Electroneum (ETN) is up another 26.5% this morning.
After inhering a fatal “Burning Bug” from Monero (XMR), the team patched the issue. A bug like this one allows a person to fund an exchange balance multiple times.
Once that happens, the platform winds up owning invalid coins marked for double spending.
However, the fix is in
According to an Electroneum tweet, “Exchanges notified, code is patched and available to go live again. We would advise all command line users to update. We’ll be updating thousands of server instances on our AWS hosting for mobile users over next day or so, no action needed by app users.”
Why so much Electroneum Momentum?
Adoption could be fast and furious for ETN.
That’s true, given its exposure to 130 million global smartphones with its mobile payment application now in a beta-testing stage.
The team’s upcoming KYC (Know Your Customer) feature could also be attractive to global telecom companies, too. In fact, telecoms could potentially benefit by integrating ETN into their systems. By doing so, telecom customers could make instant payments by phone.
Patent Pending Technology that could Transform the World
Electroneum has patent-pending technology that could allow for instant crypto payments.
According to Bitcoinist, “Electroneum (ETN) has a hybrid model, based on a centralized app combined with a decentralized blockchain. Because of this, unlike other cryptocurrencies, it is now able to instantly confirm payments.”
“Any vendor that accepts payments in ETN will be able to see instantaneously that their customer has the funds available, and that the funds are being transferred through the blockchain.
The transaction will be verified instantly, with Electroneum internally ring-fencing the funds to prevent double spending. This opens up incredible new opportunities for the coin to be used in real life.”
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