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logoElectra Protocol (XEP)

A Proof of Stake (PoS) Blockchain For Peer-To-Peer Digital Payments.
  • Electra Protocol (XEP) is an open-source, Proof of Stake (PoS) blockchain project that aims to facilitate cryptocurrency payments.
  • Electra Protocol is a layer-1 blockchain that enables enterprise blockchains solutions, such as solutions offered by Evoblox. The software-based payment tool enables online merchants and physical stores to buy and receive payments in XEP, BTC, and other supported cryptocurrencies.
  • Electra Protocol is currently using the SHA256 consensus algorithm.
  • Electra Protocol was released on January 1, 2021. The project did not conduct an ICO nor IEO fundraising event. Instead, 10% of the total coin supply was pre-mined to support project development. 50% of this amount is locked into a three-year plan.
  • Some of the functionalities that the Electra Protocol blockchain supports include Atomic Swaps, Lightning Network, and Segregated Witness.

1. What is Electra Protocol (XEP)?

Established by the end of 2020, Electra Protocol (XEP) is an open-source blockchain project that aims to facilitate cryptocurrency payments and data solutions.

Electra Protocol seeks to provide an alternative solution to the slow, inflexible, and costly traditional payment services where merchants pay a high merchant discount rate (MDR) of 3% or more for digital payment processing services. Electra Protocol allows merchants to pay for transactions at 0.0001 XEP each, which is negligible compared to traditional payments.

Small businesses tend to be very adverse to the high MDR costs, because even for small ticket transactions, merchants may have to pay a flat fee on top of a percentage of each transaction. Customers also experience higher transaction fees when purchases are conducted internationally due to currency conversion fees. Also, merchants typically have to wait for days or even weeks to receive payments.

Electra Protocol aims to facilitate micro-payments. To do so, the Electra Protocol blockchain has a target block time of 80 seconds and enables merchants to receive payments with transactions being pushed to the blockchain in milliseconds. Merchants can individually decide their transactions' finality based on their comfort level on how many blocks have passed, similar to Bitcoin. Electra Protocol's end-to-end, decentralized network also eliminates the need for a middleman between merchants and customers, therefore reducing the possibility of potential data leaks.

Recent news

June 2021: Formed Evoblox – A blockchain solutions company.

March 2021: Released mobile wallet.

2. Existing products

2.1 Evoblox Payments

Using Electra Protocol technology, Evoblox Payments allows merchants to register and accept online eCommerce crypto payments.

Source: Electra Protocol Management Team.

Source: Electra Protocol Management Team.

Currently, Electra Protocol offers the WooCommerce plugin, which can be used on all WordPress sites. Upon signing up, merchants can generate an API Key for an eCommerce site, allowing merchants to track the status of each order via the web portal.

The merchant is also able to view his account information, which he can update as required. Merchants can also see all changes made by viewing the last activities section.

Source: Electra Protocol Management Team.

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.

Source: Electra Protocol Management Team.

2.2 Point-of-Sale System

With the webshop solutions already running, there is still a need for a local solution in a physical store.

Electra Protocol and the Evoblox Team developed a Point-of-Sale application directly linked to the merchant account. This integration allows the merchant to plug into both online and offline environments.

Source: Electra Protocol Management Team.

3. Technical infrastructure

DescriptionsSpecifications
Consensus algorithmSHA-256
Consensus mechanismProof of Stake Version 3.0e
Block time80 seconds
Block sizeUp to 10MB / 40MB (SegWit) - dynamic
Transaction per second (max)~1600
Difficulty retargetEvery block
Coin maturation time12 hours & 600 confirmations
Max coin age for PoS reward30 days
Lighting Network supportYes
Atomic Swap supportYes
SegWitYes
TaprootYes

Proof of Stake Version v3.0e is improved upon the first Proof of Stake algorithm (PoS v1), created by Sunny King and the Proof of Stake Version 2 algorithm (PoS v2) that was created by Pavel Vasin for Blackcoin.

Electra Protocol's Proof of Stake Version 3 Enhanced (PoS v3.0e), unlike PoS v1, PoS v3.0e does not rely on "coin age" or "weight" to determine a user's block. Also unlike PoS v2, PoS v3.0e is dynamic reward based rather than rewarded with a fixed amount of coins.

While coin age does not affect the consensus, it is used to determine reward calculation once the consensus selected the blocks used for reward calculation. Coin age is considered in Electra Protocol’s PoS v3.0e to encourage users to stay connected to the network, in order for them to earn a better block reward. Once a single transaction containing coins remains unspent for 12 hours, that transaction is eligible to be selected to earn staking rewards.

To avoid blockchain bloat from happening, dynamic block size is being implemented. With each transaction size around 140 bytes, a 10 MB block will be able to hold 50,000 transactions. However, if there are only 1 or 2 transactions to process, the block size could be much smaller. The dynamic block size allows it to be more efficient and saves the user from having to download empty blocks.

4. Token sales and economics

Electra Protocol did not raise funds via an ICO or IEO. Instead, 3,000,000,000 XEP are premined. There are no lockups, and coins are fully in circulation, but there’s a soft lock of 50% of the premine. 500,000,000 for year 2, 500,000,000 for year 3, and 500,000,000 for year 4. The premine addresses are public and listed in the rich list.

The team members contribute to the project voluntarily, which assists in keeping the costs of development low. Being a community-based project has allowed the pre-mined funds to cover the costs of servers and the occasional critical 3rd party service needs.

4.1 Block reward schedule

XEP has a 3% annual inflation rate based on the block reward schedule.

5. Project team

The founders and contributors of this project are the core team members of Electra Protocol.

Robert Bakker
Foundation Chairman & Business Developer
Business Developer at ABN AMRO MeesPierson, Advisor at EUCX digital asset exchange, Ex-senior Business Consultant at Novisource.
Ruanne Lloyd
Development Coordinator
Ex-CIO at WIZZIR, Head of IT for CES Transactional Banking at MMI Holdings.
Aykut Baybas
Global Coordinator
Ex-Sales and Operations Director at Fidoli San. ve Tic. Ltd. Sti, Ex-Sales Manager at Fuji Electric Europe GmbH.
Antoine Aimé
Development and Support Coordinator
Technical Degree in Automation of Industrial System, Industrial machine conceptor.
Pierre Evrard
Marketing and Business Developer
Greg Cherry
Editorial Coordinator
Aleksey Chernykh
Design Coordinator
Caribou
iOS Developer
John Studnicka
Blockchain Developer
Quentin Le Rolland
Full Stack Developer
Aman Singh
Website Developer
Roman Fingberg
Developer
Asmoth
Community Manager
Eric Silvestre
Website and user support
Michaël Langsenlehner
Business Coordination
Kai Schneider
Marketing
Koen Windt
Marketing
Sebastian C. Dahm
Media and Graphics
Aziz Canatan
Media and Graphics
Chris Pangburn
Business Development

6. Roadmap, updates, and business development

6.1 Original roadmap and achievements

DateMilestoneComments
2021: Q3Rosetta releaseTwitter
2021: Q2New block explorerTwitter
2021: Q2Andriod and iOS wallet releaseTwitter
2021: Q2Creation of EvobloxMedium
2021: Q1Burnt 40% of token supplyTwitter
2020: Q4Electra Protocol launchedTwitter

6.2 Updated roadmap

  • 2021 Q4: Smart Contract wallet
  • 2022 Q1: Validator nodes
  • 2022 Q2: Public Smart Contract platform
  • 2022 Q3: New "all in one" wallet, XEP and Smart Contract tokens.

6.3 Commercial partnerships and business development progress

  • Evoblox: Evoblox is an initiative that several community members started in July 2021. As a separate business established in Estonia, Evoblox aims to help develop Electra Protocol technology by contributing to the development and, in time, supporting the project financially. Currently, Evoblox is developing software and solutions for actual use cases like crypto payments, remittance tools, data management solutions, and more.
  • Redfox Labs: Redfox Labs is an emerging internet tech company that identifies and builds successful business models for the Southeast Asian markets; Electra Protocol and Redfox are partnering to explore e-commerce business possibilities using Evoblox-payments as a one stop merchant tool in Asia.
  • Les Huitres Alain Courdavault: Les Huitres Alain Courdavault is a premium oyster supplier that distributes their product across Europe and Asia. Les Huitres Alain Courdavault will be using the Electra Protocol blockchain for product tracking and also accepting XEP coins as payment for their product.
  • ETA Association: ETA is a USA based association for payment companies; Electra Protocol is the first blockchain member of this association.

7. Electra Protocol's activity and community overview

7.1 Social activity

Electra Protocol is a community-based project, whose members discuss and share information in their social circles and social media channels.

The Electra Protocol project's core team conducts weekly online team call meetings to coordinate ongoing developments, evaluate achievements, and discuss any further needs of the project.

Community and social channels (data as of July 27th 2020)

Twitter (English) | 23.2K Followers
Telegram (English) | 4.7K Followers
Telegram (German) | 345 Followers
Telegram (Russian) | 199 Followers
Telegram (Chinese) | 101 Followers
Telegram (Spanish) | 79 Followers
Telegram (Dutch) | 327 Followers
Telegram (Korean) | 183 Followers
Telegram (Turkish) | 110 Followers
Telegram (Italian) | 89 Followers
Telegram (French) | 71 Followers
Telegram (Brazilian) | 60 Followers
Telegram (Announcement) | 2.4K Followers
Discord | 12.5K Members
Facebook discussion group | 2.3K Members
Official Facebook page | 2.3K Followers
Reddit | 3.2K Members
Blog

7.2 Development activity

8. Appendix

8.1 Documents

8.2 Advisors