What Is eCash (XEC)?
eCash (XEC) is the new version of Bitcoin Cash ABC (BCHA). However, not only is the name different, but eCash also aims to become an improved version of BCHA. If you're interested in the current eCash price, check out the XEC price chart above.
Overall, the goals of eCash developers are to establish fork-free protocol upgrades, have lower transaction finality time, and increase transaction throughput from 100 to more than 5 million per second.
Besides that, eCash replaces the long decimal numerals of BCHA, meaning that instead of 0.0000100… BCHA, you would send, say, 100 XEC. This was done with the intention of making eCash more adaptable. Though note that these shorter eCash token base units are called bits.
The core technology of eCash coins, which offers previously unimaginable possibilities, is its key benefit. The cryptocurrency retains all of Bitcoin's positive characteristics, including its fixed supply and halving schedule. However, it uses the Proof-of-Stake (PoS) consensus mechanism to address Bitcoin's fundamental scalability problems.
Lastly, note that XEC coins run on their own blockchain. It's modeled based on the original Bitcoin blockchain architecture. Besides, XEC also comes in the form of the BEP-20 token, which is made specifically to function on the Binance Smart Chain (BSC).
If you plan on buying eCash coins, note that the XEC price is subject to change. This happens because, similarly to the pricing of other digital assets, the volatility of the overall cryptocurrency market affects the eCash crypto performance.
The Story of eCash
Bitcoin was forked in 2017, leading to the formation of Bitcoin Cash. It was the outcome of a disagreement among the Bitcoin community regarding scalability. Then, in 2018, Bitcoin Cash underwent another hard fork which resulted in the creation of Bitcoin SV. Compared to both Bitcoin (BTC) and Bitcoin SV (BSV), the XEC price is notably different.
Eventually, in 2020, a third hard fork of Bitcoin Cash occurred, resulting in the creation of Bitcoin Cash Node (BCHN) and Bitcoin Cash ABC (BCHA). However, in 2021, Bitcoin Cash ABC (BCHA) was rebranded as eCash.
Amaury Sechet is the lead developer of eCash. He also participated in the forking of the BCH blockchain to create BCHA. Prior to stepping into the world of crypto, Amaury Sechet worked as a lead developer at Stupid D Compiler and a software engineer at Facebook.
How Does eCash Network Function?
The consensus mechanism that eCash utilizes is called the Avalanche post-consensus protocol (not to be mistaken for the Avalanche blockchain). It's a Proof-of-Stake (PoS) consensus mechanism that has Byzantine Fault Tolerant (BFT) characteristics. It differs from Bitcoin's Proof-of-Work (PoW) mechanism in several ways.
Essentially, a network of nodes can communicate in real-time and reach dependable consensus using the Avalanche protocol. An Avalanche node will query other nodes on the network to determine the status of a specific consensus decision, such as choosing Transaction A over Transaction B. If the majority of the nodes it polls agree with its decision, it will stick with it; otherwise, it will change.
Depending on the outcome of the round, it might run another query and select a different random group of peers. Besides, the protocol's parameters include the number of random nodes to query, the number of rounds, the standards for when to cease inquiring, and the anticipated number of malicious nodes.
The Purpose of XEC Coins
The eCash supply has a maximum limit of 21 trillion XEC tokens. Since it's a deflationary asset, it's expected that the XEC price will increase over time.
XEC coins mainly function as a payment method. They're particularly beneficial when making cross-border payments. XEC aims to provide its users with safe and fast global transactions.
Following the rebrand, eCash began to convert BCHA to XEC at a ratio of 1:1000000. The most recent version of Electrum ABC (eCash wallet) allows Bitcoin Cash (BCH) owners to retrieve their eCash after importing their old Bitcoin Cash wallet from the BCH network.
eCash follows the same supply and distribution model as Bitcoin, meaning that miner incentives are halved every 210,000 blocks (roughly every four years). Besides, the developers believe that there's no need to employ burning mechanisms in order to raise the XEC price since it's valuable enough on its own.
