Well, if you have not heard the name before, that is because you are not quite familiar with Cryptocurrency. Electroneum is a mobile Cryptocurrency. If you do not know much about Cryptocurrency, let me give you a brief explanation about what Cryptocurrency is and how it works. In these days, Cryptocurrencies has become a global phenomena. But still some people, banks, financial systems and government are not aware of its importance.
Though there are a lot of press release, TV documentary and noise, a vast majority of people does not quite understand what Cryptocurrency is! Satoshi Nakamoto, who is believed to be the inventor of Bitcoin, the first and most powerful Cryptocurrency still now was never intended to invent this. Rather he tried to invent a “Peer-to-peer Electronic Cash System”. Cryptocurrency is not centralised by any authority. Like for your paper money, your central bank decides when to print some money. But for Cryptocurrencies, there is no central system. It gets generated by the users (who are called miners) and not centralised at all.
Satoshi Nakamoto wanted to create a Peer-to-Peer Digital Payment system which is prevent double spending. It will be easier for you if you have a digital cash account. Like for Paypal, if you have a Paypal account and if you spend some money from that account, the server keeps that transaction information in the server. So, if any future payment is attempted, the server determines whether it is a valid payment request or a double payment for the same entity. Which makes it a centralised system and the centre is the server here.
But for decentralised system, the cash transfer will be from Peer to Peer. From one entity of the network to the other. Which means that each and every entity of the network should have the record of each and every transaction so that they can identify when the payment request is a valid or invalid one. The major challenge in this system was to obtain an absolute consensus between each and every entity. Cause if a single small balance disagree then the whole system will breakdown. Satoshi Nakamoto proved this is possible and he invented the Cryptocurrency system which is decentralised.
So, how people can earn money from the Cryptocurrency networks? The answer is by mining the Cryptocurrency one can earn from this network. Miners create coins and confirm transactions. Anyone installing the software can start mining and does not need any investment. A Cryptocurrency network consists of a network of peers. Every peer has got all the information (like all the balances and all the transactions).
When someone does a transaction, it gets broadcasted to everyone. Though the notification is sent immediately, the confirmation is sent after a time. Confirmation is one of the important parts in this area. Only miners can confirm transactions and this is their job to confirm by solving some puzzles. The miners get paid for it. Now, if you want to do it from a Mobile phone that you use, you can simply sign up here and start earning money without any investment.
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