Bitcoin Cash ABC, a fork of the more well-known Bitcoin Cash (BCH), has changed its name to eCash and added features including proof-of-stake and one-second transactions.
Staking rewards will be offered by eCash, which are expected to provide up to 400 percent yearly returns while also providing some of the lowest expenses in the market.
Bitcoin Cash ABC, a hard fork of Bitcoin Cash (BCH), has changed its name to eCash, and it promises a slew of new features, upgrades, and advances. The most notable feature of eCash is that it will use a proof-of-stake consensus process, which is a first for a Bitcoin project. It will also have some of the lowest fees on the market, with transactions settling in a fraction of a second and staking incentives.
Amaury Sechet, a former Facebook developer who has been active in Bitcoin development for years, is leading Bitcoin Cash ABC. Sechet was a significant figure in the Bitcoin Cash hard fork that resulted in the creation of Bitcoin Cash. However, he branched off a new initiative late last year after not getting along with other BCH camp leaders like Roger Ver.
Also read: Bitcoin Cash (BCHA): The new coin is trading at $20 and is battling for survival.
After only six months, the project has undergone a rebranding. The project’s team revealed in a blog post that the native token’s symbol will change from BCHA to XEC effective July 1. “The only effort seeking to produce hard digital cash that scales, is secure, and has low latency,” they said of eCash.
eCash, according to Sechet, “opens the door to previously unreachable possibilities by integrating the core technology that has driven Bitcoin’s success – the same fixed supply, halving schedule, and genesis block – with the most recent Proof of Stake consensus and protocol governance.”
What’s new with eCash these days?
A number of big exchanges have already expressed interest in the new project, including market leader Binance. On Gate.io, the XEC token is now available for purchase.
The Bitcoin Cash ABC protocol and design will be upgraded and tweaked as part of eCash. One of these is the Avalanche, a novel consensus algorithm that promises to cut transaction times in half to only one second. It is also expected to improve transaction security.
With the stability of Avalanche, eCash claims to put an end to the culture of hard forks, which is hilarious given that the project is a fork of a Bitcoin fork.
eCash will offer this option at a time when staking is one of the most popular fields. The company claimed that “eCash is the only low-inflation Bitcoin-based currency that offers staking rewards without the exorbitant transaction fees typical with Ethereum staking.” It went on to say that customers may currently take eCash with USDT and earn 400 percent APY at Coinex.com. In the near future, eCash will add the ability to stake eCash for native on-chain payouts and use Avalanche to help safeguard the network.
Another notable modification is that the project’s decimal places have been reduced from eight to two. According to Sechet, this will make it easier to promote. He observed that no other currency has eight decimal places. Why should crypto be considered? Cryptocurrencies with a lower unit price appreciate more in a bull market. This enhancement was a no-brainer for the eCash team, who are motivated by both technological and price improvements.
BCHA coins will be changed to XEC coins at a 1:1,000,000 ratio for BCHA holders. This change will be automatic, and holders will not be required to take any action. They may, however, need to upgrade their wallets./n
