Cryptocurrencies are fairly new in the world of finance. However, enthusiasts seem to prefer them due to their privacy and anonymity. This has put the new digital currency on a collision course with regulatory authorities. Therefore, Electroneum’s (ETN) KYC compliance is adding an important competitive edge on the coin’s performance in the market.
According to Baseball Daily News, Electroneum (ETN) is a proof-of-work digital coin. Unlike most cryptocurrencies in the market, ETN uses the CryptoNight hashing algorithm. Perhaps, this is what is making the coin more popular as days go by. In fact, data on CoinMarketCap indicates that the coin jumped over 56 positions to attain position 44. This makes it one of the best performing coins in the last few weeks. Further, the data indicates that ETN has a total supply of a little over 8 billion coins in the market.
You Can Mine ETN over Mobile Devices
Electroneum, or the ETN Network, works exceptionally on mobile phone handsets. According to its website, the network “is designed around mobile ubiquity.” This is to say that the network works in agreement with global mobile networks. This ensures that the service reaches as many people as possible.
What makes the partnership bursting with potential is the fact that it enables mobile operators to cut transaction costs. This is one area of competition along which telcos earn and keep customers. At the moment, the ETN Network boasts of over 100 million users. This number will only increase if the predictions by the firm are anything to go by.
Electroneum’s KYC Compliance a Good Thing for Regulators
Further, the network allows mobile users to mine the coins using their Android mobiles through an app. As per the team behind the ETN Network, this feature is accelerating the mass adoption of ETN. In fact, the team claims the growth of their network will surpass that of current social media giants. At the moment, the network puts the number of mobile app users at a little over 2 million.
Perhaps most important is the Electroneum’s KYC compliance. Know-Your-Customer (KYC) is an important feature of transactions which ensures that there is no fraud. Also, KYC enables authorities to combat money laundering and drug trafficking. This makes ETN one of the very first cryptocurrencies to be KYC compliant. This way, the cryptocurrency will not have many run-ins with authorities. As a result, the coin will have an opportunity to grow further and out-compete other altcoins that lack such an advantage.
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