ETN becomes world’s first KYC-compliant cryptocurrency!

Hey guys! Rich here with some BIG news: we’re set to become the first cryptocurrency IN THE WORLD to comply with Know Your Customer requirements!

This will make it far easier for us to achieve mass adoption because it’ll open the door to deals with corporates.

We’ve been talking to a number of these businesses for a year. Every single one of them wants us to have KYC in place. The message we’ve been getting from the corporate world has been very clear: no KYC, no partnership.

But that’s changed. Now we’ve announced we’re bringing in KYC, we can move forward with these businesses and integrate ETN as a form of payment for their goods, services and products, and start doing the deals that will enable us to achieve mass adoption.

It’s a hugely exciting step, one that represents our evolution from a cryptocurrency into a recognised means of digital payment like PayPal or ApplePay. But more importantly, it will enable us to help our core market: smartphone users in developing and emerging countries as we can build a network of shops and store that accept ETN where they can spend the ETN they earn.

I believe this is where the future of cryptocurrency lies – as a means of digital payment. The team agree with me and everyone at ETN HQ is hugely excited to have achieved another milestone moment and to (once again!) be breaking new ground in the crypto world.

How we’ll introduce KYC
One of the things people immediately think about when they hear “KYC” is that it’s complex. It doesn’t have to be. We realised that, and we developed a very simple approach which involves each user providing proof of identification based on the amount of ETN (our digital currency) they hold or send from their wallets.

For our core audience – smartphone users in developing countries – this means they’ll probably have to complete the simplest level of KYC and only provide us with their name and the country where they live – no formal identification is required.

We’re giving our current users plenty of time to comply. You can complete your KYC from today – and there’s five weeks until our deadline of Monday 12th November. Our support team are standing by and will happily help anyone who has any queries.

Partnering with a fellow disruptive brand

A crucial element of our KYC process will be the support from our newest partner, Yoti. If you haven’t come across them before, they’re a digital identity app that will help to streamline and simplify our KYC process by letting individuals prove their identity in seconds and share their verified details. This removes the need for them to present forms of identification multiple times and keeps their documents secure, so everybody wins.

Partnering with them will allow those users who need to provide a more detailed level of KYC to meet our requirements in a way that is fast, simple and robust, and I’m delighted we’ve found a partner that shares our desire to shake up the FinTech world without cutting corners or compromising security.

A massive milestone and a new era

Bringing in KYC is a huge deal for Electroneum – today is a landmark day for us and cryptocurrency as a whole. We’ve paved the way for a new type of cryptocurrency, one that is open and transparent and wants to be used as a true means of payment and be a force for improving people’s lives.

It’s a hugely exciting time – and hopefully will provide the springboard for many, many more!

To catch up with all the latest Electroneum news or to discuss today’s KYC announcement, head over to the Electroneum Community Forum: community.electroneum.com 

Successful Electroneum Update / Fork

Electroneum’s recent update/fork was a huge success and leaves the path clear for our first 20m users.

We understand that our latest upgrade may have been a bit confusing. Due to this we’re releasing the first in a series of explainer videos, with none-other than our CEO, Richard Ells.

Our videos will feature new and relative content enabling you, the community, to get to grips with everything Electroneum. From our roadmap, to interviews, or even our tech updates.

Below is the first in this series:

New Contract with Mobile Streams PLC & more…

New contract signed with UK PLC Mobile Streams

Mobile Streams signs agreement with Electroneum to promote the use of ETN cryptocurrency, on their mobile gaming service’. We are excited to welcome Mobile Streams to the family as they come on board as part of the Electroneum journey.

We look forward to our relationship with Mobile Streams; as they promote the installation and use of Electroneum within their platforms. Mobile Streams has a subscriber base of over 750,000 users in Latin America that will enjoy the benefits of our mobile miner and contribute to our efforts of mass adoption.

London Stock Exchange

Since this breaking news, Electroneum has now been featured on The London Stock Exchange. Head over to see the full announcement:

http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/MOS/13680775.html

BCI summit comes to an end.

To close this week, we would like to begin by saying, that it has been our absolute pleasure to represent Electroneum at BCI Summit New York. Our CEO Richard Ells was honoured to speak at two separate events during the summit, firstly as a morning keynote speaker and secondly in the panel ‘Future Adoption of Cryptocurrencies’.

It has been an inspiring venture to meet with so many crypto-enthusiast and tech gurus alike, and as you can imagine we have been very excited to present the teaser for our Instant Payments System. For those of you who have yet to watch the teaser, please see here for more details: Announcing Instant Payment BETA vendor application.

If you’d like to watch Richard’s presentation, it covers a lot of information about Electroneum that he’s never spoken about publicly before. Find it on our News page here: (BCI Summit – Key note speech with Richard Ells). There was professional recording taking place and the video will be updated as soon as that footage is ready.

Thank you to all who turned up to see Richard speak! Richard assures us it was a pleasure to meet you all and we’ve thoroughly enjoyed looking through your video and photography content of the event and hope to see more of you at future events!

The Real Coin Company

You may remember a piece we wrote about ‘The Real Coin Company’ and their incredible 1st series, Solid Silver Electroneum collector’s coin.

Whilst in NYC, Richard had the absolute pleasure of meeting Maisie Raferty who kindly came to wish us well with the BCI Event!

She is raising money for the charity “Water” via her Solid Silver Electroneum collectors coins (see: https://therealcoincompany.com/).

If you’re interested in finding out how these iconic pieces are made, we also have some personal footage from Maisie and her team: https://youtu.be/ttXD5bBdR14.

Electroneum Short and Medium-Term Planning

If you watched Richard’s presentation (BCI Summit – Key note speech with Richard Ells) you might notice that we have focused our direction and planning towards enabling the unbanked in developing countries.

By giving access to the ‘gig economy’ for the first time to over 350 million unbanked smartphone users in the developing world, we are giving them access to the vast resources of the Western economies. We are not providing banking facilities but making digital earnings accessible for these users, as they embrace the digital payment sector.

At the same time, the Western economies gain access to a community of competitively priced, millennial entrepreneurs, who can grow and learn a new digital skillset, in the knowledge that they can sell their new skills via a global digital payment method.

Price Waterhouse Coopers predicts this market to be as large as USD 3 trillion in their 2017 Global Fintech Report

Look at our updated website http://electroneum.com for more information and to see some of what’s coming in the next couple of months!

Big thanks

Ending on a high note – we would like to say a BIG thank you to everyone who has supported ETN of late – we have an incredible online community, sharing their passion from ETN. Please do note that we do watch/read/review your content, from YouTube videos to group chats and blogs etc. The community exists at the heart of Electroneum, therefore, we’d love to give a shout out to a few who have gone above and beyond of late:

YouTubers
Electroneum Reddit community:
Telegram communities:
  • Electroneum Knights
  • (And as always) Our brilliant Telegram admins

BCI Summit – Key note speech with Richard Ells

ETN CEO Richard Ells presented at #BCISummit on the 12th of June 2018, on the subject of ‘Which Cryptocurrencies Will Emerge as the FinTech Leaders of the Future?’ In his presentation, he revealed the incredible Instant Payment System. See more information here, on our blog: https://electroneum.com/2018/06/12/announcing-instant-payment-beta-vendor-application/.

As promised, we have some fantastic footage of Richard Ells presenting at BCI Summit, New York. The Key note speech proved to be an excellent showcase for great insights into the mind behind the Electroneum project and more impressively, our brand new Instant Payment System (open for beta in July 2018). 

In his talk Richard delved into the following topics of interest surrounding cryptocurrencies, and what it means to be a crypto FinTech leader of the future. Below is a brief summary:

-The barriers facing Cryptocurrencies. 

-The existing markets and how they compare to the crypto market. 

-The key crypto technologies/companies filling financial gaps, solving problems and the different attributes they offer.

-The gap in the market and the way in which Electroneum will fill this gap. 

If you missed out on our unveiling of the Instant Payment System in action, don’t fall behind the buzz, see it in full action and read our full article here: https://electroneum.com/2018/06/12/announcing-instant-payment-beta-vendor-application/ .

We would like to say a huge thank you to the community for their support and belief in the ETN project. Our team has been working hard to develop a coin that exists beyond the parameters of something ‘simply crypto’. Your enthusiasm, suggestions and ideas are what drives our development. We look forward to delivering bigger, better, more exciting news in the future of this project. Once more, we thank BCI Summit for hosting a sensational event, it’s been our pleasure to bump elbows with such a prestigious and innovative group of people. For our community online, stay tuned, ETN is just getting started. 

Announcing Instant Payment BETA vendor application

Back in April we announced that global “Patent Pending” status had been secured on our instant cryptocurrency payment process.

We are excited to explain a little more about our instant payment process and share this video.

In the video you can see an instant cryptocurrency payment of ETN being made between the Electroneum smart phone app and two different types of ePOS (electronic point of sale) devices. The first is a tablet based system that is used at festivals and restaurants to provide a checkout process for bars or table service. The second is a conventional point of sale till.

The instant payment system also works between mobile phones, allowing payments to be made in undeveloped countries (or anywhere in the world) between mobile phone users, without having to wait for frustratingly slow blockchain confirmations.

The integration of ETN to the ePOS systems was surprisingly easy to achieve thanks to our new Vendor API system.

The Vendor API system provides instant notification that a payment has been made. Our API has webhooks for ecommerce, allowing our servers to “PUSH” notification to an ecommerce shop via a URL provided by the vendor (in a similar style to a Stripe credit card integration). It also has a “PULL” notification for ePOS systems behind a firewall, allowing them to poll our API gateway asking if a payment has arrived.

The vendor does not get the cryptocurrency instantly, but our system acts as a trusted 3rd party to ensure the ETN or other cryptocurrencies such as Bitcoin is sent (our patent covers ETN, Bitcoin and other cryptos). The vendor knows the payment is sent and will make its way to the blockchain, so they can allow instant checkout – and the customer can walk out of the store with their cup of coffee or checkout online etc.

Our system “ring-fences” the balance in the wallet, preventing double spending.

Unlike credit card systems where vendors wait days for their money, the instant notification has let them know a cryptocurrency payment has been made. The cryptocurrency will arrive with the vendor in less than an hour in typical circumstances.

Unlike anonymous cryptocurrency payments, our API system shares the user’s email address with the vendor (optionally), allowing the vendor to reach out to the source of a payment should a query arise (for instance if part of an order can’t be shipped or for some other administrative reason). It also shares the outbound ETN address, allowing full or partial refunds to be issued, if required.

Our instant payment system and vendor API are nearly ready for trial in the real world.

We are opening our vendor application on the 1st July to find a number of vendors that are technically able to perform an API integration into their system and start accepting instant ETN in a live environment.

We will work closely with these vendors to ensure the system is performing perfectly, before general release.

We will keep you posted about this exciting development as it rolls out.

Win a chance to see Richard speaking at BCI Summit in New York!

Electroneum’s CEO Richard Ells, will be speaking at the Bitcoin and Cryptocurrency Investment summit in New York! Following the huge success of the last four BCI events, they are offering you the chance to win a VIP, all-expense paid trip to the BCI summit in New York; the big apple of business. For your chance to win a VIP trip to New York to see Richard’s presentation on the future of cryptocurrencies, you need to do just two things; please head over to the BCI Twitter page: https://twitter.com/BciSummit, give BCI a follow, then fill out their competition form here: https://bcisummit.com/offers/VIP-trip-giveaway.html.

Richard is making a presentation and is part of a panel discussion, (see here: https://bcisummit.com/speakers.html) but with your support BCI have agreed to make some high level introductions for Electroneum if we can get OUR community to rally round and increase the BCI Summit’s Twitter follower number.

The deadline is 29th May and your vote contributes to our exposure at this event, so we would be very grateful if you could hurry over and hit “follow” to maximise ETN’s exposure at the BCI Summit.

User Numbers!

Just a quick update to point out that as of today we have over 1.43m users through viral marketing alone! We have the instant payment system being filmed by a documentary crew on the 8th June and we are hoping to have that fully live by the end of Q3 this year, allowing vendors around the world to start accepting instant crypto payments via their ecommerce systems, epos (tills) and via the Electroneum app. Once that happens, we will start marketing and using our partners to grow our numbers to REALLY substantial numbers!

Yesterday (over 24 hours) we saw over 200,000 unique mobile miners, remember that the active miners number on the app is showing how many are active RIGHT NOW. A lot of people drop in and out through the day. Again, this is before we’ve really given the users anywhere to SPEND their ETN, and before our partners have started promoting us to large volumes of new users.

Support Desk Update

ETN is pleased to announce our new Support desk system! Support has always been central to our community, your feedback not only assists in our growth and development but also brings us closer to you. As you will know, most other Cryptocurrencies do not facilitate a support desk, and this has meant we are extremely busy, however, our connection with our users drives the direction of ETN therefore it seemed natural to migrate to a more advanced and more interactive form of support desk. Our partnership with Jira will see us into a new level of support communication, we hope you enjoy the experience and benefit more from this progressive platform. Please do not forget to follow the correct link to receive help and assistance for all your ETN needs: https://support.electroneum.com.

Remember the critical update regarding the Electroneum Network Upgrade

There is a CRITICAL network upgrade planned for 30th May 2018 (block height 307,500). The estimated time of upgrade will be 09:30 UTC.

If you are a regular App user or my.electroneum.com user, you do not need to do anything. However, if you mine via a pool please ensure that pool is aware that they MUST update their wallet and node software before May 29th.

The latest software is available from GitHub.

Please share this information as much as possible to ensure a smooth transition that will bring about numerous positive changes within the community! The full information on how to update your nodes are clearly outlined here on the blog: https://electroneum.com/2018/05/17/critical-electroneum-network-upgrade/.

Thank you for your involvement this week, do remember to share our news regarding the network upgrade and have a fantastic week!

The Electroneum Team.

 CRITICAL – Electroneum Network Upgrade

As you may be aware our v2.0 network upgrade is planned for 30th May 2018 (block height 307,500). The estimated time of upgrade will be 09:30 UTC. To enable you to continue trading / mining Electroneum it is critical that you update your Electroneum nodes and wallet software in advance of the planned network upgrade. The latest date you should update by is 29th May, however we suggest that you SWITCH NOW as a matter of urgency. All transactions created with the latest RPC and CLI wallets will be accepted after the upgrade block, however if you have any transactions in the mempool that were generated with old versions of the CLI or RPC they will fail and be returned to sender.

Upgrade Overview

This major release is aimed at increasing transaction speed and minimising transaction size, in preparation for mass adoption and an exponential increase in global transactional volume.

Anti- ASIC

Implementation of ASIC resistance.

Transfer Fee Increase

We have increased our base fee from 0.01 ETN to 0.1 ETN.

Reduced Privacy

Disabling RingCT & Mixin privacy features means we can fit significantly more transactions into each block than with them enabled. This means less wait to get a transaction into a block and a leaner blockchain size. Wallets are still private as we will continue to use a new stealth wallet address for every blockchain transaction so there is still significantly more privacy than with Bitcoin or Ethereum, but considerably less privacy than with a privacy focused coin like Monero.

Mempool life to 3 days

During times of high transactional volumes you will now have 3 days for the transaction to complete rather than the current 24 hours period.

2 minute blocks

We are moving from one to two minute blocks which will significantly decrease the chance of an orphan block being created.

Block Reward

We are doubling the block reward to ensure that the daily ETN block reward is unaffected.

Reduce difficulty window

We are reducing the difficulty window to check every 360 blocks to adjust the difficulty every 12 hours (in line with current adjustment period).

What happens if I don’t update my nodes?

Failure to update your nodes in advance of the upgrade on May 30th will result in the following:

You will no longer be able to trade Electroneum

  • You would still be getting valid looking transaction hashes but they would be FALSE
  • You will have to resynchronise your blockchain data after implementing the correct daemon
  • Any deposits made on / after the network upgrade will not be visible to you
  • Any withdrawals on / after the network upgrade will not be visible to the end customer
  • Ultimately this will result in a huge amount of additional administration to resolve the above deposit and withdrawal failures

Ways to update your nodes

Method One – Compile from source code

Using our GitHub page (link below). Once compiled override the old binaries with the new ones.

https://github.com/electroneum/electroneum/tree/v2.0.0.0

Method Two – Download binaries

From our GitHub release page (link below). Once downloaded you need to check the ‘checksum’ on the zip files to confirm that they are the official versions. Unzip the new binaries over the old ones.

https://github.com/electroneum/electroneum/releases/tag/v2.0.0.0

Checking you’re up to date

Once completed restart and check that you are running the correct version of the daemon and wallet software using this command:

Linux / Mac
./electroneumd –version
./electroneum-wallet-cli –version
./electroneum-wallet-rpc –version –rpc-bind-port 12345

Windows
electroneumd.exe –version
electroneum-wallet-cli.exe –version
electroneum-wallet-rpc.exe –version –rpc-bind-port 12345

These commands should output the following:

Electroneum ‘May 2018’ (v2.0.0.0-31f729a)

Thank you for your continued support for the Electroneum project.

The Electroneum Team

Blog update – BBC, Ditch-it, Instant payments and more!

Hi all, welcome to our blog update where we discuss the interesting stories happening in and around Electroneum.

This week we’ve seen a few tech updates regarding the mobile miner and have featured on the BBC.

Electroneum has been featured on the BBC.

BBC radio recently put together a documentary on ‘Magical Money’, discussing ICO’s and cryptocurrencies in full. Log in and skip to 17:53-20:55 in this great radio interview to catch Richard Ells talk ETN with the BBC’s technology Correspondent: Rory Cellan Jones. Richard talks mass adoption into “mom & pop stores” and how Electroneum has all the agreements in place to gain ETN millions of users. We’ve already passed the 1.3m user mark on viral growth alone. We hope you enjoy this little snippet of our incredible trip to MWC GSMA Barcelona: https://www.bbc.co.uk/programmes/w3csxg99.

Ditch-it powered by Electroneum.

Another great story of how Electroneum is being adopted and used by other businesses. Ditch-it; the crypto classifieds app, powered by Electroneum who exploded in the UK with over 500,000 new users within 24 hours. Ditch-it is a decentralised mobile classifieds app, that allows users to sell and discover used goods nearby for ETN using their smartphones. It represents another great example of how ETN can be used to buy real-world goods. Another step towards mass-adoption. Please see their websites here for more information:  https://ditchitapp.com/.

Instant Payments

We have just agreed a date with a documentary film crew, who will be visiting our office on the 8th June 2018 to see our instant payment system in action! This will be on our testnet but shows how close we are to giving users and vendors access to a truly instantaneous exchange of funds, complete with an API to allow ecommerce integration etc.

Mobile miner payments

Our developers have been looking into the issues regarding the mobile miner and we are pleased to announce that the majority of individuals with a balance above 200 ETN will have now received their miner pay-out. Furthermore, balances of 100 ETN or more are currently being processed and should be in your wallets as soon as the processing phase has finished. We apologise for any inconvenience and as always, we appreciate your feedback and support.

Please remember that we are deliberately stressing our mobile miner payout system, because we know that it will need to cope with millions of mobile miners. Once we have got it running smoothly at this level (and we are nearly there!), we can increase the payout threshold and the number of concurrent payouts and know we have a system that can cope with future demand.

We hope you have a wonderful weekend and look forward to catching up with you soon. 

The Electroneum Team.

04/05/2018 – Update

Hi everyone, we’re keen to keep you updated with everything going on at Electroneum, therefore our blog will be featuring more articles than ever before – with attention to: tech updates, deals/partnerships, exchanges, events and so much more…

This week we have a couple of key announcements; one big milestone, a set of nice photos and some exciting new partnerships and listings, helping us move closer to mass adoption one step at a time.

App update

We’ve listened to you, the community and thanks to your great feedback, we’ve further developed the app to easily track and notify you of your miner pay-outs. Your Mobile Miner has additional functions, we have new visual notifications on your wallet progress which include; payment received, payment processing and payment queued, so that you know your pay-outs are secure.

100,000 Mobile Miners & 1.25m Users

Adding to the update above, we hit 100,000 mobile miners for the first time since the app went live and we now have 1.25m confirmed users. We’ve done this without any marketing. Marketing will begin as soon as we launch our instant payment system, allowing vendors to accept ETN easily, and instantly. This is our first milestone of mass adoption. We are going to make cryptocurrency widely and easily accepted and you are all part of that!

New exchanges

We have been listed on three new exchanges; these exchanges will provide another platform for the community to buy and exchange, we look forwards to welcoming new investors as Electroneum continues to grow:

The Real Company launch commemorative silver ETN coin

To celebrate last year’s record-breaking ICO, The Real Coin Company, has created a collectible silver coin made of 1 troy oz. pure silver bearing the ETN logo. These collector’s coins are on sale now. Only a small number of coins are being minted before the dies will be destroyed, so if you’re interested in celebrating our ICO and owning a valuable collector’s coin (the first ever ICO Commemorative coin), you can find out more information here: https://therealcoincompany.com.

As part of the collector’s coin offering, The Real Company will be giving 10% of every purchase to a very special charity: https://www.charitywater.org/.

MegaXStore

Exciting news! ETN is now being used by another online retailer. MGX is one of the first in our mass adoption campaign. They are eagerly awaiting our instant payment option to make the checkout even more slick.

You can purchase goods with ETN at their store just like you would with any fiat currency. MGX has already traded ETN daily since launch. See here for more details on this exciting new venture:
https://megaxstore.com/…/electroneum-now-accepted-at-megaxs….

And finally…

You’ve been asking for this for a long time – now you get to see our lovely faces! You will now notice a number of additions to our team members – Meet the team.

Electroneum is, as always, an incredible community. Each step in our progress is one that you take with us, your feedback and support help us to grow, have a fantastic weekend, we’ll catch up with you again soon for more updates.

The Electroneum Team.

Blockchain Update May 30th & Divergence from Monero

This is a big announcement for Electroneum.

See bottom of this article for the full details of the blockchain tech update.

Some of our community have been worried about our blockchain tech, especially regarding ASIC miners and blockchain flooding. We will cover these below along with the announcement of some exciting major changes to the way our blockchain runs.

ETN Blockchain Update May 30th

Monero (who we based our blockchain code on) perform an update approximately every 6 months, and this is a great practice, as it allows them to keep their technology moving forward and introduce new features. We will be following this model and our first major update (also known as a fork) is scheduled to take place at block 307500 which is approximately 10.30am BST on May 30th.

Don’t panic! – Forking explained

It’s important for everyone to understand that whilst this is known as a fork, it is very different to Bitcoin forking to bitcoin cash or bitcoin gold. The fork will not result in two currencies, as all the exchanges and pools will update their software in advance of the update block and Electroneum will continue with an updated blockchain.

Time to test and implement

The end of May gives our community plenty of time to test and comment on the code changes that we will post on GitHub by Friday 5th of May. It also gives plenty of time for every node owner to update their Electroneum nodes, ready for the update block.

Electroneum divergence from Monero

We’ve always planned to move the Electroneum blockchain further towards reaching our goals, which in turn will move us away from Monero’s goals. We chose Monero because they’d written an awesome dynamic blocksize algorithm, but they also have some features that are not critical to Electroneum’s future. In this Electroneum update we’ve started to diverge away from some core Monero functionality. As we move towards a lean, fast blockchain to handle vast numbers of micropayments we need to lose some of the overhead that comes with the privacy of Monero. We are still going to be far more private than Bitcoin or Ethereum (for instance you won’t be able to look at someone else’s wallet balance), but by decreasing some of the privacy features we can fit significantly more transactions into a block, which is critical for our next stage of growth as our corporate partners start to bring on user numbers, and our vendor program starts delivering instant cryptocurrency acceptance into online and physical shops and stores. In short Monero is the best privacy coin in the world, where we need to be the best micropayment system in the world.

ETN Blockchain Tech Update (Details)

  1. Anti- ASIC. An ASIC is a computer chip that has been made for a specific task. In this instance the task is to mine the CryptoNight algorithm that Electroneum uses. We are implementing Anti-ASIC code to ensure we have maximum resistance to any network attack that could occur in the future. Limiting mining to GPU’s reduces the chances of a single entity possessing enough hashing power to attempt a 51% network attack. It’s important to note that there is no proof of a 51% network attack having taken place on the Electroneum blockchain.
  2. Transfer Fee Increase. There have been a lot of comments about our transfer fee being too low. It is important to our project that the fee remains low, because we are going to be focusing on instant payments and instant micropayments in the real world, and we need fees that are lower than typical debit / credit card fees. However, we have suffered from blockchain flooding so are taking steps to ensure we are resistant to this in the future. We have therefore decided to increase our base fee to 0.1 ETN. This is still a fraction of the cost of transfer of other cryptocurrencies, but still increases the difficulty of flooding by an order of magnitude. Combined with our other updates (below) this will give us more effective resistance to blockchain flooding.
  3. Increase block size before penalty. We have been enormously successful and seen some periods with huge amounts of legitimate blockchain transaction traffic. This, combined with blockchain flooding, has meant periods of blockchain delays. By increasing the block size before penalty, miners will be able to scale the blocks faster and get more transactions into a block. This will handle regular transactions and flood transactions, making delays less likely. Combined with the Fee increase this is a significant resistance enhancement to flooding.
  4. Disabling of RingCT & Mixin. RingCT was introduced by Monero whose main focus is privacy. Our main focus is bulk transactions for a mass audience, and thus we are disabling some of the privacy features of the blockchain. Disabling some privacy features means we can fit significantly more transactions into each block than with them enabled. This means less wait to get a transaction into a block and a leaner blockchain size. Wallets are still private as we will continue to use a new stealth wallet address for every blockchain transaction so there is still significantly more privacy than with Bitcoin or Ethereum, but considerably less privacy than with a privacy focused coin like Monero.
  5. Mempool life to 3 days. During high transactional volumes it is feasible that a transaction can remain in the mempool for 24 hours and reach the current limit. This would mean the transaction is returned to the sender, but that could take up to 7 days. By increasing the mempool life to 3 days (and in conjunction with some of the additional changes) we are ensuring a significant reduction in the possibility of these returned transactions.
  6. 2 minute blocks. Blocks are currently mined every minute. We are moving to two minute blocks which will significantly decrease the chance of an orphan block being created. Orphan blocks might contain transactions which will eventually (7 days) be returned or added to another block. Increasing the block time to 2 minutes has ramifications on the block reward which will be modified (see below).
  7. Block Reward. We are doubling the block reward to ensure daily ETN block reward remains the same, despite the fact that we are releasing blocks at half the current speed. This means there will be no discernable effect to miners or pools.
  8. Reduce difficulty window. Block difficulty window is being reduced. The block difficulty is calculated by looking at the last X blocks. It has come to our attention that by hitting the ETN blockchain with large powered rented hashing power gives the miner an advantage over a short period of time (until the difficulty algorithm catches up with the new hashing rate). We are reducing the difficulty window to reduce the benefit these periodic miners have and to discourage this practice, making the mining process fairer. This should have little or no effect on the difficulty number itself except during the exceptional circumstances described.

Thanks for taking the time to read this update! If you are running an Electroneum node remember to update before May 30th. If you are using a pool, ensure you let their telegram or other social channel know that this update is critical and must be applied before May 30th, in advance of block 307500.

Have a great day everyone,

Richard