- Bitcoin Cash ABC, the hard fork of the more renowned Bitcoin Cash (BCH) has rebranded to eCash, with features such as proof-of-stake and one-second transactions.
- eCash will also offer staking rewards that will reportedly yield up to 400 percent in annual returns 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 rebranded to eCash, and it’s promising all sorts of improvements, upgrades and developments. Most significantly, eCash will have a proof-of-stake consensus mechanism, a first for a Bitcoin project. It will also offer some of the lowest fees in the market, transactions will settle in one second and it will offer staking rewards.
Bitcoin Cash ABC is a project led by Amaury Sechet, a former Facebook engineer who has been involved in Bitcoin development for years now. Sechet was one of the key figures that led the hard fork that gave birth to Bitcoin Cash. However, after not seeing eye to eye with other leaders of the BCH camp like Roger Ver, he forked off a new project late last year.
Also Read: Bitcoin Cash: New coin BCHA trades at $20, struggling for survival
And now, barely six months in, the project has rebranded. In a blog post, the team behind the project announced that starting July 1, the native token will have its symbol change from BCHA to XEC. They described eCash as “the only project aiming to build hard digital cash that scales and is secure with low latency.”
Sechet commented:
eCash opens the door to possibilities previously unattainable by combining the core tech behind Bitcoin’s success – the same fixed supply, halving schedule, and genesis block – with the latest Proof of Stake consensus and protocol governance.
What’s new with eCash?
The new project has already received the support of a few top exchanges, one of which is the market leader Binance. The XEC token has also started trading on Gate.io.
#Binance Will Support the @Bitcoin_ABC $BCHA Rebrand to eCash $XEC & Redenomination Planhttps://t.co/GXNFJS1kfI
— Binance (@binance) June 29, 2021
eCash will come with a number of upgrades and tweaks to the Bitcoin Cash ABC protocol and design. One of these is the Avalanche, a new consensus algorithm that will reportedly reduce transaction time to one second. It will also purportedly make the transactions more secure.
eCash also claims it will bring an end to 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 biggest fields, eCash will avail this feature as well. “eCash is the only low-inflation Bitcoin-based crypto to offer staking rewards without the high transaction fees typical in Ethereum staking,” the team claimed. It added:
To date, users can take eCash with USDT at Coinex.com and earn 400% APY. In the near future, eCash will also make it possible to stake eCash for native on-chain rewards and help secure the network with Avalanche.
Another significant change is that the project has cut down its decimal places from 8 to 2. This is set to make it easier to popularize, Sechet believes. He noted:
No other money has 8 decimal places. Why should crypto? Cryptocurrencies with a lower unit price also enjoy higher bull market appreciation. Because the eCash team is incentivized by both tech and price improvement, this improvement was a no-brainer.
For BCHA holders, their coins will be converted to XEC coins at a 1:1,000,000 ratio. 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 leader of BCHA is the original BCH main developer Amaury Sechet, who left BCH because of the IFP dispute.
— Wu Blockchain (@WuBlockchain) June 24, 2021
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