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Electroneum had two spectacular days on the cryptocurrency market after launching the beta of its instant payments processor earlier this week, recording a 31% jump in market values. But is this the instant payment system that can change the world?
The development team took a full year from the soft launch of the concept to the actual beta test launch of the Electroneum Instant Payment API yesterday. You can download the smartphone app from the Apple Store and Google Play, and the vendor api is available here.
That year of development has given Electroneum a chance to build a userbase and a convincing marketing plan that it claims have resulted in more than 1 million app downloads and a retention rate to rival Instagram. That’s a catchy statistic, but ultimately meaningless unless people start sending funds and merchants employ the API.
Electroneum is a relatively elegant concept: an API that makes integrating cryptocurrency payments easy. It works in conjunction with PayPal or Stripe, so it can be spliced together with some of the world’s most recognisable payment processors via an app designed for the general public.
Simplicity was the big goal and the User Interface on the smartphone app looks like a solid solution for peer-to-peer payments. Developers chose an API system for payments in lieu of the long wait times for transactions directly on the blockchain.
The system is aimed at mass adoption and designed to bring basic personal finance to the developing world. But, if instant payments sound too good to be true, that might be because they are.
Electroneum runs on a blockchain, which means that instant payments are anything but. Instead, the API sends a message to the vendor that the funds are on the way, allowing them to process the transaction “as if” the transaction were instantaneous.
Everything is confirmed, there’s no waiting around for confirmations and the API checks the user’s account to verify funds and create the illusion of an instant transfer. Is that enough to mark this blockchain technology from XRP, the newly formed Interstellar, Dash and most cryptocurrency wallets? That’s a more complicated question.
Dash has made massive strides in South America of late, including penning a deal with KRIP phones to run a Dash ecosystem on its phones. Ripple has come back swinging after a tough few months and is looking to launch a series of financial services projects and more financial services projects are always just round the corner.
The ‘instant transfer’ aspect is the selling point, but is it enough? Perhaps if PayPal or Stripe adopt the system, but that bridge is still a long way off. Stripe has a heavy investment in Stellar and PayPal can pick and choose its partners. So Electroneum will have to be much better if it is to get that kind of business.
The beta version already features on a Point-of-Sale system in Egypt and vendors can incorporate the Electroneum API into their payment systems right now. But these are relatively small steps.
There are other doubts swirling round, particularly with the way affiliate marketing was employed to make the sales on the ICO back in November. With an army of internet marketers doing their own publicity, some of the claims to this point have been dubious at best.
That doesn’t necessarily reflect badly on the finished product and Electroneum aren’t responsible for the individual marketers, but the IM field is notorious for false claims. Early coin sales were as much about casuals falling for the emotional hook, rather than seasoned investors looking for a technical breakthrough.
Since the launch in November, many of the 7.94 million Ethereum ETN have found their way on to the open market and yesterday’s action following the launch of the beta version stirred the pot again.
Electroneum ETN went from a market cap of $48 million to more than $68 million before declining again. Clearly, though, the launch went well and the API looks like it might find a home.
There’s a long way to go on the app itself and Electroneum needs to convince the big guns that instant notifications, not instant transfers, are the answer to blockchain lag. A recent press release revealed that the company is looking for coders to make an ETN payment gateway for Woocommerce and Magento, among others.
It was a great day for Electroneum and the blockchain technology is working and going forward. But don’t get too excited just yet, this isn’t necessarily a golden ticket.
The author is currently not invested in any digital currency.
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Nick used to drive sports cars from the likes of Bugatti and Koenigsegg for a living back in Europe, writing reviews for Automobile, Motor Trend, and The Sunday Times. He moved to the Caribbean to write about cars... but wanted something a little faster, and cryptocurrency was the only destination.
Instant payment notifications (like Visa and MasterCard) are all it takes to get the ball rolling. Electroneum is rolling out instant payment (ie instant funds) in Q1 of 2019
Card payments are not instant, Etn is also faster than visa, also the transaction completes within a much smaller timeframe than visa, dash instant send has higher transaction fees, as for ripple they own the majority of their coins so that’s not something I personally would be interested in, nice attempt to get views tho, Etn do have one of the largest communities and the fastest growing, so that kinda speaks for itself, Etn also have similar app retention as Instagram…..
Electroneum aren’t looking for coders to create a WooCommerce plugin for instant payment…….one already exists. Check it out on the WordPress site as it’s awesome:
https://wordpress.org/plugins/electroneum-instant-payments-for-woocommerce/
I’m sorry but was this article paid for by Ripple?
What do you mean here ” Since the launch in November, many of the 7.94 million Ethereum ETN “
Exactly. Paid ripple and dash shill. Knock down ETN. Nothing new. ETN stands tall.
Off-chain transacting is not new, but is one of the few solutions for instant crypto payments – a few others have promised fast blokchains but none have really proven real-use of hundreds of thousands of transactions per second. ETN is one of the first to get this working properly so are ahead of the game. Your back-handed article doesn’t give ETN the credit they deserve.
ETN will smash ripple, ripple is shit , Ripple signed 1000 deals with banks and still $0.50 cents , do you know if ETN signed 100 deals the price will be close to the moon 🌓
nice replybrother
Sorry… how much did you get paid to right this article, believe me nothing on this earth will stop ETN from smashing every crypto. why? Because ETN have a product
Nick are you a paid shill? , Visa, Mastercard, etc are the payments systems used most worldwide , and they are far from instantaneous, ETN uses the distributed ledger ….. so enlighten us all on the instantaneous (token) payment system for Stellar and XRP ..they dont even have a blockchain to write to you muppet..writing to the blockchain is the time consuming thing , ETN does this ..your article is verging on slander, all Ripple is used for is interbank exchange ( supposedly) ..but no one is using it.
This is why just developer should write an article.
Check out the API of ETN and check how much easy is to implement it. Then, start to count how many people use ETN and check in how many exchange is ETN.
How much they paid you to spread FUD!?
I give you a sipmple answer… how much time needed to money comes to your bank account when someone paid you!? Exemple if you go at shop and pay with visa card, you need a 5 to 10 sec for vericification, and after clearing (its about 2 hours, at blockchain that time is about few minutes) money are at bank account of that shop where are you buy goods… now you tell me, did you know anyone fastest payment then this!?
Ok, you camt give me answer…
Next time when you writte something like this, pls first study….
You are not deserver and you are not adequate person to talk about this..
Sry ..
Cheers!
And yes… go and drive your Bugatti!
One more edit: “Big thanks for free marketing” 🙂
This author totally has no idea how movement of money works . Even for bank transfer, acknowledgement from both parties is like a form of agreement that the funds or something of value had been or will be move from one place to the other . DO you think when you send funds from Bank A to Bank B let say from USA to china , it take much longer time for a confirmation but even with a confirmation the physical money is not air flown from USA to china in such a period of time . From how it is … instant notification is already consider instant payment because , both side had acknowledge that the fund is enough and payment is made . We don’t have to physically move the fund then only is it consider instant payment .
Information in your article is so flaw . Its like telling people “oh when I order a burger from macdonald , once I paid .. the burger must be in my stomach . then only it is consider fast food or else it is not fast food” while in actual fact , after you order your macs they still need time to make ya burger then you eat it .
THis shill scumbag libtard cuck add just made me buy 500k more etn today as ill be moving funds IN 1 MIN. Take that u dumb mf’er. ETN all day , Ripple getting blown away.