Rising at a fast pace of 17.63%, Electroneum (ETN) is the third fastest rising token in the top 100 coins by market capitalization. This is a surprising fact given the coin’s recent turmoil in its mining protocol. After recent reports of a 51% attack hack on the Verge (XVG) coin, ETN faces the same on its network. The token which is built on the Monero (XMR) privacy blockchain, has also filed a patent on instant cryptocurrency payments.
Recent developments on ETN
Electroneum is one of the fast rising coins in the market in spite of the ‘suspicious activity’ on the Kucoin exchange. Its seems hacking is becoming a trend on these privacy/ anonymous coins as it is not possible to identify the hackers. We recently reported on the 51% attack on the XVG mining network, and it is seems hackers have had a go at it again, on another network this time. This is not the only story emerging from the network as the development team announced on Twitter that it will patent the idea of instant cryptocurrency payments. We discuss in detail the recent developments in the privacy token.
- A potential 51% hack on Kucoin exchange
Reports of Kucoin exchange shutting down the deposits of Electroneum (ETN) seems to be false, given no official statement has been offered by the exchange. However, some reddit users have complained on the platform of the inability to deposit ETN on the exchange which raised fears. This may yet be a case of FUD on the token which really begs the question why?
- Electroneum files for patent for instant crypto payments
Electroneum has been on the news for various reasons in the recent past but this seems a bit comical to say the least. ETN development team in a statement stated their reasons. The statement released this Friday was as follows;
- Our patent covers subscriptions in cryptocurrencies and it covers subscriptions in cryptocurrencies to the value of any fiat currency, allowing a subscription to be either X ETN per month (or week etc.) or Y US Dollars’ worth of ETN per month. Users can control their
- Our patent covers all cryptocurrencies and even allows us to provide instant payments or subscriptions in any OTHER cryptocurrency via our system.
- We now have a protected patent that allows us to add Bitcoin, Ethereum, Monero or virtually any other cryptocurrency to our app and allow users to make instant crypto payments to any vendor who wants to have the convenience of instant check-out.
- Electroneum tops the crypto apps charts on Google Play store
On to more positive news for Electroneum (ETN) , the currency saw a spike in price this Friday as the coin was ranked the number one cryptocurrency app on Google Play Store in UK. The cryptocurrency currently with over 1 million downloads has been doing well in its mobile outreach. As adoption and scalability increases however, it should be key to point out that the coin has to focus on closing all loopholes and update their network on a regular basis. The bugs in Verge caused a heavy mining hack that might well occur on any other network.
ETN will continue to prosper amidst all this FUD, in my opinion. The massive adoption in UK and Europe in general will go a long way in helping the coin rise above 0.1 this year. We will follow the patent filed by the coin closely, be on watch as we unveil every step on the privacy based coin, Electroneum (ETN).