A while ago, Bitcoin Cash ABC was forked from Bitcoin Cash. Now, it is rebranding as eCash, which may help the team achieve its goals. eCash is an electronic currency striving to give economic freedom. The digital asset space is an industry welcoming numerous projects regularly. Because of the need to access financial services, many projects have bridged the gap between people and products. Despite the unstable market, the space continues to grow, thanks to digital assets enthusiasts pushing the narrative. eCash is another cryptocurrency the industry is looking out for, especially after rebranding. In this article, we will be looking carefully into the fully rebranded eCash crypto project and what to expect from XEC in 2022.
What is eCash?
eCash is a cryptocurrency forked from Bitcoin and Bitcoin Cash. A fork happens when a community changes a blockchain’s protocol. This creates a similar chain, but with a couple of changes. With this, the community can build its preferred blockchain. Some experts describe forking as a change in protocol that happens when the community does not agree on certain things.
Previously known as Bitcoin Coin ABC, it strives to become electronic cash, which means that it will be used primarily to purchase goods and services. Similarly, the project hopes to integrate new changes to its structure. For one, it plans to leverage proof-of-stake(PoS) consensus layer “avalanche” to make transactions faster.
First-generation blockchains like Bitcoin utilize Proof-of-work(PoW) consensus mechanism, known to have several challenges. PoW is a mechanism requiring miners to solve mathematical puzzles before being rewarded with blocks. This prevents bad actors from manipulating the chain.
While PoW has helped secure blockchains, scalability issues have made newer networks leverage another mechanism called proof-of-stake. PoS is notably faster when it comes to transactions. The chain can settle transactions faster without consuming lots of energy. Because PoW requires lots of power, governments fear that this may put pressure on natural resources responsible for producing energy.
Bitcoin Cash ABC Rebrands To eCash
eCash is an asset gotten after forking bitcoin cash. It is safe to mention that bitcoin cash is also a fork of bitcoin, which happens to be created when some community members choose different paths. Some parties believe that bitcoin is valuable because it works as a payment method. With this, they upgraded bitcoin cash to handle transactions.
Similarly, Bitcoin Cash split, creating Bitcoin Cash ABC, making both related to Bitcoin. Since then, the new community decided to implement some changes, requiring it to change its name to eCash. It claims it would enable users to pay for goods and services without a bank account.
Also, eCash will reduce its decimal places from eight to two. The project’s lead developer, Amaury Sechet, explained that no money has eight decimal points. The expert revealed that the team is incentivized by tech and price improvement, making the reduction necessary. So, there is no significant change regarding the cryptocurrency; Holders can convert BCHA coins to the new eCash.
Why Bitcoin Cash ABC Is Rebranding?
One of Bitcoin Cash ABC’s leading supporters, Joannes Vermorel, revealed that the project hopes to achieve five goals. The first is ensuring anonymity. Anonymity is a core aspect of blockchain technology; the project’s rebranding may help it achieve this. It also hopes to improve transaction speed, execute transactions at a low cost, remain immutable, and maintain infrastructure.
What makes eCash Different?
According to the official website, eCash has two main differences; It plans to leverage proof-of-stake consensus and protocol governance. That said, the coin project claims to be the continuation of Bitcoin ABC.
Here are some key features that make the cryptocurrency different;
Avalanche: It will utilize Avalanche, a consensus algorithm, striving to ensure fast transactions improve security and upgrades without forks. The team believes that forks, like Bitcoin Cash, have lost value due to the numerous forks. Because of Avalanche’s features, eCash may benefit from decentralization, fundamental in the digital asset space.
Staking: Staking is also a new feature that the protocol hopes to add. Using Avalanche’s technology, it plans to make staking part of governance and user incentivization. Staking is a way for the holder to earn rewards for holding their cryptocurrencies. This reduces sell-offs, helping the coin achieve price growth. To stake, you might need to keep your cryptocurrencies in a staking pool, helping you earn rewards.
Governance: This is one of the most critical aspects of every community. The project hopes to reinvest revenue into the ecosystem to fund infrastructure and other important aspects.
Etokens: Additionally, eCash plans to support new tokens. These are tokens that anybody can create. With this, users create their digital asset supply through the protocol.
Small-denomination: The project claims that cryptocurrencies with lower units enjoy the bull run. Because of this, the team decided to reduce the decimal points from eight to two.
Cashfusion: eCash also hopes to prioritize privacy. It believes that big tech firms control what people see and what they do. With privacy, eCash strives to help users defend their freedom. Through eCash’s cashfusion support, it hopes to bring privacy to the space.
$XEC Price Analysis
Predicting a digital asset’s future movement is difficult, especially with highly-volatile currencies like cryptocurrencies. For one, we have to look at many things surrounding the asset. Presently, the market’s outlook is bearish. Popular coins like Bitcoin and Ethereum struggle to record notable price growth.
This has affected the whole market structure. Still, we can try to picture the currency’s next movement. At the time of writing, the coin stays comfortably at the $0.000081 price point. This is an improvement from last week’s price, where it hovered around the 0.000075 range. Yet, this price is lower than what it started the year with.
With incoming developments and market restructuring, it might be an attractive investment for interested investors. In the next three months, the coin may hover around the $0.00011 range and go as high as $0.0003 before the year ends. And as the team works on the roadmap, many investors would likely want to buy into the project.
Restructuring From Bitcoin Cash ABC To eCash
Sechet, one of the leading Bitcoin Cash ABC advocates, created the same with the hope of following Satoshi Nakamoto’s plan for cryptocurrency. This means that Bitcoin should be used as cash. Satoshi Nakamoto is Bitcoin’s founder. The creator invented the cryptocurrency to enable users to transact peer-to-peer.
The Bitcoin Cash forking controversy started when Sachet proposed a miner’s tax of 8%. This led to a disagreement between miners because a tax would reduce revenue gotten from mining. After this, the chain split into two, namely, bitcoin cash and bitcoin cash ABC. Now, bitcoin cash ABC is restructuring and has become eCash.
The project’s restructuring comes with numerous changes, such as a new name, website, and objectives. That said, BCHA holders will be able to convert their assets to XEC to help the process.
Conclusion
Experts created eCash from the forking of Bitcoin Cash. Previously known as BCHA, it hopes to change specific issues with bitcoin, including transaction speed and cost of settlement. It hopes to achieve this with a proof-of-stake consensus layer, which may improve speed and efficiency. Additionally, the project’s team plans to reduce the decimal places to two because it believes that money does not have eight decimal places, so why should eCash. eCash strives to work as cash, being a payment for goods and services.
