In the 10 years since Bitcoin’s birthday, hundreds and hundreds of cryptocurrencies have been created, millions of people have joined the crypto community from around the globe and tens millions of U.S. Dollars and EUROS have been invested in the development of new digital currency technology.
The result of the past 10 years of technological advancement is that there are new cryptocurrencies that are vastly superior to those developed just a few years ago. These new cryptocurrencies are not well known but are power-packed with advancements and ready to take digital currencies worldwide and make them mainstream quickly.
Probably one of the most exciting new cryptocurrencies is called Electra and its symbol is ECA. What makes Electra so amazing is its potential; supported by leading technology, a great team, the Electra Foundation and a community of over 30,000 members.
Electra’s Leading Technology
At the heart of every digital currency is a unique blockchain code which was developed by a team of software specialists and supported by a peer-to-peer network that maintains the integrity of the blockchain’s ledger (the accounting of payments between people). Electra’s blockchain coding is known as NIST5 and was developed following the results of a 5-year study at the United States’ National Institute of Standards and Technology (NIST). After many successful blockchain attacks in 2004 and 2005, NIST held a competition from 2007 to 2012 to determine the most secure algorithms. Their findings were released and NIST5 was born; a compilation of the best features from the top five blockchains.
Electra was released in the Spring of 2017 with enhanced NIST5 coding and today is one of the fastest, most secure, least expensive and energy efficient currencies available. Very quickly Electra could be a Top 20, or even Top 10, cryptocurrency. The only thing holding it back is that it’s not well known but that’s changing fast. Today, Electra has the following specifications with more enhancements coming soon:
- Hashing Algorithm: Nist5
- Block Time: 64 Seconds
- Block Size: 10 MB
- Transactions/Second: 800
- Coin Maturity: 12 Hours
- Electronic Payments: Yes
- Atomic Swaps: Yes
- Lightening Network: Yes
- SegWit Integration: In Progress
- Mobile Wallet: In Progress
Besides offering advanced cryptocurrency technology, Electra has another surprising feature that will change the future of money and payments; ElectraPay. To become a mainstream payment currency, the Electra team developed ElectraPay an eCommerce ecosystem that utilizes Atomic Swap technology and payment gateways to connect merchants and consumers at a fraction of the cost of a credit card. Merchants install the ElectraPay plugin and can instantly begin accepting Electra on their websites. The beautiful thing about Atomic Swap technology is that it allows the merchant to accept Electra as payment but immediately receive the currency of their choosing. For example, a consumer buying a cup of coffee at Starbucks in New York City could use Electra as payment and Starbucks would instantly receive U.S. Dollars for a 0.75% fee compared to a nearly 3% fee with VISA and a brasserie in Paris or a gelato shop in Rome could accept Electra and instantly receive EUROS. The power of Electra with Atomic Swap technology is endless. One of the limiting factors for cryptocurrencies at the moment is scalability but that limit is quickly vanishing. Thanks to new off-blockchain technology like the Lightning Network, developed by Lightning Labs in California, which is doubling the number or transactions per second that Electra can accommodate. Technology like the Lightning Network is expected to surpass VISA’s capabilities within the next 10 years and be able to handle millions of transactions per second.
Global Growth Ready
As Electra becomes more available and more mainstream around the globe the need for foreign exchange registration, international regulatory compliance, Know-Your-Customer (KYC) requirements and legal precedence becomes paramount. This is why the Electra Team has partnered with Agile Legal Consulting based in Melbourne, Australia. Agile is a leading law firm specializing in blockchain technologies, digital currencies and tokenized securities around the world.
The Electra Foundation
On October 12, 2018, the Electra Team established a legal foundation in the Netherlands known as the “Electra Project.” Today the foundation servers a variety of purposes. First, the Electra Project foundation provides a legal entity for businesses and partnering entities to establish binding agreements with and to transact with in confidence. Second, the Electra Project foundation has a Board of Directors that oversee it activities and finances and provides accountability and credibility to Electra. Third, the stated mission of the foundation is to develop Electra, its blockchain technology and promote awareness of the project. As of the time of this writing, the Electra Project foundation had approximately 300,000,000 ECA in funds to further the project. Not many currencies have an established foundation.
Team Communication and Transparency
The Electra Team has a number of core members who volunteer their time to develop and promote Electra. Team members are from many countries like the Netherlands, South Africa, India, Turkey, USA, Canada, UAE and more. To keep in contact with the community, the team utilizes different Twitter, Telegram, Discord, Medium and other social media applications. At any time, day or night, you can find a team member online to answer questions and communicate with about the project.
One of the best things about the Electra team is that each month they hold an Engineering Call that is streamed on YouTube for community members and potential investors to listen. The calls usually last 30 to 45 minutes and cover technological updates and progress, marketing objectives, new partnership discussions and team member responsibilities.
Welcome New Investors
If you’re reading about Electra for the first time or you’ve been following its progress and are considering investing, there are a few things you should know. First, Electra is a community coin, meaning there are a lot of members outside of the core team providing support and volunteering where they can. Electra’s growth is community powered. Second, the technology behind Electra is second to none. The NIST5 blockchain is award winning technology that very few cryptocurrencies utilize because it was developed after many of the old blockchains like Bitcoin. Finally, only about 30,000 people worldwide are invested in Electra compared to over 34,000,000 in Bitcoin. The possibilities are endless for Electra and its community.
To learn how to invest in Electra, visit our website: electraproject.org
Written by: Captain Ron, an investor in Electra.
This story is sponsored and was submitted to Global Crypto News. All opinions expressed in the above article are solely of the author’s and do not reflect the opinion of the Global Crypto Alliance Ltd., any of its affiliations or any other company. This article is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. The Global Crypto Alliance Ltd. strongly recommends that readers conduct their own research and due diligence into the company, product or service, if any, that may be mentioned in the above content.