Electra blockchain was used to build Electracoin (ECA). The company claims that ECA utilizes NIST5 algorithm to ensure fast and secure transactions for their users. Recently, BlockPublisher got in touch with the development coordinator of the company, Ruanne Lloyd, to get the insights of the project and the vision behind the project.
The Electra Project aims to evolute the current economic system in the way that was suggested by Satoshi Nakamoto, the creator of bitcoin, in the past. Satoshi suggested that banks were not reliable. He stated that banks debased the currency while lending out the money and leaving very little reserves behind. Ruanne elaborated the way in which the company worked in accordance with Satoshi’s vision. She said:
What we can establish is that he did not trust banks and proposed a distributed electronic payment based on mathematical proof, thus removing any centralized authority. A group of volunteers coders maintains the core bitcoin code, and essentially with any developments, get the buy-in of the miners and the community. Electra uses the same principle but has taken it one step further in that the community is responsible for the development and roadmap of the coin. Any community member can volunteer their skillsets and invest in the project. The Project has an established foundation whereby all community votes will be managed so that important decisions can be made. Any institution or small group of coders can help contribute towards the direction of the project, but the foundation is there to really listen to the community and drive the future roadmap of the coin.
At present, Electra blockchain has blocksize of 1MB that needs 2.5 minutes. Upon asking if scaling was necessary for the mass adoption, Ruanne replied:
Blockchain was never developed to compete with the likes of MasterCard and Visa. Looking at the number of transactions that are handled per second is not the most important measure. The reconciliation of the current card systems is not realtime and settlement to merchants can take a day or so. A centralized authority can demand high fees thus making any payment gateway too expensive for the average merchant to use. Blockchain’s main aim was to remove the “middleman” and decentralized the system so that no third party is required. The network is able to maintain its correctness so that no double spends take place. You can look at the blocktime as being the reconciliation time, so if we do compare the current card system, one could say that blockchain is already faster than the card rails we have today. You need to look at the B2B payment.
Electra follows a completely different organizational structure like, at the moment, there is no CEO of the company and decisions are made collectively with the consensus of the entire community. The team behind Electra will consider options if required, to make sure that they maintain fast and secure transactions for their customers.