Why Should You Choose Electra?
When investors and newcomers alike come flocking to the cryptocurrency scene, often they are stunned at how many different coins and tokens comprise the more than $300 Billion market cap seen at the time of this writing. Selecting a cryptocurrency project to invest in can be a daunting task and sometimes we just need a little help in deciding which cryptocurrencies to invest our hard-earned money into. A little guidance can go a long way in helping you decide. This article will give you a glimpse into a strong community-backed cryptocurrency poised to make waves within the cryptocurrency industry. Our hope is that the experiences and facts shared here will make your decision to invest in the Electra Project a much easier one.
Investments, cutting-edge technology, and overall financial freedom are the ties that bind us in this world of technological and monetary growth. After Satoshi Nakamoto introduced Bitcoin to the world, the standard was set. Individuals with the knowledge and fortitude to chase their blockchain dreams have since set forth to create something in Bitcoin’s image, something better, faster, and more practical. Although Bitcoin and other established projects dominate the market, projects that have legitimate technology and competent developers can make a name for themselves by offering something different than the cryptocurrencies that have come before them. In 2017, a group of ambitious and dedicated developers joined forces, pooling their knowledge and resources together to develop a new cryptocurrency that would not only parallel the technology of Bitcoin, but would surpass it in strides. This new kid on the blockchain has been dubbed the Electra Project.
The Electra Project is a decentralized and open-sourced community driven cryptocurrency. Known by its market ticker as ECA, Electra is a cryptocurrency that operates on its own blockchain. The ECA blockchain is based on the ultra-fast and super-secure NIST5 algorithm which means that all your coin transfers are sent and received much more quickly than most of the other coins on the market. Electra’s transaction speed is a big deal in the crypto world. Many cryptocurrencies promise reasonable transfer speeds however, very few adhere to their promises. You shouldn’t have to wait hours in anticipation for a cryptocurrency to transfer to reach its intended destination. We have all been there. Thanks to Electra, waiting is no longer necessary. Try it out for yourself. I think you will be pleasantly surprised.
One of the most attractive aspects of the Electra Project is its community-driven and community focused philosophy. Electra concentrates on the needs of the community as opposed to the needs of a few individuals at the top. The Electra Project has no CEO reaping all the benefits of the contributions made by other individuals throughout the community. There was no ICO as an attempt to raise funding. Everyone that becomes involved in the Electra Project has a voice. Everyone has a say in what they would like to see and which direction they want the Core Team to follow. The philosophy of community transcends the Electra Project.
Behind cryptocurrency projects are teams of developers and contributors pulling the levers and pushing the buttons in an attempt to ensure the overall success of the project. Behind the Electra Project are people, genuine and passionate people. Everyday people like you and me focused on technology and financial freedom. The Core Team leading the Electra Project is supported by a global community of skilled professionals. These are the people that help code the blockchain, market the coin, write the articles, reach out to exchanges, and much more. Anyone can contribute to the Electra Project regardless of their background and skill set.
The community involvement has been for many, one of the biggest selling points for Electra. When I came across the Electra Project from another cryptocurrency community, I quickly realized how much camaraderie and passion exists behind the project. I joined the Electracoin Discord Server to peek behind the curtains and see what some of my fellow cryptocurrency advocates had to say about the project.
What I found was an abundance of optimism and a level of respect I had not yet seen amongst any other cryptocurrency community. The experience has been both refreshing and uplifting. I have joined many other cryptocurrency Discord Servers in the past and have yet to encounter the same comforting experience. Instead of being treated as an outsider, my questions are answered, my voice is heard, and my suggestions are considered. Instead of “when moon?” and “when lambo,” I am greeted with “how are you?” and “how can we help?” The community is a collection of competent and skilled individuals supporting an ambitious effort, individuals that are eager to accept newcomers and implement suggestions into an ever-evolving project.
Upon researching the Electra Project to my satisfaction, I downloaded the PC wallet from Electra’s home page at https://electraproject.org. The download process was a breeze and the blockchain was downloaded to the wallet in a matter of a few minutes. Again, the speed of the download is unique to Electra. Every other cryptocurrency wallet I have downloaded required significantly more time to download the blockchain and complete the syncing process. Once the syncing process had completed, I purchased ECA on one of the several available exchanges, transferred the ECA to my wallet, and waited the required 24 hours for the coins to mature for staking.
The staking process developed for ECA is another facet of the project that makes ECA exceptional. ECA started as a Proof of Work (PoW) coin at its inception but has since switched over to Proof of Stake (PoS). To generate the remaining coins left in the 30 Billion max supply, investors hold their coins in their wallet to complete the staking process. This amazing feature enhances the ease of use for everyday users. PoW mining is a complex process requiring a lot of energy while PoS is a simple and energy efficient process. Until the max supply of ECA has been reached, investors that stake their coins in their wallet will receive an estimated 50% annual stake reward at the introductory rate. By the end of 2018, the stake reward will reduce to 10% annually, and will halve each year thereafter, for better stability and longevity of the project. To put the process into perspective, if you had 100,000 ECA and staked them for one year, at the end of the year, you would have increased your ECA holdings to about 150,000 ECA at the introductory rate or when the 10% rate is implemented, you’d have accumulated 110,000 ECA, with minimal effort and expense.
If you haven’t been convinced yet, the Electra Core Team has been reaching out to a growing number of exchanges to list ECA. Electra has dominated the voting on several exchange polls. New exchanges are opening their trading doors to ECA and when the community agrees on a new exchange, the sheer number of votes that tally up in the exchange polls is nothing short of astounding. The Electra Project is preparing for widespread adoption and at its current price there is nothing more attractive to new crypto investors and blockchain technology buffs than ECA.
Many cryptocurrencies have been flooding the market with promises that simply haven’t been fulfilled. Investors new to the cryptocurrency market, as well as seasoned investors, are always on the lookout for new opportunities, actively searching for “the next Bitcoin.” Bitcoin was the first cryptocurrency to turn heads, but it will not be the last. As Electra emerges from beneath Bitcoin’s shadow, it will make some serious headway in its endeavor to become one of the top cryptocurrencies and ultimately, a coin “of the people, by the people, and for the people.”
Author: UnderTow
Editor: Wolf
Electra Image: MadAreYou
