With the introduction of a cryptocurrency wallet in the latest model of Samsung, namely the S10 just a few days ago, a UK based digital payments firm Electroneum, has unveiled its smartphone M1 which enables the user to mine cryptocurrency (ETN). The mined cryptocurrency can be used for various purposes such as in mobile data upgrades, online shopping, and other online services. These mobile phones cost a mere USD 80. About USD 3 worth of ETN can be mined every month on these phones.
One of the biggest advantages of M1 is its accessibility in the developing countries. This gives a great opportunity for fuelling the adoption of cryptocurrency and blockchain in these countries and promote global usage. The first launch market was chosen to be South Africa. The CEO and founder of Electroneum said, “South Africa was an obvious choice for us. We carried out a large survey in the country and found that 97 percent of those who responded said they would like to use ETN to pay for mobile airtime and data.”
The introduction of this feature might well ensure the wide expansion in the usage of ETN. ETN currently has 2,878,394 users and over 300,000 social media follower count. This means that the already increasing number of users will receive a significant upsurge which might prove to be greatly beneficial not only to Electroneum but also to the cryptocurrency market as a whole.
However, this feature certainly has received a few negative opinions. In a recent tweet, Weiss ratings showed their disbelief stating that they were unsure of the mining capabilities of the phone and doubted its functionality.
Alongside the other salient features that M1 possesses, it could attract various users across the globe, which in turn will promote the concept of digital currency. Using the plethora of applications and scope of Blockchain, the introduction of this feature will help cryptocurrencies in revolutionising in the global economy.
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