Electra Protocol is a scalable, permissionless, and decentralized ecosystem for transactions. The project is open-source, did not raise any public funds from investors, and aims to become credibly neutral public infrastructure. The upcoming smart contracts platform will enable a variety of use cases.
Use Cases WHAT
Made to Solve Real-World Challenges:
Payments | Digital ID | NFTs | Gaming | Supply Chain Tracking
Electra Protocol is creating credibly neutral public blockchain infrastructure. The combination of instant transactions at almost zero cost make Electra Protocol an outstanding choice for upcoming solutions using its smart contracts platform. This will allow anyone to create own solutions and tokens on the Electra Protocol blockchain. The native coin XEP is used for all performed transactions and all transaction fees are burnt. Thanks to atomic swaps, users will not just be able to pay using XEP, but in any supported cryptocurrency. Upcoming solutions by using Electra Protocol, for example provided by Evoblox, may include fiat payments over crypto, fully compliant to KYC and AML requirements.
Payments XEP
By using a XEP Wallet, users can instantly send and receive XEP coins, the native currency of Electra Protocol. Atomic swaps are already built into Electra Protocol and will soon allow payments using selected other crypto currencies. All payments will use XEP under the hood to perform transactions.
The Problem: Payments are Expensive and Slow
Our economies are getting increasingly global, goods and people move around the world faster than ever before. But especially payments remain expensive and sometimes slow. It’s time to change that.
Solutions like Evoblox Payments will use Electra Protocol to provide online merchants and physical stores a payment functionality. This will allow customers to pay using XEP, BTC, and other supported crypto currencies. Additionally, users may also be able to pay using selected fiat currencies (euro, U.S. dollar, etc) while complying with regulation.
Digital Identity ID
Electra Protocol will allow users to create digital identities. Identity is integral to a functioning society and economy. Having a proper way to identify ourselves and our possessions enables us to design thriving societies and global markets.
The Problem: Blockchains are Anonymous
More and more transactions are carried out through blockchains. However, most crypto projects fully preserve anonymity of its users which are likely to cause problems with regulations sooner or later.
Solutions built on Electra Protocol can use digital ID functionalities in order to comply with applicable law. This will enable merchants and users to participate in transactions which can be compliant to KYC and AML requirements, no matter if users transact in the future any supported crypto currency or fiat money using Electra Protocol. However, anonymous transactions are enabled by default.
Non-Fungible Tokens NFTs
Electra Protocol is building a preferred ecosystem for NFTs using its fully decentralized proof-of-stake blockchain. Instant transactions at near zero costs which can be paid in any supported currency will help to overcome cumbersome experiences using existing blockchains.
The Problem: Existing NFT Ecosystems are Outdated
Many existing NFT platforms have slow transactions, or high costs concerning smart contracts.
Electra Protocol will eliminate the shortcomings of many existing NFT platforms by offering its own smart contract platform to developers during 2023. Thanks to Electra Protocol fractions of the speed and cost will be possible when creating smart contract solutions.
Gaming PLAY
Electra Protocol is bringing all ingredients together which are necessary to create an uniform platform for transactions in gaming, including digital posessions, payments, and identification. Including instant transactions, near zero cost, and soon using multicurrency payments.
The Problem: No Thought-Out Payments Platform For Games
The number of games making use of crypto technology will significantly rise in the years to come. However, the cross-game posession of items, payments, and identification issues are yet largely unsolved.
When using solutions built on Electra Protocol, users will in the future be able to pay in-game using supported crypto currencies and selected fiat currencies. Users will be able to posses items purchased in a game, carry them outside of games, and perform all transactions inline with law.
Supply Chain Tracking PRODUCTS
Electra Protocol is building a preferred ecosystem for product traceability using its fully decentralized proof-of-stake blockchain. Instant transactions at near zero costs which can be paid in any supported currency will help to overcome cumbersome experiences using existing blockchains.
The Problem: Lack of Traceability and Identity Preservation
Shortcomings in technology, usability, and adoption are the main problems for given supply chain solutions. Expensive transactions, slow processes, and inadequate programming environments hinder users from adopting supply chain solutions on blockchains.
Users will be able to use Electra Protocol to create supply chain tracking solutions which make use of its upcoming smart contract platform which can be used in combination with instant transactions at almost no cost.
Turn your ideas into reality!
What kind of solutions come in your mind when you think about Electra Protocol? This project is fully crowdsourced just like Bitcoin, so join the community and make your ideas happen.
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