Electroneum Update

 

Hi Everyone!

Firstly, don’t panic – your ETN Coins are safe!

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:

https://www.facebook.com/electroneum/videos/1916972631898039/

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):

Interview Part 1
https://www.youtube.com/watch?v=bPe23Q5XCW8

Interview Part 2
https://www.youtube.com/watch?v=jWbqVJY2zok

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,

 

Richard Ells
Founder of Electroneum
richard.ells@electroneum.com

 

 

PS here’s a GREAT, positive, video about Electroneum that is made by a non-affiliated, non-paid vlogger who really gets what Electroneum can be:
https://www.youtube.com/watch?v=uRorGyGuJMw

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

 

Securing your Email-Electroneum

 

Still confused over how to change your email password?- check out our infographic- you need to secure ALL accounts. not just my.electroneum

Your Questions Answered

We’d just like to reiterate a few points to make sure everyone is clear on the current situation and
answer a few questions we have heard many times over the past few days.

Where are your coins?

Everyone’s coins are safe, they are locked in the blockchain. Our systems were not penetrated by
anybody. Electroneum account holders who had used the same password/email on other sites such as Dropbox/Tumblr had their accounts compromised –
which is why it’s essential you ensure that the email address you use for your Electroneum account is secured – we know lots of our users have had their own email hacked (their gmail, Hotmail, yahoo etc.). When we go live again, we’ll be getting you to create a new a secure, unique password for your Electroneum account, but if your email address has been hacked you will still be vulnerable. Please ensure your EMAIL account is secure.

When will the wallets be live?

As you know, we’ve engaged the services of HackerOne to carry out vulnerability and penetration testing of our platform
They started working with us yesterday. We have had no news from them as of yet but we’ll be sure to update you when we do.
The indicated timescale for this is 3-4 weeks. This timescale has been quoted by Hackerone and we’ll endeavour
to get the wallets live as soon as the testing is complete.

 

Hackerone work for the US Department of Defense as well as Coinbase, Spotify, Uber, Blockchain and dozens more top tech companies.You can view Electroneum on their directory here. https://hackerone.com/electroneum
HackerOne should be publishing a Press Release soon confirming our commercial relationship, we will let you know when it’s released.

Why can’t you login?

Until Hackerone are satisfied with our security, we have halted all logins to our website and the app,
but we can assure you that your ETN balance is safe and secure. We’ll update you when you are able to login again to view your ETN balance.

What should you do while you’re waiting for the wallets to go live?

-Ensure your EMAIL ACCOUNT (not your Electroneum account) password is unique and secure (your gmail/outlook/yahoo password)

-Read our Social Media updates! The answers to all your most common questions have been posted on updates and in videos in the last week or so.

-Share our Social Media posts to help us reassure the community that we are carrying out these procedures to protect our users and our brand.

-RELAX! This is an annoying delay, and we apologise, but it’s just a delay. Once live, all the marketing for mass adoption will begin.

-Sit back, make a cup of tea and we will get on with working with the security team to ensure your coins and the Electroneum brand have the maximum possible protection.

Have a great day, and our apologies again for the inconvenience this has caused.

Electroneum working with Hackerone.com

As you know, after experiencing a real, credible, security threat, we closed access to the Electroneum wallet system and app to allow time to completely overhaul our software and network infrastructure.

We’ve been working closely with Amazon AWS (our network infrastructure providers) and we’ve been implementing security enhancements from our discussions with them and from a third party security consultants.

After officially becoming one of the top 30 cryptocurrencies in the world ( https://coinmarketcap.com/ ) and following the advice of our security consultants, we have taken the decision that in the interest of our users’ security we should apply an Enterprise level security audit and extensive penetration testing before release.

We’ve enagaged the services of a security agency that works for the US Department of Defense as well as Coinbase, Spotify, Uber, Blockchain and dozens more top tech companies. We have agreed terms with Hackerone (Hackerone.com) in San Francisco, one of the world’s top security and vulnerability testing experts. Hackerone are to carry out vulnerability and and penetration testing of our platform before launch. The indicated testing timescales are three to four weeks.

I’d like to once again apologise for the inconvenience that this continued delay has caused you. We have done this in the interest of all our users, and to ensure we are in the best possible position to achieve the first mass adoption of a cryptocurrency, and be an attractive secure payment solution to commercial partners.

 

Electroneum announce adoption of Monero codebase

Hi All!

We have an exciting announcement!

Right at the start of the Electroneum journey we looked at many cryptonight algorithm based coins. Our favourite was Monero, for many reasons, however to change it to include all the things we needed for Electroneum was too big a job for us in the time required. We chose Bytecoin for the relative simplicity of the job.

The good news is that once Electroneum started to raise money and our profile was raised, we managed to recruit a core member of the Monero team, to work on developing an Electroneum fork of Monero. He wants to remain anonymous at this stage (probably until we can prove Electroneum to be the huge success we all hope it can be).

We co-developed Electroneum with both our Bytecoin codebase AND the new Monero codebase to allow us to test them against each other and let us choose between them before launch.

That testing is complete! It is FANTASTIC NEWS! We are launching with the Monero based code – which will be VERY good news for Electroneum, and I’ll explain why…

  1. Maintenance and future proofing. Monero is WAYYYYYYYY more developed and maintained than Bytecoin. Bytecoin has had 88 commits to it’s core code since 2014. Monero has had 4795 commits!
  2. Stability. The number of people working on Monero and the development has meant it is far more stable and offers many more features, flexibility and growth potential.
  3. Ease of exchange listing and likelihood of acceptance. There are only a small handful of exchanges left that list Bytecoin, and it’s been (almost inexplicably) delisted from a number of exchanges, which was a worry for us.  Monero is listed on virtually every exchange of note. If they have Monero listed, it makes it SUPER EASY for them to list Electroneum. Copy a few files at their end, recompile our code and it will be live. It will make it literally an hours work for an exchange to list us.
  4. Command line languages – Monero have already thought ahead to add language capability to their command line wallet manager – allowing complex use of the product by a handful of languages. It will make it much MUCH easier for us to integrate additional languages into the compiled command line wallet manager.

Small transfer fee introduced.

I’d also like to let everyone know that based on our stress testing we’ve introduced a small (tiny!) transfer fee. The fee is 0.01 Electroneum (or 1 eCent as we’ve been calling them) for any transfer.

We’ve done this for a very good reason, and it’s not to further reward the miners or to take any profit ourselves (that small fee does go to the miners) – but to protect the Electroneum blockchain.

It came to our attention while we were stress testing that with a zero fee there was nothing to stop malicious users from automating scripts that just transfer a balance between wallet addresses as fast as they can – indefinitely. This would clog (flood) the blockchain with useless transactions. By introducing a small fee, any automated script would eventually deplete the wallet total and cost the malicious user money. It is unfortunate that we’ve had to do this, as in our Utopian view of the world, we loved the idea of zero transaction fees – but we’ve had to cover this eventuality and protect the blockchain. As such we’ve made the transaction fee as small as our two decimal placed system allows at o.01 ETN. Hopefully this doesn’t offend anybody too much, as it’s lower than just about any other way of transferring value around the world.

Have a great day everyone, we’re excited to get this live next week!

Richard

 

How Much Can I Earn As A Mobile Miner?

We’ve had a lot of queries about the amount of money a mobile miner can expect to earn.

We made a statement in our whitepaper about introducing the additional funds left over from the token sale to prop up mobile miners to $30 US to attempt to increase viral growth. To give you an idea of where we were at when we wrote that white paper – you must remember that at the time the largest ICO we’d seen was Tezos which had 22,000 contributors. We were expecting to get fewer contributors than the most popular ICO of all time (at that time) so we thought we might get around 10,000 contributors. As you all know –

Electroneum is now the largest token sale of all time by contributor number, with over 120,000 contributors and over 300,000 registrations of interest. We have a delivery rate of 277,000 on our Electroneum email list.

This huge number, and our overwhelming success have meant a few things.

  1. Our support team are struggling! We can’t easily recruit new, trusted members, as the problems they are encountering are complex, and the trust level (ability to access our database pre-launch) is too sensitive. We’re answering support queries as fast as we can.
  2. Our initial estimates of growth are wildly underestimated.

When we provided the $30 figure in the whitepaper we thought that in the first month we might have as many as 10,000 app users. The actual figure is likely to be around 10x to 20x that number, and possibly a lot more. The number of coins each miner will gain is directly proportional to the number of miners, this is even true of the additional pool of funds from the remainder of the token sale. Obviously, if there are more miners – the reward per miner is less. The difficulty comes with assigning a dollar value to that figure. Our whitepaper states that we will top up to $30, and I no longer believe that to be a prudent figure for the maximum growth of Electroneum. If we were to do that with the number of people we are likely to have on board now then the additional pool would be exhausted extremely quickly, and no benefit to the Electroneum brand would be gained. Imagine we gave away all the additional pool in the first week to a handful (in mass adoption terms) of mobile miners.

What we are unable to speculate on, for legal reasons, is the future price of Electroneum. Our figure in the white paper was based on a retail price of $0.01. If this price were to go up then miners would be earning more money – for the same number of coins. We are not legally allowed to predict a price increase because that is speculative and outside of our control. We do not know what the future value of Electroneum will be. The future price of Electroneum is now ENTIRELY in the hands of the holders of Electroneum – i.e. you. The price of Electroneum will be set by the rate at which someone is willing to sell being matched to a price that someone else is willing to pay.

In an interview I made a statement about “a few dollars per month” and this figure is now being compared to the $30 headline figure and remarked upon. Again, that figure was based upon a retail price of $0.01. What I can say is that according to our latest calculations, IF there are 75,000 mobile miners in week 1 they are likely to get approx. 70 ETN coins per day on a fast android phone (galaxy S8) if the app is in the foreground and running 24 hours per day. That equates to around $21 over 30 days with a retail price of $0.01. What I cannot do is guarantee that figure is going to happen because we don’t know how many miners there will be and we don’t know if the price will go down below 1 cent or rise above 1 cent. We will make use of the additional mobile mining pool judiciously and in the best interests of growing the number of Electroneum users. If we are getting enormous growth then we will slow the additional coin emission to perform tests to see what the maximum benefit can be.

I’m sorry I don’t have exact answers, but what I can say is remember that at the end of 2009 there were probably less than 1000 bitcoin miners in the world, a year after it launched. In 2009 you could mine 100 bitcoin per day with a CPU!

Electroneum will certainly be going live with 10s of thousands of miners – perhaps even more than 100,000. Who knows what the first MONTH will bring. Bitcoin is 8 years and Bitcoin today, 24th October 2017, has 10450 nodes live – these are full bitcoin miners, not pool miners (of which there are more, but nobody knows how many – perhaps 100,000 – 200,000).

The best way to find out how much Electroneum you can mine on your phone is to wait until the Electroneum blockchain is live – download the app and get mining!!

Thanks for your interest everyone – we are doing something incredible here, and value your support!

Richard Ells.

Token Sale – Public Announcement

The Electroneum team have reconfirmed that there is going to be a hard cap at $40m US dollars.

Therefore the token sale will almost certainly be closing early, as soon as the value of the Bitcoin and Ethereum raised by the sale of Electroneum exceeds $40m US Dollars.

The value is currently approximately $37m US, as at 9.00 BST

The rationale behind this decision is as follows

1. To prevent early access to Electroneum purchases. Electroneum has built an incredible momentum in the market. Clearly it is important this continues past the token sale, and into the exchanges upon listing. The management team believe this will pivot into further excitement for the app and for mass user adoption of Electroneum.

2. The exchanges are likely to list Electroneum quickly, due to pent up demand, which will equate to transactions and new users for the exchange(s) that list Electroneum.

3. It gives a clear signal to the market that the team are focused on the long term goals and success of Electroneum and not the proceeds of the token sale.

As soon as the $40m US goal is reached we will close the ability to make purchases via the Electroneum token sale manager and make an announcement on Telegram, Facebook, Twitter and the Electroneum website.

We will, of course, follow up with interviews and press releases to the financial and disruptive press.

We’d like to thank everybody who has contributed to the Electroneum Crowd Sale (token sale) and we look forward to moving on to phase 2 and the launch of the full app on November 1st 2017.

Sincerely,

Richard Ells
Founder, Electroneum Ltd.

Exciting Week!

We’ve had a VERY exciting week!

First we were featured in Yahoo Financial News and then we were mentioned in an AWESOME tweet by Duncan Logan (the CEO of Rocketspace, who nurtured Uber, Spotify and many others. https://twitter.com/duncanlogan/status/899754013574311936)

Exchange Listing
We’ve also had a cryptocurrency exchange confirm our acceptance, so we will be listed on an exchange that will enable retail buyers to purchase Electroneum coins after the ICO and allow ICO participants to trade in and out of Electroneum for BTC, ETH etc.

Phew! Exciting stuff.

Electroneum is going to FLY! We are going to take a cryptocurrency to a mass audience for the first time!

Screenshots of live Electroneum Cryptocurrency mining app

We are publishing the Electroneum app to the Play Store (Android) and App store (Apple iOS).

The app can be used with the same username and password as the ICO Crowdfunding Manager (https://my.electroneum.com)

Once you’ve created a user via the app or at https://my.electroneum.com you will have your first Electroneum wallet!

This will be the wallet that your initial Electroneum coins will be deposited in at the end of the ICO period (1st November 2017).

From there you’ll be able to send or receive Electroneum or (once we get listed on the major exchanges) trade your Electroneum for other digital currencies such as Bitcoin or physical currencies such as USD, GBP or Euros.

We will be marketing the app and users will be able to mine Electroneum straight into their wallets – with ZERO technical knowledge!

There is HUGE interest in cryptocurrency right now – and Electroneum is going to bring on a tidalwave of new cryptocurrency users, all mining Electroneum and loving the experience.

Once they are hooked on the mobile app, it’s a small step to use our Windows, Mac and Linux based CPU miners to mine from their home PCs (or their work PCs – shhhhhhh).

As soon as it’s available in the App Store and Play Store we’ll be posting everywhere to let you know it’s ready to install.

Never before has a cryptocurrency been so accessible. Not long now until you can get involved and be part of the Electroneum revolution!

If you haven’t already, make sure you register now to be part of the Electroneum ICO https://my.electroneum.com

Electroneum Explainer video Launched (ICO, CROWDFUNDING, CRYPTOCURRENCY)

We have plans to develop multiple markets, allowing us to gain huge momentum in the smartphone users market (2.2 billion people!).

A large proportion of those smartphone users are gamers (game players) and we’ve created this video to start reaching out to them.

Hope you like it!