Why is Electra Protocol special?

Electra Protocol is a novel layer-1-blockchain which was launched in 2021. It was created by volunteers from around the world to become a credible, neutral public blockchain infrastructure. The goal is to provide a highly reliable ecosystem which does not rely on investors. In order to avoid Electra Protocol being classified as a security by regulators, it was launched without conducting an Initial Coin Offering or other kinds of external funding. Electra Protocol is crowdsourced exactly like Bitcoin was. However it is a lot faster and eco-friendly thanks to its proof-of-stake consensus. The native coin XEP is running on the Electra Protocol core chain.

The ecosystem has outstanding characteristics:

  • it is a very fast decentralized blockchain (almost real-time transactions) and
  • having one of the most affordable transaction fees available (near zero fees) using
  • proof-of-stake technology offering staking rewards (3% APY).

Important to know: Transactions between XEP Desktop Wallets are processed in less than a second and are confirmed once integrated in a block.

The development team is adding the Ethereum Virtual Machine (EVM) to run on a connected trust chain, while Electra Protocol will keep its breathtaking technical aspects (near zero fees, instant transactions, while being scalable). This means that smart transactions will be embedded in a normal XEP transaction and will be handled in exactly the same way as a regular transaction. The smart contracts platform will utilize Solidity, the world’s most widely used smart contracts programming language, and the smart contracts will be compatible with Ethereum while not relying on any fork of Ethereum.

The Electra Protocol blockchain ecosystem cannot be stopped nor compromised by any smart contract or behaviour of the trust chain. The integrity and security of the ecosystem is always the top priority. Through decentralization the availability of data through time can be guaranteed, especially to prevent flaws on the blockchain. The upcoming smart contracts platform will enable a variety of use cases and Electra Protocol will serve as a platform for them.

The technical specifications can be achieved through a combination of features such as being able to process multiple transactions in parallel, using the UTXO spending model, advanced memory pool management for transaction handling, and a network of hundreds of full nodes.

Blockchain applications - Blockchain app - Electra Protocol - XEP - DApp - decentralized app

Using a dynamic block size, Electra Protocol is able to process more than 1500 transactions per second and is therefore scalable. The currently implemented TPS amount (transactions per second) is large and will most likely never be reached, as transactions are processed immediately. If more transactions begin to reach the maximum amount of transactions, a mechanism will kick in to increase the average transaction cost. Blocks are written on-chain every 80 seconds, but transactions are always instantly processed using a uniform system to manage transactions. Sending a XEP transaction from a XEP Desktop Wallet to another XEP Desktop Wallet usually take less than a second.

The upcoming release of validator nodes will almost entirely eliminate transaction times. Using Electra Protocol validator nodes, a confirmed transaction will not have to be included in a block to be considered fully accepted. Transactions will then be available instantly (in real-time).