Update On Electronuem

Richard ELLs finally opens up and hence released an official update on Electronuem.

With a hopeful glance toward the year 2018, he appreciated again all who made the ICO a sucess and promised  better services, here is what he has to say:”First off, I want to say a big thank you for the patience and understanding that has been shown across our ETN community.

You’ve handled the teething problems during launch and the delayed release of the wallets with impressive rationale, supporting us with patience and shared commitment to quality and security as we’ve tackled each hurdle head on. We are incredibly grateful and very encouraged.


Locked Accounts
We understand the concerns some of you are experiencing regarding the anomaly that is causing some accounts to lock. We’re working hard to resolve this over the holidays, and we’re unlocking as fast as we possibly can.

Thanks to everyone who’s taken the time to get their ID to us – rest assured we’re on it, we’ve unlocked hundreds of accounts.

Transaction Issues
Some of the outstanding transactional issues should be fixed following an update from yesterday and one from this morning, and we’ll be writing some new software to fully analyse the issues. We’ll let you know our findings as soon as we know ourselves.

For now, one particular issue that may be lingering is some incorrect transaction statuses.
In short, any transaction that has not changed your balance for more than 24 hours is, essentially, considered “stuck”.


Our recommendation is to check your balance – if it has remained the same, then you should try the transaction again. Please remember to check first, take a look at your balance, or the wallet you sent it to (if you have access to it – i.e. an exchange), before attempting to process the transaction again.

This problem has affected a number of users but it’s only around one third of a percent of overall transactions that have been problematic.

We are using the data the improve the system, and apologise for the inconvenience.

No coins have been lost. If a transaction fails your coins will still be in your wallet, even if it says “pending”.

Whilst we have had some hiccups and issues, I hope you agree that we have made history within a very short space of time with what we have achieved, from the ICO through to successfully processing over 300,000 transactions. We designed the system with large scaling in mind, thinking that we’d be building up to a million or more users in a year

– but now we have seen the market interest we realise just how mind-boggling the scale that is required IS! We have routes to market that expose us to over 100m users!!! We have the results of some brand new feasibility studies that have taken place over Christmas and are ready to start coding some even larger scaled systems in the New Year and will be recruiting specialists where required.

Now we truly stand to establish a worldwide, recognised brand.

Remember, we haven’t been around for very long – it’s only a matter of weeks, with the ICO closing early November and the wallets only released mid-December!

The decision to delay the release of wallets weighed heavily on us all; it was an incredibly difficult move, but ultimately security was our top concern and our team worked tirelessly with HackerOne to ensure we could move forward with a system that is as secure as we could possible be.

Sometimes we have to make tough decisions, but we will always make the best decision for the brand and the business.

On that note, our team here at ETN HQ have given their full focus on developing and launching our product, and they have dealt with all the challenges that have been thrown at us with a firm hand and confident direction – all the while making our product more resilient and more valuable with every challenge that we overcome.

In terms of mobile access to blockchain, we’re operating on a transactional scale that has never been achieved in this way before; we’re combining a de-centralised blockchain with a centralised mobile app, which is breaking new ground, taking cryptocurrency in a direction that no one thought possible.

If it was easy everyone would do it. They’re not. We are ?

A few stats…

You might like to hear some stats on what we’ve actually achieved in the period up to Christmas:
•             over 300,000 completed Blockchain transactions involving over 2 billion ETN on our system.

•             Over $290m USD of ETN has been traded on Cryptopia and the ETN price has remained around $0.08 USD
•             Over 350,000 SMS messages have been delivered

•             Over 50,000 new Elecrtoneum accounts have been opened since we launched the wallets.

I’m really proud of all these figures and look forward to seeing them grow significantly.

Of course, we will likely encounter more challenges as we progress, but the good news is that we will be constantly updating our code in the New Year to help anticipate, combat, and improve the experience further.

I feel confident that you’ll continue to be patient, knowing that the reason Electroneum has been so popular is because we are doing something different.

It would be great to think we already have all the answers – but we don’t – we’re evolving, and we’re doing it with you helping us make it all happen.


Resources have been another issue that you’ve raised with us and so, looking forward, we recognise the need to expand the team, and, our recruitment drive is in full flow, as we look to appoint the right people to help us grow asap.

As you know, space has been a challenge for us too, so we have secured new offices to cope with the growing team. We’ll let you know who’s made the grade asap, and we look forward to being able to develop the product faster, and getting the support queue down!

Finally, I want to welcome our newly appointed non-executive director, Chris Gorman OBE.

I’ve asked Chris to explain more about why we’ve joined forces below, but I see him bringing tremendous experience from the mobile world, entrepreneurial vision and flexibility, and tech insights from his extensive, first-hand mobile app knowledge.

Chris was awarded an OBE for services to business in 2005. He’s been there, got the t-shirt and is still driven to feed his thirst for knowledge, all of which he’s happy to share with us and with you.

Chris is helping us with many things that will help our next stage, commercialisation and international growth.

In closing, I want to reiterate my absolute gratitude for your support, patience, and belief in this great opportunity. I feel very hopeful that 2018 will bring great success for us all and look forward to sharing many good news updates over the coming weeks and months.

My very best to you and yours, here’s to a great 2018!!”


Richard Ells
Founder of Electroneum.


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