Review on Electra by Azad Aliyev

Hey there. My name is Azad Aliyev and will talk you about Electra crypto platform and its native cryptocurrency, ECA coin.

What is Electra (ECA)?

Electra (ECA) is an open-source Proof of Stake (PoS) blockchain project aimed at facilitating cryptocurrency payments.

Electra also developed ElectraPay, a software-based solution for online merchants and physical stores to receive and receive payments with Electra cryptocurrencies.

Electra currently uses the SHA256 consensus algorithm after returning from the NIST5 algorithm in 2019.

Electra was launched in 2017 and the project did not hold an ICO or IEO fundraising event. Instead, 3.14% of the total cryptocurrency supply was pre-mined by the foundation to support project development.

Some functions supported by the Electra blockchain include Atomic Swaps, Lightning Network, and Segregated Witness (Atomic Swaps, Lightning Network, and Segregated Witness).

What is ECA Coin?

Founded in 2017, Electra (ECA) is an open-source blockchain project aimed at facilitating cryptocurrency payments.

Electra aims to provide an alternative solution to slow, inflexible and costly traditional payment services where investors pay high trader discount rate (MDR). ) is 3% or more for digital payment processing services.

Electra allows traders to pay for transactions at 0.0001 ECA each; this is negligible compared to traditional payments.

Small businesses tend to be quite negative towards higher MDR costs because even for small ticket transactions, traders may have to pay a flat fee.

Customers also experience higher transaction fees when making international purchases due to currency conversion fees.

Also, traders often have to wait days or even weeks to receive payments.

Electra aims to facilitate micropayments. To do this, the Electra blockchain has a target block time of 64 seconds, allowing traders to get paid as transactions are pushed onto the blockchain in milliseconds.

Similar to Bitcoin, traders can individually decide the finality of their transactions based on their level of comfort with how many blocks have passed. Electra's end-to-end, decentralized network reduces the possibility of potential data leaks by eliminating the need for an intermediary between merchants and customers.

That is all about this project and I hope the review will be useful for you. Have a nice day, thanks.