The New Chapter — Electra Protocol
What is Electra?
Electra was created by its founder, E01 (Electra01), back in April 2017. The initial chain started with a 50% staking ratio and had a speed of 7 TPS (transactions per second). The primary distribution of Electra was designed to occur in two phases. The first phase was through the bonanza period, where +20B coins were mined during the initial 24 hours through a fast PoW mining period. Afterward, it continued with an initial 50% PoS staking ratio. Electra was first listed on the Nova Exchange, followed by Coinsmarkets. The Nova Exchange listing was achieved through voting by the community where E01 led this process.
How did the community side come about?
The real community establishment started around August 2017 when members from the bitcointalk.org forum voluntarily offered to support E01 in Electra’s future development. During this time, he welcomed and accepted these volunteers’ support. The project slowly started to grow, where several volunteers became team members that created the official website and social media channels such as Twitter, Discord, Telegram, Facebook, and Reddit. Once these were created, Electra started to see rapid community growth, with many still supporting it to this day.
What was the vision of E01 and his contribution to the Electra Project?
E01 defined his roadmap through a Weebly website, as he claimed it was easy to manage through this means. He shared his short, medium, and long term roadmap on Electra’s bitcointalk channel, as well as his Weebly website. During this time, E01 was active throughout the creation of Electra’s blockchain. A community member helped arrange the creation of the QT wallets, and in return, E01 sent the developer a bounty from the premine. He also arranged for a 3rd-party block explorer for the Electra coin. Through the talents of the individual team members that were in place, the team discovered that improvements were needed, and suggestions were made. During this time, E01 used funds from the premine to cover the costs of two forks during 2018 and 2019. In 2018 E01 helped with the Coinbene listing, where he sold the equivalent of 10 BTC from the ECA premine. E01 also endowed the Electra Foundation with 300M ECA from the premine. Additionally, E01 reimbursed some losses of the wallets which were created back in 2018.
As the project grew, team members started conducting weekly called meetings where various topics are discussed. As for communication from E01 during the team’s weekly call meetings, he joined the calls approximately five times during the last 2.5 years. His participation in these calls occurred mainly during ECA’s first year of existence.
We would like to note that E01 did reward a few of the original team members for their contributions and time spent in getting Electra off the ground with a reward of 20M ECA from the premine.
Is Electra an open-source or closed-source project?
Electra is an open-source project where each wallet source is shared with each release.
Recently, E01 claimed that he had no idea about the ongoing coding. Over the past 2.5 years, the team has spent countless hours, devoting months on end working nonstop to bring about the best optimum tech, which is currently in place.
Regretfully, since this project’s founder will only rarely appear, and then to only comment with a yes or no, we find this hard to accept. In the end, this proves that the team is working on the project he created while getting little to no support.
What was the aim of the core team?
Along with the original roadmap of E01, the existing team strived to improve the Electra Project and its ecosystem by presenting ideas and updates during scheduled team meetings. The team then took this information and spent countless hours implementing new tools that complemented Electra’s technology. Once again, most of this occurred with minimal resources and little to no input from E01 since he ceased attending these calls.
What did we do until today?
To fully appreciate and understand all that has been achieved, we ask that you review the roadmap page that is shared on Electra’s website.
The following list outlines a small sample of the accomplishments that have been achieved:
- Established the Electra Foundation
- Creation of new desktop and mobile wallets
- Creation of the Electra explorer
- ETA Membership
- Legal opinion letters and partnerships
- ElectraPay and business planning
- Whitepaper and updates
- Branding, design, and marketing
- Exchange listings
- Team building
- Excellent user support through Discord and Telegram channels
- Weekly online calls that have occurred each weekend over the past 2.5 years
- Regular progress reports
- Binance Research
- Binance Info Page
- A blockchain which has never been hacked nor attacked
- One of the top 25 projects with the highest count of active online nodes
- Integration of ECA into several 3rd party wallets
- Managing social media accounts
- Covering costs of servers
And much more.
Let’s compare with some more statistics.
Is the above list an indication of where this project was headed when checking the released version? We can clearly and emphatically state that YES, and the team feels that we have positioned Electra to continue to grow and develop to even greater heights.
How much time and effort did the team spend to bring tools and solutions to the Electra Project?
From the beginning, the entire team spent an extensive amount of time to bring ECA to where it is today. When calculating the time that team members have voluntarily given to different tasks and individual contributions, along with the skill set of individual team members, to the cost of an average wage, we find that at least $1,000,000 worth of time has been invested in this project.
What is the current status of the Electra coin blockchain?
Today, Electra is reasonably well known, and the team has always received a respectful welcome from many people in the blockchain industry. With more than 40,000 members, the Electra brand has grown exponentially from its initial start-up. The achievements can be seen through the announcement channels and the historical releases that have been shared.
The recent six months efforts.
As you can imagine, driving a project that has grown to the size Electra has evolved to, all without specific funds is next to impossible. All that has been delivered has occurred due to the time and effort the team has been put into this project. However, with the blockchain market becoming increasingly competitive, we found that if we were going to take Electra to the next level, the project required critical funds. To achieve this, we contacted E01 and respectfully asked that he transfer the remainder of the premine to the Electra Foundation. We strongly believe that the foundation’s decision strategy that is in place is one of the best in the crypto market. To date, the foundation has spent only 100M ECA during the last two years, and only for very critical needs. To prevent the foundation from depleting its funds, several team members have paid for operational costs out of their own pockets due to the lack of support from E01.
The Electra team recently released the PoS application and is currently working on a significant upgrade of the existing blockchain, which will take Electra to the next level in the crypto industry. The core team also started contacting several businesses for cooperation and has been successful in obtaining partnerships. Additionally, Electra presentations were shared at the ETA association meetings, where we received positive feedback from ETA committee members. In addition to the above, we successfully obtained the Binance research report and T1 exchange meetings. These acts prove that the entire team has worked tirelessly to take Electra to the next level.
On September 17, 2020, Asmoth and Robert contacted E01 on behalf of the core team and attempted to explain the current situation. Afterward, Robert and E01 had a phone call to discuss the direction and needs of the project. However, on October 23, 2020, E01 dumped approximately 250 million ECA without prior notification to the team. This dump occurred while negotiations were still ongoing, which we feel had been considerate and respectful up until this point. After E01’s sell-off, he proceeded to make untrue statements about how our team conducted itself during the negotiations. It felt as if he was trying to erroneously cast blame on the team, as he attempted to mask these very questionable moves made against the team and community. Our attempt at a constructive discussion was immediately damaged due to the decisions and actions of E01. These actions lead to the breaking point for the team to make a critical decision. We realized that the core team’s tremendous efforts were not visible, nor the announcements of our achievements clear to E01. Due to the lack of support, the team made the difficult decision to move away from ECA and towards creating the Electra Protocol (ECAP).
E01 told the team that he could send the remaining part of the premine but wanted to keep the stacked coins for himself and consider them his own wealth. However, this was not true.
It should be noted that during the preparation of this statement, we identified that E01 sent an additional 60M ECA from the premine to an exchange.
What will be the difference and values of ECAP?
The planned v.3.0 upgrade of ECA will now be achieved as ECAP. At a glance, ECAP will have the following features:
- Lower circulation supply
- Newest blockchain with new and enhanced features
- Validator nodes and allowing for a greater staking ratio
- All the business connections will continue through ECAP
- All the core team members will move to ECAP
- The talents and expertise of core team skills will move to ECAP
How will this process work?
To achieve our goals, we will arrange an airdrop of 1:1, ECA to ECAP. In order to reward the loyal and supportive community members, the team took a snapshot of the existing blockchain at block 1012100. This snapshot was done in quick order in an attempt to stop and block the suspicious premine moves. All desktop wallets on the current Electra blockchain, which have an ECA amount in it at this block, will be eligible for the airdrop. Due to the nature of the current state, mobile wallets and exchanges will not be a part of the airdrop. All premine and associated addresses from the bonanza period will be excluded as well.
“Important Update(Nov 29th, 2020)
Regarding to mobile wallets:
Our developers are working to find a solution to include mobile wallets in the airdrop.
While we cannot make an absolute promise, you can be 100% sure that they are searching for a solution.
We kindly ask for your patience and not move the amount held in your mobile wallet during this time.”
All ECA that is currently existing in a user’s wallet will remain there. Users will continue to hold their ECA, and ECA will continue to survive with the possible help of its founder, E01, and any community member that chooses to assist in future developments. If you have questions in regards to future plans for ECA, you can find E01 on Electra’s Bitcointalk forum, which he prefers to use as a means of communication.
As far as we know, ECA will continue trading on all currently listed exchanges. Unfortunately, at this point, we cannot address whether this will remain the case or not. If there are community members that wish to come together or E01 shows his support, we are sure ECA will continue to thrive and grow beyond its current state.
As for how the airdrop will be distributed, once again, a snapshot was taken at block 1012100 to find all eligible wallets. The team will soon share an application with the community and ask that they run the application. Airdrop participation will last for one full week long. During the announced week, you will need to run the airdrop application to claim your ECAP.
Additional information outlining when the airdrop will occur, and the steps you should take to participate in the airdrop, will be provided in a future announcement.
Who will be eligible to participate in the airdrop and why?
As previously explained, we wanted to reward the loyal holders of ECA. Loyal means those users that kept their coins on desktop wallets, supporting the network by being online and not trading all the time. Wallets that are associated with a premine wallet and several Bonanza period wallets are excluded from this reward.
Buying ECA after block 1012100, reflective date November 23, 2020, won’t make the user eligible for participating in the airdrop process.
Why can’t the mobile wallets join the airdrop process?
The main reason for this is that we can’t identify these wallets since mobile wallets are not full nodes.
What are we planning now?
We will keep all social media channels and will update each as ECAP. If E01 chooses, he and community members of his choosing can establish new channels for ECA. Meanwhile, due to this unexpected action coming from E01, we urgently shifted to a transition process where our Electra v3.0 wallet design could not be completed. We will soon start organizing each tool to integrate into the new chain once again.
- Releasing a simple wallet during the initial period
- Preparing new design desktop and mobile wallets
- Preparing White Paper and other essential information
- Negotiation with exchanges for ECAP, especially T1 exchanges, which is already in the works
What will happen to ECA, and will support from the team continue or not?
All team members are also community members, which we should never forget. Our difference is that team members contribute to a project much more than regular users.
The ECAP team will continue to support the ECA wallets for several weeks after the transfer. We are not running away; instead, we will help all ECA members during what could become a challenging time. But as stated on numerous occasions, there will be ECA and ECAP, and both projects will continue to find ways to improve.
We are sure that if E01 wants to show his honesty, he will continue to support ECA and will work closely with his supporters. The existing team provided him with an excellent working chain with all possible wallets. The mobile wallets, Android and iPhone, costs around +$30K when you hire an external developer, even if they are not coded from scratch.
We are stepping down only from our team roles within Electra; however, we will continue to be community members and investors in the Electra coin project.
What will happen to coins at Cryptopia?
Unfortunately, as they are on an exchange, they will not be able to participate in the airdrop.
Why did the team feel the need to take such an extreme step?
From the very beginning, the team has always strived to be as transparent as possible while maintaining the highest level of honesty. While not always pleasant, it was needed for the Electra project to thrive and survive. We attempted to correct the situation concerning the premine, as we hoped to move it under the control of the only legal entity of Electra, the Electra Foundation. The foundation has proven itself in its ability to manage all allocated resources and funds for the past 2.5 years. In return, and while negotiations were ongoing, we were unable to retain the trust in the founder, as a massive sale of the project premine wallet occurred. Sadly, this happened without warning as no communication of such an act was given before, nor after he dumped a massive amount of premined coins.
In the world of cryptocurrencies, we have seen far too often founders of projects sell the premine or the ICO funding and then leave, especially when they are anonymous, such as with E01. We never expected this to happen for ECA, especially during a time where negotiations were ongoing.
As it became fully apparent that coins were being moved from the premine wallet, we obviously could not accept this and had to act quickly for the sake of the project, its holders, and the team that had given so much to grow ECA where it is today.
This brings us to this critical decision; our team, our work, our products will be moving along with the initially called “v3.0” to a new project, which will be activated within ECAP.
The power of community projects occurs due to their hardworking teams and strong communities. ECA is well known today and has stood strong against several storms during one of the biggest bearish crypto seasons. The most significant reason for this is that an exceptional community and loyal patrons supported it. We sincerely appreciate the dedication and support for all that has occurred over the past 2.5 years.
As for the team’s long-term vision, it is one that will not be held back by one individual … the Electra Protocol will start soon!
Electra Protocol Team