Richard Ells, our CEO, discovered his interest in crypto-currencies in 2015 and by 2016 he was building graphic chip mining computers ("ugly chunks" as he called them himself). Even then, when Bitcoin was worth just $500, Richard already knew that block-chain technology would change the world for the better. In conversations with friends and family, he noticed that other people often found crypto currencies too complex. Richard therefore wanted to make things simpler so that everyone would benefit from the transformative nature of block-chain technology.
In August 2015, the foundations of today's Electroneum environment were laid. Richard used the technical skills of his team at Retortal, one of his other companies, to develop his own crypto currency. The design of the initial crypto currency was very different from today's Electroneum. However, it was a beginning and allowed Richard and the team to develop a crypto currency for their specific application.
During the rest of 2015 and in 2016, Richard and the team continued to expand the project. In January 2017, Richard formally received the initial investment to issue the crypto currency. Thus, in July 2017, the company Electroneum Ltd. was founded.
In September 2017, Electroneum offered ETN tokens for sale through an Initial Coin Offering (ICO), also known as "token sales". The ETN token sale proved to be a great success, closing ahead of schedule when the maximum targets for Bitcoin and Ethereum revenue were reached. The Electroneum ICO continues to hold the record for the largest ICO ever held in terms of number of participants (more than 115,000). At the close of the ICO, participants had purchased $40 million worth of ETN for Bitcoin and Ethereum.
The Bitcoin and Ethereum coins taken will now be used to finance development and promote the Electroneum environment. They will also be used to support partnerships with mobile service providers, mobile operators, corporations and retailers.
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