The Electroneum Standard: Transparency Is The Future Of Cryptocurrency

Earlier this week, Electroneum (ETN) announced a long-awaited update to their blockchain that, among other things, introduces core network changes that fundamentally shift the maturing cryptocurrency’s roadmap towards a future of increased transparency, as it seeks to scale in the face of growing regulatory concerns in the crypto industry.

By Marcus Henry
September 18th 2021

There is a lot of attention on the Electroneum team following the recent announcement of the crypto’s upcoming blockchain update. For several months, the blockchain developers behind the scenes have been working on a batch of critical upgrades and improvements that will benefit the cryptocurrency and the community behind the scenes.

With security and interface improvements at the forefront of these changes, the upgrade will enable for greater system extensibility; unlocking integrations that give the ETN-Network flexibility and scalability towards future growth. 

While most users of Electroneum will experience no impact from this update, only crypto exchanges and those running nodes will need to take action to ensure no disruptions.

According to Electroneum’s Lead Blockchain Developer, Chris Harrison:

“The goal of the V10 Blockchain release is to make the ETN-Network blockchain as transparent as possible. That permits us to develop in line with the direction of travel of the global cryptocurrency industry as a whole and do business with institutions and whole countries that may otherwise have their doors closed to us. This helps us future-proof our network.”

Harrison also added:

“The new blockchain will permit two types of transactions. The first type will solely be for migrating ETN User’s balances over to the new blockchain … the second type will be the new status quo, which is fully transparent blockchain transactions, [enabling] funds to be sent on to the new version … Migrations will be automatic upon an ETN User opening their ETN Online Wallet.”

The blockchain developer also detailed Block Explorer updates that were made to reflect the new transparency model. These include features like instant wallet balance lookup for any user’s wallet address, more clarity and search options in transactional logs, and an overall interface improvement of the ETN Explorer.

Wallet synchronization is another critical component to this update. Harrison added:

“The technology behind this update will also pave the way to improve the performance of the ETN Online Wallet by speeding up refresh times; an aspect of the system that people have had issues with in the past.” 

Found and CEO of Electroneum, Richard Ells said:

“This is the first step that we need to move toward the exciting use cases that smart contracts allow, such as potentially entering the world of DeFi, interacting with other blockchains such as Ethereum or CBDCs, and so much more…In the future, we want to enable the development of smart contracts on our blockchain. [This update] is the first step towards that on our roadmap.” 

Ells also believes this update positions Electroneum favorably in the eyes of prospective partners. Further, it gives the crypto all the right tools to expand the development of an extensive set of emerging use cases as they continue to explore these potentials. The Founder added:

“We are reaching out to potential partners to understand their needs and how we can find blockchain solutions for them…we understand they have had concerns with the features that we have now removed with this network update.” 

When commenting on this major shift towards added transparency in the Electroneum network, Ells concluded that:

“Removing the limited privacy features also benefits transaction speeds and user interface (UI), and user experience (UX). And it unlocks future collaborations with corporations.”

The blockchain fork will occur at the 1,175,315 block height of the ETN Network which is estimated to be reached on September 30th.

You can learn more about Electroneum by checking out their website

Their white paper can be downloaded here

You can download the Electroneum App here.

You can check out more about Electroneum on Twitter @Electroneum, Telegram, and Youtube.

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Published by Marcus Henry

Marcus Henry is an American Journalist with over 12 years working in the tech industry. He has been actively involved in the crypto community for the past three years and currently works out of Austin, Texas. He covers breaking news, writes perspective pieces and reflections, and conducts interviews with industry professionals and community members. Follow Marcus Henry on Twitter- @MarcusHenryHODL