What is Electra Protocol (XEP)

What is Electra Protocol

Electra Protocol is a proof-of-stake open-source platform that runs on an ever-developing and improving blockchain. Its core purpose is to build a fast and secure cryptocurrency that allows transactions to occur at a considerably lower than average processing fee rate.

With a team of coordinators and developers from across the globe, this community-based project aims to be the first and most widely used cryptocurrency on the market. With its native coin XEP, Electra Protocol perceives itself as becoming a popular payment processing option, using data money without the complexities of the current forms of payment infrastructures.

Electra Protocol Features

Electra Protocol by itself is a standalone, ultra-fast, and secure form of data money with near-zero processing fees. When placed together with its flagship product, ElectaPay, one can witness its true potential.

ElectraPay is a payment solution for e-commerce merchants who are looking for the alternative payment methods that cryptocurrency provides. In other words, it is a complete financial management system that will allow merchants to quickly adopt an alternative payment method that is not dependent upon payment service providers, banks, or credit card companies to complete transactions. This unique payment solution will offer many advantages that traditional payment platforms fail to give merchants. These benefits include lower transaction fees, immediate access to funds, and state-of-the-art security provided by the Electra Protocol blockchain, all while maintaining an incredibly fast transaction speed.

In regards to the client end, ElectraPay will offer the same advantages of speed and security. In the event there is a problem with the transaction, ElectraPay will automatically refund the customer, which is an unusual feature in the crypto world.

What Makes Electra Protocol Unique

One of Electra Protocol’s unique selling proposition is the project’s community. When looking at social media channels such as Telegram, Discord, Twitter, and Facebook, the project has shown strong community growth as others learn about Electra Protocol. The Electra Protocol core team’s average age is over 35 years old, with the majority of team members bringing more than 15 years of professional business experience to the table, which has greatly supported the project’s business development.

In addition to ElectraPay, Electra Protocol is expanding its scope from not only being a payment focused coin to a project that can facilitate multiple use cases. An example of this is a pilot currently taking place with a company in the food production industry that uses the Electra Protocol blockchain for product traceability in its supply chain. The first responses from the company’s international customers are very positive. This feedback has encouraged the team to continue to explore this path.

The Electra Protocol team is currently working towards a business model that will provide partners with all the necessary software and tools to enable the project’s technology monetization. First contacts with European companies have been established, with interest in utilizing either the Electra Protocol Ecosystem or a refurbished closed source version of it.

Electra Protocol takes great pride in the fact that it is a member of the prestigious Electronic Transactions Association (ETA). Among ETA members are such names as Google, Amazon, Bank of America, Apple, and Worldpay. As a member, Electra Protocol is taking its seat and joining committees that contribute to ETA’s focus on payment technologies. The opportunity to be a part of the association will help Electra Protocol as it continues to grow its network of key industry groups and individuals.

The premine for Electra Protocol will total 3 billion coins. To ensure trust and credibility through the community, the team decided to release 1.5 billion during the mainnet launch. The remaining will stay locked during 2021, with 500 million released each year over the next three years.

Total premine: 3 Billion XEP

Initial premine, 2021: 1.5 Billion XEP will be unlocked

January 2022: 500 million XEP to be unlocked

January 2023: 500 million XEP to be unlocked

January 2024: 500 million XEP to be unlocked

Purpose of the premine:

The premine will only be used to cover the costs for expenses such as exchange listings, development costs, infrastructure, marketing, bounty distribution, and other third-party needs.

Premine addresses will be made public on our website.

Phase 1:

To expedite the release of the first version of the XEP blockchain, the team decided that the initial version will include the following features:

Block size : 10MB

Block Time : 80 seconds

Algorithm : SHA256 — PoS V3.0e

Segwit : Enabled

BTCcore used : v0.21.0 (latest)

Average TPS: 1500

The wallet and GUI will be released as a simplified version. This will allow the team to utilize this active transition period to focus on getting XEP listed on exchanges and coin tracking platforms such as CoinMarketCap and CoinGecko. This wallet version will be used during the presale, allowing users to transfer their coins to their wallets, which will enable them to start staking.

Release of XEP Wallet v.1.0

We will release a base wallet for desktops towards the completion of the phase one milestone. The desktop wallets will be used during the presale and airdrop distribution to store your XEP coins. There will be no mobile wallets at this time for XEP storage.

Phase 2:

As we move into the second phase, our developers will continue developing the XEP blockchain, where they will implement validator nodes and other unique features. It is a top priority to have this completed during Q1 of 2021. Meanwhile, the team will continue to work on an all-new UI wallet. In addition to improved security, users will see many improvements to the updated wallet in comparison to the classic QT wallet.

Release of XEP Wallet v2.0

The team will work towards developing an improved version of v1.0, which will include many new features and an enhanced graphical interface.

Mobile Wallets:

We anticipate Q1 of 2021 to be an extremely busy period, which could prevent our developers from focusing on our mobile wallets; however, once this initial hectic period has passed, the team will prepare mobile wallets for the Android and iOS platforms. Please stay tuned for forthcoming information throughout this period.

Presale from premine

Over the past two weeks, the team has received many suggestions and recommendations from community members. While the majority suggested that we not set a low selling price, after much consideration and discussion, the team has decided to set the presale price starting at the 5 Satoshi price level. Users who want to buy from the presale will be able to buy XEP through soon to be announced exchanges.

Funds raised from the presale will be allocated to achieving T1 exchange listings and very critical costs afterward.

As an incentive for presale participants, we have set a special reward system where the early XEP adopters will be rewarded a higher staking bonus, which will occur until the airdrop distribution.

The team plans to put approximately 650–700 million XEP into scaled sell walls for the presale process. Sell orders will be placed either on single or multiple exchanges, which will list XEP.

*** **We reserve the right to change the amount of XEP during the presale period.

Rewarding of the presale participants;

From January 1 through January 10: 365% APR (1% daily) bonus of the purchase sent to the wallet for each full day confirmed.

*At least one stake is mandatory in order to earn the bonus.

Eligible participants will need to complete the following steps:

Buy XEP from an exchange
Send to the wallet in a newly created address (1 deposit = 1 new address)
Submit the transaction ID in the dedicated Google form provided in due time
Do not move the coins after the deposit to be eligible for the bonus.
Unlock to start staking

Important notice:

January 11, we will check the form and the addresses.
1 day = 1080 confirmations (80s block time)
Bonus will be distributed on February 15
Bonus max is 10%

Examples of bonus distribution for presale buyers

Example 1:

A user buys 10 million XEP on January 1 at 00:01 AM and immediately sends it to the wallet and enables staking.
On January 11, this wallet has staked at least once, and the transaction gets 11,878 confirmation in the blockchain.
Bonus will be 11,878/1080 = 10.99 = 10%
This user will receive a bonus of 1,000,000 XEP for his 10 million XEP purchase

Example 2:

A user buys 50 million XEP on January 5 at 00:01 AM and immediately sends it to the wallet and enables staking.
On January 11, this wallet has staked at least once, and the transaction gets 6,480 confirmation in the blockchain.
Bonus will be 6,480/1080 = 6%
This user will receive a bonus of 3,000,000 XEP for his 50 million XEP purchase

Airdrop Application:

We have completed the development of the airdrop application for both PC and Mobile wallets. On January 1, 2021, we will release the following information.

The link for which you will be able to download the application
Instructions on the steps you will need to take
Guidance on the information you will need to enter

Exchanges:

The XEP team is currently in contact with existing ECA listed exchanges. We have reached listing agreements with some of the current exchanges; however, we are still negotiating with the remaining.

As we explained in the presale section, our primary goal is to be listed on T1 exchanges, and we will continue to make this our priority.

Website and Explorer Progress:

The entire XEP team is currently working on several aspects of the Electra Protocol project. While we are preparing an exceptionally fast explorer, we may choose to release our first explorer in a simplified form, with less focus on the GUI oriented block explorer. Our goal is to release the improved explorer during Q1 of 2021.

In addition to the above, we have secured our domain name and website hosting provider. We plan to transfer the domain name to our hosting provider within the coming month. As we continue to progress further into the next chapter of the Electra Protocol, we will continue to share updates and information relevant to the project.

Very Important Reminder:

Please stay vigilant and aware that there are individuals acting as imposters of XEP team members on various social media channels. These individuals may do such acts as attempting to help you during the airdrop process. We have already identified some fake accounts and will continue to watch for others that may come about. If you find yourself in need of help, please be sure that you are communicating with a support team member. You will find our support team only on our official channels, and they all have an official group title. You should also be aware of the fact that we will never contact you first. A true sign of an imposter is the fact that they will reach out to you first. If someone reaches out to you, please do not provide the individual with any of your account information or click on any link they may send to you.

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