What are the technical specifications of the Electroneum (ETN) coin blockchain?

Electroneum's Proof-of-Work consensus mechanism, with a 60-second block time and a 2 ETN block reward, facilitates fast and affordable transactions with a capped total supply of 21 billion ETN.

Dec 31, 2024 at 06:11 am

Key Points:

• Consensus Mechanism: Proof-of-Work (PoW)
• Block Time: 60 seconds
• Block Reward: 2 ETN
• Transaction Fees: 0.0001 ETN
• Total Supply: 21 billion ETN
• Circulating Supply: 11.8 billion ETN
• Monetary Policy: Halving every 2 years

Technical Specifications:

1. Consensus Mechanism

Electroneum utilizes a Proof-of-Work (PoW) consensus mechanism. This means that miners compete to solve complex mathematical equations to verify and add new blocks to the blockchain. The first miner to solve the equation earns the block reward, which is currently 2 ETN.

2. Block Time

The average block time for Electroneum is 60 seconds. This is significantly faster than many other cryptocurrencies, such as Bitcoin which has a block time of approximately 10 minutes. The fast block time allows for faster transaction processing and confirmation.

3. Block Reward

The block reward for Electroneum is currently 2 ETN. This reward is halved every 2 years, with the next halving expected in 2023. The halving mechanism reduces the supply of new ETN entering circulation, which helps to maintain the value of the cryptocurrency.

4. Transaction Fees

Electroneum has very low transaction fees, with a minimum fee of 0.0001 ETN. This makes it an attractive option for small transactions and everyday use. The fees are used to compensate miners for their efforts in verifying and adding new blocks to the blockchain.

5. Total Supply

The total supply of Electroneum is capped at 21 billion ETN. This finite supply helps to prevent inflation and maintain the scarcity of the cryptocurrency.

6. Circulating Supply

The circulating supply of Electroneum is approximately 11.8 billion ETN. This number represents the amount of ETN that is currently in circulation and available for trading.

7. Monetary Policy

Electroneum has a halving mechanism that reduces the block reward by 50% every 2 years. This mechanism helps to control the supply of new ETN entering circulation and maintain the value of the cryptocurrency.

FAQs:

Q: What is the purpose of the Electroneum blockchain?
A: The Electroneum blockchain is designed to facilitate fast, secure, and affordable transactions. It aims to make cryptocurrency accessible to everyone, especially those in developing countries who may not have access to traditional financial services.

Q: How does the Proof-of-Work consensus mechanism work?
A: In a Proof-of-Work consensus mechanism, miners compete to solve complex mathematical equations. The first miner to solve the equation earns the block reward and adds a new block to the blockchain. The process requires significant computational power, which helps to secure the network against malicious attacks.

Q: What is the significance of the block time?
A: The block time refers to the average time it takes to verify and add a new block to the blockchain. A shorter block time, like Electroneum's 60-second block time, allows for faster transaction processing and confirmation.

Q: How does the halving mechanism impact the value of Electroneum?
A: The halving mechanism reduces the supply of new ETN entering circulation by 50% every 2 years. This scarcity helps to maintain the value of the cryptocurrency over time. By reducing the inflation rate, the halving mechanism ensures the sustainability of the Electroneum blockchain.