Electra Protocol has a coin named XEP (native token) running on its blockchain. The main purpose of this cryptocurrency is to be used for sending XEP coins in transactions and use it as a way to pay for transaction fees.
Although the Electra Protocol blockchain is fairly new, it was launched in January 2021, most core team members work together since 2017. The long-term experience gives the team a competitive advantage.
100% Distributed Proof-of-Stake
~ 17,400,000,000 XEP coins
XEP (wrapped as token: WXEP)
1-2 seconds/~0.0002 XEP avg.
January 1, 2021
3% APY (via XEP Desktop Wallet)
Electra Protocol did not conduct any public funding (no ICO, IEO, IDO, or venture capital). The developments are entirely performed by volunteers.
The initial distribution of 30 billion XEP coins is as follows: All XEPs were offered to the public or are under management by the Electra Foundation on behalf of the community. The remaining funds are reserved for staking capacities (in order that the blockchain can pay out staking rewards in the future).
Electra Protocol is using premine coins only for highly necessary expenses. For example, it does not pay Youtubers etc. for doing marketing. Unused XEP coins are burned every year. As a result, the premine already decreased from 3 billion XEP by around 33% to now 2 billion XEP.
Compare the “Initital Allocation of XEP Tokens” with any crypto project of your choice. Almost all crypto projects granted large stakes to insiders during excessive funding rounds (marked in red).
Electra Protocol is a layer-1 blockchain blockchain project aiming to become credibly neutral public infrastructure. That’s why Electra Protocol did not perform any initital coin offering, initial dex offering, initial exchange offering, venture capital, or other kind of public funding like the vast majority of layer-1 blockchains. Instead, all resources are crowdsourced from the growing community of volunteers.
Just like Bitcoin, Electra Protocol has never sought public funds to develop its technology. As a result of this, both crypto projects are believed to not pass the Howey Test used by the U.S. Securities and Exchange Commission (SEC) to classify securities. This means that any cryptoproject passing the test could face regulation by the SEC and potentially in other countries as well.