In this article, we will discuss in deep that what future impact electroneum patent can bring. We will first analyze the patent in deep and after that, we will analyze its future impact on the commercial market.
We all know that the basic foundation concept of electroneum is to make cryptocurrency payments hassle-free. Etn wants to bring crypto payments to mass adoption through smartphones because the no. of smartphone users are increasing day by day. Recently electroneum filed a patent related to payments technology so let’s understand it a bit deeper.
Many shop vendors want instant payments but many payment systems failed to provide it. Even the payments from credit cards are added to the vendor’s bank account 1-2 days later. So electroneum wants to solve this problem. They have developed a payment model patent in which a person can pay instantly to a vendor with any cryptocurrency. Popular cryptocurrencies will be added in the electroneum app so that user can easily pay with any of the coins.
They have also introduced a subscription system in the electroneum patent. This shows that they are very aggressive in their backend developing that’s why financers like yahoo believed in them. Subscription system is like you can set a subscription for a particular vendor for monthly basis. People can easily set amount of US dollars or ETN for that vendor.
The option for other cyptocurrencies will be introduced next year. First, they want this system to be operational for electroneum then they will bring other crypto as well in order to increase the payment modes with other coins. Electroneum says that the patent is of over 100 pages of text. Twitter took 2 years, Facebook 10 months and Dropbox 7 months to get first 1 million users and electroneum took 5 months.
Electroneum is fully dedicated to crypto mass adoption and this patent is strong proof that they can deliver it. If you want to read more about this patent you can read it here.
R&D team efficiency
If you see the lineup of the task completed by R&D team you will see that they are very efficient. First they enabled the mobile miner which was the most highlighted feature. Next they showed their project in MWC 2018 and signed a quite handful of agreements with mobile and payment networks to reach a user base of over 50 million. Now they have filed a patent for instant payment and subscription service through cryptocurrency. All this seems that the team is quite efficient.
What impact this patent can bring
Well, I think that by filing this patent of instantaneous crypto payments they increased their chances to get listed on big exchanges. Also if they delivered the project as said I can clearly say that this is going to be revolutionary in payment technology. Then nobody can stop them to bring crypto mass adoption which consequences in huge profits for early investors. They have already made agreements to big networks and if they able to impress the vendors and people then ETN will be a huge hit.
The whole payment system will change and more people will move to crypto resulting to more acceptance which we all crypto lovers want. I find this patent very exciting and I am sure that more exciting news is yet to come out. This will also change the mentality of people who just criticize crypto only because of its price fluctuation, they don’t even try to research on it. This patent also makes the ETN unique because no ICO can launch this type of project in future. ETN is targeting a very huge market over the world and it is putting every step very firmly. We have to keep patience and believe in the project.
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