AMA Feb 24, 2023 – Transcript

OmniXEP & Smart-EP & “future dev” (general answers to standardly asked questions)


=> OmniXEP contains hardcoded smart-contracts, tokens and NFTs. They are pre-programmed and remove the need to develop your own smart contract to use them. It is way easier to generate, send and manage tokens and NFTs.

=> Smart-EP is a complete structure running on XEP, allowing custom solidity smart-contracts, such as ETH and BSC smart-contracts.
=> OmniXEP is the first smart-layer to arrive, and Smart-EP will come later on.
=> Security/advantages of OmniXEP:

– For reference, Omni technology was the first smart-chain for the USDT token integration.

– OmniXEP brings a superior security level over custom smart-contracts as the contracts are hardcoded, and can not be modified, altered or hacked.

– This is also why audits are not an issue here, as the trust is ensured directly at the core code, in the same way as the consensus of XEP blockchain.

– The creation of tokens comes with several options, such as burn or generate options for example.

– Tokens/NFT creation and management in OmniXEP matches the large majority of needs. This allows anyone to use token and NFT technology on their own behalf, as individuals or a company.

– Name squatting: This technology is not affected by this problem. The name of a token is not what identifies it. For example, 2 tokens can have the same name, but be different chains/projects. The assets of OmniXEP are identified by a unique ID (integer) which is set automatically when a user creates a new asset. For a project or individual, the ID is the trusted variable to ensure you are using the correct asset and is also way easier to understand. Instead of having a long string of characters to share for your token info, you only need to share the ID, for example: the very first created asset is 01. The risk of making a mistake for the user is extremely reduced.

=> Last but not least, the layer 2, OmniXEP and Smart-EP gas used is XEP. So the fees from anything running there will be paid in XEP.

=> Smartchain development update

– In December, we announced that we made the first successful tests of OmniXEP. The code was running as expected in a dev environment. At this point, we did look at our work and made a decision, discontinuing the codebase we were working on. The simple reason is, the codebase was using some outdated content and was not well updated. It would have been unsecure to continue this way. We decided to move to a more robust codebase with up to date security codes. January was a bit of an empty month in terms of development, as we were all way too busy and we could not allocate time to development. Fortunately, a few weeks ago John presented us with a new developer that is able to help on development and the dev machine started again. A big part of the XEP specificities is already integrated and the last consensus rules are being updated. We will soon be able to sync and make real tests, in order to open the public testnet to everyone. It should then switch to the public main net pretty quickly.

=>The global XEP environment is far from being achieved, and ultimately we would say that it will never stop developing. XEP’s end goal is fundamentally having “no limits”. We will always bring new additions to the environment, and offer more and more tools, new technologies, and new opportunities. That’s the beauty of an open source project like us.


-There is still a large audience in the world that has yet to meet the crypto and blockchain industry. What are your plans to reach these people and help New #XEP Users ?
-What is the direction XEP is headed as a whole? What are we marketing or trying to ultimately be?
-Electra Protocol has a vibrant, wonderful community around it. Are there any programs or activities that involve your community?


Electra Protocol is not designed to be an end product on its own. Instead, it’s built to offer a consequent blockchain toolbox for anyone wanting to use the technology, from individuals to companies. With the release of our smart-chain tools, the use cases offer is growing significantly and we expect more and more people to use the XEP offer to create or move businesses on Electra Protocol. The more business initiatives there are, the more recognition XEP blockchain will receive. The community as a whole is by definition at the center of the communication process, by of course spreading info and capabilities of XEP technology, but also by creating new use cases or for example, convincing existing ones to switch to XEP tech. The smart-chain will make this easier for sure.


When will there be new listings in new DEXs or CEXs ?


As a team, the only listings we are seeking are from ones on the major platforms. These listings are specific, and we have completed all the necessary applications, so that listings can happen at any time, as we do not control when it happens. For all other exchanges the community would like XEP to be listed, we are here to assist on the technical side of course.

On the other hand, such express listings can also happen through the community and its activity in social media. If certain community members have key contacts, they can personally contact exchange owners and ask for the listing.


-How easier will your Electra Protocol platform be accessible for Newbies? Most platforms have complicated UIs nowadays ! So will you be having a smooth and easier UI for new users too?


Making XEP easy to access for new people was one of the reasons to offer the XEP-pro wallet: A more user friendly interface. The legacy Qt wallet is more complete in terms of technical capabilities but it’s also not as easy for newcomers to the blockchain world, and has a very basic UI. The OmniXEP interface started to be integrated into the Pro wallet with its own capabilities: a simple way for anyone to create and manage new tokens or NFTs directly in the wallet. Along with the desktop interface, a web wallet will be also available.

Out of the software offering, API documentation will be made so anyone can develop and release new interfaces, or make new use cases.

Remember, XEP blockchain is a public tool. What we produce with this set of tools is the key to the success of Electra Protocol. If compared with a car, XEP would be the engine and any software the body, it’s then up to each one to use the car they like to go where they want.


-What are the toughest challenges you overcame to achieve mass adoption?
-What are the competitive advantages of the $XEP coin?
-How do you plan to compete with similar contenders in the market today in terms of scalability, security, features, and adaptability?


The first challenge, true for any project, is “How can our technology have an impact in our everyday life?”. Having a blockchain alone does not generate an interest if nothing useful can be done. It must have a function or a role, and serve a real need in our everyday life. Electra Protocol’s purpose is clear, being a strong support for people wanting to develop blockchain use cases. A constant set of evolving tools. This is why we are developing several layers, such as OmniXEP and Smart-EP. Both with their own specificities and audience target, but also a codebase being independent of the main XEP blockchain.


Two major advantages of XEP environment:

The first one is the security of the environment, Electra Protocol blockchain runs on its own and “does not care” of any new additional layers. This way we remove the potential hacks or attacks as nothing outside the main layer can interact with the consensus rules and code.

The second one is about the scalability and evolution of XEP. Using second layers instead of a unique “all in one blockchain” allows an infinite increase of features. If all was set under only one codebase, all new additions would need to take into consideration all the history of the previous additions. The result would be an increase in potential attacks, and an extra complicated management for new features.

OmniXEP and Smart-EP as layer 2 manage all the “smart-chain” work on its own and use Electra Protocol blockchain as a data transmission vector, taking advantage of all XEP strengths. As a result, there is no limitation for new features and additions over time.


-Will you offer staking and mining too with just Android phones or will having laptop or desktop be necessary?


Phones are absolutely not designed to stake. Keep in mind that the staking process is real Proof of Stake consensus and not like token (fake) staking.

This means you need a device to be active, online and unlocked for staking your wallet. The process of staking is to generate new blocks, integrate ongoing transactions and adding a new block to the blockchain. A mobile device like a phone is not made to be constantly awake and running.


-Could you share with us some of the biggest ACHIEVEMENTS so far and some superior features of Electra Protocol that you guys are building right now?


Electra Protocol itself as a decentralized blockchain project is something big which I’m sure we all agree on. We have done all this with our very tight resources and volunteer members. But if you want to hear more about some of our big achievements, here are some of them:

  • Our own non-stop working blockchain since the launch in 2021
  • One of the most secure projects in the market
  • Sustainable project with it being open source and our owned resources


-Is there any plans for marketing after smart-contracts will be ready?


After smart-contracts are fully launched, we will all need to spread the word and invite other projects & new initiatives to use our blockchain. The reason being is that we primarily care about and spend our time on the security side and being a sustainable environment, which are the most required features for those projects.

As a team, we will provide the necessary tools like the smart-contracts, web forms and other details and will try to guide the community members during the initial period. The rest will be in the business circles. We will also definitely use some online media spots and send out some publications. However, like I said, personal contacts are always the most effective marketing (word of mouth and close contacts) which all the community members should do as well.


-How can you exploit the xep blockchain and how can you avoid it?


We do not have any known attack vectors on XEP, and we have never suffered any successful exploits. XEP being a btc-core based blockchain, takes advantage of the oldest and strongest blockchain in history. By switching from proof of work to proof of stake, a lot of vectors of attacks were removed. Since the beginning we’ve integrated new security features on a proactive basis. Prevention is always better than a cure.


-Is there some special use-case you envision?


With the smart-chain layers coming and its data processing, there are almost no limitations. As an example, the company Evoblox is working on traceability, certificate and other data management using XEP. We expect that our new smart-chain offer will generate a significant interest for companies and individuals to build their own use cases.


-Any plans for web3 or AI? how many devs do you need?


Web3 is a bit of an abstract term. We can summarize it as a decentralized web, let’s say. OmniXEP and Smart-EP completely brings such a capacity to the XEP environment and makes us part of this new era.
AI is a big topic and as usual, a hype word in the crypto market. Jumping on each hype topic is the best way to do nothing correctly in the end. Electra Protocol is made to stay and to have an impact on the “real” world, via its users and companies using it. We greatly prefer to make strong and really useful tools, rather than to jump on all hype and non feasible topics. In terms of developers, the more the better! Especially if developers have ideas on new features or new interfaces for the XEP environment. They are very welcome to contribute to the expansion of the project.


Why invest in XEP long term ? Why hold coins ?


First of all, people buying XEP coins are not investors of the project, but investors for themselves. This is very important to get as it’s done outside the project. Members holding XEP are supporters, and are responsible for the promotion of their own investment. This project has way more chances to become a leader if all the members are invested in its success.

Core team roles were removed for a better plain project lead and more involvement of the community. sort of an extended team for the community. Our aim with this decision is to make the community feel they own the project more than before. Long story short, having a more horizontal team makes it grow faster in terms of faster growth and expansion.


-Is Evoblox forever linked to XEP ?


Evoblox has been established by a few community members in order to support the project as an external company. Evoblox targets the technology use and developing software management solutions for the real companies by using the Electra Protocol technology.  Such initiatives can be done by other community members as well. So, we would like to see more similar business entities established by the members to support our vision and growth.

As you may know, there are upcoming regulations by the SEC and EU zone (Mica). On that topic, we are happy to see such regulations because only serious projects will be able to survive. So, right now, being a non-ICO project and with our features, we obtained a non-security token letter from the EU. We hope to get this letter also from the USA region as well.