Bitcoin is one of the first blockchain-based projects that has been developed with the idea of creating a decentralised currency whose circulation is not governed by a central authority. Needless to mention, this idea was received positively by millions across the world. Furthermore, Bitcoin’s rise to prominence also started a gold rush for other developers to capitalise on. As a result, numerous cryptocurrencies came into existence, all of which have fairly similar features. One such currency is ERA coin - a part of the ERA Network.
What is ERA?
ERA Network is among the newest entrants in the cryptocurrency space. The project is still in its early stages, but it has laid out a comprehensive roadmap for the year 2018. The name of the coin is a play on the word ‘era’ as the official website claims - ‘ERA ushers you into a new era in the decentralised cryptocurrency arena.’
The aim of ERA is to become the most user-friendly and scalable cryptocurrency whose transactions are confirmed instantly. In addition to this, the ERA Network also aims to provide high security to its transactions in order to prevent problems like double spending and records alteration.
On a closer look, it appears that ERA is not different from its peers in the cryptocurrency space. This implies that the competition is significantly high which, in turn, may play an important role in the appreciation of its value over time. Apart from this, its acceptance is by vendors and merchants is another factor to be considered in judging this new digital currency.
Secondly, the official website of ERA Network claims that the coin is ‘Highly Rewarding’ with high return on investment. This definitely raises questions about the legitimacy of the cryptocurrency, considering that the project hasn’t released a whitepaper as of May 23, 2018. However, the roadmap laid out by the project has mentioned that the official whitepaper will be released sometime in Q2 2018. This is bound to give this project some much-needed clarity.
The maximum supply of ERA tokens is capped at 240,000,000 which will be achieved by the year 2030. The algorithm utilised by the ERA Network to achieve consensus is hybrid, comprising Proof-of-Work and Proof-of-Stake systems. It is worth mentioning that the algorithm utilised by the ERA Network is ASIC resistant, thus making mining possible for those without the specialised mining rigs. The mining reward in the case of PoW system and the PoS system is 10 ERA coins, regardless of the number of coins that have been staked.
Where to buy ERA coins?
ERA coins are available for purchase only on two exchanges so far - CoinExchange and Stock.Exchange. This may change in the near future, however.
ERA Token Wallets
The ERA Network has developed wallets which are capable of storing ERA coins. These wallets, available for Windows, Mac, and Linux, can be downloaded from the official website. Alternately, you can also download a web-wallet from the official site.
As mentioned earlier, it is possible to mine ERA coins. You can choose to go for Proof-of-Work system or Proof-of-Stake system. To get started, you need to download the official wallet client.
ERA Price Trends
As of May 23, 2018, the price of 1 ERA token is approximately 0.03 USD. The coin came into existence only recently and therefore, had its first bull-run sometime between late March and early April. The best the coin has done so far is crossing the $0.2 mark, only to lose its newly found momentum in the subsequent weeks. At the same time, the trade volume is in the order of a few thousand, which, in comparison to other players, is significantly lesser.
It is yet to be seen how the coin will behave in the near future, but considering that the project is still in its early stages, it is definitely going to be volatile.
Risks Associated with Investing in ERA
The ERA Network is a relatively new project that is yet to gain traction like its more popular peers. It is going to be quite volatile like every other digital currency in this space and therefore, investing in it from the perspective of making a quick buck may not seem like a feasible idea. In such a scenario, we advise you to act cautiously and invest your money in safer instruments like mutual funds.
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