Electra is one of the crypto projects floating around in the crypto space. Its coin is represented as ECA and at the time of writing, it currently stands at rank 313 on CoinMarketCap. In order to get more information regarding the project, BlockPublisher got in touch with it recently. The Development Coordinator at Electra, Ruanne Lloyd answered the following of our questions.
What is Electra’s long-term vision?
Electra’s ultimate goal is to be widely used as cryptocurrency where it’s community is able to purchase goods and services from all vendors and merchants that decided to integrate Electra Pay as payment method or where people are able to pay with ECA through services provided by projects we have strategically partnered with.
It is important for a project to have a long-term vision and our white paper certainly addresses this vision. Being a community-based project allows the community to really drive the project.
Payments gateways today are focused on the banked population. Electra’s aim is to allow banked and unbanked communities to use our currency for ease of payments.
We are focused on charities, and have already contributed to a few. We believe this a great way to get communities to use the currency and there is need to worry about cross-border payments and the charges associated to it.
We are also looking how we can help entrepreneurs with setting up their businesses.
We need to use money in a better way.
Can you tell us a bit about your coin?
Our coin is not just a piece of state-of-the-art technology built on NIST5, because in itself it wouldn’t be more than an empty shell, in fact the coin is backed by a very large and active community that acts as a passionate and optimistic force within the cryptospace. That aside the project has no CEO, never had an ICO with a big bag of money. Instead, the project is governed by community members on a voluntary basis. In Q1 2019 we expect to have our product ElectraPay running, atomic swaps integrated (enabling merchants and holders to swap ECA directly from/to other cryptocurrencies) and announced our first set of big companies that start accepting ElectraPay.
What utilities are offered by your platform?
We are not a utility token. ECA is designed as currency and currency only.
As we move forward in time, the market saturation is expected to increase and a lot of projects are likely to be wiped out. Only those which provide viable solutions to the problems and strong use-cases are expected to survive. It remains to be seen how Electra tackles this market saturation and survives the trials of time.