The Electroneum of tomorrow


#1

I’ve created this post as a thought experiment for the Electroneum community, as the starting point for an open discussion of what would make Electroneum the ultimate “go to” cryptocurrency for someone to choose (whether consumer or merchant) in a world full of viable alternatives. Let this be the field where new ideas are sown for the Electroneum community to ponder… no matter how wild or crazy it might seem.

I’ve been in Electroneum since the ICO and, like most of you reading this, I like Electroneum. I believe in the product, I believe in the team and I believe it will be one of those products still around in 5 years as we modernise the way value is transacted and forge our place in the next industrial revolution. And that last sentence is important because whatever the currency is, it needs to have real world value.

When talking with my friends about blockchain currency I am often laughed at because cryptocurrencies hold no real world value, they’re seemingly not backed by “anything” tangible and are therefore deemed worthless. This opinion is not isolated either, it is a common view many sceptics of cryptocurrency hold - but they are wrong - very, very wrong. Cryptocurrencies are backed by information, and information is perhaps the most valuable asset of any government or commercial enterprise. Subsequently it is the quality and type of information held within the blockchain that define the value of the currency, from the currency itself to the metadata held for every transaction and every wallet.

And this begins my thought experiment, and I preface this with an apology for overuse of the word “imagine” but that’s exactly what I want you to do.

Imagine all of the information Electroneum has access to when making purchases - the items, the business, the franchise, the customer, the location, the cost price (for merchants), the sales price (for customers) and the tax implications (for governments)… the the list goes on. We generate so much “valuable” information making a simple transaction.

Imagine a wallet that could give you a detailed, itemised receipt of all of your purchases and transactions, right down to the sales tax applied to each item (of course I could mark certain transactions as private so, for example, my wife couldn’t see what I am buying her for her birthday). This would greatly help me track and control my spending and I could then use this functionality to separate my purchases at tax-time so expenses and deductions are simple to prepare and, more importantly, prove (and what government objects to proof provided with transactional KYC?). Imagine if I could select individual items on a given invoice to request payment from another wallet, this would help me split that restaurant bill when my friends and I paid as one.

Imagine a wallet where I can identify the categories of goods and service that interest me, or one that optionally derives them from my spending. A wallet where I can anonymously elect to “opt-in” to marketing campaigns for those interests and where I am paid directly by marketing agencies for the privilege of using my information and/or history. A wallet that provides product discounts specifically for me that are automatically applied when I pay for the item using my wallet. Imagine a world where I didn’t need a thousand and one loyalty cards because the merchant is acquainted with my loyalty every time I use my wallet. Imagine a wallet that allowed me to earn reward points that aren’t limited to a specific brand or chain.

Imagine a wallet that integrated with QuickBooks or MYOB to help facilitate the recording of such purchases, one that could also be used for payment of my salary.

Imagine a wallet that could provide a “track and trace” facility for purchases made online, one that facilitated an escrow-like ability to insure your product and its delivery. And imagine a wallet that allows you to optionally leave feedback or provide a rating for every purchase, for both the buyer and the seller - Electroneum has its advantages over other more traditional platforms because we’ve all had to KYC and cannot simply change wallets to “start again”.

So much possibility.

Now I will be the first to admit none of these ideas is simple and indeed some beyond the scope of possible delivery, but in my humble opinion these ideas highlight some of the things that might help make cryptocurrency an attractive prospect not just for consumers, but for the commercial sector and government as well - something all cryptocurrency needs to develop and evolve in order to promote itself from a simple store of value into a widely accepted medium of exchange.

I would love for the Electroneum community to build on this and throw some more ideas into the ring.

Finally (and very shamelessly) I’ll leave my wallet address - if any of the ideas presented in this thread end up helping define the commerce of tomorrow then I certainly won’t complain if you throw a couple of ETN my way:

etnk4wMoikhbThmZm3updARcXekjeNzx8EB6DXmcqjQE5FEPFbo98Y9i9vUCmadvFdd1KU9Ba9GbCYtqTwHiEqhM1gm9q1mX3e


#2

Wow really good ideas. I think that teem need to look a this @ETNCEO @MSystem @BegaMutex @Corentin :slight_smile:
Yesterday I see suggestions to make a cash back card or in our case crypto back card hehe.
Today I see that we can receive some loyal customers rewards points and writing reviews…
Very interesting :slight_smile:


#3

You’ve got really great ideas! And you’re right about information.

As far as the skeptics, I think the “cryptos aren’t backed by anything mentality” originates with a few and then is just perpetuated and regurgitated by others who haven’t even put much thought into it. I think mass adoption will happen and everyone will want ETN, the way every (many, many) grandparents eventually ended up with a Facebook profile even though 4-5 years earlier they were like “Facebook, what’s that?”; mass adoption will happen despite the persisting “cryptos aren’t real” myth/mentality.


#4

Firstly I would like to thank @Mr.CryptoCZ and @metafizzics for your input and insight - it’s nice to know that people not only read, but take the time to interpret what’s been said.

Here’s today’s idea:

For their immediate geographic region, a merchant or franchise owner can broadcast discounts or deals available to anyone holding an Electroneum wallet. As I (the consumer) walk down the street my phone (specifically my wallet) alerts me to any deals within my immediate area, helping entice foot-traffic into business that I might otherwise have just walked past. For example if I owned a street-side tapas bar I could broadcast a lunch-time only deal via the wallet that gives anyone who pays in Electroneum a 10% discount on the food and/or a free drink. Imagine walking down the street and, no matter where in the world I am, being given different food/clothing/retail/accommodation etc. options just because I’m a wallet holder.

Take this one step further and we could implement an augmented reality interface into the wallet for interactive deal presentation - for example I simply open the Electroneum wallet, hold my phone up and a live camera view engages, overlayed with information “bubbles” showing the exact location of any of merchants currently offering deals in the direction that I am pointing my camera/phone.


#5

These are all great ideas and as mass adoption gains more footing I believe there is no reason why any of these ideas can not become a reality. I have often envisioned a ETN wallet similar to the exodus wallet where I could trade other coins right in my ETN wallet. Pay for stuff get Etn sent to me all from one portal point. I really like the idea of the overlay where when you are in a “zone” special merchant deals pop up enticing you to go purchase. What about ETN cheaper air fair tickets etc etc I am sure as the coin gains more popularity many will seek ways to utilize the coin in only ways we are dreaming of now! @dreamingofetn great post, massively enjoyed reading it!


#6

nice idea… keep sharing your thoughts here for better development of ETN towards the goal of mass adoption @dreamingofetn


#7

Today’s idea (and yes, I am completely sober but for whatever reason this is the thing stood out for me today):

We’ve all seen the Pokemon-Go phenomenon come and go and it’s authors, Niantic (a Google spin-off), collected a whole lot of valuable “foot traffic” and behavioural information from it. Can you see where I am going with this?

What about an application where we collect bags of “nanotroneum” (or whatever the synonymous representation of satoshi/lovelace/litoshi/nanoero is for Electroneum)? Yes, seriously.

Imagine having an app where you walked around your neighbourhood and could randomly collect different sized bags of actual “nanotroneum” that ended up going straight into your Electroneum wallet.

Imagine also having “zombie nanotroneum” that just wander the world, small units of Electroneum that jump from phone-to-phone (app-to-app) as we pass by someone with that same app in the street (where I would think determination of who is close by is conducted via location services instead of an actual communication mechanism like Bluetooth - this system should be entirely passive). You could open the app each day and see who (which zombies) you’ve picked up and whereabouts in the world they’ve travelled (mixed with some random photos from a third party library you could turn it into a real travel story).

This approach necessitates an initial outlay from the Electroneum team (@ETNCEO - nudge nudge) however the value of the marketing opportunity it presents may indeed outweigh substantially that initial seed investment. Moreover it represents an interesting and unique marketing opportunity that introduces and entices those people currently unacquainted with cryptocurrency into the cryptocurrency arena (particularly the younger generation who are ultimately the beneficiaries of our transition into cryptocurrencies today).

My two cents for today.


#8

…or as per this community article, instead of “nanotroneum” I think “electrons” is perhaps much better nomenclature.


#9

My historical advice and suggestion to the ETN team:


#10

Today when I sleep I have great idea. If yoti covered all countries. They have our face, voice, and I think too finger print.
So we can use this (face unlock or finger print) to unlock the app & accept the transaction - not mandatory but who want better security than only pin.
Or we have time to implement Google authenticator but it’s not so user friendly.

What do you think? If you like it give me like thanks :wink:


#11

I think that sounds like a good idea, @Mr.CryptoCZ :slight_smile:


#12

Every option is prone to be hacked. Even finger print. While technology advances month by month, so are the hacking techniques. For some, who are a bit lazy let’s say, only a finger print and a face unlock would be the best option. I myself curently use the finger print unlock on my mobile banking app. It is easier and unless your phone is stolen by some dubious fellas, you’re fine.


#13

Today’s thought:

The wallet (or other ETN dApp) could support a localised trades marketplace where tradespeople (e.g., electricians, carpenters, tilers, removalists etc.) could advertise their services - this way we have the “feedback” system identified earlier in this thread alongside the KYC of both the tradesperson and customer providing a more socially secure and responsible “gig-economy”.

If we take that one step further we can also implement an associated marketplace where ordinary people can advertise for work that they need done (along the lines of AirTasker). For example, for “(a specified amount of ETN) I want someone to assemble this IKEA cupboard”.

Because both of these marketplaces operate within the wallet-holders current geolocation you would only see advertisements specific to, and receive responses from, local trades people and customers.


#14

They may think of implementing this after they launch the gig economy website next year.