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I have heard many people shilling this coin (Electra, ECA) recently, both here and on /biz/. It claims to be faster than XRB with low fees (but XRB has no fees). People who are looking for the next XRB should not trust this coin. I discovered it because someone PM’d me asking about it recently.

This was my response: “I did some research into this Electra cryptocurrency, and it seems very shady, sadly. The immediate red flag is that there is no whitepaper. This is unacceptable for a project like this. It means that either they were too lazy to write one, or the technology is not different enough from existing cryptocurrencies. I also looked at the blockchain (a standard blockchain, not a DAG, block lattice or other generalized graph) and saw that the average block time is five minutes. This is twice as slow as Litecoin! So I cannot understand where all the claims of instant transactions are coming from, because the coin does not have the technology to do this.

A standard blockchain does not seem to be able to achieve instant transactions, especially not with 5 minute block times. Perhaps these claims of speed come from the wallet allowing spending of unconfirmed transactions. And the last thing - they used a split PoW/PoS structure, but inexplicably decided to have 95% of the PoW stage mined in 24 hours, a few days after launch. This is very suspect, and seems like an attempt to mine up all of the coins early. Finally, it promises 50% staking rewards per year.

This amount of interest is close to BitConnect and will lead to runaway inflation. Steer clear of this coin.” • • • • •.