The Silicon Review
Cryptocurrency and blockchain technology are both gaining significant popularity around the globe. Although a few sectors are still hesitant to adopt crypto because of its anonymity and volatile nature, crypto is undoubtedly here to stay.
Blockchain, cryptocurrency’s underlying technology, is finding its way into the mainstream more quickly as it has proven to be a positively disruptive new technology. It is a great way to ensure the provenance and authenticity of products, efficiency in supply chains, empowering the people by giving them back control over the identities and online preferences, and much more.
Cryptocurrency will continue to evolve, but a few projects have already found its recent form to be enough to help developing countries advance both politically and economically. Cryptocurrency promotes transparency through its handling of data and tracking features. The data encompassed in the blockchain software is stored in many computers, which minimizes the risk of data tampering and loss.
The encryption in cryptocurrency allows for greater security of data. The traceability of transactions makes them publicly available and searchable. There are no ambiguous or anonymous users unless it is one of the few fully private cryptocurrencies. And since every transaction is recorded publicly, traced, corruption can be reduced, while transparency is enriched.
More importantly, however, cryptocurrency can help end financial exclusion. As cryptocurrency continues to evolve and to develop countries increasingly gain access to mobile phones and the Internet, the benefits of digital assets cannot be overlooked. And as we enter 2020, we have found that Electroneum, an award-winning cryptocurrency, stands out from the nearly 2,500 crypto projects in existence today.
Electroneum is a blockchain project that offers a global mobile-based payments solution, powered by its ETN – the world’s fastest and first KYC/AML compliant cryptocurrency. Unlike any other blockchain, Electroneum’s network is run by non-governmental organizations (NGOs).
They benefit as transactions validators by earning ETN block rewards they use to further their mission to help tens of thousands of children, women and their families break the cycle of poverty.
In conversation with Richard Ells, founder and CEO of Electroneum
Q. How successful was your ICO and first project roll-out? Share the experience.
Due to the significantly massive success of our ICO, we shut it down early after slightly exceeding our US$40 million target by nearly US$2 million. To date, Electroneum still holds the record for the largest ICO in participant numbers with 115,000. Our first product was the Electroneum mobile app with its built-in crypto wallet manager. Within 40 days after the September 2017 of launch, over 765,000 people signed on as ETN users. The huge success was an eye-opener as we confirmed there is a real global demand for ETN and cryptocurrency. The success continues, and currently, we have more than 3.4 million registered users and growing.
Q. What are the factors that make your brand one of the ‘Best’ companies?
Electroneum genuinely focuses on helping people who are financially excluded. As part of that, Electroneum gives up to US$3 in ETN rewards monthly to users in developing countries.
“We have made it easy for our users to download our mobile app and sign up, a process we have perfected to under a minute,” explains Electroneum CEO and Founder Richard Ells. “We are creating real-world utility for ETN so that those who receive the ETN rewards can use them for something that will make their lives better, such as mobile top-ups, purchase of everyday items at local shops, as well as haircuts, car washes, and even taxi rides.”
Ells also explains Electroneum is “working hard to make this more prevalent in the coming months.”
In July 2019, Electroneum upgraded its network to add a layer that enables us to choose who validates ETN transactions on our blockchain network. We have handpicked NGOs who help people in vulnerable areas with long-term assistance that includes education, helping children and their families break the cycle of poverty.
“We are very close to launching our free eLearning platform to help millions in developing countries to access the global digital economy instantly and supplement their monthly incomes easily and quickly,” Richard says.
Q. A well-defined mission is the secret behind the success of many firms. What is your company’s mission statement?
Our vision can be summed up in two simple words: Live more. We want to help everyone involved in Electroneum live more via the products we create, the marketplaces we ignite, and cooperative communities we build. ETN Rewards, AnyTask, TaskSchool, ETN Everywhere, and our Moderated Blockchain all help different people live a little more every day.
Our mission is to connect people in developing countries with those in industrialized nations through our AnyTask freelancer platform. The platform provides people around the world the opportunity to sell their skills online and earn ETN. Unlike all other freelance platforms, AnyTask does not require the seller to have a bank account and allows them to keep 100 percent of their profit.
The ETN earned is held in the Anytaskers’ Electroneum wallet and can be spent in any location that accepts it, on mobile phone top-ups, or simply exchanged into a local fiat currency or swap for another cryptocurrency.
Electroneum’s freelance platform works similarly to any other of its kind. Buyers can purchase tasks using their credit or debit card and are charged a five percent administrative fee on all their purchases. Sellers receive their payment in ETN. That means anyone can sell on AnyTask, whether they have a bank account or not.
Sellers can post tasks on AnyTask similar to those on other current leading freelancer websites. That includes anything from graphic design and video editing to video messages and arts and crafts.
Importantly, payments on AnyTask are 100 percent secure. Electroneum processes them, and a partner converts it to ETN, making the entire process simple for both the buyer and seller. Electroneum will provide 24-hour support and an efficient dispute system.
Should anything go wrong with an order, the support team will help you along the way. Payments are fully protected by Electroneum and available for refund at any time before the final transaction approval.
Moreover, AnyTask will be coupled with its free online eLearning resources for people using smartphones and laptops so that they gain skills and sell to people around the world. Buyers can pay with credit and debit cards, and sellers will receive payment in ETN that they, in turn, will be able to spend at shops and businesses that are increasingly accepting ETN everywhere.
If you live in a country or region where the average salary is US$50 a month, and you produce two or three gigs a month through AnyTask, that will make an impact on your life; and so will the up to US$3 in ETN Rewards that Electroneum gives its users in developing countries.
Q. How do you maintain your customers’ trust and loyalty?
We give ETN users the highest priority, which is why we are currently a top four cryptocurrency by number with more than 3.4 million registered accounts, preceded only by Bitcoin, Bitcoin Gold, and Bitcoin Cash. Our end-user knows we have their needs in mind. We focus on adding value for them by continuously introducing ways they can use their ETN. We have focused on being a human-centric design company with real-time listening and learning in place to understand the particular needs of our users in different regions.
Q. What are the factors that make your company stand out from the competition?
Our efforts are based on three key pillars, which are people process products:
We have a highly talented team of experts who come from a diverse set of industries and top-level corporations, such as Sony, Citigroup, Unilever, Jaguar Land Rover, Porsche, and Merrill Lynch, among others.
Q. Fostering a culture of feedback is crucial to the success of every organization. How is this true with your company?
We listen carefully to everything our vast community has to say every day across all our social media and communication channels. We swiftly address their concerns with the utmost respect. We have managed to work with our community and gain their unconditional support for our objectives and plans. Feedback is key. That is why we run all our plans and evaluate our progress through a strict and very demanding review process across all our departments.
Q. Do you have any new products ready to be launched?
Yes, we do. Among the many new products and initiatives, Any Task freelance and Task School eLearning platforms will instantly offer billions of people access to the global economy. We are working on integrating Ledger to ETN as a cold crypto wallet of the highest level of security. We expect to launch a full, countrywide crypto ecosystem somewhere in Asia in the coming months.
Q. Where do you see your company a couple of years from now?
The world is changing fast. Yes, we need to have visions, both personal and corporate, but we must also be agile enough to take advantage of change. But to answer your crystal ball question, I can see the team and I based in locations in Africa or South America or Asia. We have been growing there for three to six months already.
We have strategies in place to ensure we have a global presence through AnyTask, TaskSchool, and our ETN Everywhere program. This campaign will include the deployment of Electroneum ambassadors on the ground educating merchants everywhere on the benefits of accepting ETN as payment.
Also, to encourage them to bring on other merchants and ensure they remain on board. ETN Everywhere and AnyTask will consolidate our global ETN ecosystem, spurring further mass adoption of our cryptocurrency.
Meet the Stalwart behind the Glory of Electroneum
Richard Ells, Founder, serves as the Chief Executive Officer of Electroneum. He has an overall experience of 28 years with start-ups and driving innovation within the spheres of internet technologies and software. He’s a coder with years of experience as an entrepreneurial marketer. Richard has been part of software development teams for almost three decades. He also founded a digital agency Site Wizard, and a social media management platform Retortal.