What Is Electra Protocol (XEP)?

Electra Protocol is a decentralized blockchain ecosystem that offers real-time transactions at a low cost. Electra Protocol runs on a scalable, permissionless, decentralized, and secured layer-1 blockchain. The ecosystem offers a safe and secure payments system, DeFi, NFTs (non-fungible tokens), gaming, supply chain management, Web3, and much more.

According to the whitepaper, Electra Protocol introduces more features such as multicurrency payments and smart contracts. Smart contracts are just like regular contracts. However, instead of being drafted on paper, these contracts run in the form of protocols on the blockchain. The objective of Electra Protocol is to design, build, and continuously evaluate the Electra Protocol project and create a trusted financial ecosystem for the community. Electra Protocol also aims to ensure that the community contributes actively to the development of Electra Protocol.  

Electra Protocol is not driven by a company, unlike other blockchain projects, and the platform does not conduct public funding. Electra Foundation supports Electra Protocol and manages all the interests regarding the Electra Protocol network. Electra Foundation is an NGO founded at the beginning of 2022. 

According to the website, crypto’s economy is getting increasingly global, but payments and programmable contracts are still slow and expensive. Electra Protocol is determined to change the current scenario for instant transactions by offering the following features to its users:  

• Low transaction fees: Electra Protocol is an innovative proof-of-stake blockchain that provides instant transactions at near-zero gas fees. Gas refers to fees required to conduct a transaction or execute a contract on the Ethereum blockchain. The gas fees for a transaction on Electra Protocol depend on several factors, like the number of inputs and outputs and transaction size.  

• Rapid transactions: Electra Protocol blockchain usually takes 1 to 2 seconds to transfer a payment. The platform aims to make further improvements in speed by releasing validator nodes in 2022. (A node is a part of the blockchain infrastructure that maintains the ledger of public transactions.) 

• Solidity (Ethereum Virtual Machine) smart contracts and public tokens: Smart contracts seek to automate the execution of an agreement so that all the users can be immediately sure of the outcome. Smart contracts enable users to create their payment solutions and own public tokens using the Solidity programming language.   The XEP token is the native coin of the Electra Protocol blockchain, which is used as the primary cryptocurrency for transactions. Token owners can earn staking rewards on the Electra Protocol network. Users can store their coins in various wallets, such as desktop wallets, smartphone wallets, and hardware wallets. XEP desktop wallets store a full copy of the Electra Protocol blockchain and allow users to receive stalking rewards if they leave their XEP desktop wallet online and unlocked.  

History of Electra Protocol (XEP) 

Electra Protocol was launched on January 1, 2021. The maximum supply of XEP tokens is 30,000,000,000 XEP.