Electroneum praised by blockchain co-creator

Electroneum, the creator of a new mobile-based cryptocurrency, has received praise from Scott Stornetta, one of the people who worked on developing blockchain technology all the way back in 1991.

According to Mr. Stornetta, the company is making an innovative reach into an untapped niche, which is mobile cryptocurrency. 

What is Electroneum?

According to the company website, Electroneum is a mobile-based cryptocurrency and application, which aims to enable customers to send and receive funding, without the need to open a bank account.

In addition to his praise, Mr. Stornetta claimed that the company is looking to comply with regulatory frameworks, which sets them apart from other cryptocurrency developers, who are going against legislation. Mr. Stornetta also added that this new currency has one colossal advantage against crypto giants like Bitcoin, and this is its accessibility through a mobile device.

The main goal behind Electroneum is to bring a useful and accessible financing solution to the millions of people who remain underbanked. According to World Bank statistics, there are more than one and a half billion (1.7bn) underbanked people in the world. 

Blockchain technology

Blockchain technology is increasingly entering all areas of business and numerous industries. Recent examples include the FDA’s trial use of blockchain-based software to track and check medication. 

Electroneum is another advancement in the world of financing, brought and develop thanks to the versatility of blockchain technology.

There is a clear trend that the future holds only positive development for blockchain, as it is becoming increasingly popular. Many universities have now started offering courses in blockchain and cryptocurrency, as knowledge in these areas becomes increasingly sought after by employers all over the world.