Dear Txbit users,
We are glad to introduce a new feature on Txbit: Coin of the Month. Once per month, we pick a project to inform our customers about the projects we list on our exchange. This time we are introducing Electra Protocol (XEP), proof-of-stake open-source platform.
Can you give us an introduction to the Electra Protocol project?
Electra Protocol is a proof-of-stake open-source platform that runs on an ever-developing and improving blockchain that focuses on protecting its users from malicious attacks. The vision is that the Electra Protocol Blockchain will be used worldwide for B2C and B2B transactions using the XEP currency.
With a team of coordinators and developers from across the globe, this community-based project aims to be the first and most used decentralized payment community in the market. With its native token XEP, Electra Protocol perceives itself as becoming a popular payment processing without the complexities of the current payments’ infrastructure.
Electra Protocol will soon be represented by an official foundation, which is currently in the final stages of being set up.
Can you provide us with some information about the (token)(eco)nomics behind XEP? Does it have a limited supply, and how much is the current supply?
Electra Protocol, ticker symbol XEP, has a total supply of +18 billion coins. The Electra Protocol Blockchain is capable of handling 1,600 transaction per second, with transaction fees equalling 0.0001 XEP per transaction. Currently, Electra Protocol offers 3% staking rewards to all holders.
“XEP is a decentralized, proof-of-stake cryptocurrency project that is fast, secure, and eco-friendly.” Can you tell us more about eco-friendly? What makes XEP eco-friendly?
XEP is eco-friendly to use, thanks in large part to its proof-of-stake technology.
POS= Proof of stake
at 500 nodes online (top 20) = power consumption approx. 3x 1 family house per year.
POW= Proof of work
Annual power consumption
Bitcoin approx. 121 TWh (terawatt).
Argentina approx. 120 TWh (45 million inhabitants).
Does XEP provide any way of making a passive income?
Yes, as previously mentioned, Electra Protocol currently offers 3% staking rewards to all holders. We will also offer affiliate referral commissions on our proprietary payment solution system. We will share more information concerning this system as we get closer to releasing it.
What can we do with ElectraPay? How does it work?
Our payment solution platform will offer immediate transfers to occur in record time, with minimal processing fees. We will soon offer connections to stable coins, which will enable us to reach our goal of mass adoption. The platform is suitable for both physical stores and online merchants, as both will find it suitable in meeting both business and customer needs.
Transactions on the Electra Protocol blockchain appear in both the merchant’s and customer’s accounts within milliseconds and are verified on the blockchain with a block time of 80 seconds per block and will occur instantly once validator nodes are released.
What future developments can we expect?
Smart contracts on the chain with very low fees, improved desktop wallet, validator nodes that provide instant full confirmation for payments (1 second) and offer higher passive income than staking rewards, traceability and data features, free customizable point of sale, cold staking for highly secure passive income, and much more.
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