EUM: What Is It? And What Does It Do?

The Elitium ecosystem uses a native currency. 

A digital currency that powers cross-border transactions as well as efficiency-oriented smart contracts. That currency is a cryptocurrency, and it’s called EUM. But what is EUM, really? And what else does it do?

Let’s find out.

What is EUM?

Technically speaking, EUM is an ERC-20 coin. 

That is, it is a cryptocurrency built on the Ethereum blockchain. Because EUM is on Ethereum, it is compatible with leading global exchanges — as well the majority of crypto-wallets. 

In fact, EUM is one of the most accessible cryptocurrencies in circulation. Here’s a rundown of the key facts about EUM:

• Ticker: EUM
• Standard: ERC-20
• Total supply: 332,000,000
• Exchanges*: Bitmart (BTC/EUM & ETH/EUM) and Stex (BTC/EUM)
• Recommended storage: Metamask or MyEtherWallet

*We continually list on new exchanges and wallets. Join us on Telegram to be one of the first to know when we do.

What Does EUM Do?

A currency is only as valuable as the role it has in an ecosystem (as EUM is an intrinsic element in the Elitium ecosystem, that must make it very valuable indeed 😊).

EUM is used to settle transactions between Elitium partners and users who could be based anywhere in the world. Moreover, it channels the small commission our platform charges on every booking into a designated Elitium wallet.

The fact EUM sits on the Ethereum blockchain means transactions process in a fast, secure, and efficient way. Moreover, it means our platform can process a significant volume of transactions under hyper security.

Beyond payments, EUM enables the execution of smart contracts. It also helps automate our loyalty, rewards, and cashback programs. Without it, there’s no way these systems could run in such a smooth, coordinated way.

But if there’s one thing EUM does better than anything else: it keeps transaction fees to a minimum — ensuring our users never pay more than they have to, no matter what they’re buying, or from where in the world it’s coming.

So… Why Build On Ethereum?

You know what EUM is. And you know what it does. But you may still be thinking, ‘Why build EUM on Ethereum?’ Aside from the question of compatibility, three core benefits underpinned this decision.

Scalability

The question that dogs most blockchain platforms is, ‘Can it scale?’ To date, few platforms can, but evidence suggests Ethereum is one of the only ones that will be able to manage a sufficient volume of transactions to make it genuinely useful in the real world. Scale is crucial to Elitium, so Ethereum was one of only a handful of options.

Speed

Next to scalability lies the importance of speed: internet users are accustomed to transactions happening in milliseconds; latency threatens to undermine any platform. Ethereum responds to requests quickly enough to avoid unnecessary delays, making it an ideal candidate for Elitium.

Cost

Low cost is a significant advantage for any platform. And not so long ago, a user moved $450m worth of Bitcoin for just 25 cents. That’s astonishing. Now, Bitcoin doesn’t offer the smart contract technology that Elitium requires. But Ethereum does. And it allows Elitium to operate in a similarly cost-effective way to the Bitcoin network.

Experience EUM for yourself: sign up to the Elitium dashboard and buy EUM today.