Can Electra (ECA) Compete with the Big Boys?

by Seth Mek on April 24, 2018

Electra has been gaining popularity in the last few months in the crypto world and it’s hard not to notice. You have shills changing their Twitter handles and believe it or not, the r/cryptocurrency mob hasn't ripped it to shreds...yet. Although these are premature assumptions on the coins success, ECA actually seems like it may have something to offer to investors upon doing a bit of digging.

So, you're probably thinking this is another pump and dump coin where whales control and manipulate prices. You'd be half right, sort of. Before the Whitepaper was released and before they had a respectable social media presence, ECA did go through a short period of an organized PnD. I don’t think that this hinders the potential of the coin, but to some bearish investors, this could be a red flag. Since then, they've finally upgraded from Coinsmarkets to Cryptopia and are currently Top 10 in volume/24hr. What makes this coin stand out from the other millions of alts out there?

One of the potentially big things that stand out when looking at ECA is that they use a NIST5 hashing algorithm. NIST5 has been shown to be more power efficient and secure than other prominent algorithms. There are only 7 other coins using this algorithm. The public saw quite a lot of Bitcoin news last year regarding energy efficiency. NIST5 solves this problem and provides a huge selling point for ECA. Here are some key features ECA promises to offer:

  • Nearly Instant Coin Transfers
  • Open Source
  • Team Transparency
  • Community Focused
  • Atomic Swaps (Q2 2018)
  • iOS & Android Wallets (Q2 2018)
  • TOR, IP2 & Kovri Integrated Wallets (Q2 2018)

Privacy seems to be the trend of 2018 and it looks like everybody wants to prove they’re the real deal. ECA might be something to consider if privacy and anonymity are your thing. In my opinion, the current value of ECA is somewhat correlated to its acquisition difficulty. If the team manages to get listed on a bigger like Binance or Bittrex, it may get a bit interesting due to broadened exposure. As always, do your own research and HODL on.

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