Electroneum forks to a public blockchain with full transparency and smart contacts
When Electroneum was original built off the Monero codebase it contained certain privacy elements including a stealth address, a onetime public key that prevented recipients’ funds from being linked to their wallet. The address could still be audited to prove transactions occurred through the sending of the public view key by the sender.
In recent years, as regulation and traditional financial systems get more involved in crypto, there is a distinct movement away from crypto privacy towards full transparency. Certain exchanges have banned privacy coins and some countries such as Japan and South Korea have banned privacy coins altogether.
Richard Ells, CEO and founder of Electroneum says: “We are working on a public version of our blockchain which will automatically migrate on the 30th September, the actual block number being 1175,315. All wallets will switch over to the new blockchain without any interaction from our users. There are no fees for this transaction either.”
The new Electroneum blockchain will now operate more like Ethereum or Bitcoin in a transparent fashion.
“That means you will be able to follow transactions from wallet to wallet. You will be able to look at people’s wallets, the contents and all transactions,” says Ells.
The only organisations who will have to make any changes are exchanges or anyone who runs a node, and they will need to update their software. The new software is already available for download on Electroneum’s GitHub.
Once the block hits 1175,315, the next block and subsequent transactions will be visible.
“If you have funds on a paper wallet, those keys are still valid and will operate in the future. There is no onus on you to rush to migrate your old wallet.”
Previously Electroneum was not able to work in the DeFI space as it didn’t have smart contracts and wasn’t a public blockchain, this fork changes all this.
“We can also look to work cross chains or if we wanted to get involved with a CBDC. This is just the first step.”
Of course, there will be a new BlockExplorer to view the transactions.
“So remember 99.9 percent of all people will not have to do anything and there will be no cost and they will lose none of their ETN. This is a positive day for ETN,” he concluded.