Momentum has built around Electroneum’s highly successful game-changing software update that introduces to the crypto industry a unique Moderated Blockchain that is a type of permissioned open distributed ledger system without the unwanted centralisation. It gives Electroneum minimal interference over the network only to guarantee the security to protect ETN users and exchanges.
Another very interesting element to the fork is the staggering 75% reduction of the block rewards bringing in scarcity while extending its longevity amongst other features, as CEO Richard Ells has explained.
“Scarcity is good for ETN, it extends its longevity and reduces emission” adds Electroneum’s founder and CEO. “It also helps us increase scalability and transaction speeds. Everybody is a winner.”
In numbers, the 75% reduction in block rewards means that from the 5 million ETN previously given to miners for validating transactions, now only 1.25 million ETN will be rewarded. In dollars, this means that from US$750,000 when ETN was priced at $0.0045 before the fork, block rewards will only be just under US$190,000.
Many cryptocurrencies go through halvening events. Electroneum has not only halved block rewards, but in the words of Richard Ells, “halved and a half”.
One of the most anticipated halvening events is that of Bitcoin, which is scheduled to happen in just under a year from now, sometime between March and June. The BTC block rewards halvening takes place every 210,000 blocks. Soon, Litecoin’s LTC will do the same.
Ells and everybody at Electroneum are passionate about the reach of ETN and how it is aimed at helping millions of people in hard-to-reach places in developed countries.
Since its inception, Electroneum has focused on mainstream adoption and helping people live more every day, Ells adds. So, the new Moderated Blockchain coined Proof of Responsibility (PoR), helps achieve precisely those goals that are important to the 40-member team at Electroneum, which by the way, is growing.
Also, the new Proof of Responsibility protocol, powered by the Moderated Blockchain, enables Electroneum to handpick ETN’s new trusted miners, who are NGOs that will use their mining rewards to provide people in developing countries the skills that can help them improve their lives.