ElectraCoin is a digital currency that focuses on conducting fast transactions within the network, as well as on providing security for its users. To be attractive to the cryptocurrency community, the developers of the Electra project have created good conditions for mining.
The work of ElectraCoin is supported by a hybrid model consisting of Proof of Work and Proof of Stake. At the heart of Electra there is also the NIST5 algorithm, which makes the Electra network resistant to hacker attacks. Due to the fact that the generation time of each new block within the network is 5 minutes, its mining is very profitable, and transactions between users are almost instantaneous. The NIST5 algorithm provides energy efficiency and network security.
ElectraCoin has had a spike in price as well as hype in the begin of 2018. Although the price dropped back significantly, the community kept on growing. The project team, consisting out of solely volunteers from the community, is working hard on developing necessary blockchain updates as well as applications on the blockchain such as Electrapay, Mobile wallet, Desktop Wallet, Social Pay and more. As the project is expected to grow significantly after release of the applications and integration with merchants & vendors, the team is actively seeking for more skilled community members that are willing to contribute.
In October the Electra Foundation has been setup to act as legal entity on behalf of the project. The foundation also safekeeps 300 million ECA, donated by the founding developer from the premine, to fund the further development of the project.
Eventually Electra seeks to play a big part in the massadoption goal of crypto currency as a whole by being used as payment method with vendors and merchants. Electrapay will be the core product that enables vendors and merchants, in combination with cross-chain atomic swaps, to accept ECA as payment method and to receive this payment in any atomic swap-supporting crypto currency that is on the market.
Where to buy
ElectraCoin is traded on the stock exchanges Cryptopia, Fatbtc, CryptoBridge and CoinFalcon. The value of one coin is $0.0016 with capitalization reaching $ 42 million. The total number of coins is 25 277 081 091 pieces.