Electra is a community-driven cryptocurrency that seeks to enable customers, merchants, and users to integrate the global system of Electra into their daily lives. As mentioned in its whitepaper, the key goal of Electra is to transform how the world sees and experiences payments via blockchain technologies and cryptocurrencies.
Some of the services of Electra include- integrated customer, merchant, and user support, Social pay, ElectraPay, and Atomic swaps. Users get the opportunity to join the community of Electra and work to enhance the monetary value of the token and project Also, users can use a payment option of the platform, ElectraPay, for online and offline trades. Electra seeks to offer its users a safe payment method with a low transaction fee. The transaction on the platform takes a 64-second confirmation time only. On staking, users can receive rewards on the network of Electra.
Another prominent feature that the Electra project seeks to provide is the Lightning Network which was developed with an aim to enhance the number of transactions per second that could be accomplished over a blockchain network. Additionally, the Social pay of Electra is an automated application that allows organizations and individuals to influence the potency of social media as a method to receive and send ECA tokens.
Recently, Electra completed the incorporation of Atomic Swap into its blockchain that intends to enable merchants, consumers, and users to swap their ECA token for any other cryptocurrency anonymously. An Atomic swap is an exchange of digital coins from distinct blockchains.
Electra’s token is represented as ECA, which is a product of collective skill, abilities, and talents of community developers, coders, and business professionals.
After the release of Electra, 3.34 percent of the total coin supply was reserved as “pre-mine”. The pre-mined tokens are used to evolve innovative technology, promote Electra, hire strategic consultants, and pay exchange fees. When a single transaction contains coins that have matured but have not been used in the last twelve hours, it becomes eligible to be chosen for a block and a staking reward.
