What is eCash (XEC)? A fork of Bitcoin and Bitcoin Cash.

Bitcoin is known as the 'king' of cryptocurrencies. However, its scalability is often seen as a limitation. To address this issue, many cryptocurrency projects have hard forked from Bitcoin, notably Bitcoin Cash ABC (BCHA). Subsequently, Bitcoin Cash ABC (BCHA) was renamed to eCash. So what is eCash (XEC)?

What is eCash (XEC)?

The eCash project was previously known as Bitcoin Cash ABC. This is a fork of the Bitcoin (BTC) protocol and has a more active technical roadmap. eCash has officially announced its separation from both Bitcoin (BTC) and Bitcoin Cash (BCH), and the token has also been renamed from BCHA to XEC.

In addition to rebranding, eCash has also implemented the Proof of Stake (PoS) consensus algorithm, introduced a staking mechanism, increased transaction speed, and reduced the decimal places from eight to only two.

eCash was born with the aim of providing scalability for the main blockchain. In addition, the innovative and unique Avalanche consensus layer is one of the technical highlights of eCash. The project also aims to introduce features not yet seen in Bitcoin, such as betting mechanisms, network upgrades without the need for forks, and subchains.

How does eCash work?

In the eCash model, users can buy XEC coin on cryptocurrency exchanges or mine to own them. Then, these coins will be stored on your hard drive until you are ready to use them. For example, when you are about to buy things online, you will use your 'digital wallet' to transfer money to the seller. However, it is important to note that the seller also needs a similar 'digital wallet' software to receive the payment from you.

The wallet management software will be operated by eCash bank, and thus, the transferred amount will be verified. This is similar to the payment methods behind debit and credit card transactions.

After the amount is verified, the seller can pay the transaction fee to transfer that amount to a traditional bank.

Some outstanding features of eCash

• Avalanche: Avalanche is a consensus algorithm that provides many outstanding features such as instant transactions, enhanced security, and upgrades without the need for a fork. Avalanche brings a decentralized governance mechanism as well as technical soundness to the eCash protocol.
• eTokens: eCash supports users in creating and trading new tokens. You can create tokens with unique names, supply sources, decimal places, and symbols at low cost and high speed.
• Staking: eCash has implemented the Proof of Stake consensus algorithm. This helps provide staking rewards with low transaction fees. Staking on Avalanche is an important part of eCash governance, while encouraging user participation.
• Management: Revenue from the eCash protocol will be reinvested in projects built on the eCash technology platform. The budget is allocated annually by the Global Network Council (GNC).
• CashFusion: A project built by early Bitcoin developers who have long sought to address privacy concerns on the Internet and in finance, even before Satoshi Nakamoto officially announced Bitcoin.

Privacy is a core element of money, and the CashFusion protocol of eCash is particularly important for this reason. CashFusion provides anonymity while still maintaining a verifiable supply. This protocol can be enabled or disabled at any time in Electrum ABC.

What is XEC?

On July 1, 2021, Bitcoin Cash ABC (BCHA) was renamed eCash (XEC). Along with the upgrade, all users' BCHA tokens will be converted to XEC at a ratio of 1:1,000,000.

XEC's predecessor is BCHA, a coin forked from Bitcoin Cash, so the amount of XEC in circulation will correspond to the amount of Bitcoin Cash in the market. However, due to the switch to the PoS consensus mechanism, new XEC will be created and distributed through the process of users staking XEC in the system. eCash also follows a similar halving schedule to Bitcoin, with halving of rewards occurring after every 210,000 blocks.

eCash Project Development Team

eCash was created by a group of experienced Bitcoin developers, who have previously founded Bitcoin Cash, with the most notable name being Amaury Sechet.

Amaury Sechet used to be a software engineer at Facebook and the lead developer of the Stupid D Compiler. He also played a very active role in the development of Bitcoin Cash in the past.

After a period of Bitcoin Cash operation, Amaury Sechet proposed to allocate 8% of the mining proceeds to a project development fund under his management.

This proposal has become a controversial issue in the Bitcoin Cash community. To solve it, they decided to implement a Hard Fork, and the result is the birth of eCash.