Progress Report December 2020
Since we released the “The New Chapter — Electra Protocol” announcement, the Electra Protocol team has been diligently working to strengthen XEP as we get ready to take it to new heights. As we are getting closer to XEP’s release date, we want to take the time to share some essential step-by-step information regarding how we intend to conduct the activation of the XEP blockchain and its related resources. We feel that these steps will allow for a stable and secure environment as we move forward.
The premine for Electra Protocol will total 3 billion coins. To ensure trust and credibility through the community, the team decided to release 1.5 billion during the mainnet launch. The remaining will stay locked during 2021, with 500 million released each year over the next three years.
Total premine: 3 Billion XEP
Initial premine, 2021: 1.5 Billion XEP will be unlocked
January 2022: 500 million XEP to be unlocked
January 2023: 500 million XEP to be unlocked
January 2024: 500 million XEP to be unlocked
Purpose of the premine:
The premine will only be used to cover the costs for expenses such as exchange listings, development costs, infrastructure, marketing, bounty distribution, and other third-party needs.
Premine addresses will be made public on our website.
To expedite the release of the first version of the XEP blockchain, the team decided that the initial version will include the following features:
Block size : 10MB
Block Time : 80 seconds
Algorithm : SHA256 — PoS V3.0e
Segwit : Enabled
BTCcore used : v0.21.0 (latest)
Average TPS: 1500
The wallet and GUI will be released as a simplified version. This will allow the team to utilize this active transition period to focus on getting XEP listed on exchanges and coin tracking platforms such as CoinMarketCap and CoinGecko. This wallet version will be used during the presale, allowing users to transfer their coins to their wallets, which will enable them to start staking.
Release of XEP Wallet v.1.0
We will release a base wallet for desktops towards the completion of the phase one milestone. The desktop wallets will be used during the presale and airdrop distribution to store your XEP coins. There will be no mobile wallets at this time for XEP storage.
As we move into the second phase, our developers will continue developing the XEP blockchain, where they will implement validator nodes and other unique features. It is a top priority to have this completed during Q1 of 2021. Meanwhile, the team will continue to work on an all-new UI wallet. In addition to improved security, users will see many improvements to the updated wallet in comparison to the classic QT wallet.
Release of XEP Wallet v2.0
The team will work towards developing an improved version of v1.0, which will include many new features and an enhanced graphical interface.
We anticipate Q1 of 2021 to be an extremely busy period, which could prevent our developers from focusing on our mobile wallets; however, once this initial hectic period has passed, the team will prepare mobile wallets for the Android and iOS platforms. Please stay tuned for forthcoming information throughout this period.
Presale from premine
Over the past two weeks, the team has received many suggestions and recommendations from community members. While the majority suggested that we not set a low selling price, after much consideration and discussion, the team has decided to set the presale price starting at the 5 Satoshi price level. Users who want to buy from the presale will be able to buy XEP through soon to be announced exchanges.
Funds raised from the presale will be allocated to achieving T1 exchange listings and very critical costs afterward.
As an incentive for presale participants, we have set a special reward system where the early XEP adopters will be rewarded a higher staking bonus, which will occur until the airdrop distribution.
The team plans to put approximately 650–700 million XEP into scaled sell walls for the presale process. Sell orders will be placed either on single or multiple exchanges, which will list XEP.
* We reserve the right to change the amount of XEP during the presale period.
Rewarding of the presale participants;
From January 1 through January 10: 365% APR (1% daily) bonus of the purchase sent to the wallet for each full day confirmed.
*At least one stake is mandatory in order to earn the bonus.
Eligible participants will need to complete the following steps:
- Buy XEP from an exchange
- Send to the wallet in a newly created address (1 deposit = 1 new address)
- Submit the transaction ID in the dedicated Google form provided in due time
- Do not move the coins after the deposit to be eligible for the bonus.
- Unlock to start staking
- January 11, we will check the form and the addresses.
- 1 day = 1080 confirmations (80s block time)
- Bonus will be distributed on February 15
- Bonus max is 10%
Examples of bonus distribution for presale buyers
- A user buys 10 million XEP on January 1 at 00:01 AM and immediately sends it to the wallet and enables staking.
- On January 11, this wallet has staked at least once, and the transaction gets 11,878 confirmation in the blockchain.
- Bonus will be 11,878/1080 = 10.99 = 10%
- This user will receive a bonus of 1,000,000 XEP for his 10 million XEP purchase
- A user buys 50 million XEP on January 5 at 00:01 AM and immediately sends it to the wallet and enables staking.
- On January 11, this wallet has staked at least once, and the transaction gets 6,480 confirmation in the blockchain.
- Bonus will be 6,480/1080 = 6%
- This user will receive a bonus of 3,000,000 XEP for his 50 million XEP purchase
We have completed the development of the airdrop application for both PC and Mobile wallets. On January 1, 2021, we will release the following information.
- The link for which you will be able to download the application
- Instructions on the steps you will need to take
- Guidance on the information you will need to enter
The XEP team is currently in contact with existing ECA listed exchanges. We have reached listing agreements with some of the current exchanges; however, we are still negotiating with the remaining.
As we explained in the presale section, our primary goal is to be listed on T1 exchanges, and we will continue to make this our priority.
Website and Explorer Progress:
The entire XEP team is currently working on several aspects of the Electra Protocol project. While we are preparing an exceptionally fast explorer, we may choose to release our first explorer in a simplified form, with less focus on the GUI oriented block explorer. Our goal is to release the improved explorer during Q1 of 2021.
In addition to the above, we have secured our domain name and website hosting provider. We plan to transfer the domain name to our hosting provider within the coming month. As we continue to progress further into the next chapter of the Electra Protocol, we will continue to share updates and information relevant to the project.
Very Important Reminder:
Please stay vigilant and aware that there are individuals acting as imposters of XEP team members on various social media channels. These individuals may do such acts as attempting to help you during the airdrop process. We have already identified some fake accounts and will continue to watch for others that may come about. If you find yourself in need of help, please be sure that you are communicating with a support team member. You will find our support team only on our official channels, and they all have an official group title. You should also be aware of the fact that we will never contact you first. A true sign of an imposter is the fact that they will reach out to you first. If someone reaches out to you, please do not provide the individual with any of your account information or click on any link they may send to you.
*** NO “AIRDROP” WEBSITE OR “APPLICATION” WILL BE RELEASED BEFORE JAN.1
The Electra Protocol Team