I just started mining Electroneum. Judging from the amount of activity on their social media, the current hashrate, number of miners, and support from the community and team, I'd say Electroneum may actual be that 1% of legit ICOs.
main site:
The Electroneum blockchain is LIVE! You can download the mobile app via the link below, however for security reasons and to protect your ETN we have delayed the launch of online and mobile wallets and the mobile miner.
We apologise for this delay. Keep an eye on our Facebook page / Telegram group we will have this app live very soon!
"started mining".... lol
Price for ETN will be like 0.0001$ with their 24bln coins

Mobile miners will earn few cents a day, come on guys, open your eyes already ))
Remember, that there were 6 billion for ICO premined for ICO and left over unsold coins go back in towards mobile mining.
Then the remaining 15 Billion will be mined over many, many years.
Total of 21 Billion, not 24 Billion.