Electrafying the World
Electra Protocol has been developed with invaluable features in mind to allow merchants, customers, and casual users to incorporate Electra Protocol’s global payment system into their everyday lives.
Since its inception, the Electra Protocol team has kept its users at the forefront of project decisions throughout the development process, intending to transform how the world views payments through cryptocurrency and blockchain technologies. Together with our unique project and the integrity of our strong and robust community, we believe Electra Protocol will achieve this goal.
Design, build, and continuously evaluate the Electra Protocol project as it stays at the forefront of cutting-edge technology advancements. Create a trusted financial ecosystem for our community Ensure that our community continues to have an active voice in the development of Electra Protocol as we move into the future while utilizing current best practices in crypto.
Electra Protocol is a product of the combined abilities, skills, and talents of an evergrowing community of coders, developers, core business professionals, and other contributors.
The project is built on a highly functional and feature-rich blockchain with a stable and solid foundation. Electra Protocol has continuously been subjected to multiple validation stages, and through this process, only the most valuable changes have been adopted and integrated into the project. As features have been added and improvements continue to be made, decisions are subjected to intense review and enhanced as needed. A key component to Electra Protocol’s strength is its ability to adapt and consistently meet the needs of an ever-changing global environment.
As Electra Protocol moves forward and as technology continues to advance, our continued success will be due in part to the fact that we allow the project to expand, improve, and grow in tandem with the latest innovations.
The Electra Protocol Project understands that the best product is capable of becoming completely different from its origins. As XEP has grown, so too has its algorithm with its enhanced SHA-256 coding. This development has allowed it to become one of the fastest, most secure, least expensive, and energy-efficient currencies available.
Electra Protocol is a unique cryptocurrency project in many ways, as it did not have an ICO (Initial Coin Offering), it has no CEO, as well as the fact that a centralized authority does not control its progress. Decisions are made by the core team, which consists of several highly experienced people across several regions of the world, with an average age of 35 years old. The majority of the core team has a large network in the crypto space, as well as the regular business world. The relatively high age of our team members, in combination with the business knowledge and experience, makes the core team a steady and experienced organization that brings a high level of uniqueness in the crypto world.
Despite being a completely functioning cryptocurrency at present, Electra Protocol is an ongoing development project subject to review, innovation, and updating.
At the heart of every digital currency is a unique blockchain code developed by a team of software specialists and supported by a peer-to-peer network that maintains the integrity of the blockchain’s ledger. Electra Protocol’s blockchain algorithm is known as SHA-256. Electra Protocol is safe, secure, and instantaneously accessible through the integrated most recent secure codes, which have been developed by many volunteer developers.
The Electra Protocol blockchain currently has the following
specifications, with more enhancements in development:
Electra Protocol was created with a premine of 3 billion coins at the end of 2020. The team will utilize the premine and generated stakes during the development and expansion of the Electra Protocol project. Expenses such as development, servers, marketing, exchanges, bounty, promotion, 3rd party payments, and licenses will be covered from the initially created premine.
Electra Protocol transactions are received in the recipient’s wallet almost instantly, and the XEP received is spendable as soon as the first confirmation is recorded in the blockchain. The transaction confirmation process occurs at an unparalleled 80 seconds, making Electra Protocol one of the fastest in the industry. With the activation of validator nodes, XEP transactions will be settled with instant confirmations.
Transaction Fees Approaching Zero
With transaction fees of the Electra Protocol network at 0.0002 XEP, it takes 5,000 transactions to accumulate one XEP worth of transaction fees.
Electra Protocol launched with the latest and secure coded PoS 3.0e version. PoSv3e moves away from the vulnerabilities created by staking weight and the ability of a rogue user to initiate a 51% attack by gaining a majority of network weight and instead introduces considerations for transaction depth (UTXO’s – Unspent Transaction Outputs) in the blockchain and also introduces a random component in awarding blocks and staking rewards. The deeper a transaction (UTXO) is in the blockchain – the more blocks created since the block containing the transaction was created – the greater the odds of it being selected for a new block and thereby a staking award.
Electra Protocol PoS v3.0e encourages users to stay connected to the network because if they are not connected, they cannot earn a block or reward based partially on transaction depth and partly on being randomly selected.
Once a single transaction containing coins has matured and remained unspent for 12 hours, that transaction is eligible to be selected to earn a block and a staking reward.
Once selected for a block and reward, a user’s stake is determined by a separate calculation specific to Electra Protocol. Currently, staking is set at 3% annually for regular desktop wallet users and looks like the following: Staking Reward = (3% * # Coins in the Transaction Selected) * (Days Unspent) / 365).
The proof of stake algorithm of Electra Protocol allows it to be one of the most environmentally friendly cryptocurrencies available. It requires significantly less energy to run than completing algorithms without compromising the security of network members. Since it is a Proof of Stake coin, there is no need for ASIC miners, which significantly reduces its carbon footprint.
The introduction of the Lightning Network (LN) into the Electra Protocol blockchain is yet another advancement that proves XEP is setting the stage to become a global currency. In turn, it makes it attractive to merchants and will allow for mass adoption.
The Lightning Network (LN) was developed by Lightning Labs out of San Francisco, California, to increase the number of Transactions Per Second (TPS) that could be completed over a blockchain network. Electra Protocol’s transactions per second rate (TPS) is +1500 currently and heading even higher with future advancements to the Lightning Network.
The power of SegWit and the Lightning Network together allows XEP to scale as its user base grows, all the while allowing this to occur without the need to force a hardfork within the Electra Protocol blockchain.
The Segregated Witness, SegWit, integration into XEP includes many highly technical features, all of which have greatly improved the number of Transactions per Second (TPS) the Electra Protocol blockchain can process.
Creating the cryptocurrency of the future requires going beyond the limits of existing technology; it requires a commitment for continued growth and success. The strength of XEP resides in the fact that individuals from all over the world come together to form a community of stakeholders that fully participate in the direction of the Electra Protocol project. As a community, we understand that to continue developing the most cutting-edge technology for cryptocurrency evolution, the Electra Protocol project must adapt to future societal and economic needs. As cryptocurrency technology moves forward, the XEP development team is fully prepared to adapt to emerging innovations that are more efficient and superior to current features, allowing it to maintain a competitive advantage in the market.
Electra Protocol’s family of products can be summarized into the following categories: Desktop Wallets (Windows, Mac, and Linux), Mobile Wallets (Android and iOS), and Merchant Applications. Merchant Applications include:
Integrated support containing user guides and live support from the community is available for the entire product line. Electra Protocol services: Integrated Merchant Support, Customer Support, and User Support. Launch of ElectraPay and Atomic Swaps.
ElectraPay allows any merchant with a WooCommerce based website to easily accept XEP as payment, with plans to expand to integrate Shopify and Magento in the near future.
Customers simply shop and select XEP at checkout as their desired payment option and complete the transaction just like normal. What isn’t like traditional payment methods is the savings a merchant sees over conventional credit or debit card transactions.
Because XEP can be transferred at virtually no cost (less than 0.00001%), the merchant essentially receives the funds from the sale for free compared to a 2.5% to 3.0% fee from a bank-issued credit or debit card.
ElectraPay is very fast, with transactions appearing in both the merchant’s and customers’ accounts within milliseconds and are completely verified within 80 seconds or less.
One of the best features of ElectraPay is that all transactions are transparent and visible on Electra Protocol’s blockchain, which serves as a permanent record of payments and receipts for merchants and customers alike.
ElectraPay’s core applications and database for transaction processing currently reside on a cloud-based server provided by Amazon Web Services (AWS). Working with AWS also offers scalable bandwidth for future needs and certainty to merchants and customers alike that ElectraPay services are always available and 100% reliable.
Future developments in ElectraPay will allow for off-blockchain contracts for even faster payment verification, mobile payments with private party send-and-receive capability, Electra Protocol cards that transact with the swipe of a card, currency exchange or swap, known as an Atomic Swap so that a customer can pay with XEP and a merchant can receive the currency of their choosing.
There are currently thousands of cryptocurrency projects in existence, and the number continues to grow exponentially as blockchain technology is adopted. As this list continues to grow, so too will the complexity of exchanging one cryptocurrency for another when payment needs require different currencies. Currently, cryptocurrency transactions are irreversible, so users must fully understand the steps needed to complete sometimes complicated transactions. Due to this level of difficulty, user adoption can be time delayed due to the level of trust in the entire process. Electra Protocol aims to eliminate the complexity associated with this process, and our community believes that implementing Atomic Swaps is the answer.
The steps needed to complete an Atomic Swap are quite simple. As an example, imagine you go to pay for a pizza at an establishment that only accepts Bitcoin, and you would like to pay for it with your XEP. Using the Atomic Swap feature, you would choose to “swap” your XEP for Bitcoin in a two-way cross-blockchain private transaction. This swap is completed between users with Electra Protocol’s integration of AtomicDEX technology.
Another exciting feature that Atomic Swap will allow is the opportunity to complete a secure over-the-counter (OTC) sale, which is becoming increasingly popular as cryptocurrency trading grows. The OTC option allows users to bypass the use of an exchange, set an agreed-upon price, and complete the transaction without ever leaving the seller’s wallet until the sale is complete. Since the buyer will be buying with a coin other than XEP, those coins cannot be kept in the seller’s XEP wallet.
The AtomicDEX wallet will be utilized, where users own their private key (Mnemonic passphrase), allowing for maximum security. AtomicDEX is a core technology, decentralized exchange, which provides amazing security because, unlike traditional cryptocurrency exchanges, community members never deposit their coins on an exchange. Users will hold their coins and initiate swaps from a local and secure wallet.
Industry pioneers are embracing Atomic Swap technology, as it works with a variety of other cryptocurrencies that a merchant may choose to use. Electra Protocol believes that this is a key element for its future growth.
As the Electra Protocol community continues to expand, so too does the Electra Protocol team. The XEP team member web page can be viewed here.
The team has a number of core members who volunteer their time to develop and promote Electra Protocol. Team members are from many countries, including the Netherlands, South Africa, India, Germany, Turkey, USA, Canada, UAE, and more. To keep in contact with the community, the team utilizes various social media applications, including Twitter, Telegram, Discord, and Medium. At any time, day or night, you can find a team member online to communicate with in regard to the project or to answer any questions you may have.
The Electra Protocol core team holds weekly online meetings to discuss ongoing developments and weekly planning. The team also prepared progress reports regularly for the information of the community of 3rd party partners.
Since Electra Protocol had no ICO and has no CEO, our success is due in large part to the community that supports the overall mission of the Electra Protocol project. Over the past two years, thousands of individuals from all over the world have come together to contribute to Electra Protocol in countless ways, so we are fully aware that there is strength in numbers and that success occurs when we all work together. This same principle holds true in regards to our partnerships and social esponsibilities, as both play pivotal roles in Electra Protocol’s future.