This is a dynamic FAQ post pasted below
It will evolve and change with time, some answers will never change. Watch for updates at the link below
http://electroneumtalk.proboards.com/thread/8/electroneum-faq
« Electroneum Talk
Electroneum FAQ
GLOBAL MODERATOR
"Hi guys.
So i've decided to create a FAQ over all the frequently asked questions we get on Telegram. We're more than happy to answer every question posted there, as it means somebody new every single time has decided to get involved. That is amazing!
However, many of the answers could be found in the whitepapers, which is why i will compile the answers here and then i hope you all, as a community, will direct new people here to get their answers for their, hopefully, many legit questions. I've found that one question nearly almost every time leads to another, or a thousand, which is amazing in its self. Perhaps because this really IS an interesting project, especially for new people to the crypto-world.
It is my hope that everybody will participate in letting me maintain, and keep this updated throughout the ICO, and beyond, by either correcting information as we get them, or adding new questions to this section, which will be answered.
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Frequently Asked Questions:
What is the purpose with this coin / what is so special about it?
- It targets the masses, the people without knowledge of Cryptocurrency, now finally have a shot at obtaining one, without having to worry about wallets, mining rigs or setting up your computer with technical know-how just to mine, and keep the coins. While you're mining on your app, which can be done from the background, you gain currency to your wallet which is set up for you inside the app. If you choose to play the game incorporated in the app, you get additional coins, and you learn a good amount of stuff about Cryptocurrency, how it works on a basic level, and gives you the knowledge and skills to mine on your computer with the dedicated program thats in development. The program allows people to easily mine without much hassle or technical knowledge.
In the future of the coin, gaming and gambling markets will be targeted, used as a form of currency where you can "sell" the hours you've spend on your, lets say character in World of Warcraft, while the entry and exit fees you pay, to legally get in or out, get allocated to the company behind. This is a win-win for both parts.
Likewise the coin is targeting the massive amount of people without a bank account, but with smartphone and/or internet access. There are tens of millions of such people, who could use cryptocurrency for storage of value or payments. Everyone wants to see mass adoptation for a cryptocoin, and then they will probably jump on the wagon for a lot of proposals. Likewise Bitcoin only have 3 million users; Electroneum wants more than that, which will give the team behind a lot of possibilities for usage of the coin around on the markets.
How many coins is there in total?
- 21 billion coins.
How many coins is there in the ICO?
- 6 billion coins.
Isn't that a too many coins?
- The supply of coins is not an issue; the amount of coins has been chosen to reflect a real life currency; so instead of paying 0,000135 Bitcoin for a can of coke, you can pay 15,10 Electroneum (this is NOT the real exchangerate!) for the same can. This is a clear advantage, the study group suggested. Especially when you think about the fact that Bitcoin has 16 decimal digits and Electroneum has 13 decimal digits. So you're effectively just moving the decimal-point around.
What is the price of the coin?
- $0.01 pr coin WITHOUT bonus.
When will the ICO end?
- 31st of October at 23.59
What will happen to the coins that is not sold during the ICO?
- Normally they would get destroyed, but it is not 100% certain that all the coins would be destroyed for ever, so it was decided to be allocated to the mobile miningpool to increase the likelyhood of people finding the mobile mining experience fun, and worth running.
Is there a bonus-system for early investors?
- Yes there is. See this picture for clarification:
Table of Bonus - Electroneum
When do i get my coins?
- When you invest, your coins should be allocated to your wallet, on your app, and on my.electroneum.com within minutes of your transfer being confirmed. Coins from the referralprogram and bountysystem will be allocated on the 1st. of November
Would the fee for a transfer from, lets say, Coinbase be absorbed like it is for Kraken?
- Yes it will be.
Who are the devs?
- The devs are listed on the website: Electroneum - Team. The most active on the Telegram-group, is Richard Ells the teamleader.
Can i talk to them?
- Yes! Richard is VERY active on telegram, and will gladly answer all the questions his busy day allows him.
What is mobile mining?
- Mobile mining is regular mining done on a phone, which includes getting the phone to solve algorithms from a blockchain and as a reward allocate some coins.
When will it be possible to mine?
- Both the mobile mining experience, and the desktop version of mining will be available on the 1st. of November
What differentiates Electroneums kind of mobile mining from the "normal" kind? And how does the mobile mining experience work?
- The mobile experience of Electroneum doesn't solve algorithms on a blockchain, but instead allocates coins to your wallet, based on a calulation of how powerful your phone is. All this can be done from the background of your phone. The rate of allocating of coins will depend on the amount of users, the amount of coins mined/in the pool and so on. See the technical paper at the bottom of this post for a further explanation.
Will it cause my phone to heat up, drain the battery or just damage it in any way?
- NO! And this is a huge difference from all the other attempts at creating a mobile miner. This does NOT overheat or drain your battery so the life expectancy drops fast.
Will it eat all my data?
- Nope! With the apps special way of functioning, it doesn't require much data to run. See the technical whitepaper for a more detailed explanation.
What is the app used for?
- The app is used for mobile mining, as a wallet for your currency, to make transactions with your currency and to learn about cryptocurrencies through a game!
What is the genre of game is it going to be?
- Something like Idle Miner, this is what the devs took their inspiration from. A kind of tycoon-game.
Where can i get it?
- Google Play at the moment.
Has it released for IOS yet?
- Not yet. Apple wants to see a listing on an exchange first.
Is the app hard to use?
- Not at all! A very clean and easy experience; had a few bugs, but they should be fixed now. A 5 star review on Google Play would help a lot since it's primarily been reviewed in the beginning of the project, where it had a few bugs.
Is this a 100% mobile currency?
- No you can mine it from your computer as well.
Will you be able to mine the currency on computer?
- See above.
Why is mining it on computer important?
- Because you solve blockchains which in return takes a bit for the pool of mobile users allocated coins and distributes it so that more and more people can get into crypto, and in the long run create value for the brand and the monetary value of the coin as well. Everything serves the purpose of mass adoptation, which enables a lot of more cool features and stuff.
How do you mine it on your computer?
- With an easy to use computer program, currently developed but kind of in a Quasimodo-state of being very ugly but functioning.
How many coins will i be able to mine on my phone/computer/tablet/playstation/x-box/Commedore 64/AMIGA
- That cannot, at the time being, be answered as it depends on the ICOs result, because of the coins being allocated to the mining pool, and number of users mining on their computers and so on.
Will you need a wallet to mine?
- Yes, but luckily your app provides you with one, but it is recommended that you move your coins from your mobile app to your offlinewallet, BEFORE they launch the blockchain.
What is an offline-wallet?
- An offline wallet is a piece of paper that has, at least, a spend and deposit key and perhaps even a QR-code, which is your private key, where you can allocate funds to and from. It is the only way of getting into your offlinewallet, so losing that, means that you've lost your currency.
Can the offline wallet be hacked?
- It is literally unhackable. There is a pretty cool comparison on how hard it would be to hack it:
Imagine that every grain of sand on earth is a lottery. The odds of hacking it is roughly the same as winning EVERY SINGLE LOTTERY AT THE SAME TIME.
Can't the Chinese just mine this industrially?
- No it has whaling-protection, and even though i do not quite understand the technical-details about this, it prevents ASIC-mining and tries to diminish the difference between GPU and CPU mining. More of this stuff in the technical whitepaper, at the bottom of this post.
Will it have whale-protection?
- Yes, see above.
How many units can i mine with pr. IP?
- A couple of units should be fine, but there is a restriction on how many you can farm per. IP.
What will the mobile miner allocate coins from?
- A pool of coins from the ICO and blockchain mining from the computer. See "Why computer mining is important".
What is the hard-cap of the ICO?
- $40 million USD.
What is the soft-cap of the ICO?
- There is none.
Can i pay with fiat / bank transfer?
- You can put your fiat into an exchange and pay with Etherum or Bitcoin. That is the only way around it, even though there was talks about being able to do a bank transfer, this was adviced against by their lawyers, and was decided not to be implemented, due to security reasons with regards to following KYC-legislation, for the sake of the security of all involved in this.
What exchanges will you be listed at?
- Yobit and Cryptopia at least. Talks are still going on.
Help! My coins have disappeared from the wallet on my app!
- Keep checking back, and make sure your coins are still on my.electroneum.com, if they are, then there is no need to panic.
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Electroneum Whitepaper Overview
Electroneum Technical Whitepaper
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Any comments are appreciated a lot. I hope you will use this as a reference point as it contains a lot of information. This will be updates as we go further into the ICO and hopefully sees a lot more people. If you ever need an argument, this is a good place to start.
"2 hours ago
I keep hearing them say that they can't tell us exactly how many coins will be mined, as it depends on the results of the ICO.
However, they can definitely tell us the upper and lower bounds. If no more money is raised in the ICO starting from right now, what will the mining rate be?
If it reaches the 40 million hard cap and all 6 billion coins go into circulation, what will the mining rate be?
The final answer on the rate of mining will be somewhere between those two bounds, and I need to know what those bounds are before investing money into something with a totally unknown inflation rate. I'm okay with having a big potential range, but I can't deal with total uncertainty.
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