From bartering with seashells and rocks to forging coins out of gold and silver, and now we distribute pieces of paper as a physical representation of value. Humanity will always find new ways of evolving the way it runs its economy and how that wealth can flow from one person to the next. With the age of digitalization steaming ahead, we might argue – and this will be justified as we take a closer look at a comparison of Electroneum vs Monero – that the time of the paper money is up.
But what form should digital monies take, and how should the virtual currencies of the future adapt to our daily lives? If you ask Electroneum, a currency should be all about accessibility, making it easy for anyone, anywhere around the world, to have quick and fair access to financial services.
When the Electroneum comes to mind, think of the world's many unbanked populations and where those places don't even have a brick and mortar bank branch or even an ATM within sight.
If you ask Monero, money should belong to you. How you use it, to where do you send it to, is not the business of the government or the banks.
For Monero, a currency should be anonymous and wholly private, one that cannot be traced, controlled, or manipulated. Clearly, then, we have two cryptocurrencies vying to prove their vision to the world and how the currency of the future should be. But which one stands supreme? Read along our Electroneum vs Monero review to learn more.
Electroneum vs Monero Comparison Table
|Crypto Token: ETN||Crypto Token: XMR|
|Token Market Capitalization: $315,334,491||Token Market Capitalization: $3,987,215,837|
|Market Cap Rating: 228||Market Cap Rating: 22|
|Total Token Supply: 21,000,000,000 ETN||Total Token Supply: 18,400,000 XMR|
|Uses/Applications: Payments (Including additional financial services)||Uses/Applications: Payments
Electroneum vs Monero – Main Differences
Although both currencies are designed primarily for their usability in being adopted for payments, they vary in their approach to doing so. As we shall learn more in our Electroneum vs Monero comparison, Electroneum's main goal is to increase accessibility for people around the globe to have access to financial services. Using its mobile application, you can have a portal to Electroneum's payments network or facilitate transfers and exchanges with other users. You can also earn an income using Electroneum's platform or donate it to a preferred charity.
Meanwhile, Monero focuses primarily on the privacy and security aspect of money and how it can be tracked. Although cryptocurrencies do offer more anonymity compared to regular fiat currencies, they can still be traced. This is where Monero comes in, by using advanced cryptographic programming to make tracing the flow of money as difficult as it can be.
What Is Electroneum?
Founded in 2017, Electroneum is a mobile-focused cryptocurrency network, which has been designed and adopted as a quick and easy way to transfer money or to be used as an acceptable means of payment. You can thus consider Electroneum as a blockchain-powered, cryptocurrency-fuelled version of PayPal, Apple Pay, Square, or Stripe. Electroneum's goal was to create a digital platform that can offer rapid, secure, and affordable means of accessing financial services.
It's especially important in some parts of the world, such as in Africa, where large parts of the local community have no easy route to attain banking assistance. These “unbanked” populations have therefore found it hard – if not impossible – to adopt electronic payments, make online transfers, or apply for loans with a tap of a button. However, despite their lack of easy access to banks and ATMs, they do at least have some internet connection and a mobile device.
Electroneum leverages this by making it easy for these unbanked communities to evolve into accepting more digital forms of banking using only their phone. Electroneum has even made it so that their mobile app can be run easily on older operating systems or phones using lower-end hardware. You can make payments, purchase goods, transfer money, or top up your bills using its mobile application, for example, in more than 190 countries.
What Are Electroneum's ETN Cryptocurrencies?
The native cryptocurrency within the Electroneum network is ETN. Although Electroneum itself is not as popular of a cryptocurrency as some others, they have maintained that ETN tokens remain one of the most “used” tokens in the market. This is seeing how more than 2.8-million people around the world have downloaded Electroneum's mobile app and are regularly using its ETN. At its maiden launch in 2017, Electroneum became the UK's first major home-grown cryptocurrency.
Following a highly successful initial coin offering (ICO) that year, Electroneum sold more than $40-million worth of ETN cryptocurrency tokens to more than 115,000 participants in the public sale. It remains the record holder for the number of people to have taken part in an ICO at any one point. The amount of Bitcoin and Ethereum raised during the sale is being used to fund Electroneum's continued development and plans for future growth, which remains relatively stagnant so far.
As of writing this Electroneum vs Monero comparison, the price of ETN is worth around $0.017669 per token. This is a far cry from its all-time high of $0.236200 back in 2017, but it had gained 1,137.72% since its all-time low in March 2020. There is a total token supply cap of 21,000,000,000 ETN, and 17,846,281,543 ETN of them are currently in circulation. This gives Electroneum's ETN a fairly small market capitalization value of $315,334,491, as the 228th-most valuable cryptocurrency.
How Do Electroneum's Core Technologies and Features Work?
To ensure that Electroneum's ecosystem can benefit everyone fairly while also adhering to Electroneum's core philanthropic and humanitarian values, Electroneum has maintained a permissioned network. This has allowed Electroneum to create a ‘moderated' blockchain, where its team can hand-pick a number of non-governmental organizations (NGOs) to be its network validators. There are currently 12 at the time of writing this Electroneum vs. Monero comparison.
This is a part of Electroneum's Proof-of-Responsibility (PoR) blockchain, where miners are all encouraged to work for the greater good of their community. This makes Electroneum's blockchain highly secure from the possibility of 51% attacks by malicious actors while also allowing those NGOs to earn an income and donate it to fund their charitable causes. This saves Electroneum a lot of hassle by not having to figure out if validators are only mining for their own personal gain.
This hybrid compromise between permissioned and permission-less with a moderated blockchain has won praise even from the co-inventor of the blockchain, Dr. Scott Stornetta, who also contributed to the Bitcoin whitepaper. It has allowed Electroneum to allow mining rewards to be gained by those who need those funds the most and to ensure the security and stability of the network for everyone else. This has also made Electroneum's blockchain highly energy efficient.
How Can You Use Electroneum in the Real World?
To use Electroneum, all you need is to download its mobile application and find those services that accept its native ETN tokens as a means of payment. While writing this Electroneum vs. Monero review, we've found that Electroneum is steadily seeing growth and adoption, especially in more impoverished and developing parts of the world. According to Electroneum, there are over 1-billion people around the world that don't have access to banking services.
In some parts of Africa, you can choose to pay your electricity bills using ETN tokens from its mobile app. Globally, Electroneum is processing an average of 100,000 transactions on its hybrid-moderated blockchain each month. Throughout its history, Electroneum has processed more than 220,000 transactions used for topping up mobile data or to make utility payments, and with over 300,000 transactions to facilitate in-app transfers between its users.
Around the world, more than 2,100 merchants are accepting ETN using its ‘ETN Everywhere' merchant's platform across more than 25 unique sectors. Imagine using Electroneum's ETN tokens to pay for your meals in restaurants, pay for taxi rides, book hotels and accommodations, pay your bills, and more. Electroneum's mobile application has also expanded in other ways that it can be used, as we'll highlight down below for our Electroneum vs Monero review:
- AnyTask – A freelancing platform built into the Electroneum mobile app. Here, you can either choose to sell certain tasks or work with ETN for payment or earn ETN tokens by completing freelancing work set by others without having to pay for a middleman's fee.
- TaskSchool – A free-to-use online educational platform where you can earn ETN cryptocurrency tokens by learning new skills. These can include learning new languages, photo or video editing, programming, DIY skills, and more.
- ETN Donate – As mentioned earlier in our Electroneum vs Monero comparison, Electroneum offers its blockchain validator roles for NGOs and charities who can use the mining rewards for humanitarian causes. Thus far, Electroneum's ETN Donate has accrued more than 280,000 ETN worth of donations from its community members. This includes charities such as Ubuntu Pathways, WONDER Foundation, and Lawyers for Good.
What Are Electroneum's Future Roadmap Updates?
Despite its wide global reach, Electroneum is currently among the more unknown cryptocurrencies and hasn't gained in popularity as some other tokens that are focused on powering payments solutions. In this Electroneum vs Monero comparison, we can take some examples from Monero's XMR, which is among the top-30 most popular cryptocurrencies. However, Electroneum does have some plans to grow its audience in the near future with an extensive roadmap laid out.
First and foremost, Electroneum will be focused on improving the utility of its ETN cryptocurrencies. Services such as AnyTask will see some much-needed attention to help grow the Electroneum economy, alongside the introduction of a new in-app marketplace to make the spending of ETN tokens much easier. This new marketplace will see platforms and services such as integrating food deliveries, buying vouchers or coupons, gift cards, and more within Electroneum's mobile app.
Electroneum's payments services will see an expansion into new regions while also lowering the costs and extending its reach in its existing markets. Electroneum will also be working with other blockchains to improve Electroneum's exposure and allows those blockchain projects to offer ETN as a reward to their users. Moreover, there will be an extensive marketing program, as well as a concerted effort from Electroneum to have their ETN tokens listed on more exchanges, like Binance.
So, how can we conclude the first half of our Electroneum vs Monero review? Simply put, Electroneum still has some promise for a healthy future owing to its already very active and passionate community, along with a fairly extensive reach into different markets around the world. Although not as popular as some other cryptocurrencies, Electroneum has set itself the goal of being an impactful currency that can empower change while being fair and sustainable.
Electroneum still has a lot that it needs to show to the world to make a dent in its fortunes, but its usability is becoming more apparent with the Covid-19 pandemic. With physical contact being a big no-no among many, we are becoming more aware of the state of the digital economy and are beginning to see the virtues that cryptocurrencies can bring. Electroneum fills in that gap rather nicely, as a way to transact and apply value anywhere in the world nearly instantaneously while paying only pennies in fees.
Pros & Cons
What Is Monero?
Monero was founded in 2014 but had its roots set in another privacy-based cryptocurrency that was first issued back in 2012, called Bytecoin. Monero's code was forked out of Bytecoin, and its open-source protocol is designed to be an ‘obfuscated' decentralized public ledger. Through the use of privacy-enhancing solutions allows anyone to send Monero's XMR cryptocurrencies within its network and makes it harder for outsiders to trace the transaction.
Monero's blockchain intentionally makes it more difficult to track down the source, amount, or destination of a particular exchange. This made Monero a very popular choice among the most privacy-conscious of users. There is a common misconception that cryptocurrencies offer users complete anonymity and privacy while performing any transaction, but it can, in fact, be fairly easy to track down who is sending money, to whom, and how much is being sent.
Monero's technologies solve this problem, but it has had the effect of making Monero the most sought-after currency for illicit use. By making every transaction virtually untraceable, Monero is regarded as the primary currency for many darknet marketplaces, where people can buy stolen information, drugs, firearms, and more. Several incidences, such as the WannaCry hacking ransomware campaign, used Monero's cryptocurrencies as a way to safely earn ill-gotten gains.
What Are Monero's XMR Cryptocurrencies?
The native currency of the Monero ecosystem is XMR. As we've highlighted earlier on in our Electroneum vs Monero head-to-head review, Monero's XMR is designed as a payments medium first and foremost, just like Electroneum's ETN. But Monero has focused its currencies more towards creating a secure, fast, inexpensive, and censorship-resistant monetary network. But just like Electroneum, Monero wants to redistribute the mining rewards more equitably among its users.
They both differ in their approach, however. Monero's blockchain network is claimed to be ASIC-resistant, which results in mining power being more decentralized than other Proof-of-Work (PoW) blockchains. Aside from that, Monero has other key goals for their XMR cryptocurrency, which include creating a secure and robust financial system, maintain maximal user privacy, and making its XMR cryptocurrencies fungible.
As of writing this Electroneum vs Monero comparison, one XMR is worth $223.20. This is seen with a fairly healthy growth cycle, as proven by being the 22nd-most valuable cryptocurrency with a market capitalization of $3,987,215,837.
Currently, it has a circulating supply of 17,863,680 XMR tokens, and with 18.4-million XMR total. However, Monero has built a perpetually decreasing block reward, with the supply rate decreasing to 0.6 XMR per block after 2022, to remain liquid but still scarce enough to give XMR fairly appreciative value.
How Do Monero's Core Technologies and Features Work?
To make sure that any transactions within the Monero network can stay as invisible as possible, Monero adopts several privacy-enhancing technologies to mask the movement of its XMR cryptocurrencies. Primarily, three important features within Monero make this possible. Firstly, Monero uses ‘Stealth Addresses' and thus can create a randomized one-time use address for a transaction to take place between the sender and the receiver.
The use of a Stealth Address means that transactions cannot be traced to either the sender or the receiver and can only be recognized by both parties. The adoption of RingCT (short for Ring Confidential Transactions) is an improved variant of the earlier Ring Signatures model used by Monero. The native integration of RingCT allows every single transaction amount, origin, and destination to remain completely anonymous while still retaining Monero's efficiency.
Monero's core systems and technologies are continually being developed and improved by the Monero Research Lab, along with contributions and partnerships with more than 500 developers around the world since Monero's inception. Overall, this has allowed Monero to stand out even from other privacy-focused cryptocurrencies such as Zcash, with a cryptocurrency powered by a blockchain that is strictly private, secure, and anonymous by default.
How Can You Use Monero in the Real World?
Despite getting a bad reputation as the favored cryptocurrency within the criminal underworld, Monero's XMR has also been well integrated into many legitimate services and platforms. Here, you can use Monero's XMR to purchase goods or services, using its blockchain to power rapid and inexpensive payments around the world. Monero's development team has also opened up an easy portal for merchants to adopt Monero into their existing payment terminals.
This is helped by popular cryptocurrency payments tools such as CoinPayments and NOWPayments, including Monero's direct integration with WooCommerce to use its XMR tokens. You can also use Monero's XMR cryptocurrencies to acquire services or goods online. For example, Travala lets you use Monero as a payment option, where you can book from over 2-million different hotels and accommodation around the world.
Or, use Monero's XMR to buy VPN packages, such as those offered by famous brands like Surf VPN, TorGuard, or cloakVPN. You can use XMR to buy everything from mobile phones, clothing, merchandise, accessories, e-cigarettes, gold bullions, jewelry, or all the way down to purchasing ammunition and sex toys online if that suits your fancy. For our Electroneum vs Monero comparison, here are a few more examples of where you can spend Monero tokens:
- Bitsa – A prepaid card managed wholly through a mobile app, where you can transfer, exchange, or pay using cryptocurrencies or fiat without needing to open a bank account.
- Purism – A manufacturer of privacy-focused devices such as smartphones and computers, using their own proprietary, open-source software and open-ended hardware.
- Coincards – An online platform where you can use cryptocurrencies such as XMR to buy gift cards to use at merchants such as Amazon, GameStop, Home Depot, Xbox Live, and more.
- Veldt Gold – An online dealer where you can exchange cryptocurrencies such as XMR into precious metals, such as buying gold bullions or silver coins.
What Are Monero's Future Roadmap Updates?
Monero remains among the most popular cryptocurrencies in use today, and especially thanks to its appreciative price. This will be augmented with Monero's plans for future growth and consolidation, which would hopefully see its usability and reach extend further. That said, Monero's roadmap for 2021 is fairly quiet and modest compared to what its rivals have in store, as we took a closer look earlier in our Electroneum vs Monero comparison.
In 2019, we saw Monero make a huge leap from CryptoNote to the RandomX algorithm to make Monero's blockchain even more efficient and ASIC-resistant. Meanwhile, 2020 witnessed the introduction of the Dandelion++ protocol, which adds to the privacy benefits of transactions on Monero. These privacy-enhancing improvements are set to be done in 2021 as well, with the introduction of Triptych natively onto Monero.
This addition will help to make further improvements on masking transactions on Monero and making them more untraceable while also taking up less space on the blockchain and being faster to compute. Meanwhile, Bulletproofs+ will add to this with the use of a zero-knowledge proving model. More importantly, Monero will be working towards making their blockchain more scalable and speedier with the development and roll-out of second-layer scaling solutions.
Trying to summarise this second half of our Electroneum vs Monero comparison, we can only wonder as to how far Monero can go in making every single transaction completely untraceable. Although there will no doubt be a lot of challenges from a regulatory standpoint, along with the moral concerns that your cryptocurrencies are helping to fund underground arms and narcotics trades, there are also ways in which Monero's XMR tokens can be genuinely helpful.
Imagine a world where money can be shared nearly instantaneously anywhere around the globe, devoid of costly fees, free of censorship or limitations, and without the feeling that someone is watching every single transaction take place. With the rise of the digital economy and the advent of more people becoming ever conscious that someone, somewhere, is keeping note of their every move, Monero is a powerful tool in helping to cut down on your priceless digital footprint.
Pros & Cons
Electroneum vs Monero – Conclusion
This wouldn't have been considered to be a fair competition without declaring a final winner. So, who is the victor in our Electroneum vs Monero battle, and which one stands above the other in showing us in the world of today how cryptocurrencies are modeled after in the near future? It's certainly a tough call to make, as both Electroneum and Monero are very different from one another, despite their obvious similarities as good “currencies” that can happily take the place of fiat.
But in their unique paths of getting there, our vote today goes out to Electroneum, which may surprise quite a few of you. Although certainly not as popular, Electroneum's core ideals and the way it has already been adopted today is very promising of a wholesome future where financial and monetary platforms can play a big role in society. Electroneum's more humanitarian approach is highly admirable, and we can only hope for a more determined effort by them to grow.
However, Monero has a 10-times larger market capitalization compared to Electroneum for a good reason. Although Monero might not be aiming to change the world, it has a steely-eyed focus and single-minded ambition of bringing about top-notch privacy and security features and embed them into one of the things that we rely on most of all every single day – money. Overall, our Electroneum vs Monero comparison can at least prove that cryptocurrencies are far from done when it comes to innovations.