[Crypto Guide] All About Electra Coin (ECA)

INVESTING - CRYPTOCURRENCY
If you’re interested in speculation, Electra Coin could be an interesting choice for cryptocurrency.
Last updated April 3, 2023 | By Miranda Marquit Edited By Michael Kurko
Mobile phone showing Electra crypto app

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One of the cryptocurrencies introduced during the initial coin offering (ICO) frenzy of 2017 to 2018 is Electra (ECA). Electra Coin currently doesn’t have a development team, with the founder and the team leaving the project in 2020. However, there are some interested parties who are trying to assemble a development team to keep the project going.

If you’re interested in speculating on a cryptocurrency that might take off in the future, Electra Coin could be part of your strategy for investing money. Let’s take a look at the history and future of this crypto token.

In this article

Electra Coin basics

Name Electra
Ticker symbol ECA
Year established 2017
Blockchain Electra Blockchain
Total circulating supply 29,635,879,516 (as of 02/22/2022)
What it’s best for... Speculation (in the event that Electra manages to reinstitute the project)

What is Electra Coin?

Electra Coin was launched in 2017, using a proof-of-work (POW) model in which coins were distributed to those who solved complex computer programs. However, Electra Coin switched to a proof-of-stake (POS) model where those with higher stakes in ECA verify transactions.

Electra Coin is the token used for the Electra Blockchain, which uses the NIST5 algorithm. The token was managed by the Electra Project and founded by anonymous Electra01 (E01). However, in November 2020, most of the development team left to found a different project, Electra Protocol (XEP).

Information about Electra Coin is fairly scarce since there is no whitepaper associated with the project. It’s hard to determine the underlying issue that Electra Coin solves. However, the Electra Blockchain is open source, with all the files available on GitHub. Currently, some members of the Electra community are exploring the idea of building a new development team to revive Electra Coin.

Electra doesn’t have a mobile wallet. Instead, coins can be stored in Windows, Mac, and Linux desktop crypto wallets.

How much does Electra Coin cost?

The current price of Electra Coin as of February 22, 2022, is $0.000004647 USD. Electra’s price today is much lower than the all-time high of $0.008284, which was reached on January 5, 2018. The current ECA price is near its historic low, with low trading volume trending between $0.000004494 and occasionally spiking up toward $0.00002262.

How to buy Electra Coin

Electra Coin is not available on any of the best cryptocurrency exchanges. It can only be found on the Crex24, CoinFalcon, and STEX crypto platforms. In general, you will first need to create your desktop wallet. Once you have your wallet set up, you will need to have Bitcoin (BTC) or Ethereum (ETH) in your wallet in order to complete an exchange.

Alternately, you could buy BTC or ETH on a major crypto exchange like Binance or Coinbase using fiat currency and then send your tokens to your desktop Electra wallet address. Once the other coins have arrived, you can then go to the exchange and use your BTC or ETH to buy Electra Coin. This process is more complicated than the typical process of how to buy cryptocurrency.

FAQs about Electra Coin

Is Electra Coin dead?

For the most part, Electra coin is a defunct project. After the development team left, a group of community members has tried to keep it alive. There is a plan for a new team, but so far not much has been done to advance Electra.

Are there any Electra Coin mining pools?

There are no ECA coin mining pools. Electra is currently proof-of-stake, which means you receive more coins by having a stake in Electra. You can buy Electra tokens and then receive staking rewards to get more coins.

Bottom line

Launched in 2017, Electra Coin never really took off. However, it is very inexpensive and could be used by those interested in trading and taking advantage of small price swings on large quantities of tokens. Additionally, it can be considered speculative since there is no concrete plan for its future development.

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Author Details

Miranda Marquit Miranda Marquit has been covering money for more than a decade and is a nationally-recognized financial expert and journalist, appearing on CNBC, NPR, Forbes, Yahoo! Finance, FOX Business, and numerous other outlets.