Electroneum (ETN) is set to release the M1, an $80 Android phone with built-in cryptocurrency mining capabilities. According to the team, miners can earn up to $3 worth of ETN every month.
Electroneum revealed the MI at the Mobile World Congress 2019 in Barcelona.
Out of the Blue (Electroneum Blue), we have launched the M1, a beautifully affordable phone that pays you back. #electroneum pic.twitter.com/G6IANZ0PH8
— electroneum (@electroneum) February 25, 2019
Electroneum is a digital payments ecosystem that is targeting the unbanked, and is focused on driving crypto adoption for the purchase of everyday items, such as bread and milk, using the native cryptocurrency ETN. Users don’t need a bank account to store, send and receive digital funds via their smartphones. They also don’t need a thousand dollars to buy a phone.
The M1 is designed to deliver key features at a fraction of the cost of big brand smartphones like the iPhone or Galaxy S10.
- Dual SIM functionality
- Built-in cloud mining
- Electroneum’s mobile mining app
- 4G connectivity
- 8GB Storage
- Front and rear-facing cameras
Users are able to convert the $3 a month earned in cryptocurrencies into mobile data, airtime, and other online purchases.
Electroneum also announced a partnership with The Unlimited, a South African financial service provider and mobile virtual network operator. Consumers who use The Unlimited SIM card are rewarded with free airtime and mobile data.
Electroneum’s CEO Richard Ells says,
“We carried out a large survey in the country and found that 97% of those who responded said they would like to use ETN to pay for mobile airtime and data. This gives ETN the real-world value that it needs to achieve true mass adoption.”
“This is a major step forward for us, and it’s an incredible new chapter in the Electroneum story. The Unlimited share our vision and are the perfect partner for us. They too want to improve the lives of people living in South Africa, so we’ll be working to support the on-ground growth and significantly investing in the country’s ecosystem.”
Smart phone manufacturers are generating a new wave of groundbreaking blockchain-based phones.
HTC unveiled its blockchain phone, Exodus 1, last year, and Samsung’s new Galaxy S10 line will support private keys for crypto storage. Fintech company Sirin Labs has teamed up with Simplex to introduce fiat-to-crypto conversion on its blockchain-powered phone Finney, which was released last year.