Electra Protocol

Halal Rating :
Comfortable
Last Price $0.00041 Last updated:
Rank 1338
1D Change 2.67 %
Market Cap $7.38m
Circulating supply 18,114,457,599
Maximum supply 30,000,000,000
Crypto Overview Crypto Impact

Crypto Overview

Categories
  • PoS
  • Medium of Exchange
  • Logistics
  • Atomic Swaps
  • Collectibles & NFTs
  • Smart Contracts
  • Real World Assets
  • Layer 1

Purpose and Utility

Electra Protocol (XEP) is a proof-of-stake cryptocurrency that aims to provide fast, secure, and energy-efficient digital payments. The project is a fork and complete rewrite of the original Electra (ECA) blockchain, launched in 2021.

Business Model Analysis

The protocol focuses on providing a decentralized payment solution with near-instant transactions and minimal fees. The business model appears transparent and straightforward, with no indication of involvement in prohibited activities like gambling or interest-based lending.

Real-World Adoption

Current adoption remains limited, with the primary use case being peer-to-peer transactions. The project has developed mobile wallets and maintains active development, though widespread merchant adoption is still in early stages.

Platform Development

The project maintains an open-source codebase with regular updates. The development team remains active, with ongoing improvements to the core protocol and wallet infrastructure.

Token Distribution

XEP was launched with no ICO or pre-mine, suggesting a fair distribution model. The majority of tokens are distributed through staking rewards, with no concerning concentration of tokens among founders.

Revenue Model

The protocol generates no direct revenue, operating purely as a decentralized payment network. The staking mechanism used for network security follows permitted proof-of-stake principles without involving interest-bearing mechanisms.

Crypto Impact

To assign a comfort level investing in Electra Protocol from a halal perspective we need to determine whether it has a net positive or negative impact.

Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Electra Protocol.

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