When the Electroneum journey began, we looked at a lot of cryptonight algorithm based coins. Monero was our favorite for a lot of reasons. However, we needed all the things for Electroneum before we can change it. The job may be too big for us in the alloted time. We eventually chose Bytecoin since the job is relatively simple.
Since Electroneum started to raise money, our profile was also raised and we were able to recruit a core member of the Monero team so we can work on the development of the Electroneum for Monero. However, at this stage, he wanted to stay anonymous and it may happen until we can prove that the Electroneum is highly successful.
We were able to co-develop Electroneum with both the Monero and Bytecoin codebase. Since this happened, we were allowed to test them against each other and choose which of them is better before launching it.
The wonderful news about this is that the testing phase is now done and we launched Monero. This is wonderful news for Electroneum because of the following reasons:
- When it comes to maintenance and future proofing, Monero is more developed than the Bytecoin. Since 2014, Monero had 4,795 commits while the Bytecoin only made 88 commits..
- Stability. There may be a lot of people who are working on Monero. Since this is the case, its development may be far more stable and it can offer a lot of features. It even has a lot of potential for flexibility and growth.
- It may be possible to ease acceptance and exchange.
- It is likely to become accepted and ease exchange since there are just a few echanges left at the list of Bytecoin. A lot of people may worry since it is now delisted from a lot of exchanges. They listed Monero on every note’s exchange. If you list Monero, this may become the reason to list Electroneum. If we copy some files, it may live. However, it may get delisted from a lot of exchanges that may make anyone become worried. They were able to list the Monero on every note’s exchange. It will become easy to list Electroneum if Monero is listed. It can live if we copy some files at their end and recompile our own code. It may take just a few hours of work for an exchange to list us.
- Command line languages – Monero may now be ahead in adding the capability for language in their command line wallet manager. It will allow the product to have a complex use of the different languages. It may even become easier for anyone to integrate the new language. Monero was able to think ahead and add the language capability to their command wallet manager. This allowed the complex use of the product using a handful of languages. It became easier for anyone to integrate the additional language. Monero was able to think ahead and add the language capability to their command line wallet manager. This was able to allow the complex use of the product with a handful of languages. Because of this, it was so much easier for people to integrate the additional languages in the compiled command line wallet manager.
The introduction of a small transfer fee.
Based on our stress tests, we were able to introduce a small transfer fee. It is 0.01 Electroneum or 1 eCent for any transfer.
We did this for a great reason. It is not to avoid further reward to the miners and take the profit as our own. This is for the protection of the Electroneum blockchain.
While stress testing, there was nothing that can stop the malicious users from automating the scripts and transferring the balance between wallet addresses as fast as they could. This may flood or clog the blockchain with useless transactions. Because of the small fee, the automated script can cost the malicious user money and deplete the total of the wallet. Unfortunately, we had to go through this because in the Utopian view of the world, we would love to have zero transaction fees. Yet, we would have to protect the blockchain by covering this eventuality. Because of this, we needed to make the transaction fee as small as the two decimal place system allows: 0.01 ETN. We hope that this won’t offend anyone too much because it is lower than any other way of transferring value all over the world.