ELECTRONEUM INTRODUCES ELECTRICITY TOP-UP IN NIGERIA, LAUNCHES HALVING SCHEDULE SIMILAR TO BITCOIN

Now you can pay your electricity bill using Electroneum's native token, ETN! 75% block reward reduction and more...

Electroneum has proven to be one of the most committed companies to proffer Blockchain solution, giving people in third-world countries access to tap into the global gig-economy in a different way. 

Now, it’s possible to sell your digital skill on their freelance platform, AnyTask, earning in Electroneum’s native currency ETN. 

A lot has been going on with the project in 2020, which resulted in the coin (ETN) price moving over 400% in the first quarter of the year. 

Just yesterday, Electroneum announced that the platform has hit a record-breaking 4 million registered users. But that’s not the only catch for you, the user/token holder. 

It is now possible to pay for your electricity and water top-ups using ETN in four African countries: Nigeria, Senegal, Gambia, and Mali. Prior to this update, you could top-up your mobile phones with ETN in over 140 countries around the world, as well as earn ETN for your services on AnyTask. This means that the ETN you earn on AnyTask by selling your skill can be used not just for speculative reasons, but to pay for your electricity, water bills as well as mobile top-ups. This adds a lot of utility to the coin.

Electroneum launches fork, introduces Halving schedule

In the quest to increase demand for the token and reduce reward token inflation, Electroneum has launched a new fork, reducing block rewards of ETN by 75% for the second time. This move reduces the token reward inflation from 4 to 1%. 

According to the company’s head of blockchain development, this double halving is scheduled for 22 July at block height 862866. 

A 75% reduction of this miner reward means miners now receive about 400 ETN for each validated block. Before this, they received over 1450 ETN for each block. 

Halving schedule

Patta also confirmed that block rewards are now scheduled to happen every four years from now on, just like with Bitcoin -up to a limit of 50 ETN per block. 

• 2024 at the height of block 1914066: reduction from 400ETN per block to 200ETN

• 2028 at the height of block 2965266: reduction from 200ETN per block to 100ETN

• 2032 at the height of block 4016466: reduction from 100ETN per block to 50ETN

  "After the 2032 halving, no more block reward reductions are planned until the maximum supply of 21 billion ETN is reached," Patta stated. "Once we reach this point, the block reward gets reduced from 50ETN to 25ETN per block. That is known as 'tail emission' in the crypto space."

Electroneum still has a lot of plans which include not but limited to waiving transaction fees between wallets, improving the overall user experience. 

NB: None of this is financial advice or an inducement to purchase and hold ETN. Cryptocurrencies are volatile instruments.

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