eCash Is The Natural Continuation Of The Bitcoin Cash Project.

What Is ECash (XEC)?

ECash (XEC) is the rebranded version of Bitcoin Cash ABC (BCHA), itself a fork of Bitcoin (BTC) and Bitcoin Cash (BCH). It calls itself a “cryptocurrency that’s designed to be used as electronic cash.” ECash strictly aims to be a means of transaction used to pay for goods and services. The coin was rebranded on July 1, 2021, and has since tried to distinguish itself from its predecessor. The base units of eCash are called “bits” and replace the unwieldy decimal places of Bitcoin Cash ABC. Instead of sending 0.00001000 BTC, you would send 10 bits with eCash. ECash integrates a proof-of-stake (PoS) consensus layer called “Avalanche,” which is not to be mistaken for the blockchain Avalanche (AVAX). Upon rebranding, eCash announced that it would convert all BCHA coins to XEC at a ratio of one to one million.

The cryptocurrency’s developers have set their sights on three main improvements:

  • Scaling transaction throughput from 100 transactions per second to more than five million transactions per second
  • Improving the payment experience by reducing transaction finality time
  • Extending the protocol and establishing fork-free upgrades

Historical Data

eCash is a digital currency that was developed after a hard fork of the Bitcoin Cash blockchain. At the time of the hard fork to the Bitcoin Cash blockchain. eCash was initially referred to as Bitcoin Cash ABC with the ticker symbol BCHA.

Since Bitcoin Cash is a hard fork of Bitcoin, the Bitcoin Cash ABC token shares several similarities with the top digital asset Bitcoin; For example, the Bitcoin Cash ABC token had a total supply of 21 million tokens. Additionally, both digital assets have adopted the same consensus model for their operations.
A dispute between members of the Bitcoin Cash ABC developers led to the creation of the eCash token. Disagreement arose over the 1 MB token’s block size and payment method, with each side advocating different approaches. The split became official after both teams disagreed on the Bitcoin Cash ABC token’s payment method.
An additional part of the problem that led to the split was the 8% miner’s tax dev team wanted to impose on every purchase that involved Bitcoin Cash ABC tokens. As a reward, a newly mined cryptocurrency coin is given to miners on the Bitcoin Cash ABC blockchain, however, because both teams disagreed with regards to the method of payment. A split in the network became inevitable.
E-Cash’s token was redenominated to 1:100000 before its launch and was officially launched in July 2021. The redenomination of the token will see the decimal places of the eCash coin reduce from eight to two. The ticker symbol for this new token is XEC, and it currently has a market cap worth over $3 billion.
The tokens market cap and acceptance places it among the top 50 digital currencies in the world. The token’s total supply is capped at 21 trillion coins, while its current circulating supply is over $18.7 trillion.
Despite being a hard fork of the Bitcoin Cash ABC token, the eCash has implemented several upgrades to improve the overall quality of the network. For example, this digital asset uses a 1 TB block size for transactions on its network. Additionally, the network plans to move to a Proof-of-Stake consensus layer called “Avalanche,” allowing holders of XEC coins to stake their tokens to earn rewards.
Furthermore, this upgrade will increase the speed with which transactions are linked to the network. Finally, the move to a Proof of Stake consensus will allow the eCash project to access the DeFi ecosystem and the Ethereum Virtual Machine (EVM). Compatibility with the EVM indicates the team at the project is working toward interoperability with Ethereum-based projects.
ComponenteCash (XEC)
TechnologiesCanonical transactions, Schnorr Signatures, Merklix-Meta Tree
Market Capitalization$2.2 Billion+
Open-SourceYes
Consensus MechanismProof of Stake (Avalanche)
Smart ContractsNo
Founders/AuthorsAmaury Sechet
Launch DateRebranded to eCash in 2022
Circulating Supply of Coins18,934,767,173,313 XEC
Maximum Coin Supply21,000,000,000,000 XEC
Mining-based Coin?No
Is eCash a Stablecoin?No
Does eCash have a burn rate?No
Does eCash have a Whitepaper?No, but more information can be gathered here

 

How It Works

The multi-layered approach of the eCash network combines a privacy-focused blockchain with an EVM Subchain to make it simple for developers to create Dapps and smart contracts. One of the most effective approaches for new blockchains to gain greater scalability is to separate smart contract functionality. The EVM designation, for example, means that Ethereum developers can port or expand their existing Dapps to the eCash network without having to rewrite their code.

On the eCash system, anyone can build customized tokens. The system does away with the normal technological requirements. Using the platform’s dashboard, you may create a unique token name, supply, decimal places, and icon.

This capability enhances the network’s usefulness by allowing enterprises to develop new revenue-generating tactics and enter whole new markets.

Sighash is used in eCash’s native wallet to boost security. This system allows users to keep track of their bitcoin holdings, as well as buy, sell, and trade it. This interface also allows you to keep track of your staking rewards.

When users invest XEC tokens, they get prizes and more. Staking contributes to the network’s security while also providing you with a low-risk passive income stream. Because your payouts are predetermined based on the number of tokens you stake, staking is less risky than trading. As a result, staking is significantly easier to obtain consistent returns than trading.

Avalanche, a revolutionary consensus method, is at the heart of the eCash concept. Regular users can participate in the validation process without having to buy expensive mining rigs thanks to our unique Proof-of-Stake technology. Avalanche comes with a lot of complex features. The network’s Adaptive Block Size (ABS) can expand up to 1TB.

Bitcoin, on the other hand, has a 1MB block size. Avalanche also has a Merklix-Metadata Tree, Canonical Transaction Ordering, and Pre-consensus functionality. This method allows for near-real-time processing and transaction completion on the network.

The CashFusion Protocol is a network privacy management add-on. The method offers a high level of anonymity that rivals the best privacy currencies. As part of the Electrum ABC network, the technology allows you to conduct private transactions. While the expense of tracing these transactions is far higher than that of conventional transactions.

Endorsements And Partnerships

Although relatively new to the digital space, the eCash project is available on many top crypto exchanges. These include popular crypto exchanges like Binance, Huobi Global, Mandala, Upbit, and Okex.
The eCash token has been adopted as a payment option by Weownomy, a new social network company located in Delaware, USA. Weownomy aims to provide a social media platform that is built to reward users for joining the platform. Weownomy says the eCash token will be used to pay their users and creators of content on their platform. This move further exemplifies the primary use case of eCash, i.e., a fast and inexpensive payment option.
 

Comparison Of eCash With Other Tokens

Compared with other digital currencies, the eCash token holds its own and offers several excellent features that holders will enjoy. A comparison of eCash with Bitcoin Cash helps to highlight this point well.
Following the hard fork of the Bitcoin blockchain in 2017, Bitcoin Cash was born. The Bitcoin Cash operates on a proof-of-work consensus just like Bitcoin. As a result, this digital currency does not support many decentralized features like the staking of tokens for rewards. Similarly, the Bitcoin Cash token is not yet integrated with the Ethereum Virtual Machine (EVM), meaning that the token is not compatible with Ethereum-based projects.
Even though the eCash token still uses the proof of work consensus, the devs team is currently working to shift to a proof of stake consensus while also integrating with the Ethereum Virtual Machine. These upgrades will significantly upscale the transaction speed of the token and allow the eCash to merge with several Ethereum-based projects and can be used as a payment option for these projects.

What Makes eCash Unique?

The developers of eCash (XEC) intend the coin to support Ethereum Virtual Machine (EVM)-compatibility and to be interoperable with the decentralized finance (DeFi) sector on Ethereum (ETH). For the coin to become successful, eCash’s developers intend to fulfill five core missions:

  • Ensuring anonymous transactions
  • Ensuring the immutability of transactions
  • Guaranteeing that transactions remain almost free
  • Enforcing globally secure transactions with a finality of fewer than three seconds
  • Designing the coin’s infrastructure as a public good, funded via its social contract

To achieve this, the developers of eCash have laid out an ambitious roadmap, with plans to have:

  • Canonical transaction ordering to enable scalable block processing
  • Schnorr Signatures to enable batched signature validation
  • Faster block propagation through graphene or other
  • UTXO commitment with blockchain pruning and faster initial sync
  • Merklix-Meta Tree to enable scalable block processing
  • Adaptive block sizes to support market-driven growth to 1TB blocks

These highly ambitious solutions would propel eCash to 50 transactions per user per day for up to 10 billion users.

How Many ECash (XEC) Coins Are There In Circulation?

There is no tokenomics of eCash (XEC) but it follows many of the same rules already established for Bitcoin (BTC). It shares Bitcoin’s supply and distribution model, meaning that every 210,000 blocks, approximately every four years, miner rewards are cut in half. ECash has the same supply cap as Bitcoin of 2.1 quadrillion satoshis, yet instead of those 2.1 quadrillion SATS being divided by 100 million to yield 21 million BTC, it was divided by 100, yielding 21 trillion XEC. The reason for this is simply that it is easier for users to mentally grasp integers and this decision aligns with the coin’s goal of mass adoption.

How Is The eCash Network Secured?

In contrast to the Bitcoin Cash ABC (BCHA) network, which is secured using a proof-of-work (PoW) consensus mechanism, the developers of eCash plan to add proof-of-stake (PoS) in order to speed up transactions. What they term “Avalanche post-consensus” would see enhanced security and fork-free upgrades and allow for advanced opcodes thanks to enhanced script capability. The Avalanche layer will be added on top of the existing PoW in order to leverage the benefits of both.

XEC is not an ERC-20 token, it is its own blockchain similar to Bitcoin (BTC).

What Problems Does eCash (XEC) Attempt To Fix?

There are a lot of problems that eCash seeks to do reduce in the market. For one, the project was designed to help alleviate investor confusion. Projects like Bitcoin can throw users off due to its abnormal format and unique technical structure. There are new terms and symbols that all add to the technical barriers to adoption. Recognizing these issues as hurdles, eCash’s developers decided to stick with a 2-decimal layout that mimics fiat currency.

ecash (XEC) -Twitter

ecash (XEC) -Twitter

Hard Forks

Hard forks are another vital issue that eCash eliminates. Anyone who remembers the birth of Bitcoin Cash and its subsequent hard forks can attest to the damage an ill-timed hard fork can cause to the original project. The developers decided it would be ideal to streamline future network upgrades by making the network extensible. Extensible is a term that describes the ability to make major upgrades and future improvements via a less disruptive approach. The network combines the Avalanche Post-consensus mechanism with enhanced security to accomplish this task in a reliable way.

Lack of Privacy

Most cryptocurrency projects have done away with their privacy in exchange for a more favorable view from regulators recently. Sadly, this has left investors at the mercy of anyone who desires to gain more insight into their activities. The eCash system eliminates these problems through the integration of a Zero-Knowledge Subchain to ensure that your privacy remains intact.

High Fees

High fees are another issue that has caused investors to suffer. Networks such as Ethereum continue to experience ridiculous fees due to congestion. These fees are at all-time highs. This situation continues to drive users to seek out various alternatives in the market. The eCash is one of these alternatives. It offers reduced fees compared to the competition. Specifically, eCash transactions only cost fractional Satoshis to send.

Benefits Of eCash (XEC)

There are multiple benefits that eCash users gain access to when they participate in the network. For one, the network is very secure as it borrows some aspects from Bitcoin. Specifically, the network integrates a capped supply, halving schedule, and genesis block.

ecash (XEC) - Homepage

eCash (XEC) – Homepage

Scalable – eCash (XEC)

One of the main benefits of eCash is its scalability. The developers introduced the Avalanche consensus mechanism to achieve near-instant confirmation times. To accomplish this task, the network uses mass parallelization and a multi-layered structure. This approach enables the network to expand from ~100 tx/s to over 5,000,000 tx/s while remaining responsive and valid.

eCash (XEC) Logo .SVG and .PNG Files Download

eCash Price Forecast

Do bear in mind that digital forecasters use algorithms to make their predictions. While useful as a reference, they do not take into account certain fundamental factors and external market volatility. Checking forecasters’ XEC price predictions should be just one element of your investment due diligence.

With that in mind, PricePrediction has made an XEC price prediction. It suggests that the token could reach an average of $0.00011281 in 2022, before rising to $0.00016075 in 2023 and $0.00022684 in 2024. The site forecast an average price of $0.00033607 for 2025, hitting $0.001 in 2028 and $0.002 in 2030.

CryptoNewsz states: “The forecast data shows a continuous rise in the eCash price from the second quarter of 2022, and a maximum price foresees at $0.000137; the average price is predicted at $0.000125. Any strong pullback in XEC price may take eCash to a minimum price of $0.000118.” The site’s eCash price prediction for 2025 sees the coin start the year at $0.000237.

TechNewsLeader has an eCash price prediction for 2022 of as much as $0.00012295, moving to a maximum of $0.00018099 in 2023 and $0.00026139 in 2024. For 2025 and 2026, it sees eCash reaching an average of $0.00031726 and $0.00046095 respectively. The eCash price prediction for 2030 is up to around $0.002.

Finally, WalletInvestor makes a bearish eCash coin price prediction, suggesting the coin will be down to $0.00006024 next year and make no substantial recovery. The site suggests that eCash is a “bad long-term investment”.

Final Thoughts

A few final things to mention, eCash is, at heart, a fork of a fork of a fork of bitcoin. Whether it can, after its rebranding, step out of its predecessor’s shadow remains to be seen.

The coin operates in fractions of a cent. While there is nothing wrong with this, the very small price can, potentially, put people off investing in the crypto.

The coin differs from bitcoin in one important way: It uses a Proof-of-Stake consensus mechanism, which should, at least in theory, make it one of the greener alternatives in the world of crypto.

For what it is worth, the consensus mechanism is called Avalanche, not to be confused with the blockchain of the same name, nor with that blockchain’s coin, AVAX.

Finally, while XEC is focused on being a method of exchange, there are other cryptos, such as the original BTC, that could also lay claim to this use. We will have to see which one, if any, ends up dominating the market.

0%

Verified

Post a comment

Your email address will not be published.

We use cookies to give you the best experience.