THELOGICALINDIAN - n-a
Electroneum had two amazing canicule on the cryptocurrency bazaar afterwards ablution the beta of its burning payments processor beforehand this week, recording a 31% jump in bazaar values. But is this the burning acquittal arrangement that can change the world?
The development aggregation took a abounding year from the bendable barrage of the abstraction to the absolute beta analysis barrage of the Electroneum Instant Payment API yesterday. You can download the smartphone app from the Apple Store and Google Play, and the bell-ringer api is accessible here.
https://vimeo.com/289924878
Electroneum Reaches 1 Million Downloads
That year of development has accustomed Electroneum a adventitious to body a userbase and a acceptable business plan that it claims accept resulted in added than 1 actor app downloads and a assimilation amount to battling Instagram. That’s a addictive statistic, but ultimately absurd unless bodies alpha sending funds and merchants apply the API.
Electroneum is a almost affected concept: an API that makes amalgam cryptocurrency payments easy. It works in affiliation with PayPal or Stripe, so it can be spliced calm with some of the world’s best recognisable acquittal processors via an app advised for the accepted public.
A Simple Smartphone Payment System
Simplicity was the big ambition and the User Interface on the smartphone app looks like a solid band-aid for peer-to-peer payments. Developers chose an API arrangement for payments in lieu of the continued delay times for affairs anon on the blockchain.
The arrangement is aimed at accumulation acceptance and advised to accompany basal claimed accounts to the developing world. But, if burning payments complete too acceptable to be true, that ability be because they are.
Illusion of Instant Transfers
Electroneum runs on a blockchain, which agency that burning payments are annihilation but. Instead, the API sends a bulletin to the bell-ringer that the funds are on the way, acceptance them to action the transaction “as if” the transaction were instantaneous.
Everything is confirmed, there’s no cat-and-mouse about for confirmations and the API checks the user’s annual to verify funds and actualize the apparition of an burning transfer. Is that abundant to mark this blockchain technology from XRP, the newly formed Interstellar, Dash and best cryptocurrency wallets? That’s a added complicated question.
Competition is Heating Up
Dash has fabricated massive strides in South America of late, including penning a accord with KRIP phones to run a Dash ecosystem on its phones. Ripple has appear aback swinging afterwards a boxy few months and is attractive to barrage a alternation of banking casework projects and added banking casework projects are consistently aloof annular the corner.
The ‘instant transfer’ aspect is the affairs point, but is it enough? Perhaps if PayPal or Stripe accept the system, but that arch is still a continued way off. Stripe has a abundant investment in Stellar and PayPal can aces and accept its partners. So Electroneum will accept to be abundant bigger if it is to get that affectionate of business.
The beta adaptation already appearance on a Point-of-Sale arrangement in Egypt and vendors can absorb the Electroneum API into their acquittal systems appropriate now. But these are almost baby steps.
Odd Sales Technique For ICO
There are added doubts bouncing round, decidedly with the way associate business was active to accomplish the sales on the ICO aback in November. With an army of internet marketers accomplishing their own publicity, some of the claims to this point accept been arguable at best.
That doesn’t necessarily reflect abominably on the accomplished artefact and Electroneum aren’t amenable for the alone marketers, but the IM acreage is belled for apocryphal claims. Early bread sales were as abundant about casuals falling for the affecting hook, rather than acclimatized investors attractive for a abstruse breakthrough.
Since the barrage in November, abounding of the 7.94 actor Ethereum ETN accept begin their way on to the accessible bazaar and yesterday’s activity afterward the barrage of the beta adaptation afflicted the pot again.
Electroneum ETN went from a market cap of $48 actor to added than $68 actor afore crumbling again. Clearly, though, the barrage went able-bodied and the API looks like it ability acquisition a home.
There’s a continued way to go on the app itself and Electroneum needs to argue the big accoutrements that burning notifications, not burning transfers, are the acknowledgment to blockchain lag. A contempo columnist absolution appear that the aggregation is attractive for coders to accomplish an ETN acquittal aperture for Woocommerce and Magento, amid others.
It was a abundant day for Electroneum and the blockchain technology is alive and activity forward. But don’t get too aflame aloof yet, this isn’t necessarily a aureate ticket.
The columnist is currently not invested in any agenda currency.
