I hope, like us, you’re looking forward to the New Year!
As we fast approach the end of 2017, I have a few things to reflect on and share… so I apologise for the slightly lengthy message, but I hope you’ll welcome the info.
First off, I want to say a big thank you for the patience and understanding that has been shown across our ETN community. You’ve handled the teething problems during launch and the delayed release of the wallets with impressive rationale, supporting us with patience and shared commitment to quality and security as we’ve tackled each hurdle head-on. We are incredibly grateful and very encouraged.
We understand the concerns some of you are experiencing regarding the anomaly that is causing some accounts to lock. We’re working hard to resolve this over the holidays, and we’re unlocking as fast as we possibly can. Thanks to everyone who’s taken the time to get their ID to us – rest assured we’re on it, we’ve unlocked hundreds of accounts.
Some of the outstanding transactional issues should be fixed following an update from yesterday and one from this morning, and we’ll be writing some new software to fully analyse the issues. We’ll let you know our findings as soon as we know ourselves.
For now, one particular issue that may be lingering is some incorrect transaction statuses.
In short, any transaction that has not changed your balance for more than 24 hours is, essentially, considered “stuck”. Our recommendation is to check your balance – if it has remained the same, then you should try the transaction again. Please remember to check first, take a look at your balance, or the wallet you sent it to (if you have access to it – i.e. an exchange), before attempting to process the transaction again. This problem has affected a number of users but it’s only about one-third of a percent of overall transactions that have been problematic. We are using the data the improve the system, and apologise for the inconvenience. No coins have been lost. If a transaction fails your coins will still be in your wallet, even if it says “pending”.
Whilst we have had some hiccups and issues, I hope you agree that we have made history within a very short space of time with what we have achieved, from the ICO through to successfully processing over 300,000 transactions. We designed the system with large scaling in mind, thinking that we’d be building up to a million or more users in a year – but now we have seen the market interest we realise just how mind-boggling the scale that is required IS! We have routes to market that expose us to over 100m users!!! We have the results of some brand new feasibility studies that have taken place over Christmas and are ready to start coding some even larger scaled systems in the New Year and will be recruiting specialists where required. Now we truly stand to establish a worldwide, recognised brand.
Remember, we haven’t been around for very long – it’s only a matter of weeks, with the ICO closing early November and the wallets only released mid-December!
The decision to delay the release of wallets weighed heavily on us all; it was an incredibly difficult move, but ultimately security was our top concern and our team worked tirelessly with HackerOne to ensure we could move forward with a system that is as secure as we could possibly be. Sometimes we have to make tough decisions, but we will always make the best decision for the brand and the business.
On that note, our team here at ETN HQ have given their full focus on developing and launching our product, and they have dealt with all the challenges that have been thrown at us with a firm hand and confident direction – all the while making our product more resilient and more valuable with every challenge that we overcome.
In terms of mobile access to the blockchain, we’re operating on a transactional scale that has never been achieved in this way before; we’re combining a de-centralised blockchain with a centralised mobile app, which is breaking new ground, taking cryptocurrency in a direction that no one thought possible.
If it was easy everyone would do it. They’re not. We are?
A few stats…
You might like to hear some stats on what we’ve actually achieved in the period up to Christmas:
over 300,000 completed Blockchain transactions involving over 2 billion ETN on our system.
Over $290m USD of ETN has been traded on Cryptopia and the ETN price has remained around $0.08 USD
Over 350,000 SMS messages have been delivered
Over 50,000 new Elecrtoneum accounts have been opened since we launched the wallets.
I’m really proud of all these figures and look forward to seeing them grow significantly.
Of course, we will likely encounter more challenges as we progress, but the good news is that we will be constantly updating our code in the New Year to help anticipate, combat, and improve the experience further. I feel confident that you’ll continue to be patient, knowing that the reason Electroneum has been so popular is because we are doing something different. It would be great to think we already have all the answers – but we don’t – we’re evolving, and we’re doing it with you helping us make it all happen.
Resources have been another issue that you’ve raised with us and so, looking forward, we recognise the need to expand the team, and, our recruitment drive is in full flow, as we look to appoint the right people to help us grow asap. As you know, space has been a challenge for us too, so we have secured new offices to cope with the growing team. We’ll let you know who’s made the grade asap, and we look forward to being able to develop the product faster, and getting the support queue down!
Finally, I want to welcome our newly appointed non-executive director, Chris Gorman OBE. I’ve asked Chris to explain more about why we’ve joined forces below, but I see him bringing tremendous experience from the mobile world, entrepreneurial vision and flexibility, and tech insights from his extensive, first-hand mobile app knowledge. Chris was awarded an OBE for services to business in 2005. He’s been there, got the t-shirt and is still driven to feed his thirst for knowledge, all of which he’s happy to share with us and with you. Chris is helping us with many things that will help our next stage, commercialisation and international growth.
In closing, I want to reiterate my absolute gratitude for your support, patience, and belief in this great opportunity. I feel very hopeful that 2018 will bring great success for us all and look forward to sharing many good news updates over the coming weeks and months.
My very best to you and yours here’s to a great 2018!!
Founder of Electroneum.
Now over to Chris…
Hi everyone, thanks to Richard for the kind intro, I’m really happy to be in touch with you all and looking forward to great things being achieved together.
As for me, as well as 30 years in mobile, I’ve worked across a variety of industries with many complex structures and deep experience across tech, retail, e-commerce and mobile app development. I’ve been through very many highs and lows over the years, having navigated many a rocky road with new, innovative and disruptive business models – so Electroneum is right up my street!!
I became interested in Electroneum because of the specific mobile focus. I could see that this was a real alternative to the existing complicated and elitist structures of the cryptocurrency markets. Offering a mobile digital currency solution, delivered like no other, launched into a very tough, competitive market, ticked a lot of boxes for me and I could see so much potential for the business – and the product – and recognised that my experience could segue perfectly into their next stage commercial development.
The fact that ETN truly delivers for anyone, anywhere, who wants instant access to their own digital wallets, with an easy route to transact and to earn using just a mobile phone, is music to my ears!!
Even more, echoing my long-held and firmly favoured strategy, when I learned that Richard had created a business model that encapsulates a win-win ecosystem to deliver for all stakeholders – I was buzzed!!
Like many others, I feel very encouraged by the fact that the intense work invested by Richard and the ETN team has led to the creation of some truly innovative solutions for meaningful change and improvement, where users will benefit greatly and investors – who have supported and believed in the concept – will have the added benefit of maximised growth and profit.
In line with ETN’s strategy, the fastest route to market is mobile; which, as you may have gathered, is where I come in. I am here to help the team wherever I can, and I’m here to help you too as we all move forward.
Having worked very closely for a long time with mobile operators, I’m very well aware of how much they recognise and want to harness the massive potential that digital currency presents for them and their customers, but they have struggled to find a workable solution to deliver an easy way to transact for the mass market – the economic and user barriers have been way too high.
Electroneum has changed all that, and I can help operators understand exactly how this cryptocurrency app really fits the mobile market, and how our unique commercial model removes the barriers and risks that they would usually face.
We have signed several commercial MoUs already, and we have some tremendous deals in the pipeline. We have also enlisted some influential PR support to help drive demand and customer acquisition; so I am confident that we have found a formidable solution that makes digital money very real for everyone.
Watch this space… the first of many partnerships with mobile operators go live within a few weeks, and we have very positive signs that there will be many more to come.
Now over to you…
Your support has clearly been incredible and I want to make sure we can maximise your experience with ETN.
First off, I’ll be helping with our comms strategy. Knowledge is power and with accurate info under your wing, you will be able to help us build our business together even more. You’re already helping in many ways with your support for our development, voting for exchanges and so on. I am keen to listen to your opinions and hope that we can empower you further and help to shape the business as we work towards common goals. Together we’re stronger.
To help boost your points of reference, we’ll be stepping up our comms, aiming for a twice-weekly update.
I recognise how much talent and expertise we have in the community, and I hope we can find a way for you to help develop things like our company Wiki, social reach, more targeted support for exchange applications and other aspects of development that we’ll share going forward.
In recognition of the value you can add, we’re planning to use the coin we’d allocated for January’s mobile mining, to fund rewards for the help you give, and also to initiate a new referral rewards scheme that you, and everyone you refer, can benefit from until mobile mining launches. More details will follow very soon on this, but the underlying ethic is that none of us gain if we don’t make this work. Working together is the ultimate objective of this business, and reward is always given the highest regard.
Let’s work together on spreading the word further, keeping the messaging positive and staying strong in our belief of what we can achieve. Let’s give Richard and the team a little space to get the last few pieces of our prize formula firmly into place… we know already that a little space always delivers a meaningful step up in our game!!
Onwards and upwards, we’ll be in touch again very soon.
Thanks for everything you’ve done for us, and with us, so far.
I echo Richards best wishes for the New Year and look forward to sharing many great achievements with you.