Electra Project Review – A Blockchain Community with Heart

Project Reviews / 11.02.2019

A decade ago, Satoshi Nakamoto created Bitcoin with the vision of breaking the shackles of control exercised over money by the elite and central banks. He laid down the foundation of a decentralized economy based on blockchain technology, which has gained a lot of millage and adoption; the technology is still at an ascent stage of growth. The awareness is gaining momentum over time.

While this has triggered a new age wave of democratic transfer of wealth, as with the history of humankind, greed has simultaneously crept into this cryptocurrency ecosystem as well. The original intent was a pure decentralized peer-to-peer economy, but this space has witnessed a surge of centralized (controlled by few owners of the project) or created with huge pre-mine. To add to this challenge, some projects have been launched to defraud the naive masses. All these are deterrents to the massive growth potential blockchain industry has because it creates doubt and fear in retail consumers’ minds, thus slowing down the overall mass adoption process.

The good news is that there is always an opportunity on the other side of any crisis; recently, we found an emerging project, which is working towards creating a true peer-to-peer decentralized blockchain-based ecosystem: Electra Project.

What is Electra Project?

Electra Project’s inception began in March 2017 as a hybrid blockchain operating on a combination of PoW(Proof of Work) and PoS(Proof of Stake) protocols. They are gradually moving towards a full PoS to bring a higher level of network safety and scalability. Electra project operates in a decentralized set-up where people worldwide chip-in to make this project a success. Ranging from developers, marketing support, foundation management, customer support, community management, etc. is done by people chosen from and by the community. The decision-making process is highly democratic, and the community is involved in all big and small decisions through feedback and voting mechanisms. The team is even more encouragingly planning to embed within their blockchain solution voting and project proposal features to ensure Electra’s direction remains firmly in the entire network’s best interest while giving more power to the community and a voice about the direction of the project.

As you most probably know, communicating with the community can give you many indications about a project. A good project has a loyal and knowledgeable community who will vouch for the product and the team. Electra Project makes no exceptions! With over 40000 members, they have one of the biggest crypto communities, while trust and transparency are strong value systems that help them expand their loyal follower base daily.

Electra Foundation

In October 2018, Electra took another giant leap forward towards establishing a community-driven project’s credibility by setting up Electra Foundation – a legal body based out of Amsterdam to help the project pursue development activities (promotions, partnerships, exchange listing, community, product development, etc.). Three long-time community members who have the right experience manage the foundation:  Bob Van Egeraat, Robert Bakker, Raymond Vlieland. The foundation operates at the highest level of transparency with all donations, payments, and activities available for public view.

How Does Electra Stand Out

Technology & ECA Coin: Electra Coin (ECA) is based on Proof of Stake (PoS) V3.0e protocol. It runs on C++ language following the NIST5 (National Institute of Standard and Technology) algorithm. In non-technical language, the mining/transaction verification is done based on the resource (ELECTRA) held. The PoS protocol reduces the risk of double-spend or distributed denial of service attack. The cost to conduct such attacks comparatively much higher, and reduced transaction fees due to the optimum utilization of the resources deployed across the network.

Electra coin can be minted simply by holding your ECA coins in one of the official wallets or using third-party staking services that support ECA. The reward amount, which earlier used to be 50%, is now at 2.5% (halving every year), which helps the project to control inflation substantially. While 2.5% might look small in the longer run, this will help Electra become a huge store of value where the underlying asset’s valuation itself reaches a point that 2.5% staking output creates substantial cash flow. The blocks and transactions can be checked at any time on Electra Block Explorer.

Currently, the average time to generate a block is about 64 seconds, with a speed of 800 TPS (Transactions per second).

Check out the image below for ECA full technical specs:

ECA Coin Technical Specs Post Q1 Fork
ECA Coin Technical Specs Post Q1 Fork

ElectraPay

This is the core proposition that will help Electra gain mass adoption. Briefly, ElectraPay will allow merchants to accept ECA payments on their e-commerce website or Point of Sale devices simply by installing Electra plugins. This reduces the transaction fee drastically to less than a fraction of a cent, and this will be the key driver for the mass adoption of this technology. With the implementation of upcoming technological advancements, such as SegWit Support, the TPS for ECA is expected to double and start clocking 1500-1600 TPSl; further upcoming advancements will allow it to process the same level of transactions that VISA or Mastercard are doing today.

With an overall retail economy of approx. 25 trillion dollars, there is no growth limit if the team manages to take on this market. Having a 30 billion ECA supply, even a 0.01% market share, will propel ECA’s price to approx. $1 per coin.

This will obviously take a lot of effort and time, but the risk-reward ratios are strongly in favor of the hard work. While there might be too many crypto payment solutions, the Electra community can play a game-changer here by spreading out the word fast and getting more and more merchants on-boarded and thus gaining first movers’ advantage. Electra team has already started the integration process with Magento, which has over 250000 merchants worldwide. Future integration plans include Shopify (650000 merchants), BigCommerce (65000 merchants), WooCommerce (2280000 merchants), Shopware (30000 merchants), etc. With the ElectraPay solution in place, the team can make Electra a household name and be a big contributor in overall cryptocurrency mass adoption.

Partnerships

Over the last few months, the Electra team has been working towards global expansion through strategic partnerships to help them with the ElectraPay launch. Few noticeable partners include:

  • Unifox- 6000+ global ATMs and 50000+ POS terminals.
  • General Bytes- global ATMs and POS systems spread across 53 countries and having 122 fiat currency options.
  • Investa- Mobile wallets, ATMs, and POS systems spread globally.
  • Agile Legal- Legal consultancy for blockchain technology.
  • Aircoins- an Augmented Reality (AR) gaming platform to enhance ECA visibility.
  • Social Send- A social media tipping platform to help ECA tipping and transfers over various social media platforms.
  • Vendit- Payment system network had developers having a 20 million merchant user base.

Ongoing Developments

Upcoming days seem to be very exciting for Electra enthusiasts; the team is restlessly preparing for the launch of their core product Electra Pay while new initiatives and coin enhancements features are planned to be released around mid of February 2019, through their second Fork. The major development aspects include:

  • Atomic Swaps- This is a big and important development for any cryptocurrency based project; once implemented, we could see Electra fighting head to head with top coins. In simple terms, Atomic swaps allow users of different blockchain technologies to swap their coins to ECA and vice versa without trusting each other. With the expanding base of Electra ATMs and POS terminals, users holding other coins will also be able to transact at an ECA merchant portal/outlet thanks to Atomic Swaps. This is a major development for overall crypto mass adoption. Since only a handful of players currently have this technology, it is expected to give Electra market cap a major boost in days to come.
  • Lightning Network(LN)- Keeping up with its roadmap promise of super-fast transactions, Electra will be introducing LN, which along with Segwit protocol integration which is going to double the current 800 TPS to 1600. Lighting Network is a continuously developing initiative, and industry experts believe that in years to come, LN networks will handle millions of TPS.
  • Header First Integration- This will be a breakthrough for Electra Project. This technology allows a user’s mobile wallet to review each block’s contents before synchronizing an entire block to a wallet. This will make mobile wallets super-fast with the added advantage of reduced power consumption. As the online shopping model evolves, the Header First integration will help in faster mobile shopper adoption and make payments at vendor outlets super easy with just a few taps on your mobile phone.
  • Block size Increase- The upcoming fork will also include increased block size to 10 MB, increased number of block in a day from 576 to 1350, algorithm upgrade to BTC Core Vo.14, PoS technology upgrade to PoS V3.oe, which will lead to better staking rewards and new QT v2.0 wallet.

Electra Project Highlights

Marketing & Price: At the time of writing ECA is trading at $0.00028 and is available on exchanges like Fatbtc, CoinDeal, CoinFalcon, CoinBene. Moreover, thanks to its community support, they have also won a future listing in multiple exchanges like Next, Shardax, Numex, Evimeria, CoinDeal, etc. According to CoinMarketCap data, Electra is ranked 272 out of 2080 coins listed there. Considering the market size, we discussed earlier. There is enough space for the team to grow, provided they will continue delivering their commitment and increase the marketing effort to ensure the awareness about their project.

Whitepaper & Website:  These are the first impressions of the project, and they are a big differentiator between professionals and the new kids from the block. Electra whitepaper covers the basics and is detailed enough to share relevant information about their goals and vision and the strategy to achieve them. The website also covers all the relevant aspects of the project.

Social Media: Social media is one of the strongest tools available to create a huge global customer base in the digital space. A legit team will strongly invest a lot of time and energy to build up their social media presence. Electra has made a strong impact in this domain and is gaining followers through all social media means, such as Discord (approx. 12500 members), Twitter (with 17000 followers), Telegram (with more than 10000 members). Community is one of the core strengths of the Electra Project. They are helping the team a lot to stay ahead in competition polls, contests, or exchange listing voting; more importantly, this is an indicator of a loyal supporter base. You can check-out yourself the platforms. There is a lot of interaction happening. As we approach Electra Pay go-live date, we believe the community will be a key component in Electra’s success and contribute towards merchants onboarding and mass adoption.

Supply & Pre-mine:  A legit project will always have a clearly defined roadmap for coin release and distribution. Electra is a pure community project with no ICO, no fundraising, just a very low pre-mine to help them with the initial set-up and future developments. The total supply of Electra coin stands at 30 billion, with 28.4 billion on the market. Pre-mine is 3.34%, which gradually is being used for project development through the Electra Foundation. This adds to the project’s credibility as 96.64% of the supply is in the community’s hands or available to mine. Low pre-mine and development fund means no one is hoarding a major chunk and, therefore, the control is decentralized.

Charity: Electra community strongly believes in the law of Good Karma, and they are involved in helping out our society. Even in a bear market, we witnessed the community getting together to raise funds for various noble causes like:

  • Rails Girls- Sponsorship to help women gain technical skills.
  • Binance Japan Fundraise- To help natural disaster victims of Japan.
  • Tour De Crypto- Sponsoring a cross-country bike ride done by crypto-enthusiasts to spread awareness about blockchain being a feasible solution for global charities and raising funds for HAWC (Houston Area Women’s Center) to help women in distress.

Closing Thoughts

Overall, the project scores well on technical aspects, community involvement, reward outputs, and identifying a mass consumption opportunity. The merchants’ seeds on-boarding process have already been sown; a few merchants like Mesh stick tea, MiningCave, PremiumLine are ready to accept ECA as a form of payment. Once the team launches Electra Pay, we expect them to get more aggressive to acquire more users and merchants for their blockchain platform. This will eventually lead to a massive shift in consumer behavior.

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Debasish Das is from India, an engineering graduate and holds a postgraduate degree in management. He has 10 years of experience in the financial sector, having worked for one of the biggest MNC banking groups in the country. Currently he has business in e-commerce, insurance and consultancy. As an avid blockchain and cryptocurrency enthusiasts he believes in investing in the future of technology, and feels this is going to make the world a single marketplace and also give the power from centralized banks and governments back to people.