Globally renowned scientist and cryptographer Scott Stornetta was instrumental in inventing blockchain technology back in 1991. He was quoted in Satoshi Nakamoto’s white paper for Bitcoin and indeed, there has even been some speculation that the Japanese speaking visionary may himself be the anonymous crypto inventor.
Upon reviewing Electroneum, which aims to deliver a new era of digital payments by allowing funds to be sent and received via smartphones without a bank account, Stornetta said he was impressed by how the company is driven to deliver value for end-users, a motivation that isn’t as commonplace among cryptocurrency projects as one might think.
Stornetta added that Electroneum’s appeal lies in how it is seeking to “co-exist with the regulatory environment rather than attempt to subvert it” not to mention its quest to create real use cases for “people that have yet to experience the benefits of cryptocurrency.”
The stalwart cryptographer said a long-term ambition for doing well, adopting a pragmatic approach that involves embracing governments and regulators, and creating immediate value for consumers are “the essence of successful explorations in the broader blockchain space.”
According to the World Bank, an estimated 1.7 billion people around the world are unbanked meaning they don’t have access to everyday financial services. The company’s mobile-based solution is powered by ETN, a cryptocurrency it notes is the first to be compliant with KYC and AML measures and the fifth European Union Anti-Money Laundering directive. Due to Electroneum’s proprietary Moderated Blockchain, which is powered by their Proof of Responsibility (PoR) protocol, ETN is insusceptible to 51% attacks. Digital currency can be transferred instantaneously in person or remotely through an accompanying app, and the store of value is designed to be used as a payment method for everything from bread and milk to top-ups for mobiles. GigFair, an online freelancer marketplace, that is scheduled for launch later this year, also enables the unbanked to learn and sell digital skills and be compensated without a bank account.