Electroneum launched the M1 mobile phone which is set to disrupt the mobile industry in the developing world, as their blockchain technology empowers users to be paid in return for its use. The device has incorporated the tech firm’s groundbreaking Cloud Mining technology which enables users to earn cryptocurrency simply through an app. Consumers can now expect a Google GMS certified smartphone at an RRP of around $80 USD – traditionally the price point of a reconditioned handset.
Cryptocurrencies such as Bitcoin are earned by “mining” them with expensive server equipment. Electroneum is the first cryptocurrency that can be “mined” using just your smartphone.
The new Electroneum app-based Cloud Mining system makes ETN accessible to anyone with a smartphone. Anyone can now earn some ETN cryptocurrency directly from their devices. Only simple interactions are required to commence mining on the free app, and once completed, mining can continue offline. By integrating the technology into the M1, the smartphone promotes Cloud Mining and rewards users with Electroneum (ETN). The cryptocurrency can be used to pay for services such as mobile top ups (airtime and data), online services or shopping.
While smartphones increasingly form the backbone of our global economy, the M1 was designed to meet the needs of those in developing countries. With an unprecedented economic price point, Electroneum has tackled one of the most substantial impediments facing global cryptocurrency adoption; its lack of accessibility.
The purposely low-profit margin set by Electroneum relates to their core vision of their drive of blockchain and cryptocurrency proliferation. The M1 represents not only a powerful tool for communication but also a means of financial empowerment for the millions in economically disadvantaged areas.
Electroneum CEO and founder, Richard Ells, has said the development of the M1 was the result of combining a perfect team of industry experts to make it happen. he states, “With our experience in tech, we were able to gather a world-class team consisting of telecommunications, manufacturing, emerging area mobile-operators, product design and marketing specialists, all helping to make this utopian vision of ours a reality. Without the broad range of talent and expertise, we could never have imagined the possibility of making a product of this calibre accessible for anyone in the world, and we are extremely proud of the result”