Electra Project Review – A Blockchain Community with Heart
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 the blockchain technology, which has gained a lot of millage and adoption; the technology is still at an ascent stage of growth and the awareness is gaining momentum with the passing of 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 projects that are centralized (controlled by few owners of the project) or have been created with huge pre-mine. To add to this challenge, there are projects that have been launched with con intention to defraud the naive masses. All these are deterrents to the massive growth potential blockchain industry has because it creates doubt and fear in the minds of retail consumers, 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 inception began in March 2017 as a hybrid blockchain operating on a combination of PoW(Proof of Work) and PoS(Proof of Stake) protocols and they are gradually moving towards a full PoS to bring in higher level of network safety and scalability. Electra project operates in a decentralized set-up where people across the globe chip-in to make this project a success. Ranging from developers, marketing support, foundation management, customer support, community management, etc all is done by people chosen from and by the community. The decision making process is highly democratic and community is involved in all big and small decisions through feedback and voting mechanisms. Even more encouragingly, the team is planning to embed within their blockchain solution voting and project proposal features to ensure Electra’s direction remains firmly in the best interest of the entire network, 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 are helping them to expand their loyal follower base on daily basis.
In October 2018, Electra took another giant leap forward towards establishing credibility of a community driven project, by setting up Electra Foundation – a legal body based out of Amsterdam to help the project in pursuing 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. PoS protocol reduces the risk of double spend or distributed denial of service attacks, as the cost to conduct such attacks are comparatively much higher, and reduced transaction fee, due to 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 by 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 on a longer run this is going to help Electra to 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 any time on Electra Block Explorer.
Currently the average time to generate a block is about 64 seconds, with speed of 800 TPS (Transactions per second).
Check out the image below for ECA full technical specs:
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 supply of 30 billion ECA, even a 0.01% market share will propel the price of ECA 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, 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 has potential not only to make Electra a household name but also to be a big contributor in overall cryptocurrency mass adoption.
Over the last few months, Electra team has been working towards global expansion through strategic partnerships that will help them with ElectraPay launch. Few noticeable partners incld:
- 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 developer having 20 million merchant user base.
Industry affiliations and certifications are other aspects on which team Electra has started working; just recently, the team received the CPOLLO Seal Of Approval which is given only to a handful of projects that have the best blockchain products with known developers, verifiable documentation and technology.
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 and since only a handful of players currently have this technology; it is expected to give Electra market cap 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 be able to handle millions of TPS.
- Header First Integration- This will be a major breakthrough for Electra Project, as this technology allows a user’s mobile wallet to review the contents of each block prior to 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 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 as well as the strategy to achieve them. The website also covers all the relevant aspects of the project.
Social Media: In the digital space, social media is one of the strongest tools available to create a huge global customer base. 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 Electra Project and 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 the success of Electra and contribute towards merchant on boarding and mass adoption.
Supply & Pre-mine: A legit project will always have a clear defined roadmap for coin release and distribution. Electra is a pure community project with no ICO, no fund raising, just a very low pre-mine in order 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 onto the credibility of the project as 96.64% of the supply is in the hands of the community 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.
Overall, the project scores well on technical aspects, community involvement, reward outputs and identifying a mass consumption opportunity. The seeds of the merchant 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 will launch 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.
Hope all of you create massive wealth in years to come. Happy Investing!