- The eCash project aims to build an electronic cash system with peer-to-peer (P2P) security.
- XEC coin, better known as BCHA (Bitcoin cash ABC), is a fork of Bitcoin Cash (BCH).
The eCash XEC project was developed as a rebranding exercise after the success of Bitcoin cash (BCH). It was introduced as Bitcoin Cash ABC (BCHA) and another fork split version called Bitcoin Cash Node (BCHN). Developers learned from the previous version and improved upon its shortcomings, making the system faster, more scalable, and secure.
Introducing eCash
eCash was introduced by a team of developers who sought to redefine the direction of the Bitcoin Development Community. It was guided by Amaury Sechet, who was also responsible for the origin of Bitcoin Cash.eCash It inherits the innovative features of Avalanche Consensus which enables staking, introduction of Subchains and network upgrades without using forks.
The XEC development team only holds a minor percentage of total asset supply when 90% of it has been issued already. According to their development strategy, an intentional scarcity of XEC supply will always be there to prevent it from future inflation. Even they plan to stick with a 2-decimal layout which imitates the fiat currency.
Problem-Solving Approach of eCash
Since its launch, eCash has been focused on developing various privacy features. It is working on a project called CashFusion, a privacy protocol that creates transactional perplexity by “mixing” with other users. This is a controversial concept and has been associated with Monero coin, making it prone to cyber attacks and other activities.
Currently, it aims to overcome a major issue of scalability. It currently possesses a throughput of 100 transactions per second, but its target is to achieve a massive 5 million transactions per second. To make it possible, developers intend to implement QUIC network protocol that processes a scalable blockchain.
Implementation of Avalanche
At this stage, eCash is implementing a consensus mechanism of Avalanche that is proof-of-stake (PoS). After its complete development, it will enable quick transaction finality along with scalability. Full integration will provide fork-free network upgrades and subnet implementation. The Avalanche Post-Consensus mechanism will enable holders to earn rewards and staking of XEC cryptocurrency for network security.
How eCash (XEC) works?
It is a privacy focused blockchain network which uses a multi-layered approach. It combines the EVM subchain to develop smart contracts and decentralization applications (dApps) easily. Accessing smart contracts separately helps to enhance the scalability of new blockchains. It uses multi-layered structure with mass-parallelization.
EVM designation allows Ethereum developers to expand or transfer their existing dApps without project’s reprogramming. When eCash was overhauled from BCHA, its team planned to reduce the number of decimals from 8 to 2. This means 1 XEC is equivalent to 100 Satoshis, making smaller transactions simpler.
Other features of eCash are as follows:
- Wallet
eCash has a native wallet with improved security using Sighash. Users can track their cryptocurrency transactions including buying, selling, holding and trading of cryptocurrency as well. Staking rewards can also be monitored using this wallet.
- eTokens
Using the eCash protocol, a user can create custom tokens with various functionalities, enhancing business opportunities and marketing strategies.
- XEC Governance
Decentralized governance is another advantage of the eCash network, with the stakers being incentivized with rewards and leading the network’s advancement.
Conclusion
eCash is the latest platform developed by the creators of BCH. It comes with advancements in security and scalability, addressing concerns of its predecessors. While most functionalities are already developed, some are still in progress. Despite this, eCash proves to be a reliable option with its helpful features.
