Electra Protocol
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| Electra Protocol | |
|---|---|
| Denominations | |
| Symbol | No Unicode available |
| Precision | 10−8 |
| Development | |
| Original author(s) | Electra Protocol community |
| White paper | "XEP whitepaper"[2] |
| Implementation(s) | XEP-Core |
| Initial release | 1.0.0.0 / 1 January 2021 |
| Latest release | 1.0.4.0 / 12 March 2022:[1] |
| Code repository | github |
| Development status | Active |
| Source model | Free and open-source software |
| License | MIT License |
| Website | www |
| Ledger | |
| Ledger start | 1 January 2022 |
| Timestamping scheme | Proof-of-stake (v3.0e) |
| Hash function | SHA-256 (two rounds) |
| Block reward | 3% APY |
| Block time | 80 seconds |
| Circulating supply | 17,559,062,887[lower-alpha 1] |
| Supply limit | not applicable |
| Valuation | |
| Exchange rate | Floating |
| Market cap | US$10,5 million (2022-10-15, highly volatile) |
| |
Search Electra Protocol on Amazon.
Electra Protocol (abbreviation: XEP) is a decentralized digital currency that can be transferred on the peer-to-peer Electra Protocol network. Electra Protocol transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. The cryptocurrency was created in 2021 by a group of volunteers, the Electra Protocol core team. The currency started in January 2021[3], when its implementation was released as open-source software.
Electra Protocol is a framework that provides a set of tools (blockchain, wallets, payment solutions, smart chain, etc.), some of its usecases :
- Tokens: Ability for developers to create their own tokens
- Payments: Includes a complete set of solutions. Instant transactions at almost no cost, working for native XEP, but also for other cryptocurrencies (BTC, ETH, …)
- Digital ID: Ability to include AML & KYC
- NFT: Optimized for NFT platforms
- Gaming: Optimized for gaming ecosystems, integrating payment solutions, highspeed platform
- Supply chain: Native tracking functions
- Healthcare: Optimized for Healthcare
- Data processing: Ability to integrate & process data
Electra Protocol is:
- Decentralized[4]: Unlimited nodes can be run on the network, Validator nodes will enable instant transactions
- Scalable[5]: Native TPS can cover all use cases, even more (native), Lightning Network could handle more than 1 million TPS
- Secure[6]: Based on the Bitcoin-core architecture, improved with additional security features
- Energy efficient: Anyone can run a node using minimal requirements (24/7 on Raspberry Pi or NAS type assets)
Legally, Electra Protocol is considered as a non security token.
Design[edit]
The unit of account of the Electra Protocol system is the xep. Currency code for representing Electra Protocol is XEP, which naming is ISO 4217 compliant.[7]
The design of XEP-Core is similar to the design of Bitcoin-Core, regarding units, divisibility, blockchain, transactions ans ownership.
Nevertheless, block time and size are different, and the consensus of mining is totally different, as XEP-Core uses Proof of Stake v3.0e.
Moreover, XEP-Core has also implemented the EP-smart EVM based Smart Chain (layer 2), which adds the smart contracts capability[8].
Specifications[9]:
- Block time & size: 80 sec | up to 10 MB
- Consensus: SHA256 | PoS v3.0e
- Transaction/sec (TPS): 1,500+
- Transaction fee: 0.0002 XEP
- Transaction notification: Instant
- Transaction validation: 1 block (instant with VN)
- Staking rewards: 3% APY
- Validator node rewards: Work in Progress
- Includes Atomic Swaps, Lightning Network, Segwit Integration, Taproot, Quantum resistance, Rosetta API
Mining[edit]
Mining uses the Proof of stake v3.0e (PoS v3.0e) consensus, with a SHA-256 signature. The Proof of stake has a big advantage considering energy consumption and hardware requirements. On the other hand there are some criticisms on Proof of stake model that it's less secure than Proof of work model, and in some cases it can lead a blockchain to be more centralized.
Running a node and staking on XEP-Core blockchain requires very low requirements, as it runs on Raspberry Pi[10] or NAS assets[11].
Staking defines how new transactions are added to the blockchain. Participants pledge their XEP coins to the Electra Protocol blockchain. From those pledging participants, the protocol chooses validators to confirm blocks of transactions. The more coins an user pledges, the more likely he is to be chosen for validation.
Every time a new block is added to the blockchain, new XEP coins are minted and distributed as staking rewards to the validator of that block. Staking is only possible using a XEP Desktop Wallet and it is not possible using a XEP Mobile Wallet.
Supply[edit]
As of 2022-10-15, the circulating supply is 17,560,000,000 XEP[12]. New coins can only be minted by the Proof of stake consensus.
Decentralization[edit]
Electra Protocol is decentralized thus:
- Electra Protocol does not have a central authority.
- The Electra Protocol network is peer-to-peer, without central servers.
- The network also has no central storage; the Electra Protocol ledger is distributed.
- The ledger is public; anybody can store it on a computer.
- There is no single administrator; the ledger is maintained by a network of equally privileged miners.
- Anyone can become a miner[13]: anyone can create a node, and start staking with no minimum amount of xep required.
- The additions to the ledger are maintained through competition. Until a new block is added to the ledger, it is not known which miner will create the block.
- The issuance of XEPs is decentralized. They are issued as a reward for the creation of a new block (mint).
- Anybody can create a new Electra Protocol address (a xep counterpart of a bank account) without needing any approval.
- Anybody can send a transaction to the network without needing any approval; the network merely confirms that the transaction is legitimate.
Privacy and fungibility[edit]
Equivalent to Bitcoin#Privacy and fungibility.
Wallets[edit]
Similarly to Bitcoin wallets, a wallet stores the information necessary to transact xeps. While wallets are often described as a place to hold or store xeps, due to the nature of the system, xeps are inseparable from the blockchain transaction ledger. A wallet is more correctly defined as something that "stores the digital credentials for your bitcoin holdings" and allows one to access (and spend) them. Electra Protocol uses public-key cryptography, in which two cryptographic keys, one public and one private, are generated. At its most basic, a wallet is a collection of these keys.
Software wallets[14][edit]
The first wallet program, simply named XEP wallet was released in 2021, when the mainnet was released.
There are several modes in which wallets can operate in. They have an inverse relationship with regard to trustlessness and computational requirements.
- Full clients verify transactions directly by downloading a full copy of the blockchain (less than 1 GB as of October 2022[update]). They are the most secure and reliable way of using the network, as trust in external parties is not required. Full clients check the validity of minted blocks, preventing them from transacting on a chain that breaks or alters network rules.
- Lightweight clients consult full nodes to send and receive transactions without requiring a local copy of the entire blockchain. The mobile wallet is an example of lightweight client.
Cold storage[edit]
Wallet software is targeted by hackers because of the lucrative potential for stealing xeps.[15] A technique called "cold storage" keeps private keys out of reach of hackers; this is accomplished by keeping private keys offline at all times by generating them on a device that is not connected to the internet. The credentials necessary to spend xeps can be stored offline in only one way by putting the wallet.dat (private key is stored in that file) on a USB key for example. In fact, specialized hardware wallets or simple paper printouts of the private key are not yet available.
History[edit]
Creation[edit]
The creation of the new layer 1 Electra Protocol blockchain was decided on November 26th 2020[16], and after intensive work of volunteers, the first version of the mainnet (v1.0.0.0) was released January 1st 2021[17].
A premine of 3,000,000,000 XEP was created at the genesis[17][18] for which:
- 1,500,000,000 XEP were available for 2021 (since then about 630,000,000 were burned end of year; 650,000,000 are used as collateral for the Binance Smart Chain (BSC); 270,000,000 sold on a presale[19] to achieve some listings)
- 500,000,000 XEP were locked until Jan 1st 2022 (only 100,000,000 were for now used for the MEXC listing)
- 500,000,000 XEP are locked until Jan 1st 2023
- 500,000,000 XEP are locked until Jan 1st 2024
And an airdrop of 15,183,754,127 XEP was performed in February to more than 2400 wallets[18]. The conditions to be eligible are explained in the Airdrop process that was communicated in December 2020[20][21].
Economics[edit]
XEP price depends on the market demand and offer, and is considered as volatile.
Acceptance by merchants[edit]
Payment solutions built on Electra Protocol, and powered by Evoblox, are already being used by some merchants.
Financial institutions[edit]
XEP can be bought on digital currency exchanges. As far as Electra Protocol community knows, no financial institutions have been involved in Electra Protocol, or solutions built on Electra Protocol.
As an investment[edit]
Electra Protocol can be purchased with the objectives of partipating in the network, staking and minting blocks, in order to earn some passive incomes with the 3% APY offered by the Proof of stake consensus. Moreover, becoming a validator node when the feature will be implemented, expected will allow to earn a better % APY, but will be much more constraining. This is information and should not be considered financial advice. As mentioned before, the price of XEP is volatile, so the investment may result in losses.
Venture capital[edit]
No Venture capital is known to have invest in any solutions built on top of XEP.
Legal status, tax and regulation[edit]
Electra Protocol is legally considered as a non-security token. Tax and regulation will follow each state or country dedicated rules and lawsn considering that Electra Protocol uses Proof of stake consensus for the rewards.
Use by governments[edit]
For now, as far as the community knows, no government is using Electra Protocol or solutions built on top of Electra Protocol.
Environmental impact[edit]
Electra Protocol has no environmental impact, which makes a huge difference compared to some blockchains using Proof of work consensus.
Software implementation[edit]
 The start screen under Windows | |
| Original author(s) | Electra Protocol team |
|---|---|
| Initial release | 2021 |
| Repository | github |
| Written in | C++ |
| Engine | |
| Operating system | Linux, Windows, macOS |
| Type | Cryptocurrency |
| License | MIT License |
| Website | www |
Search Electra Protocol on Amazon.
XEP-Core is free and open-source software that serves as a Electra Protocol node (the set of which form the bitcoin network) and provides an Electra Protocol wallet which fully verifies transactions.
XEP-Core includes a transaction verification engine and connects to the Electra Protocol network as a full node. Moreover, a cryptocurrency wallet, which can be used to transfer funds, is included by default. The wallet allows for the sending and receiving of xeps. It does not facilitate the buying or selling of xep. It allows users to generate QR codes to receive payment.
The software validates the entire blockchain, which includes all xeps transactions ever. This distributed ledger, must be downloaded or synchronized before full participation of the client may occur. A command line-based daemon with a JSON-RPC interface, xepd, is bundled with XEP-Core. It also provides access to testnet, a global testing environment that imitates the Electra Protocol main network using an alternative blockchain where valueless "test xeps" are used. Regtest or Regression Test Mode creates a private blockchain which is used as a local testing environment. Finally, xep-cli, a simple program which allows users to send RPC commands to xepd, is also included.
See also[edit]
Others articles of the Topic Business and economics : Economics, International trade, Currency
Others articles of the Topic Internet : Newgrounds, MrWolfy, Amazon Music, Kayden James Buchanan, Rotten Tomatoes, List of most popular websites, YouTube Music
Notes[edit]
References[edit]
- ↑ "XEP-Core 1.0.4.0". GitHub. Retrieved 12 March 2022.
- ↑ Nakamoto, Satoshi (31 October 2008). "Bitcoin: A Peer-to-Peer Electronic Cash System" (PDF). bitcoin.org. Archived from the original (PDF) on 20 March 2014. Retrieved 28 April 2014. Unknown parameter
|url-status=ignored (help) - ↑ "When was the Mainnet launched?". Electra Protocol. Retrieved 2022-10-15.
- ↑ "What is decentralization?". Electra Protocol. Retrieved 2022-10-15.
- ↑ "What is scalability?". Electra Protocol. Retrieved 2022-10-15.
- ↑ "What is network security?". Electra Protocol. Retrieved 2022-10-15.
- ↑ "What is XEP?". Electra Protocol. Retrieved 2022-10-15.
- ↑ "Smart Contracts Platform - Electra Protocol - XEP - Payments Ecosystem". Electra Protocol. Retrieved 2022-10-15.
- ↑ What is XEP?, Electra Protocol, 2022-09-12, retrieved 2022-10-15
- ↑ "Setup XEP Desktop Wallet On Raspberry Pi". Electra Protocol. Retrieved 2022-10-15.
- ↑ "Setup XEP Core CLI Wallet on a NAS or Linux system". Electra Protocol. Retrieved 2022-10-15.
- ↑ "XEP Explorer - Electra Protocol Explorer". electraprotocol.network. Retrieved 2022-10-15.
- ↑ "How can I run a node?". Electra Protocol. Retrieved 2022-10-15.
- ↑ "XEP Wallets - Official Electra Protocol Wallets - XEP Wallet Download". Electra Protocol. Retrieved 2022-10-15.
- ↑ Jeffries, Adrianne (19 December 2013). "How to steal Bitcoin in three easy steps". The Verge. Archived from the original on 27 July 2019. Retrieved 17 January 2014. Unknown parameter
|url-status=ignored (help) - ↑ Protocol, Electra (2020-12-01). "The New Chapter — Electra Protocol". Medium. Retrieved 2022-10-15.
- ↑ 17.0 17.1 "Progress Report December 2020". Electra Protocol. 2020-12-21. Retrieved 2022-10-15.
- ↑ 18.0 18.1 "Progress Report April 2021". Electra Protocol. 2021-04-15. Retrieved 2022-10-15.
- ↑ "XEP Pre-Sale is now Live". Electra Protocol. 2021-01-02. Retrieved 2022-10-15.
- ↑ Protocol, Electra (2020-12-05). "Electra Protocol Announcement". Medium. Retrieved 2022-10-15.
- ↑ Protocol, Electra (2020-12-08). "Sample Mobile Wallet $XEP Claim Process". Medium. Retrieved 2022-10-15.
External links[edit]
Media related to [[commons:Lua error in Module:WikidataIB at line 466: attempt to index field 'wikibase' (a nil value).|Lua error in Module:WikidataIB at line 466: attempt to index field 'wikibase' (a nil value).]] at Wikimedia Commons- Official website
- Electra Protocol at Curlie
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References[edit]
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