The Electra Project
Electra coin is an open-source digital currency that focuses more on security, cost-effectiveness, and performance. One can make instant peer-to-peer payments with transactions at lightning speed anywhere in the world. Let’s dig deep and discover more about this super-secure digital currency.
What is Electra?
In simple words, Electra, also known as ECA, is a payment coin that allows peer to peer digital payments in one of the most transparent ways. It is also a Proof of Stake V3.0 e(PoS) open-source project apart from being a member of the Electronic Transactions Association (ETA). And while the main intent behind the development of Electra is to shield your funds from malicious hackers, it aspires to become a favored medium for digital payments.
As of now, ECA features lightning network integration, PoS 3.0e, speed of 800 TPS, atomic swaps, and one of the fastest confirmation time (64 seconds). However, this blockchain-based digital currency also has SegWit integration plans that could materialize in the near future, in addition to other smart contract functionalities.
All of this – so that you can spend it just anywhere with complete peace of mind!
Noteworthy Features of Electra
Let’s talk about the major features of Electra first and get to know how it actually works. For starters, Electra runs on C++ language and follows the algorithms of the National Institute of Standard and Technology.
Further, it is a Proof of Stake Digital Currency. This means that you can mine blocks and also get rewards through it. This cryptocurrency is ultra-fast due to its LN Technology. It is decentralized and the open-source coding ensures its scalability and operational efficiency.
Here are some of the other major features of Electra.
#1. Decentralized
Since Electra believes in the fact that transparency converts into better relationships with people, it is built on a completely decentralized platform, which renders is one of the highest levels of transparency in its domain. Even the code generated is open-source.
#2. Speed
When it comes to conducting online transactions, Electra offers a rapid and secure solution. Any money related transaction on Electra can be executed within 64 seconds of time. Be it a fund transfer or conducting an online transaction, Electra can execute it with precision and security.
#3. Safe and Secure
Often when the digital payment systems want to make their product or service secure, they have to compromise on the speed. But with Electra, both of these aspects are covered and executed simultaneously. Where Electra is inherently fast, it is secured with the NIST5/SHA256 blockchain encryption.
#4. Atomic Swap
Swapping to different cryptocurrencies or such digital payment systems makes for a better overall ecosystem. This means that as an Electra Coin user if you want to swap or transact in some other digital currency like $BTC, $LTC, and $ETH, it can be done easily.
#5. ElectraPay
ElectraPay is going to help users and merchants across all the fields and spheres to conduct online transactions at a very fast pace. On top of it, these transactions will be secure and won’t pose any risk to the user.
At the moment, this mode of payment is not very popular or accessible. But with time, Electra is going to enter into symbiotic partnerships allowing the users to leverage from this association.
The users can pay or transact using #Electracoin very easily.
For added security and speed, the Electra Coin transactions are also based on Blockchain rigidity. This limits their scope, functionality, and output. But what it compromises on this end, is compensated for in terms of speed and security.
Recently, Electra released the MVP version of ElectraPay where the first official Merchant is also announced. Alain Courdavault, which is a Premium oyster manufacturer, started using ElectraPay as an online cryptocurrency payment tool for its customers.
#6. Merchants
#Electracoin is going to be accepted across various online payment modes. This accessibility is being developed by the Electra Project Team via using a WordPress shop Plugin. Down the line, you can also pay for products and services through #Electracoin.
Final Verdict
The fact that Electra Coin is decentralized and ultra-fast makes it a strong entrant in the competitive market of cryptocurrencies. Moreover, this is an ever-developing system that seeks to improve the existing blockchain scenario. All the while ensuring that transactions are secure and are protected from malicious attacks. In the end, Electra Coin if successfully executed, Electra coin may become an amazing peer to peer digital payment portal.
