contractual relationships between users. We have therefore decided that it's the right time to venture into the domain of smart contracts in order to diversify the capabilities of the Electroneum network. This will pave the way for both a thriving domain of community-created applications and allow Electroneum to work on for-profit commercial decentralised applications.   

Ledger Nano  

As for the ledger Nano application, whilst the project was completed prior to the V10 blockchain update, the Ledger team were overwhelmed during the pandemic. The application we constructed will need to be updated, and this will be revisited once the integration of smart contracts has taken place.  

Once the necessary revisions are made, the application will be sent through to the Ledger team, which ought to be a smooth onboarding process. 

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Support Updates 

We have listened and actioned this based on your feedback regarding the KYC process. We have made our KYC (Know Your Customer) process more customer-centric. For the first time, KYC document uploads can be done directly in the ETN-App without the need for a laptop or desktop. 

Sam Warren, our Support Team Manager is very happy with the upgrade and has already received positive feedback from users new and existing. He says: 

“Our new KYC system is in place to offer you the opportunity to upload all documents required for all three levels at once. This has made such a positive difference in our turnaround times for getting documents reviewed, but also in making our team’s job easier by having everything needed in front of them all in one place.” 

“These are key areas that we have targeted for improvement and still strive to improve upon over time. Our aim is to ensure that all documents are reviewed within five working days. Every day we’re getting closer and closer to that target and the team are working incredibly hard to bring this down to five working days as soon as we possibly can.” 

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ETN-Network 

The results are beginning to speak for themselves. Since launching KYC In-App, we have: 

  • Decreased the Review Wait Time by 16% 
  • Decreased the Review Wait Time for level II by 12% 
  • Decreased the Review Wait Time for level III by 67%

The hard work the development team has put into the project of late means they've also implemented a Resolution Centre into the ETN App at the same time. This was due to be released after the updated KYC process, but it’s available now – adding another support layer directly onto the ETN App itself.  

If you are currently going through the KYC process make sure to turn on your phone notifications so that you do not miss a request from the Resolution Centre. 

AnyTask™ Platform 

Create A Task 

The AnyTask™ Platform community continues to grow and improve. The team have made significant upgrades recently on the ‘Create A Task’ process. They took the original ‘Create A Task’ process and have broken it down into more manageable sections to make it easier for users to complete. The team have also added improved help, functionality, and user experience. Now, when you create a Task, you are guided through the steps with helpful tips. You can also save your progress so that you can pick up where you left off if interrupted or busy.  

Advanced Search 

The AnyTask™ Platform also looked at the advanced search functionality and listened to your reviews. You asked if you could quickly and accurately narrow down Tasks which are more suitable for your needs. This advanced search facility allows you to specify searches such as which category, exact word and phrase search as well as task language. The result is faster, more accurate search capabilities. 

TV and Social Media advertising 

This quarter, the AnyTask™ Platform launched TV commercials in select states across the US. The TV advertising campaign is now airing on several major on-demand services in the United States, with a focus on Oregon, Texas, Tennessee, North Carolina, California, and Colorado. 

These states were chosen as they have the highest percentage of people in our target audience, the highest number of successful start-up businesses and they have been seen to have a strong tech and start-up presence. The advert has been running on Hulu, NBC, CNN, CBS Interactive and sports outlets like FOX, ESPN and the NFL Network.  

As well as TV advertising, the AnyTask™ Platform has shifted its advertising on social media towards the same locations in the USA to compliment advertising efforts already taking place. The AnyTask™ Platform is also continuing to target various audiences in the UK and Europe.  

Example businesses were created to showcase how powerful the AnyTask™ Platform is for building a new business from scratch. The focus so far has been on a plumbing firm, a new salon, a local courier service and a personal trainer.  See some of the amazing examples here  

Conclusion 

It’s been a busy year so far behind the scenes at the ETN-Network, whilst world events continue to dominate headlines. The Russian invasion in Ukraine not only continues to wreak devastation across the country but it’s also caused inflation and instability to rise within their financial system, making access to finances difficult – even in areas of the country that remain relatively unaffected by the Russian invasion. 

One such example reported here, in which two journalists were seeking transport out of Central Ukraine. Despite being in a relatively quiet part of the country, ATMs became inactive, and the journalists were unable to acquire the cash they needed to flee the country. They resorted to using Bitcoin, purchasing a used Mazda3 (vehicle) for the sum of 0.059 Bitcoin - around $2,400 at the time of reporting.

Reliance on local banking services clearly displays its vulnerabilities in situations such as this, showcasing the need for more effective, always-on payment networks. Networks that remain unaffected by war, energy crisis, economic decline, or natural disasters. This puts into context the importance of the work that the ETN-Network is doing in building solutions for global networking.

As we continue to grow the ETN ecosystem and develop upon the features of the ETN App and the AnyTask™ Platform, we thank you for your continued support. AnyTask.com continues to grow by leaps and bounds, providing a real-world use case that demonstrates the social impact blockchain technology can provide – all the while being enabled by the ETN App. The two solutions go hand-in-hand and are both very much of key importance to the ETN ecosystem. As we progress further into 2022, we will continue to update you with our progress, particularly as we look towards the expansion of the Electroneum blockchain. 

 

Company Updates
About Electroneum

ABOUT ETN (ELECTRONEUM LTD’S CRYPTOCURRENCY)

The ETN App is a mobile-phone-based crypto app powered by a revolutionary instant payment system that enables its more than 4 million registered users to send, receive, and transfer funds with instant transaction notifications and at a cost equivalent to a fraction of a U.S. cent. It is one of the only crypto apps that allows users to top up their airtime and data in 160+ countries and electricity top-ups in nine African nations. ETN users have completed millions of blockchain transactions, including over 300,000 app-to-app transfers and more than 200,000 airtime and data top-ups, making ETN one of the most widely used cryptos. ETN is one of the only cryptos that has made earning its token possible. The AnyTask Platform is a freelance platform matching Buyers and Sellers of digital Tasks, with hundreds of thousands of registered users and tens of thousands of Tasks across dozens of categories. The ETN-Network and the AnyTask™ Platform do not require Sellers to have a bank or PayPal account, empowering millions of people to instantly access the global digital economy