Can Electroneum make a difference in the lives of people who are unbanked and living in poverty?

Can Electroneum make a difference in the lives of people who are unbanked and living in poverty?

From the capital city of Caracas, Venezuela, to marginalised regions in Mexico, how people deal with the daily stigma of financial exclusion and extreme poverty.

In developed countries, we are gradually transitioning into cashless societies. We rarely see coins or notes these days. Our bills are paid automatically by setting up direct debits via online banking. It takes us minutes to sort bills and payments, even international ones. We very rarely stop and think about how good we are doing.

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Meet Gregorio. He lives on US$8 a month

Gregorio Ortega lives in Caracas, Venezuela, or should we say barely survives there. His home is a room that is merely big enough for a single bed. He struggles to buy bread, eggs, and other basic staples. Milk, sugar, coffee, and things like soap, shampoo, and toilet paper are almost non-existent. The monthly minimum wage is about US$8.

People like Gregorio would benefit immensely from Electroneum's mobile app, and the up-to-US$3 in ETN rewards users receive monthly. As in South AfricaTurkey, and Brazil, Gregorio, too, could use ETN for mobile airtime and data top-ups.

In Venezuela, there are millions just like Gregorio, who stand to benefit from ETN rewards and the Electroneum AnyTask freelance and the free TaskSchool online platform. Gregorio speaks English. He is a proof-reader and a translator. His life stands to improve when he gets a couple or more jobs a month through the AnyTask platform Electroneum plans to launch this Q1 2020.

Suddenly, Gregorio will be able to purchase everyday items for the first time in months that we take for granted, such as bread, eggs, soap, and toilet paper. The local economy also stands to benefit from him and millions as they earn more and spend more at local shops.

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Life in marginalised areas

Ramon Salcido lives in a mountainous region in north-western Mexico. The local government has failed Ramon and the tens of thousands of families that live up in the mountainous area, where there are no banks, schools, or employment opportunities. Loans are expensive and risky. Ramon could get some extra cash for a corn crop, but if it fails, he faces a debt he may never be able to pay back.

As well as his neighbours, Ramon has to walk miles a couple of times a month. He then needs to ride a bus to go to the nearest city to receive money sent to him by relatives living in the United States and to pay bills and buy certain items not available in the village where he lives.

"All we have are dreams up here. We are no different from those living in the big cities, who have access to loans, education, health services, banks, employment. We want children to have a brighter future, too," says Ramon. "Many up here have to abandon their homes. They leave their families behind to go to the United States to work and put food on their families' tables."

However, as Ramon explains, "many of us do have mobile phones, and when relatives living in the United States send us a bit of money, we can top-up our airtime and data and eat better. We urgently need a way to earn extra income."

ETN Rewards for those in developing countries

Electroneum is expanding mobile top-ups to many countries, where ETN Rewards can help those living in developing and poor regions top-up airtime and data they can use to access the oncoming AnyTask and TaskSchool platform for extra income.

The UK-based cryptocurrency firm has since inception in September 2017 stood firm by its vision to help millions of people in the developing world, particularly those unbanked and trapped in a cycle of poverty. They understand that empowering people by providing them with the no-cost tools to learn new skills is a way to insert them to the global digital economy instantly. And by doing so, Electroneum is helping local economies to prosper as more people will have the additional income they need to improve their lives.

Electroneum and the NGOs

As part of their efforts, Electroneum introduced its unique Moderated Blockchain, powered by its proprietary Proof of Responsibility (PoR) protocol. With that, Electroneum introduced reputable non-governmental organisations (NGOs) as their trusted miners in a bid to further help those living in vulnerable conditions. Ubuntu Pathways is one of the reputable NGOs working with Electroneum. They've helped thousands of children and their families for over 20 years from cradle to career.

The WONDER Foundation is also working with Electroneum as miners, validating ETN transactions in exchange for ETN rewards they use to further the long-lasting aid they deliver in various developing countries. They focus on providing young girls and women with education and skills that have changed their lives and that of their families forever.

With AnyTask and TaskSchool, Electroneum is creating an endless supply and demand flow, that will enable people to work more, earn more and spend more, contributing to local prosperity. Electroneum is creating an ecosystem that will empower people to live their lives on their own terms.

Stories like Gregorio's and Ramon's help people that live in developed countries and have access to banks, education, and all the other essential services understand how easy they have it. It serves as a call for action. The global economy urgently needs more projects like Electroneum and organisations like Ubuntu Pathways and WONDER Foundation to grow by ending needless poverty and marginalisation.

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Part 2: The financially excluded can only dream of the things we take for granted

Part 1: Cryptocurrency can help empower the billions of unbanked and living in poverty; find out what Electroneum is already doing for them

About Electroneum

Having attracted nearly 4 million registered users in just under three years, award-winning Electroneum is making great strides toward becoming a top 10 crypto in usability as just over 1,900 merchants, and service providers in over 170 countries around the world accept ETN as payment. More than 2.6 million app downloads have taken place. Approximately 175,000 mobile top-ups and more than 296,000 app-to-app transfers have taken place with ETN by our Electroneum users. AnyTask is Electroneum's global freelance platform and has seen over 444,600 people register to the website as either buyers or sellers, with over 6,050 tasks listed. AnyTask does not charge freelancers any fees or commissions, and unlike all other leading freelance platforms that take up two weeks to get freelancers paid, it takes minutes to get paid after the buyer approves a task. Electroneum is one of the world's first fully KYC/AML compliant cryptocurrency. It is also one of the few blockchain networks that are insusceptible to a 51% attack. It is the greenest cryptocurrency in existence and the only one to have launched its very own affordable US$40 smartphone designed for the needs of people in developing regions. It is currently the only cryptocurrency that has a direct collaborative agreement with two mobile network operators. It is presently the only crypto that works with NGOs as their trusted blockchain transaction validators. And the only cryptocurrency to allow for an in-depth examination for publication, and verification for public knowledge. Check out ETN Everywhere and ETN Donate.