What is eCash?
As a ‘cryptocurrency meant to be used as electronic cash’, eCash (XEC) is a restructured version of Bitcoin Cash ABC (BCHA), which is itself a fork of Bitcoin (BTC) and Bitcoin Cash (BCH).
A brief history of eCash
Amaury Sechet, the lead developer of Bitcoin Cash, forked that blockchain to establish Bitcoin Cash ABC on 15 November 2020. Sechet then decided to rebrand Bitcoin Cash ABC toeCash on 1 July 2021 to establish a new brand identity to go along with the token’s reduction of decimal places, which he hoped would help with the adoption of the coin.
XEC developers aspire for the currency to offer compatibility with Ethereum’s decentralised finance (DeFi) sector and accessibility to the Ethereum virtual machine (EVM). The developers intend to fulfil five core missions in order for the coin to be successful: ensuring anonymous transactions and transaction immutability; applying lower transaction costs; enforcing globally secure transactions with finality in fewer than three seconds; and designing the coin’s infrastructure as a public good funded through its social contract.
How eCash Works
The multi-layered architecture of the eCash network combines a privacy-focused blockchain with an EVM subchain, allowing developers to construct decentralised apps (DApps) and smart contracts easily. One of the most effective approaches for new blockchains to gain greater scalability is to separate smart contract functionality. Notably, the EVM designation implies that Ethereum developers may migrate or extend their existing DApps to the eCash network without reprogramming their projects.
On the eCash protocol, anybody may build customised tokens because the system eliminates the normal technical requirements. For improved security, eCash offers a native wallet called Sighash. Using this system, users may check their holdings, and buy, sell, and trade their cryptocurrency. When users stake XEC tokens, they gain rewards and more; staking provides the network with added security and users a low-risk passive income stream.
Avalanche, a new consensus algorithm, lies at the core of the eCash strategy. This one-of-a-kind proof of stake (PoS) system allows regular users to participate in the validation process without buying costly mining rigs. Avalanche has a plethora of complex features, including an Adaptive Block Size that can scale up to 1TB.
The CashFusion Protocol is a network privacy management add-on. The system provides high anonymity comparable to the most popular privacy coins. The system allows users to conduct private transactions. At the same time, these transactions are substantially more expensive to track than regular transactions.
What is eCash (XEC) used for?
There are several problems that eCash aims to minimise in the industry. For one, the protocol wants to streamline onboarding investors by becoming more of an understandable and approachable system. For example, projects like Bitcoin, whose atypical format and unique technical structure may confuse beginners, introduce new terminologies and symbols that all contribute to the technical obstacles of adoption. Recognising these concerns as barriers, eCash’s inventors chose to stay with a two-decimal structure that mimics fiat currency.
The PoS system of eCash allows developers to construct DApps and smart contracts easily, and enables regular users to participate in the validation process without buying costly mining rigs. Additionally, the system allows users to conduct private transactions.
