Topic: Electroneum! (Read 489 times)

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)

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.

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.
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.

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.

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.

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).

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.

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,

✅ t.me/electroneum_news

I believe ETN can be a successful project, i got some during the ico and im hodling.
There are a few threads running for a while now.

Is electroneum a scam thread https://bitcointalk.org/index.php?topic=2167305.0;topicseen

Electroneum speculation thread https://bitcointalk.org/index.php?topic=2172271.0;topicseen

Electroneum POW official moderated thread https://bitcointalk.org/index.php?topic=2353282.0;topicseen

And... what are the antagonists to electroneum?

Hello

 I have been posting here about my ETN wallet being hacked and in the results I have lost 153000 ETN coins Is there any WHITE HAT HACKERS here that can help me retrieve them back and I'm willing to share some of my coins with whoever that gets them back Please, I have the hacker(s) wallet address, paymentID address and Private key Please help me as this was my life savings and this is just inhuman thing to do

 Thank you in advance

Electroneum is the good choice for investors and they have a professional development team to build their ecosystem.
This is creating a new trend in 2018 and Electroneum is sure potential altcoin in cryptocurrency.
ETN always gives good profit in trading activity and i think today is good time to buy Electroneum.

Don't be stupid enough to go all in on this coin. I do agree it as a great team but its only good at marketing. You are not going to mine any coins on your phone. Basically its just running a mining simulation and will reward you with already premised coins. This is to bring awareness on what mining actually is. Which is also great. But I am pretty sure it will reward in pennies.

The launch was all bonkers as I had invested in the ICO. The team didn't even realise the security threats on their website until the last minute. Also the iOS wallet was promised at the year end of 2017, but still not launched. How can you expect this to be any good?

What do you mean when you say your wallet got hacked? What happened?

PLEASE HELP

I NEED TO GET IN CONTACT WITH ETN TEAM MEMBER
MY ETN ACCOUNT WAS HACKED AND ITS 153000 ETNS, I HAVE THE WALLET ADDRESS AND PAYMENTID ADDRESS ANS PRIVATE KEY THAT IT WAS SENT TO

PLEASE HELP

Please need someone's Help in getting my ETNs back

I have almost 153,000 ETNs on Electroneum [/color][/color][/color]site in my wallet that got hacked

For the past 10 hours I have been sending support emails to ETN team! Cryptopia ( they are the only site that require the paymentID )
I have left the ETN twitter page comments since I can not sent them a direct message
I have not been able to get in touch with any of their team members
Tried their Telegram page and no proper help, the transaction status went from PENDING to PROCESSING and NO HELP
ANYONE here could please help me get my Tokens back

I need someone from their team Please

If you think mobile mining itself is a mind-breaking features, then I rather you check out Nimiq. Nimiq is probably going to be more disruptive compared to Electroneum if mobile mining is all they have (provided that Nimiq had everything working as intended which is by no means easy and would be interesting to follow their progress).

electroneum project really made a big impact on the market,
yes the team is strong and experienced.

Exactly, it's not real mining, it will just look as it is.

However, this is not a bad thing. Nor is the hype a bad thing. As more hype gets created, more people will get involved in cryptos, so I think it will generally be very good for the whole crypto market.
And that's why I really like it. Electroneum as a coin is perhaps not that special, however when you look at the project as a whole, then you start to see a huge potential.

Of course, that doesn't mean the coin itself will bring a lot of profit to anyone who invested in it (althuogh I would be surprised if it didn't), but I can see a lot of reasons to generally like it.

It feels like they have spent a ridiculous amount of money on advertising - so potentially could say overhyped? I'm yet to understand their mobile mining - isn't it just simulating mining?

ya bro, electroneum great project
i invest about 0.2 ETH there

Electroneum is all about same accounts talking about same things: Mobile mining which is nothing. Their project isn't unique at all and its not amazing to invest in. I actually started to dislike it more.

I'm not saying it's a bad call, it could do well and return a nice profit. But when looking at it from a technical prospective it offers nothing new to the space and even the 'mining' on the phone is fake - look it up. It just seems very generic and not sure why people are getting that excited. Again, could do well, so not hating on it!

I have no affiliations, in fact I'm pretty new to all this.. but I've done a lot of research on Electroneum and it has a great team, and you are able to mine using your smart phone... It seems like an amazing thing to invest in... I am going all in on this one...

Good vibes from this one for a nice return ! $

Anyone agree? Disagree?

John Titor