Electra Cryptocurrency White Paper Review

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There’s a new kid on the block… The name is Electra $ECA and it’s looking like it could moon in the next couple of months, definitely before the end of this year. It’s gaining a lot of hype and seems to have a legitimate team backing the project. You can read their white paper here: https://cdn.electraproject.org/wp-content/uploads/2018/02/electra-white-paper_1.0.pdf.

Here are the current exchanges that have $ECA listed on their market:

Crypto Bridge
Coin Falcon
Cryptopia
FatBTC

We wanted to write this article to help the average user understand the $ECA white paper, as with some of our past articles on here, everything is for the average user who may be new to cryptocurrency and looking to invest in the right altcoin. We’re here to help you understand some of the limits of the coins that you may be investing in and that’s the objective of this white paper review. So let’s get started.

Right off the bat, we want to let you know that Electra is going to earn you a return on your investment. Now is the time to jump on the train, if you’re reading this article towards the end of 2018 then chances are you’ve already missed the opportunity.

So, you’re probably asking “what is Electra?” and “how is it going to give me a return on my investment?”; let us explain.

In one of the opening paragraphs of the white paper, we’ve given this gem which is essentially the idea behind the cryptocurrency Electra:

“Electra is an open-source community cryptocurrency project featuring decentralized and distributed governance. Electra’s foundation is a blockchain based on the NIST5 algorithm, guaranteeing fast and secure transactions with nearly non-existent transaction costs.”

That’s a lot of technical jargon but what it essentially boils down to is that the cryptocurrency is going to run on a different algorithm than some of the more popular cryptocurrencies on the market right now.

That algorithm is known as “NIST5”. There’s been some hype surrounding the algorithm as it’s going to be able to secure transactions a whole lot faster than the other algorithms available right now.

If that ends up being true than that means a lot for Electra and it’s community, as it’ll create major interest from investors around the globe looking for a way to beat Bitcoin and other cryptos in the transaction duration. We know that Bitcoin can take quite a while for the transaction to go through so therefore if Electra succeeds it should generate a lot of revenue for it’s coin holders.

Now let’s move onto the project’s main points of focus as laid out in it’s white paper:

“The Electra Project’s primary points of focus are the following:
Design and build the most cutting edge cryptocurrency
Create a financial ecosystem for the community
Ensure that the project is driven by community needs
Evolve the product over time, utilizing best practices”

One of the more interesting points in those four keys above is the this one “Evolve the product over time, utilizing best practices”. What we believe they mean here is that the project isn’t set in stone. Eventually they will need to change the system that the cryptocurrency works off of. This point can be both enticing for the investor or a risk factor for the investor. Some may see it as a product that’ll change for the worse in the future, or a product that may develop into something magnificent and worth their while.

Albeit this is the more exciting thing surrounding Electra that has traders perking their ears up.

“ECA transactions are received in the recipient’s wallet almost instantly and the ECA received is spendable as soon as the transaction is confirmed in the blockchain. The confirmation process requires less than five minutes.”

Five minutes or less, there you have it. Bitcoin can take sometimes 12 hours depending on the blockchain load, Electra on the other hand is promising transaction speeds in under five minutes, it’s unheard of right now in the cryptocurrency community.

At this point you’re probably asking what type of products is the Electra Project going to support. Well, in their white paper on page 13, they lay out a list that includes:

“Desktop Wallets (Windows, Linux, Mac)
Mobile Wallets (iOS & Android)
Web Wallet
Merchant Applications
- Plugins for eCommerce Applications
- Merchant Mobile Applications
- Merchant Desktop Software
- Centralized Online Payment Gateway”

Personally we like the idea of “Merchant Applications”, that means that the project team of developers are going to construct the APIs that the community can use to integrated into their own shops and stores across the globe. Other cryptocurrencies have relied entirely on the community of followers to build such APIs which leads to security problems and loss of crypto due to the APIs not being supported by the project developers. If you don’t have any secure APIs then that means you’ll have an API that is easily accessible via hostile entity (hackers).

Those are just some of the nuggets of information we have gained from reading the white paper on Electra Project. Here’s our overall rating on the white paper for those interested we’ve also linked you to it again below. Hope you enjoyed reading the article and come back for more ICO reviews!

Link to White Paper

White Paper Ratings: