Understanding the Cryptocurrency Electra (ECA)

Electra (ECA) is one of the cryptocurrencies among a plethora of others floating around. There are more than 2000+ different crypto projects listed on CoinMarketCap right now. The market is getting more and more saturated with each passing day. So what makes Electra different and what is the main idea behind the platform?

In order to get a clear insight into the project, BlockPublisher got in touch with Ruanne Lloyd, who is the development coordinator in Electra’s team. The following Q&A with Ruanne is self-explanatory in describing what the project is all about.

  • What is the main idea behind the platform?

You cannot define Electra as being a platform. We are a currency project that has developed products to enhance the usability of the coin. Bitcoin was the original code base introduced by Satoshi Nakamoto. Peercoin was forked from Bitcoin in 2012. It was the first coin to move away from proof of work and introduced a hybrid consensus algorithm being proof of work and proof of stake. The main aim was to reduce vulnerabilities in the network, as well as find a way to move to a more energy-efficient algorithm. Electra is a coin that was forked from Peercoin, choosing to use the NIST5 algorithm for POW. The main aim of Electra is to provide a coin whereby the transactions fees are fixed and very low, thus making it more affordable to use. Think of it being a diverse offer of wallets, a payment plugin supporting all major “merchant” plugins, atomic swaps and a state of the art technology upon which the coin has been built.

  • What consensus algorithm is used at its core and why?

ECA is built using an algorithm that guarantees security, NIST5. NIST5 is an algorithm developed using the best features of the five SHA-3 finalist algorithms as selected by the National Institute of Science and Technology of America. In practice, the NIST5 algorithm as implemented in ECA selects the most beneficial attributes of each component algorithm to maximize performance, security, and efficiency. The 5 hashing algorithms that comprise NIST5 are: Blake, Grøstl, JH, Keccak, and Skein. It is a core heavy hashing algorithm and can be mined using consumer grade hardware’s like CPUs and GPUs (AMD / NVIDIA).

  • What products are present in the Electra ecosystem right now?

The following products are available right now:
QT Desktop wallet – these are desktop wallets that most cryptocurrency users are familiar with.
Electra Desktop Wallet – this wallet was a new design to help non-crypto currency users to setup a new wallet and start staking quickly. It has accounts (current, savings and purse wallets), similar to banking accounts in order to make the transition from banking accounts to crypto easier. It has a very simple interface and is easy to use.

Unifox / GigaByte ATM’s and POS devices – Electra is available on both these networks.
Mobile Wallet – Electra has been added to Linda – My Staking Wallet and Satowallet.

In the next few months, the following will also be available:
Atomic Swaps
Credit/Debit Cards
Hardware wallet
Mobile wallets for IOS and Android
Web wallets

  • What is the project’s appeal to a normal user?

Electra already has a large and active community. The team are down to earth and readily available to the community. We do believe this has a lot to do with how the project was started. There was no ICO and since this is a community project, there are no corporate structures like a CEO. Any person investing in this coin, and if they would like to help grow the coin has the opportunity to join the core team and actively participate as a volunteer. This makes it very appealing to any investor, as they could have a direct influence on the project. It is also very appealing because there was a  low pre-mine from which half is held by the ECA Foundation setup under Dutch law.

  • Is the team local or global?

The team consists of community members across the globe. As they are volunteers the structure of the team is dynamic.

  • What is the target audience of the platform?

The target audience is all people that want to pay for products and services with cryptocurrency and merchants and vendors that are willing to receive payments in crypto. We will provide the payment gateway for ECA or all other currencies supporting atomic swaps.

With the market getting saturated, it seems likely that only those projects will survive which provide faster and efficient services to the people. The decentralized nature of Electra in the form of the lack of the corporate ladder makes it one interesting project to look out for in the long run. Also, people interested in the project can actively become a part of its team as volunteers, as pointed out by Ruanne. Now, it will be interesting to see how this project tackles the market saturation as the time moves forward.

SEE ALSO: Get to Know Electra (ECA) Through These 3 Questions

Ahsan Khalid

Blockchain Developer. An Electrical Engineer with majors in software development. I present forward my insight regarding the latest happenings of the blockchain world. All views on my articles are my own. Email: ahsan@blockpublisher.com or editor.news@blockpublisher.com

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