- Bitcoin Cash ABC, the hard fork of the most renowned Bitcoin Cash (BCH) has been renamed eCash, with features like proof of stake and one-second transactions.
- eCash will also offer wagering rewards that would bring in up to 400% annual return while promising some of the lowest fees in the industry.
Bitcoin Cash ABC, the cryptocurrency that was a hard fork of Bitcoin Cash (BCH), has been renamed eCash and promises all kinds of improvements, upgrades and developments. More importantly, eCash will have a proof of stake consensus mechanism, a first for a Bitcoin project. It will also offer some of the lowest fees on the market, trades will be settled in a second, and offer wagering rewards.
Bitcoin Cash ABC is a project led by Amaury Sechet, a former Facebook engineer who has been involved in the development of Bitcoin for years. Sechet was one of the key figures who spearheaded the hard fork that gave birth to Bitcoin Cash. However, after disagreeing with other BCH camp leaders like Roger Ver, he started a new project late last year.
Also Read: Bitcoin Cash: New BCHA Coin Trading At $ 20, Fighting For Survival
And now, just six months later, the project has changed its name. In one blog post, the team behind the project announced that starting July 1, the native token will see its symbol change from BCHA to XEC. They described eCash as “the only project to create digital hard cash that scales and is secure with low latency.”
eCash opens the door to previously unattainable possibilities by combining the core technology behind Bitcoin’s success – the same fixed offer, same halving schedule, and same genesis block – with the latest Proof of Stake consensus and governance of the protocol.
What’s new with eCash?
The new project has already received support from a few leading exchanges, including market leader Binance. The XEC token also started trading on Gate.io.
– Binance (@binance) June 29, 2021
eCash will come with a number of upgrades and adjustments to the Bitcoin Cash ABC protocol and design. One of them is the Avalanche, a new consensus algorithm that would reduce transaction time to one second. It will also be supposed to make transactions more secure.
eCash also claims that it will end the culture of hard forks with the stability of Avalanche – ironic since the project itself is a fork of a Bitcoin fork.
At a time when staking is one of the most important areas, eCash will also benefit from this feature. âeCash is the only low-inflation Bitcoin-based crypto to offer staking rewards without the high transaction fees typical of Ethereum staking,â the team said. He added :
As of today, users can take eCash with USDT at Coinex.com and earn 400% APY. In the near future, eCash will also allow eCash to be wagered against native on-chain rewards and will help secure the network with Avalanche.
Another important change is that the project has reduced its decimals from 8 to 2. This should make it easier to popularize, Sechet believes. He noted:
No other currency has 8 decimal places. Why crypto? Cryptocurrencies with a lower unit price also benefit from greater appreciation in the bull market. Since the eCash team is driven by both improving technology and pricing, this improvement was a no-brainer.
For BCHA holders, their coins will be converted to XEC coins at a ratio of 1: 1,000,000. This conversion will be automatic and will not require any action from the holders. However, they may need to upgrade their wallets.
BCHA will be renamed eCash on July 1 and will be split according to 1 BCHA = 1,000,000 XEC. The head of BCHA is the original BCH lead developer Amaury Sechet, who left BCH due to the IFP dispute.
– Wu Blockchain (@WuBlockchain) June 24, 2021