Topic: [ANN][ECA] Electra ⚡ | POS 3.0e | Super Rewards Bonanza - page 3. (Read 144299 times)

So I would like to clarify I do not care nor does it matter about reasons you and the Devs disagreed and any potential allegations they have made. I don't have the details and cannot comment on this aspect outside of speculation.

What I can comment on is; that "Electra Pay" for ECA was promised and on the roadmap and continually pushed back including deals with different organizations and businesses which is the main reason electra looked promising besides the blockchain feature and the reason I supported, contributed and held/hold.

None of this was realized or delivered?

The blockchain maybe open source, but Electra Pay is Electra not Electra Protocol, yet it is now Electra Protocol Electra Pay.

Effectively the Devs took your project and it seems worked behind your back with the motive of taking control from you, so they could further the project on their own terms, with probably an outside interested and invested party.

Were the Dev's sandbagging until they had everything in place?

Or were you stonewalling progress and direction? From what I read it seemed that you played a passive advisor role.

I don't doubt the Devs were committed at least to their own agenda. With this said, I think reasons given by the ECAP representatives on this thread, are deflecting trying to place blame, unless I am missing something, using it as an excuse to basically steal the project and defraud ECA investors for their own agenda.

They have claimed that you were selling premine, my perspective is that it was your project, your idea, I am sure you have put in a ton of work, management, coordination and funds.

I am not aware of any reason they could not continue on the ECA blockchain, outside of they wanted full control of the project and the currency but again, by defrauding ECA investors.

Ultimately they say as a result of your selling, you tanked the price, really that comes down to in my opinion, what is the true price and how resilient ECA was within the market. In reality, the Dev's with a lack of transparency and creating a fork and repurposing features and services promised for ECA then blocking ECA investors on exchanges and mobile wallets, possibly to prevent you and others from using Airdrops, was kind of a nuclear option and caused great damages and losses for everyone.

Where the real damage was done, was cutting or not maintaining ties with exchanges, taking down multi-media and using promised features for ECA for ECAP where they have full control and financial leverage. This is what really damaged ECA and its price and the long time investors and community.

The 10 day period was not sufficient, since the ECAP team, extended this, they should honor all requests including yours. I read that one of the ECAP representatives argued they didn't need to use Electra branding and blockchain and extend an airdrop offer. But I would argue, that is exactly what they should have done. Now they are legally bound and its because they are using the electra branding and blockchain even if open source and features promised for ECA for years, and failed to deliver. But coincidentally delivered with ECAP along with business deals, so looking from the outside it seems like a calculated move.

My take, this is a fraud case, that needs to be reviewed to see if there were any criminal actions and litigation is required. I am not sure what your role was, hopefully it was passive, I think the crime leans more towards the ECAP Developers and team, but a court and litigation should sort that out.

Besides lawsuits, perhaps a class action lawsuit is in order, if the ECAP team does not address the previous mentioned concerns. Even with that there still needs to be an investigation. They are betting on the open source license and a diverse global team, possibly the cost of litigation protecting them. There are many small investors, that feel cheated and this sentiment is what brought me here.

I'm glad you picked up on my question on who is the owner of ECA; getting together a new dev team could revive ECA adding features and of course injunctions against ECAP to prevent the theft of electra pay. This all takes money, time and skilled resources. I'm considering if I have the available bandwidth, but would like to continue the ECA project. My first task is to look into legal pathways for investors of ECA, meaning what can be done legally such as a lawsuit or class action lawsuit or at least ordered time of remedy or injunctions.

It would have helped if you had the Devs sign an NDA and non-compete and classified IP related to the project like electra pay.

To answer some of your questions,

The current Electra blockchain is owned by no one. I own the Github page but the code there is open and can be copied/forked but only I can edit the code on that page. At this stage, for someone else to change the blockchain code they would have to copy the code from my Github to their own page, make all the changes they want there and then release a seperate wallet and users to download. Even then, they would have to convince the exchanges, users and CMC that it is a legitimate ECA fork. If they cannot convince them it will most likely not replace the current wallet version.

No one owns the naming or branding rights and I do not think the ECAP fork could have been stopped if someone did own the rights.

I do not think ECAP is in USA jurisdiction. I think one team member has USA citizenship but that is it.

I do know that the ECAP team accepted late entries after the 10 day period. I suggest you tell them your situation, try to convince them and claim the airdrop you missed out on whilst showing evidence that you held ECA during the fork date. Sparing 1 million is not much from the 3 billion ECAP they control but they may not accept simply to not encourage more claimants. That part is their decision.

Hey Everyone,

I was just checking up on the status of the project, its been a while because last year 2020 was pretty intense and I did not have time to follow the community or updates.

Well my mind is blown, to read about the devs starting a new coin and the planned feature rollout for ECA going to ECAP.  And all of the market and liquidity moving to ECAP from ECA.

I've invested almost thousand dollars and spent at least a hundred hours, and also staked and supported on reddit. So where does that leave me as an investor?

And where does that leave the electra project? this one is rhetorical, it's obvious the electra project is not growing or evolving for now.

ECP Air drops? A 10 day period? to claim an air drop in one of the most tumultuous times in recent human history? I never received an email or notification, and did not even come across this information or an ad, even in crypto news or on reddit until today.

I've read most of this thread, and twitter on the topic today.

I read about Electra01 the founder and the Dev's, now ECP Dev's, conflict and ultimately parting of ways.

It really seems unfair, for those that supported the community and for the loss on investment and time.

I have obviously lost some on exchanges, but I have my main ECA wallet with about 1,200,000+ eca. It used to be worth almost a thousand now only $27.

I think of, all the things the electra dev team promised and it instead being added to ECAP and then shirking long time eca holders and community is just as bad as any of the claims against Electra01 I've read.

Surely the dev's must of have known that people would not be aware and I hardly think sufficient notice was given or an opportunity to decide, instead a decision was made for us, at our, and my expense.

So my next question is when is the next airdrop? and if not, is the ECP team in the states meaning United States jurisdiction?

Secondly who owns Electra blockchain and branding?

-Digs





 

When is the mobile wallet open?
Is a new team formed?

from the blockexplorer https://eca.ccore.online/connections

addnode=161.97.166.124:5817
addnode=46.101.51.228:5817
addnode=157.245.45.81:5817
addnode=178.128.254.115:5817
addnode=206.189.121.158:5817
addnode=104.248.171.172:5817
addnode=[2a02:a58:822b:1500:e13c:26fa:5570:9a22]:5817
addnode=24.133.106.201:5817
addnode=159.65.180.126:5817
addnode=64.227.7.144:5817
addnode=68.183.18.226:5817
addnode=96.232.193.110:5817
addnode=159.89.117.153:5817
addnode=167.99.190.216:5817
addnode=138.197.146.60:5817
addnode=165.22.232.114:5817
addnode=159.203.35.14:5817
addnode=172.73.245.243:5817
addnode=73.168.42.126:5817
addnode=92.106.184.31:5817
addnode=54.215.252.155:5817
addnode=13.52.242.188:5817

add to your conf file and restart wallet. i got 11 connections so far. hth

Could we get some nodes please?

Yes was picked up by dogedex.xyz and atomicdex by Komodo Platform

Hi, electraproject.org was giving SSL errors yesterday when I tried to visit it and it is directly connected to the "ccore" block explorer when you click the upper left link "Electra Block Explorer" - clearly this is an SSL/TLS issue - but the nodes from the block explorer site mentioned work for eca so put them in your Electra.conf (assuming you're a WIndows user - I don't do linux or mac)

anyone getting errors with their wallet connections?

logs looking like this

2021-05-08 10:12:09 SOCKS5 connecting seed07.electraproject.org
2021-05-08 10:12:09 ERROR: Error reading proxy response
2021-05-08 10:12:10 SOCKS5 connecting 2001:d08:c5:b532::1
2021-05-08 10:12:10 ERROR: Error reading proxy response
2021-05-08 10:12:10 SOCKS5 connecting seed08.electraproject.org
2021-05-08 10:12:11 ERROR: Error reading proxy response

download the recent wallet for your OS from https://electracoin.io

If it doesn't sync properly, you might have to add nodes that you can find at the explorer https://eca.ccore.online/connections (you can add them either one by one at the command line, or paste them in to the Electra.conf).

If you have more questions, there are more active people on Telegram https://t.me/Electracoin or discord https://discord.gg/FbHzrdAnGp

Hello everyone. Long time holder with wallet.dat but not sure how to store the coins. Any links or help would be appreciated

I can't see any effort being put into this in order to really bring it back to life. Another one for the graveyard.

Any news from the new developers?
If this status continues, ECA will be delisted on most exchanges.

agree - but if you wan't help with that "minimal effort", better to organize with others...

So - may be - discuss in our discord group: https://discord.gg/FbHzrdAnGp

Electra needs minimal effort to survive.
Open the mobile wallet first and make liquidity first by raising issues such as the formation of a new development team when it enters a bull market.

Dogecoin survived even if the CEO went to jail due to a scam and is still rising.
ECA transmission rate
It's incredibly fast and the price is cheap, so it should be made to be used as a key currency on small and medium-sized exchanges on exchanges rather than Paycoin.
Since the key currency shares the fate with the exchange, there is little risk.
Central banks around the world are facing CBDC issuance,
It is difficult to survive by competing with the dollar and yuan coin
From Dogecoin Must learn

It was a good read and well written. Great summary of Electra’s history!

There is one paragraph I would like to argue against:
“During the time of the Bonanza and the time when the Blockchain remained stuck, Electra01 was publicly claiming that Electra was now worth more than BTC, because he demanded that the high price from the time when there were only 45 coins would now be multiplied with those 19 Billion coins that could not hit the market due to being unconfirmed and stuck on a not moving chain… He mostly complained about Coinmarketcap, that according to his claim, had unfairly failed to update the circulation supply. Thus, the hope to create huge attention, failed.”

I agree that when the blockchain was frozen, the coins should not be considered circulating supply. However, when the blockchain began moving again and bonanza mined coins entered the exchanges, there was a small instant, maybe 1-10 minutes, where they WERE circulating supply and the market cap was high.

I disagree that I mostly complained about Coinmarketcap during that time though I do remember being salty. I was mostly working on finding a solution or someone experienced to help get the blockchain moving again. If the developer of Bumbacoin, who I had reached out to, did not lend assistance back then, the Electra blockchain may have never got going again.

The mining pool had 200-300 people mining during the bonanza which from my view was very good attention for a new coin and kickstarted a small community.

Today actually marks the 4th anniversary of the Electra-Blockchain. I wrote a short (critical) review of it history, and hope it will not become an obituary.. enjoy..

A Brief History of Electra (Electracoin / ECA).

2017 - The beginning – till the End of the Bonanza

The first Block on the Electra-Blockchain was (according to the Explorer) generated 4 years ago, on March 17th, 2017, regular blocks followed from March 29th, and the launch was publicly announced on Bitcointalk on March 30th, 2017, by an anonymous founder going by the name of Electra01.

On Block 1, a pre-mine of 1'000'000'019 (one Billion and nineteen) Electra was mined, while all the following POW blocks till block 11522 only received a tiny reward of 0.00390625 Electra each, so that for the entire period, only 45 Electra (forty-five – not thousand or even million) would be mined. So, at the time of block 11522, circulating supply (total supply – minus unspent pre-mine – would be only 45, with the pre-mine amounting to 99.999995 % of total supply – or the circulating supply to only 0.0000049 % of total supply! Really extreme numbers.

During this period, Electra was listed on a first exchange (Nova-Exchange) and added to Coinmarketcap, with the extreme disparity between total supply and circulating supply. Initially, only small fractions of an Electra were traded, volume around $1, but as this was for a small fraction, prices fluctuated between $20 and $800 for an entire Electra, although there were no trades for that “large” amounts…
Then, with block 11523, on June 12th, 2017, the super Bonanza period started, with block-rewards suddenly rising to 65'972'222 per block, thus increasing the “circulating” supply extremely fast. Electra01 had stated that the aim of the super-rewards Bonanza was to “create a goldrush”. So, in the next 288 blocks, total supply increased to exactly 20'000'000'000 (20 Billion) Electra.

During those 288 blocks, none of this fast-rising supply could hit the market, as they needed 288 confirmations for transfers. So, the price on Nova-Exchange did not crash (yet). And then, at the end of that period, at block 11810, the POW stage ended, and the chain moved to POS only, and came to a halt early on June 14th, because E01 had not cared to create enough staking inputs (by – e.g. – splitting the pre-mine). The blockchain remained stuck, until on June 22nd, the start of wallet version 1.1 allowed for another 1000 POW blocks (with 1 ECA reward each).

During the time of the Bonanza and the time when the Blockchain remained stuck, Electra01 was publicly claiming that Electra was now worth more than BTC, because he demanded that the high price from the time when there were only 45 coins would now be multiplied with those 19 Billion coins that could not hit the market due to being unconfirmed and stuck on a not moving chain… He mostly complained about Coinmarketcap, that according to his claim, had unfairly failed to update the circulation supply. Thus, the hope to create huge attention, failed.

Was the Bonanza intended as just a ridiculous hoax or a huge scam attempt that fell horribly flat? At least it failed to attract a lot of publicity.

Once the chain had started moving again, the extra coins from the Bonanza started to hit the only Exchange, and price crashed extremely hard to 1 sat and below (Nova-Exchange only allowed 1 sat as minimum price, but the sell-wall soon amounted to 2 Billion ECA – and trade than moved to the LTC and particularly the DOGE market, where most trades now happened at far sub-sat levels…

2017 – post Bonanza – just one more minor coin

Another problem was soon noticed – while the chain was now moving again, and after 1000 blocks, switched to POS only, the calculation of the staking rewards was way off – instead of the promised 50% annually, rewards were often only fractions of an Electra… This problem was solved with a second Hard-Fork (Wallet-Version 1.2), that occurred at block 17102 on July 14th.
From then on, Electra was just an ordinary high-supply, high-staking rate coin with a price usually far sub-sat, quite an uneven distribution (very few very big whales) with a blockchain that was more or less working fine, although some flaws in the difficulty adjustment formula did lead to somewhat irregular block times – instead of the target of one block every 5 minutes, blocks came often way faster, but then sometimes took way more time (sometimes up to several hours), and so, on average, instead of the 288 blocks expected, the 1.2 Chain only had about 210 blocks a day…

During the rest of the summer of 2017, not much was happening – sometimes, price trackers showed wild fluctuations, but this was just because every time someone had bought a few ECA at the excessive price of 1 Sat from the huge sell wall, price seemed to jump up, but most of the trades were against DOGE. During that time, a second, widely unknown, exchange also opened a DOGE/ECA market and attempted to attract users with the promise that they would even stake your ECA for you. This Exchange went by the name of Coinsmarkets.com.
At the end of summer, with little debate on Bitcointalk, some people decided to try to promote Electra on newer social-media channels, and formed a group, first on Telegram, on how to build a supportive community.

Discussion centered around a potential use-case, about a new design, the start of a new website, and finding some more exchanges.
But in November, another setback happened, Nova-Exchange announced that it had changed hands, and would not allow any new user registration anymore. So, Electra seemed to be down to Coinsmarkets as only exchange.

The New (Community) Team was looking for new Exchanges, with «Next Exchange» being forever «Next» - as after large announcement, it never really got off the ground… Around the end of 2017, the new Website (Electraproject.org) was launched, and the new Logo promoted.

2017 / 2018 – Coinsmarkets pump, crash, and aftermath

Then, something unexpected happened – while there was a general bull-market, and many rather unknown Alt-Coins saw huge price hikes, Electra on Coinsmarkets put it to the extreme – early in December, price was still well below 0.1 sat, but then, and particularly between Christmas and January 3th, 2018, the price completely exploded, price reached around 60 sat on January 3, so it had pumped ca. 1000 fold (not 1000% - one thousand times) in just 3 weeks. So, around that time, Electra would have a market cap of >200 Million $ and be ranked around place 100 on Coinmarketcap. At the turn of the year to mid-January, some more – rather unknown – exchanges listed Electra, (Coinhouse.eu, Coinscontrol, Bitafex, and finally Crypto-Bridge). But on the 4th of January, Coinsmarkets went offline (they already had problems on the third), Electra had for some days no price on Coinmarketcap.com, as the exchange where most of the remaining volume was – at Coinhouse.eu – (were the price declined from 70 to 50 sat in a few days, but still…) was not accepted by them, - until Crypto-Bridge listed in mid-January.

During this huge spike, most of the large holders from the Bonanza period had cashed out (some had dumped earlier – some still stayed on – but still…), and when Coinsmarkets went offline, around 5 Billion Electra remained stuck there. This did create huge anxiety, as many new buyers had just got in at ATH, and there was no contact for Coinsmarkets available…OTOH, this had also the result that now many people had a stake with Electra, as they wanted to save their investment, so participation in all forums of the new Team was quite high. Until the end of February, the price of Electra had declined substantially, to less than 1/6 of the peak price.

End of February 2018, coinsmarkets opened a withdrawal window for very few coins, one of them was Electra, so, at least, many Electra holders got their coins out. And then, Coinsmarkets just vanished, never to be seen ever (no real-world address / person was ever identified and made accountable, AFAIK), and the remaining Electra were then dumped on Crypto-Bridge during late March and April.

2018 – some ups – and some delays and setbacks

While most of the early Exchanges had gone offline (not only Nova and Coinsmarkets, but in the meantime also Coinhouse, Coinscontrol and Bitafex), Electra was finally listed on Cryptopia and Coinfalcon, and from then – early May 2018, prices started to recover somewhat.

The “Team” had decided to promote Electra as a leading future payment provider. As a first step, they announced the launch of a new wallet, which they called the “Desktop wallet”. This product was much hyped, if offered restoration of your private keys via a Mnemonic code and a neat graphic design, but technically, was just a different GUI to the original 1.2 Qt wallet, with significantly less functionality for experienced users. This wallet was released with still several bugs and was a point of conflict between the Team and Electra01, who clearly stated that he did not support that release.

The “New” wallet, however, did not solve some more pressing issues – initially, it was stated that Electra should have a maximum supply of 30 Billion coins. With a staking rate of 50% annually (a bit more with compound interest), this number would be reached in the second half of 2018 – what then? Ignoring the cap (because it was nowhere in the code) OR just stop staking at all? … Development of a wallet / Blockchain update to address this issue (which would require a hardfork) took quite some time – as the limit of 30 Billion drew closer, uncertainty about future staking rates increased, and the price started to fall again…

When the update to Version 1.3 of the wallet finally took effect at block 112201 on October 4th, 2018, the staking rate was extremely cut, to just 2.5% annually, and announced to fall even further rather soon. So, the incentive to hold and stake Electra declined heavily, and the price continued its downward trajectory…

Around that time, the Team finally reached a deal with Electra01, in which he promised to hand over part of the premine to a foundation, created under Dutch law. The foundation would support the development and promotion of Electra.

From its blockchain at that time, Electra could not be called a technically leading project, and thus, the necessity for a further upgrade was clearly evident.

2019 – Blockchain-upgrade, and some more – but more troubles with exchanges

The Upgrade to the Electra-Core V2 Wallet was activated at block 182750, on February 22nd, 2019. The new wallet is technically a Fork of the PIVX wallet, a leading coin linking POS with Masternodes – there are many PIVX clones out there, most run MN, and it is technically also implemented in the Electra-Core wallets Masternodes were never activated with Electra, but combining MN with proportional stake rates would also be somewhat special.

 (As a specialty, Electra was one of the very few coins that mastered such an upgrade without a swap, by importing the old blockchain in to the new one).

Other technical improvements that were much promoted was the implementation of AtomicSwaps (a technology that was much hyped but is de facto useless outside of Decentralized Exchanges (DEX) with sufficient liquidity) and the start of the own mobile Wallets for both Android and IOS devices.
Both were promoted as big steps forward on the road to make Electra-Pay ready to “ mass adoption”  with merchants and customers.

But the year brough also setbacks: Cryptopia, the exchange with the largest volume of Electra-Trading, went offline early in the year (and up to today, at least 2 Billion Electra are still stuck there), and later, Crypto-Bridge and Coinexchange followed suit. There were some new – smaller – exchanges that newly listed Electra (e.g., Crex24 and STEX), but generally, the picture was not so bright, and some people felt that the Team was better in announcing future announcements than in presenting results…

So, it was not surprising that the price, after some recovery after the launch of the mobile wallets, returned to its long-term downward trajectory once again.

2020 – some more modest progress – but finally split and crash

Comes along 2020 – while the team insisted that Electra-Pay and mass-adaption are on track, not that much changed. When in the summer Electra got listed on HitBTC, a mid-sized exchange, some pump happened again, but this was soon followed by a dump. The Team accused Electra01 to dump the bulk of the remaining pre-mine (instead, as they claimed to have agreed before, hand it over to the foundation) (conflicts between the team and Electra01 had gone on for quite some time), and thus pulled the plug, by announcing on November 25th 2020, that they would move to a new project called Electra-Protocol with the ticker XEP, that people who held Electra on their wallets (but not on exchanges, staking pools etc.) at the time of a snapshot on November 22 and were neither named Electra01 nor had participated in the Bonanza mining could claim an Airdrop between January 1th and January 10th, 2021 – and just BTW, that support for the mobile wallets (including connectivity) would stop at the end of 2020, unless Electra01 would pay a relative large amount to maintain them.

After this announcement, price of Electra collapsed to – again – far sub-sat levels.
While Electra01 organized a modest new website and a new Explorer, nothing much happened. Many people got the XEP Airdrop, but many were left behind, particularly mobile wallet users.

2021 – a new start – or just an obituary?

Some people try to organize themselves into a remnant of a community – but if this brief history is more of an obituary, or marks a new turning point, must remain open for now.

Features are basically the block explorer, Discord channel and website. I say hopefully be a force. Not definitely or guaranteed. I apologize if there was a misunderstanding.

I noticed the anniversary a few days ago - and actually prepared an - somewhat critical - Birthday toast - hoping that it's not becoming an obituary...(to be published later today)

I am, however, a bit puzzled what you are talking about when you state "are being rebuilt" - and even more how they could make "Electra a force to be reckoned"

Today marks Electra’s 4th year. To last throughout the volatile market conditions in between a 4 year Bitcoin halving cycle is a symbolic achievement for any cryptocurrency.  Despite setbacks, I am glad to see an active daily trade volume and 30 running nodes which is a healthy sign. I am thankful for certain people who stepped up and contributed to the continuation of Electra. Whether it was for social media or technical support, these efforts have been greatly helpful to our users. A lot of external features have/are being rebuilt and will hopefully make Electra a force to reckoned with by the end of the year.