Electroneum (ETN), the mobile oriented minable cryptographic project that is based in UK , has joined the multitude of crypto assets that is trading on the upside trend of the market with the lead coming from Bitcoin.
Electroneum did not just do that, but the altcoin made it as the third highest gainer among top 170 coins in the market after Japanese Content Token and U Network.
Electroneum has added 24% to its market value against USD in the last 24 hours to be priced $0.006424 as at press time with a market cap of over $62 million which makes it rank as the 107th crypto asset by market cap.
With the massive rally coming from the altcoin, there are signs it is set to light the tunnel end with a massive price rise.
Electroneum Now Invulnerable To 51% Attack, Slashes Block Reward in Latest Unprecedented Fork
According information reaching Today’s Gazette, Electroneum today completed an unprecedented fork of its blockchain network.
While this happened prior to the tremendous price rise the altcoin saw in the market, experts are of the opinion that the juice passed on to the network by development is most likely behind the price rocketing effect and more is expected.
Electroneum, in the information given to our agency, declared that the development is designed to bring a host of life changing improvements like invulnerability to 51% attack, reduction of block reward by 75% among others to its network.
Other benefits expected include scalability, commercial viability and speeding up of on-chain transactions. Electroneum added that the development will also make way for the involvement of relevant and influential Non-Governmental Organisations (NGOs).
How Far Can This Take Electroneum (ETN)
Adoption is sure a pivoting criterion in the life of every blockchain network.
While Electroneum declared that it will be joining the league of crypto projects that are resistance to 51% attack through its latest development, it is believed that the crypto assets will be handed huge adoption boost as 51% attack remains a major factor battering the adoption of most digital assets.
Scalability and transaction speed are yet other add-ons for Electroneum to witness major leapfrog in the ecosystem.
Lastly is reduction of block reward which also implies halving. No doubt, halving of every cryptocurrency is associated with rise in price of the crypto assets.
Halving is designed to reduce the network’s issuance rate by 50%, but in the case of Electroneum, the network opted for a 75% issuance rate reduction. This will in turn increase the mining cost for securing a network, and the quantity of ETN available in circulation will reduce.
Thus, a massive price rise beyond the present rally is expected from the altcoin and investors would be open to a long awaited harvesting period.