Electroneum
$0.00716 9.63%
ETN · 10w

Electroneum Hits Another Speed Bump, This Could Be Quite Damaging Indeed

hi all! Technical Update Just to let you know we’re working with nanopool to deliberately mine empty blocks (easier) to get us through the high difficulty figure that’s a legacy from the ASICs. We’ve helped get the hash rate up to 30MH/s and need to break another 60 blocks. — electroneum (@electroneum) June 2, 2018

Electroneum is a currency with an element of promise. In the past, we have seen many investors online calling for Electroneum surges, with many expecting the currency to hit incredible heights in 2018. It does seem however that problems within the Electroneum network are halting its progress. We see this currency bounce around the top one hundred for market capitalisation, suggesting that it has the potential to be huge, yet, it’s slow transaction resolution time means that it’s market cap and trading volume are limited by what looks to be dreadfully slow technology.

At the time of writing, Electroneum is valued at $0.02, down 3.68%. Electroneum is ranked 98th, with a market cap of $143,024,425.00.

Many people are now referring to Electroneum as a dead coin, simply because quite often, the network just doesn’t move. The time it takes for blocks to authenticate is stunningly low, mostly down to a lack of mining activity caused by low hashing power. According to Cryptovest:

“The last 11 blocks are showing a time lag, sometimes coming hours apart. This slowdown in mining is due to a relatively low hashing power, and a difficulty that will not correct downward for at least 30 blocks.”

Moreover:

“The slowdown should be temporary, as the Electroneum team has announced. The ETN digital asset has a relatively active community, mostly due to the popularity of simulated mining on mobile phones. However, there are those that lost patience with the low price of ETN, and the lack of high volume exchanges.”

See the full report by Cryptovest for yourself, here- https://cryptovest.com/news/electroneum-etn-frozen-network-drags-along-with-high-difficulty/

All of this is of course reinforced by the recent (attached) Tweet, made by the Ethereum team in response to the ultra-slow transaction speed seen on the network.

Overall, this is pretty damaging news. Of course, the value of Electroneum has not sunk as a result of this as such, however, for a currency with a sheer need to grow and develop, such news can only inject pessimism into the minds of investors and traders alike. This will no doubt prove to be very frustrating for these people and of course for the team behind Electroneum, who have had nothing more than a bad time through the development of this project. Hopefully, seen enough Electroneum will find its feet again and start to move back up the rankings. For now, though, people are going to remain wary about this currency.

Our advice? Keep an eye on Electroneum, things may look bleak at the moment, but the team are striving to fix these problems. Soon enough, Electroneum could recover and could start to see some healthy movements. Above all, remember to research well and trade safe. If Electroneum is the one for you, make sure you’re fluent in it first.

Go to cryptodaily.co.uk
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