By DRE

Now that Phase I of the hardfork has been completed. Electra01, founder of Electra (ECA), was able to take some time away to answer a couple questions provided by the community. Electra is a Proof of Stake cryptocurrency, which boasts fast, secure transactions with extraordinarily low fees and powered by the NIST5 algorithm.

There are many developments in the pipeline that include: the implementation of atomic swaps, Lightning Network integration and mobile wallets. In addition to establishing the Electra Foundation and the debut of their merchant payment processing system, Electrapay, there is much to look forward to in the coming months. The community was polled for questions to alleviate any doubts and concerns that they may have had about Electra and its mysterious founder. With these questions, we sat down with E01 to get his thoughts about the current state of the Electra Project, as well as its future.

Q: Many have argued that you have stopped working on ECA because you have accumulated enough ECA, how do you respond to this?

A: If my goal was to scam and make money, I would have sold and left when Electra was at 40 satoshi price and more than one million USD volume a day. I wouldn’t have stuck around for a few more % from POS. Work was delayed because the previous three dev [sic] teams I collaborated with failed to come through. The MYCE team was the fourth team who worked on this fork. Nothing was lost from our budget to previous developers as I made a very secure contract with them in case they failed. However, it did cost us time and trust.

Q: What are you currently doing towards the advancement of ECA?

A: Negotiating with devs, exchanges, partnership etc. and deciding on what our budget needs to be allocated towards. Replying to community questions. My current priority is the foundation. When founded it will act independently of me and provide support for community endeavors under the protection of Dutch law. After that is set up provide support to the foundation, and later, work on Electra to gain traction in my home country. The foundation itself will also be working on separate projects that it votes upon.

Q: What do you think about Coinbene and its manipulated volume? The community would have liked to vote on which exchanges listing fees were paid for.

A: I was against Coinbene to be honest because the application fee was too high. But with the constant fork delays and team pressure, good news was needed for our users’ morale. I expected getting in a high-volume exchange would increase the chance of getting into other high-volume exchanges in the future. If community members wanted to vote for exchange selection, they should have told me directly. I don’t see every post. Why was I not asked by anyone? It would have resulted in a better outcome that way. Cryptopia is an exchange fully funded by our users and it is the one that is usually number one for Electra’s volume.

Don’t get me wrong, Coinbene is good. It is one of the few exchanges that shares their work address and you can see pictures and live interviews of people who work there. It is more transparent than most and aggressively expanding into new countries. It will make Electra more accessible.

Volume-wise, I do not have a clue if it is manipulated or not. If you refer to its investment mining, that volume is a different type of volume. Other large exchanges also do it. It is nothing illegal as far as I researched. They don’t do investment mining on Electra.

Q: Will you eventually unveil your identity regarding ECA?

A: As you may know, I share my identity with exchanges and business partnerships to secure better deals for Electra. I expect my identity will eventually be leaked by one of these groups.

Q: Some are arguing that Phase I of the fork was unsatisfactory, what are your thoughts?

A: Why not? The blockchain is better than ever. I have never felt safer holding Electra. Do not judge me on the community roadmap, I did not write it, nor was I consulted on the timelines, cost or availability of developers. I support it as much as I can because I believe an active, functioning community is vital for a cryptocurrency to compete and succeed. Judge the people who wrote the community roadmap and decided on these deadlines. As far as I know, most of them did almost no work to reach the goals they set, realized they would fail all deadlines and then left so that I, and other dedicated community members take the heat.

The current team that remained are good people who I am in contact with regularly and voluntarily wish to improve Electra. These people played a great role in the recent fork and are very excited on getting Phase II completed. The parameters of the recent fork were decided after thorough research and discussion with many members of our community.

The foundation, which I am told will be set up this month, should provide a better platform for development projects, marketing and idea sharing. All who wish to add, change and improve Electra will be able to do this through there by becoming a voting member. People who want to see a change but not take on responsibility will be able to donate to the foundation and see their request done under protection of Dutch law. When operating under a legal framework and with the initial budget I will provide, I believe community projects will progress more effectively under an updated and realistic roadmap.

Q: How important is the future of ECA to you?

A: Very important. I want Electra to become a safe, long-term, sustainable, self-governing cryptocurrency. I believe in cautious development because, with cryptocurrency, one careless mistake can cause losses for all investors. Only about ten cryptocurrencies have a foundation. Only about 80 have made partnership deals as good as we have. We are in good shape and have one of the best algorithms in the market. We own our own blockchain; we are not a vassal token of Ethereum or Waves. I will work to continue Electra’s growth to ensure the future is bright for all our users.

Q: How does it feel to be the founder of the ECA Community?

A: I did not found the community. I launched Electra, made sure it was accessible and exchangeable, and made effort to create the required structure for a community to form.

The community formed by itself. Anyone who did something for the project, I credited (sometimes rewarded) and this seriously encouraged more community contributions.