COIN RIVET|Electroneum slashes block rewards by 75% amid ‘major upgrade’

COIN RIVET|Electroneum slashes block rewards by 75% amid ‘major upgrade’

Electroneum has undergone a "major upgrade" that will see block rewards for miners reduced by 75%

By Oliver Knight / Published by Coin Rivet

Mobile-based mining provider Electroneum has launched a major upgrade that has seen block rewards for miners reduced by 75%.

The firm raised $40 million in an Initial Token Offering (ICO) in September 2017, with the market cap standing at slightly more than $60 million today.

Electroneum CEO Richard Ells claims that the recent software upgrade will “unlock a transformational second half of 2019 for the company”.

The new update has altered the company’s existing blockchain to introduce two entirely new concepts. The new blockchain is known as a Moderated Blockchain powered by its unique ‘Proof-of-Responsibility’ (PoR) consensus system.

The system improves scalability and makes the blockchain “virtually insusceptible” to 51% attacks. Hash rates have been reduced from various giga-hashes to under a kilo-hash, making the ETN token one of the world’s most eco-friendly cryptocurrencies.

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“The move to what we have coined as Proof-of-Responsibility (PoR) allows us to educate NGOs in our target regions about the benefits of cryptocurrency,” Ells said in a press release shared with Coin Rivet.

“Furthering the understanding of cryptocurrency by allowing the NGOs to directly benefit from the block reward has never been done – and it opens the doors to the NGOs using ETN on the ground directly with the unbanked and underbanked. Now that we are no longer susceptible to double-spend or 51% attacks, we can increase the speed of transfer on our blockchain, benefiting those who matter most: our users.”

The reduction in block rewards will not affect users mining crypto on their mobile devices, but it will prevent large mining pools from receiving their block rewards and selling them directly on exchanges.

The ETN token has responded well to the news, rising more than 4% in the past 24 hours as it approaches the top 100 cryptocurrencies in terms of market cap.

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About Electroneum/AnyTask

Electroneum is a mobile-phone-based crypto app powered by a revolutionary instant payment system that enables its nearly 4.1 million registered users to send, receive, and transfer funds within minutes at 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 140+ countries and electricity top-ups in four African nations. Our 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. Electroneum is the only crypto that has made earning its token possible. AnyTask is Electroneum's freelance platform, with hundreds of thousands of registered users and tens of thousands of tasks across dozens of categories. Electroneum and AnyTask do not require  users to have a bank or PayPal account, empowering millions of people to instantly access the global digital economy.

Electroneum/AnyTask
30-32 Albion Place
Lyndean House
Maidstone, Kent
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