Electra Protocol Announcement
Electra Protocol, ticker symbol XEP, will officially launch on January 1, 2021.
All eligible participants will need to claim their airdrop between January 1 and January 10, 2021.
Desktop Wallet Users:
- We will release the desktop application on January 1, 2021.
- Eligible participants will have ten days to claim the airdrop.
- The airdrop window will close on January 10 at 12 p.m. UTC. After this time, the claiming window will close, with claims no longer accepted.
- We will release an instructional guide that outlines the steps you will need to take during the last week of December. Following the guide, your wallet balance will be claimed, and a hash will be returned. You will need to submit this hash in a Google docs form. A link to the form will be included in the app.
- Due to the Google Play Store and iOS store app review, a delay in releasing the mobile wallet claiming app may occur. We will adjust the window in regard to the date of the release by both app stores.
- Follow us on our social media channels for updates as to when the mobile app is released.
- As with the desktop application, you will have to submit the hash in a specific Google docs form. This form will be integrated into the mobile app guide.
Once the airdrop claim process has been closed on January 10, the Electra Protocol team will verify the submitted applications and soon afterward start to credit the new wallet addresses. Due to the uncertainty of the number of claim submissions, we currently cannot provide a timeframe as to how long the credit process will take.
* Please keep in mind the fact that once you have updated your mobile wallet to the XEP airdrop application, you will no longer be able to use it to store ECA. We ask that you move your ECA from the mobile wallet to an ECA desktop wallet as soon as possible.
Please download the airdrop application strictly through the official Electra Protocol website and Medium channel. To avoid 3rd party scams, you should follow the steps below.
- Download the airdrop application only from official platforms
- The XEP support team will never message you first on any social media platform. Should you need assistance, ensure that you contact them first and only on official accounts.
- The team will never ask for your private keys.
Why Electra Protocol?
For the past three years, the team behind Electra spent countless hours developing the project to the best of their capabilities. The achieved success would not have been possible without the support of Electra’s community. While its founder created the Electra coin, its branding occurred due to its dedicated team. Due to the time spent developing the project, the team decided to keep the Electra in the new project’s name. Keeping Electra in the title will also allow for immediate brand recognition, as its team will be allowed to take its previous credits and immediately inject them into the Electra Protocol brand. We also considered that with the anticipation of the majority of the ECA community taking part in the airdrop and new project, we believe this would be the best suitable option.
How did the new logo come about?
When considering the need for a new logo, our designers took the “e” from the original logo and reworked it so that the tail of the “e” rises higher to evoke the circle around it. It symbolizes a cocoon of security of protection around this new project, as it reassures and reinforces the idea of a rebirth of what is to come.
The central hexagon is an element of the previous logo. It has several meanings. First of all, it highlights a single starting point, as you can see on the printed circuits. The second reading would represent Electra’s starting point, the central point, the base, the origin, the source. The third reading of this hexagon points to a divide in the E into two parts, ON and OFF. One closed, the other open, we can then find the symbolism of a switch that brings a notion of control.
Why did we decide to use XEP?
Behind every successful company or project is a name that fulfills psychological aspects that symbolizes the company. The ticker symbol XEP would, for example, take into account the ISO 4217 code, which is used worldwide in banking and business to ensure a transparent allocation of a currency. Psychology criteria, such as dynamic, associations, modernity, sound, and other measures, were also considered. We are pleased to present the name XEP for the Electra Protocol ticker.
X: ISO 4217
Website, materials, and white paper
The team is currently busy creating material, content, and a corporate guide that will include graphics, font styles, colors, etc., for the Electra Protocol. In a few weeks, we plan to release a new website that is currently in development. In addition to the new website, the team is preparing essential information that will be included in a new white paper.
When will the Electra Protocol blockchain be released?
We are planning to release the initial version of the blockchain in a few weeks. This initial version will enable us to enter exchanges and apply to several coin tracking platforms. Keep in mind that the airdrop process will start on January 2, so after this release.
With the release of the initial chain, XEP will be sold to cover necessary operational costs such as servers, exchange listings, etc., which will immediately improve our environment. Users will then be able to buy XEP through listed exchanges once the airdrop is complete. Please remember, once purchased, we encourage you to always keep your XEP secure on the desktop wallets that will be made available.
With the release of the initial chain, a small portion of the XEP premine will be used to fill order books on exchanges. Through the demand and selling of these coins, the team is aiming to raise funds for a target T1 exchange listing fee as well as critical server costs.
Users will then be able to trade XEP through listed exchanges once the airdrop is complete. Please remember, once purchased, we encourage you to always keep your XEP secure on the desktop wallets that will be made available.
It has been stated that the ECA v.3.0 upgrade would be implemented into XEP. Is this still the case?
Yes, this is still true. The initial v.3.0 upgrade will now become the XEP v.1.0 blockchain.
The XEP blockchain will start officially with the opening of the airdrop window. XEP v.1.0 will integrate many new features, which were set to be included in v.3.0 of ECA’s blockchain. XEP’s blockchain is built on top of the latest Bitcoin Core version, 0.21. Due to the unforeseen circumstances that have recently occurred, which resulted in an unexpected period of lost time, and the vast amount of work the team had to complete, all functions will not be immediately turned on and accessible; however, the code is in place. The mainnet will continuously evolve, as we have a secure testnet in place to test every new feature, and we plan to integrate them into the mainnet over time.
The Electra Protocol blockchain will still be a proof of stake consensus but not only. In time, included validator nodes will be activated. These validators are there to instantly create a fully confirmed transaction. A merchant will not have to wait for the usual confirmations to validate the order.
Lastly, while we initially planned to release a completely new and reworked GUI wallet, we are unable to do so at this time due to the circumstances regarding the sudden amount of work that was needed for the airdrop. This airdrop is the first significant release as we move XEP towards the future.
We are in contact with our existing exchanges. We will soon start to announce the exchanges which will support XEP. We ask for your patience during this time.