ECash is a cryptocurrency that was established by the creators of Bitcoin Cash. The initial project dates back to 2017 when the fork took place and the new cryptocurrency started developing separately from the original one. After several splits that followed, the fork went on developing as Bitcoin ABC until it rebranded into eCash with a ticker XEC on July 1, 2021.
ECash has integrated a PoS (proof-of-stake) consensus layer “Avalanche” that shouldn’t be confused with the Avalanche blockchain. With that, the project has enabled enhanced security, instant confirmation of transactions, and easier network upgrades that give huge potential to the platform.
The mission that eCash developers declare on their website is to “redefine wealth”, i.e. to enable freedom, privacy, and the power of your own voice. For that, the platform attempts to build global electronic cash that should become an alternative to other means of electronic payments.
The main advantage of the asset is the core technology that provides previously unattainable possibilities. While the cryptocurrency has all the strong features of Bitcoin such as fixed supply and halving schedule, it combines them with the proof-of-stake consensus protocol to resolve the scalability issues inherent to BTC.
Bitcoin ABC is the software that was developed for the interaction with eCash and the maintenance of the eCash network. This is a full node implementation of the eCash protocol.
The roadmap of the project was devised with regard to the problems that the cryptocurrency tries to solve. By introducing Canonical Transaction Ordering, the platform managed to attain scalable block processing, while Schnorr Signatures provided batched signature validation to the project. Though this is just a beginning of a long way, eCash developers are sure that the speed of the network will be capable of surpassing 5 million transactions per hour that is attainable with the help of mass parallelization. In addition, the team intends to make eCash EVM compatible (Ethereum Virtual Machine) and interoperable with the DeFi sector on Ethereum.
The roadmap published on the official website of the asset declares the plans to introduce the lightning-fast network QUIC, faster block propagation, UTXO commitment for faster initial synchronization, and blockchain pruning. Also, Adaptive Block Size that provides market-driven growth to ITB blocks, and Merklix Metadata Tree technology entered the list of features contributing to scalable network processing. With the introduction of these features, the team can develop the system with technical power and capabilities to serve the whole of mankind, i.e. 10 billion humans who would use the blockchain to make 50 transactions on a daily basis.
ECash enables its users to make instant secure transactions within a matter of a few seconds. Such technologies as CashAddr make the cryptocurrency simpler and safer to use. Better security is attained with the Stighash technology and advanced opcodes.
The platform appeared after the split of Bitcoin Cash that took place in November 2020. While in many similar projects developers hold the majority of coins’ supply, the team of eCash possesses just a small amount of XEC. This helps to eliminate the risk of inflation caused by the release of the coins that belong to teams. Besides, 90% of XEC has been released already at the time of writing. With such a limited supply, the risk of value loss is minimal.
XEC runs on its own blockchain that resembles the original Bitcoin platform. It is also worth mentioning wrapped XEC that is operating on the BSC (Binance Smart Chain). However, the founders of XEC don't recommend storing the cryptocurrency as a BEP-20 token, which is the case with wrapped XEC but storing it as XEC instead, on a secure wallet where holders can control the wallet keys.
The founders of the project consider that Avalanche staking can help to incentivize users and increase the popularity of the asset. Thus, the members of the community get the opportunity to earn rewards just like holders of DeFi tokens do with the help of the proof-of-stake model.
ECash (XEC) cryptocurrency
The developers consider eCash primarily as a means to send and receive payments. In their opinion, it is especially useful for cross-border payments as this is a cheap and safe payment method available for any person around the globe.
eCash uses bits that alleviate small transactions and small payments thus contributing to mass adoption of the cryptocurrency. XEC holders are not confused with weird figures as they can send, for instance, 10 bits instead of 0.00001000 BTC.
After rebranding, eCash started converting BCHA to XEC at a ratio of one to one million. The holders of Bitcoin Cash (BCH) can retrieve their eCash after importing their old Bitcoin Cash wallet from the BCH network using the latest Electrum ABC release they can easily download from the official website of the project.
eCash (XEC) can be mined with the assistance of ViaBTC Mining Pool Software. Miners should deploy an eCash full node to start working. It can also be purchased on some exchanges on some of which eCash is listed as BCHA. Though eCash was rebranded in July 2021, the older listings of some exchanges haven't been updated yet. The platform strongly encourages these facilities to do it but it takes time to make a switch.
The XEC system doesn't employ the burning mechanism to increase the value as the developers consider that the cryptocurrency is valuable enough without this procedure.
ECash can be stored on such wallets as ElectrumABC, Cashtab, and ViaWallet. It is possible to purchase the cryptocurrency via Huobi Global, Binance, Upbit, OKEx, and many other platforms.
The lead developer of the project is Amaury Sechet, who previously worked as a software engineer in Facebook and then developed Bitcoin Cash (BCH). It is also worth mentioning his active role in forking the blockchain in 2017 and then in 2020 to start the Bitcoin Cash ABC project. He has also initiated the rebranding of BCHA to build a new brand identity.