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ECash, formerly known as Bitcoin Cash ABC, is a cryptocurrency designed to be used as electronic cash for purchasing goods and services. In July 2021, the currency underwent a rebranding to eCash (XEC). The platform is built on several technologies from the Bitcoin protocol, including the halving schedule and fixed supply, as well as implementing a governance protocol and proof of stake consensus mechanism.
Key Takeaways
eCash (XEC) is a digital currency that uses the Zerocoin protocol to ensure the privacy and anonymity of transactions.
XEC came as a fork of Bitcoin in 2013 originally called Bitcoin Cash ABC. It uses a proof-of-work consensus mechanism to secure its network.
XEC transactions are anonymous and untraceable, and its design makes it resistant to blockchain analysis.
eCash (XEC) is not as well-known or widely adopted as some other anonymous digital currencies like Monero or Zcash.
The goal of eCash is to serve as a global payments solution that offers fast, secure, and user-friendly transactions. The ultimate vision is for the eCash token to become widely accepted as a reliable form of currency for use in any location around the world.
How does eCash work?
The eCash platform utilizes a multi-layered approach to enable developers to easily create and deploy smart contracts and decentralized applications (DApps). It combines an Ethereum Virtual Machine (EVM) subchain with a privacy-focused blockchain, which allows for the separation of smart contract functionality from the main blockchain network. This allows for a significant increase in scalability without encountering constant performance issues.
The XEC platform, which utilizes the Ethereum Virtual Machine (EVM) subchain, allows developers to seamlessly transfer or expand their decentralized apps without the need for additional reconfiguration. The platform comprises various features, including eTokens and a governance protocol.
eTokens
eTokens, similar to Ether, are digital assets that can be used within a specific blockchain network. They can be compared to ERC-20 tokens, which are built on the Ethereum blockchain and include assets such as Unilayer (LAYER), Cronos (CRO), and Basic Attention Token (BAT).
The platform allows developers to create their own digital assets, called eTokens. These eTokens function similarly to tokens on the Ethereum network. They can be used in decentralized finance (DeFi) applications and transactions. Additionally, developers have the flexibility to customize eTokens with their own symbol, icon, decimal places, and name. They can also adjust the economic properties of the eTokens to fit specific needs.
Creating your own eTokens on the eCash platform is simple and cost-effective. With just one eCash transaction, you can launch your own eTokens. The platform allows for the creation of eTokens with minimal cost. It’s accessible for anyone to create their own eToken.
Staking
When you stake XEC tokens on the eCash platform, you will receive rewards. Staking provides the eCash network with security and allows users to earn a passive income stream with low risk. Compared to trading, staking has less risk as the network determines the rewards solely by the number of tokens staked. To earn consistent returns, simply stake XEC tokens on the network.
Governance
The eCash platform offers a decentralized governance protocol, which incentivizes stakers to propose changes that will benefit the platform. This allows for a more democratic decision-making process and gives users a say in shaping the future of the platform.
CashFusion
The main objective of the eCash platform is to provide complete anonymity for its users, which is crucial for maintaining the integrity of sound money. To achieve this, XEC utilizes the CashFusion protocol, which is a privacy technology similar to that used by privacy coins. It is important to note that CashFusion is highly scalable and has a transparent supply limit. It falls under the same regulatory framework as the Bitcoin blockchain.
eCash adresses the growing concern for privacy and data vulnerabilities in recent years through the use of CashFusion technology. The eCash team recognizes that as cryptocurrency usage becomes more widespread, organizations, governments, and social media platforms may seek to access and analyze user data to inform their marketing strategies. Implementing CashFusion aims to prevent this potential invasion of privacy.
The eCash platform aims to prioritize user privacy by implementing the CashFusion protocol, which is similar to privacy-focused coins. This technology allows users to choose the level of transparency they desire for their funds. It is currently only accessible through the Electrum ABC cryptocurrency wallet. However, the XEC team plans to expand compatibility to other widely used crypto wallets in the near future.
eCash versus Bitcoin Cash
Data shows that BCH has a higher number of unique transactions and a larger market share than XEC. Specifically, BCH has 61,757 unique transactions in a 24-hour period while XEC has 1,052, and BCH’s market share is 0.31% while XEC’s is 0.09%.
The eCash and Bitcoin Cash cryptocurrencies both have very low transaction fees. The average block time for eCash is 13 minutes and 42 seconds, while Bitcoin Cash’s is 11 minutes and 4 seconds. ECash plans to significantly decrease its block time once it fully implements the Avalanche integration.
eCash Development
Amaury Sechet, also known as a “financial freedom fighter and benevolent dictator”, is the leader of XEC. He previously led the launch of Bitcoin Cash and took a hiatus from the industry between 2018-2020. Prior to his involvement in Bitcoin Cash, Sechet worked as a software developer for Facebook for four years and previously worked at French IT company Hub’Sales.
The XEC coin, also known as Bitcoin Cash ABC (BCHA), was created as a result of a fork from Bitcoin Cash (BCH) in November 2020. BCH was itself a fork of Bitcoin, created by a group of developers who were dissatisfied with the direction of Bitcoin’s development community. The fork of BCH resulted in two separate projects, BCHA and Bitcoin Cash Node (BCHN). This happened due to a disagreement over a proposal to require an 8% donation from miners to a development fund.
As of August 2021, eCash has begun developing various privacy features which are still under development. One of the most notable and controversial features being implemented is the CashFusion protocol. It aims to enhance transactional privacy by “mixing” transactions with other users. This results in the obfuscation of the transactional activity.
FAQ
Frequently asked questions about XEC.
Who are the founders of eCash?
The rebranding of Bitcoin Cash ABC to eCash was driven by the desire to create a new and distinct identity for the cryptocurrency. This was achieved through the decision to change the name and reduce the number of decimal places, in order to facilitate the adoption and use of the coin. Amaury Sechet, who is the lead developer of XEC, was also the lead developer of Bitcoin Cash and was responsible for the fork that led to the creation of eCash.
Sechet has a significant history in the development of Bitcoin Cash, having played a key role in its initial fork from Bitcoin in August 2017, its continuation after the fork to Bitcoin SV in November 2018, and its most recent fork from Bitcoin Cash in November 2020. Prior to his involvement in the cryptocurrency industry, Sechet worked as a software engineer at Facebook and a lead developer at Stupid D Compiler.
How does XEC secure itself?
The eCash network plans to implement a proof-of-stake (PoS) consensus mechanism in addition to the existing proof-of-work (PoW) mechanism used by the Bitcoin Cash ABC (BCHA) network in order to increase transaction speed. The developers of eCash refer to this as “Avalanche post-consensus,” which will provide improved security and the ability for fork-free upgrades and advanced opcodes through enhanced script capability. The Avalanche layer will integrate on top of the existing PoW to take advantage of the benefits of both.
What makes XEC unique?
The team behind eCash aims to make the coin compatible with the Ethereum Virtual Machine (EVM) and able to interact with the decentralized finance (DeFi) ecosystem on Ethereum (ETH). To achieve success, the developers of eCash have outlined five key objectives:
The developers of XEC have laid out an ambitious roadmap. They have the goal of ensuring anonymous transactions, immutability of transactions, and low-cost transactions. They plan to achieve this by implementing various technologies such as canonical transaction ordering for scalable block processing. There’s also Schnorr Signatures for batched signature validation and faster block propagation, UTXO commitment with blockchain pruning, Merklix-Meta Tree for scalable block processing, and adaptive block sizes to support market-driven growth to 1TB blocks. These solutions are enabling eCash technologies to handle 50 transactions per user per day for up to 10 billion users. Additionally, eCash acts as a public good funded through its social contract. It enforces globally secure digital cash transactions with a finality of less than three seconds.
Where do I buy eCash?
To buy eCash, head over to the exchanges that trade it. The market cap and circulating supply of the coin determine the eCash price. The highest price paid for eCash was $3.61. See eCash price chart.