To say we’ve had a rocky start is something of an understatement, but I’d like to make sure everyone understands what is going on!
As you’ll probably be aware, when we launched there were hundreds of user’s accounts that had been compromised. I need to re-iterate that Electroneum WAS NOT HACKED. Hundreds of user’s accounts had been accessed because their email accounts had been hacked OR they had signed up to Electroneum using an email and password combination that had been hacked from ELSEWHERE (e.g. Yahoo hack, Dropbox hack, LinkedIn hack etc.). We shut down our system before any transfers took place to ensure that we do everything in our power to ensure the safety and security of our user’s Electroneum coins.
We realized the huge amount of effort that was being put into attacking our system – so we stayed offline to add a huge amount of additional security and then engaged HackerOne, who work for the US Department of Defence, Uber, Spotify etc. They are currently working with our system on a closed, private, “challenge” to try and penetrate it. This will be finished and any bugs found fixed, within the next 3 weeks. You can see the details here: https://hackerone.com/electroneum
So far, HackerOne have NOT successfully penetrated our system security. Obviously we will be very pleased if they don’t manage to gain any access during the challenge, but if they do, they will work with us to ensure any vulnerability found is removed.
We are not wasting our time whilst this challenge is being carried out. Software is never finished! Think about Microsoft Word or Microsoft Windows. Barely a year goes past without some sort of incremental update to the user interface and functionality, and these are very mature items of software. We have loads of items on our road map that we are coding, so when we go live, it’s with a more polished app, that has a more friendly user experience. If you’d like to see the Electroneum app we’ve got coming out, take a look at this video I made to explain the Electroneum app to some of our social media influencers:
We’ve had some people worry that we have run off with their money – I can assure you that everything is OK, we are working hard to ensure the new launch in the first or second week of December (after we get the “all clear” from HackerOne) is a great success.
If you’d like to see the Electroneum Team working in our office, here is a visit by CryptoRich, a prominent cryptocurrency Youtuber (not affiliated with Electroneum):
As well as improving the software I have personally been pursuing some commercial relationships so we can get some firm agreements in place as soon as we can after launch. I have had some very promising exchanges in the mobile phone (cell phone) industry. We have a number that we are pursuing, but one that is very keen to meet with us, has over 50m active monthly subscribers in the developing world. We’ve always believed that our mobile miner could offset people’s phone costs, but we didn’t realise how interested the airtime providers themselves would be in our technology.
I’m very sorry that we’ve had this delay after our November 1st aborted launch. Whilst the delay will be just over a month and take the NEW launch into the first or second week of December, I’d like everyone to remember that this is just a delay, and it’s adding LOADS of security to the product. A worthy delay in most people’s opinion. Most ICO or crowdfunding events are to raise the funds to build a product with no specific launch date. I’m sorry I missed our November launch date, but remember I had funded the development of the product before launch and we were raising funds to grow it and take it to a wider audience, faster, with a huge marketing budget. The software app is now better tested and developed than ever before, and the additional layers of security that have been added, along with the testing from HackerOne will make our commercial partnerships easier to secure.
Electroneum is STILL the most exciting, and awesome project I’ve ever been involved with – and when it re-launches next month, it has even MORE chance of changing the way the world sees and uses cryptocurrency.
Please keep an eye on our Twitter and Facebook pages for updates, and remember that Electroneum is listed on the Cryptopia.co.nz exchange – and other exchanges will follow soon after launch. Once we gain significant user numbers we will get listed on some of the world’s largest exchanges.
I’d like to say again that I’m truly sorry for the launch delay and I’d like to thank everyone for their patience,
Founder of Electroneum email@example.com
PPS – And for the mathematically inclined – here’s an explanation of our 21 billion coin decision – and why the Electroneum coin supply is fundamentally lower than bitcoin. https://www.youtube.com/watch?v=0XjUxfvobH0
PPPS – oh go on then, one more link for luck – here’s a post on our Facebook page that’s had over 40,000 views and over 1,200 likes or loves. It’s a handful of the positive comments that we’ve received from people, despite us having failed to deliver on time. Thanks again to everyone who has kept us positive, Electroneum will be worth the wait… https://www.facebook.com/electroneum/posts/1914012968860672