Electric Cash (ELCASH) is a payment protocol designed to be accessible and lightweight, with a focus on reducing transaction fees. Fast and free transactions on a secure and decentralized network make ELCASH ideal for everyday payments.
Electric Cash is a Proof-of-Work, SHA-256 based coin, designed to be cash-like, for everyday use. ELCASH implements the so-called “fast layer” system to improve the blockchain throughput. Blocks are mined in Proof-of-Work, which makes the blockchain secure, but transactions can be processed on a second layer (L2) of blockchain, what makes them almost instant. ELCASH Participating in the staking process rewards users not only with coins, but also with additional benefits like free transactions and Governance Power. The governance mechanism of Electric Cash (ELCASH) protocol gives its coin stakers the power to decide on the future of the ecosystem development.
In the governance process, new changes can be proposed, designed, agreed upon, and implemented. Changes are not limited to the blockchain source code technical details, but also may cover other important network and community issues. Thanks to the blockchain’s built-in voting mechanism, users can vote on proposals made both by the community members and/or the core management team of Electric Cash.
Summarizing, Electric Cash ELCASH is based on three foundations: Staking, Governance, and Second Layer. Because of these three foundations ELCASH fills an existent gap in the market as it promises to be accessible for everyone.