Electroneum Timeline: The History of a Mobile-Based Cryptocurrency
By now, you should have read (maybe heard) about Electroneum. The new cryptocurrency on the block, the one to look out for, the same one that could one day outshine Bitcoin. You have to wonder; how did the idea of Electroneum come to exist? This article is a timeline of how Electroneum came to be. Let’s delve into the history lesson.
How the Electroneum Timeline Began
The Electroneum timeline started when Richard Ells, the CEO of Retortal, took interest in cryptocurrency and decided to invest in it. As a result of this, he went ahead to buy his first Bitcoin in January 2015. That would be the seed that grows the cryptocurrency called Electroneum. Richard’s interest in cryptocurrency got so deep that he had his team at Retortal building their own cryptocurrency seven months later. It was forked from cryptonote.
A year after Richard Ells first made his Bitcoin investment, the value had doubled. He was going to make a decent profit on his investment. However, that wasn’t the interesting thing. Not only had his team successfully built a new cryptocurrency, they also got it to work on Retortal’s server rack.
The Birth of a New Cryptocurrency
Towards the end of 2016, the new cryptocurrency had undergone a lot of improvements. The developed a way of mining the crypto-coin based on the speed of the user’s processor. Yes, it was the birth of Retortal’s first GPU miner. By this time, the value of Bitcoin had tripled Richard’s initial investment and other cryptocurrencies were doing well too. So, the team decided to take a look at the altcoins, use them to create some type of improvement for the cryptocurrency they already had. They finally agreed on the open source Bytecoin improvement used in cryptonote. They would eventually use it as the basis for the new cryptocurrency.
By September 2016, the team had to decide who they were creating this cryptocurrency for. They decided to capitalize on the major flaw of most cryptocurrencies. They decided to create a digital currency that can be mined by anyone. No need to be tech-savvy, every Tom, Dick and Harry with a smartphone should be able to mine it. That’s right, they decided to build the new cryptocurrency around mobile ubiquity. Every smartphone user in the world (about 1.6 million) became a potential miner. The new cryptocurrency finally had a code name, Electron.
Electroneum Became a Thing
Then came January 2017, exactly two years after Richard Ells first investment in Bitcoin, the team had achieved something phenomenal. They had formally raised the initial investment required to launch this new cryptocurrency. They had a plan of launching it during the Summer of 2017. They had three things going for them.
- A working model of the cryptocurrency.
- It was unique (Doing something no one out there was doing).
- They had a launch date.
However, they hit a snag. Sometime around June 2017, they discovered that there was another (not so popular) cryptocurrency called “Electron” They needed to change the name to differentiate this new cryptocurrency. Hence, the name Electroneum.
A month later, they created a new company that would take control of the Electroneum Project. The company is now known as, Electroneum Ltd.