Very good news to every Electra-HODLer:
The interesting thing is the upcoming hard fork in combination with Atomic Swap and the ATMs!
What is Atomic Swap?
Thousands of cryptocurrencies are currently in existence and the number continues to grow exponentially as blockchain technology is adopted. It remains a complex task to exchange one cryptocurrency for another when payment needs require different currencies. Cryptocurrency transactions are currently not reversible. This requires the use of a trusted third party to ensure that both sides of a transaction are resolved, so exchanges are used to accomplish the trading of different cryptocurrencies.
The Electra community understands the need to fill this void. Atomic Swaps is the answer.
Electra’s atomic swap architecture generates a hash-time-locked contract,
which uses multi-signature addresses and time locks to secure the transaction
at an agreed upon price.
In a two-party cryptocurrency transaction using atomic swaps on transactions
on differing blockchains can occur simultaneously and can be secured by the
sharing of a private code between both parties. Use of the private code by one
party will only complete the transaction if the second party also uses the same
private code. Failure by one party to send the agreed upon amount of currency or
to enter the correct code results in cancellation of the transaction and the return
of all funds to their original location. This process removes the need for trusted
third party intervention.
Atomic Swap technology greatly reduces the complexity of the transaction
between customer and merchant by removing the necessity of knowing which
cryptocurrency is accepted at a given location. Both the non-ECA blockchain
and the ECA blockchain confirm the transaction. If either blockchain rejects
the transaction ECA is returned to the customer’s wallet.
How does Atomic Swap work? Here is an illustration:
What is 'SocialPay' by Electra?
SocialPay by Electra is an automated application that enables individuals and
organizations to leverage the power of Social Media. This is accomplished by initiating ECA transactions on a large scale, allowing content providers and organizations to send or receive ECA within their existing Social Media audiences.
Electra’s Social Pay application is currently integrated with the platforms of Twitter, Telegram, Discord and Slack. As development of this service continues additional Social Media platforms will be added to include Facebook, Reddit, Instagram, Weibo, and others.
Who is SocialPay for?
The current version of SocialPay is designed for communities who would like to send or receive ECA using their favorite Social Media platform. SocialPay allows users to send and receive ECA by simply posting a message to their Social
Media account. This message can be either public or private. Possible scenarios where SocialPay could be used include but are not limited to the following.
- Content creators and non-profit organizations accepting donations
- Rewards-based community building
- Crowdfunding
- Participation in ICO or Token Sales
Here an example how SocialPay could be used:
The Red Cross is responding to an emergency situation and would like to raise funds to provide relief for those affected. By using the Electra SocialPay application and asking their followers for donations via Twitter, they can reach their entire audience within minutes. Once the application is set up, any Twitter user will be able to send an ECA donation via a direct message to the Red Cross.
The Red Cross will then instantly receive the ECA within its account and be able to use the funds where they are most needed.
Future developments within Electra’s SocialPay application are aimed at
expanding the possible field of Social Media participants.
All in all I am personally looking forward to this huge project. Its community is the strongest community of all coins I have ever known (I would say even stronger than the Steemit community!).
If you want to invest in Electra, you maybe should do it before June 28th, when they announce their new ATM & PoS partnership, because in my opinion the price will explode!
And if you want to find out more about Electra in general, make sure you check out this article written by my mate @steakaufeis!
Have a nice day guys!
Peace, XCHNG