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Techub News reports that, according to Cointelegraph, Bitcoin developer Paul Sztorc will conduct a hard fork upgrade called "eCash" on the Bitcoin network in August, aiming to build a new competitive Layer 1 network and seven Layer 2 scaling networks (Drivechains).
According to his disclosure, after the fork is completed, Bitcoin holders will be able to exchange eCash on a 1:1 basis. The new chain's Layer 1 node software will be "almost a complete replica" based on the Bitcoin Core client and will continue to use the SHA-256 algorithm, while lowering the initial mining difficulty to increase participation.