What is eCash? What Xec Promises Us
What is ECash (XEC)? · Who is the Founder of eCash? · Why is eCash Different? · How Many ECash (XEC) Coins Are In Circulation? · Is the eCash Network Safe? · Where to Buy ECash (XEC)?
Have you ever heard of electronic cash currency? The feature promised by Xec coin and offered to its investors sheds light on the future.
What is eCash?
eCash (xec) is a type of coin designed as electronic cash. It has a structure that changes every minute and second. It is highly preferred with its ability to be exchanged via e-mail and converted into cash. It allows people to send money directly.
The ECash (XEC) currency is a rebranding of Bitcoin Cash ABC (BCHA). The currency diverged from the Bitcoin (BTC) and Bitcoin Cash (BCH) networks at the end of the forking process. It describes itself as “a cryptocurrency designed to be used as electronic money”. ECash; It aims to be a transaction tool used to make payments for goods and services. The currency was rebranded on July 1, 2021 and has been trying to differentiate itself from its predecessor ever since.
The subunits of eCash replace the cumbersome decimal places of Bitcoin Cash ABC and are called “bits”. So instead of sending 0.00001000 BTC, it is possible to send 10 bits with eCash. ECash works with a layer of proof-of-stake (PoS) consensus algorithm called “Avalanche”. This transaction layer should not be confused with the Avalanche (AVAX) blockchain. Following the rebranding, eCash announced that all BCHA currencies will be converted to XEC at a ratio of 1:1,000,000.
Cryptocurrency developers set their goals based on three main criteria:
- Increase efficiency and scalability by increasing transaction speed from 100 per second to over 5 million per second
- Improving the payment experience by shortening the transaction confirmation time
- Ability to extend the protocol and update it without bifurcation
Who is the Founder of eCash?
ECash (XEC) is led by Amaury Sechet, the head of the development team. He was also the developer of Bitcoin Cash (BCH). As a result of the fork, the blockchain network, the forerunner of the eCash currency, launched Bitcoin Cash ABC (BCHA). This bifurcation took place on November 15, 2020. Sechet then decided to redesign Bitcoin Cash ABC to create a new brand for eCash, explaining that reducing decimal places will help cryptocurrency adoption:
“No other currency has eight decimal places. Why would it be with cryptocurrencies? Cryptocurrencies with low unit prices are also attracting attention in the bull market. This development was inevitable as the eCash team aimed to improve both technology and prices.”
Sechet was extremely active in the development of Bitcoin Cash. With the first fork in August 2017, Bitcoin SV (BSV) came to life, leaving the Bitcoin network. Then, in November 2018, there was a fork again and Bitcoin Cash appeared. In November 2020, the last bifurcation was made. Prior to working in the cryptocurrency space, he was a software engineer at Facebook and a lead developer at Stupid D Compiler.
What does eCash offer?
eCash (XEC) developers want the cryptocurrency to be compatible with the Ethereum Virtual Machine (EVM). They plan to support the decentralized finance (DeFi) industry’s transactions on the Ethereum (ETH) network. In order for the cryptocurrency to be successful, eCash developers have set five key goals:
- Performing anonymous transactions
- Transactions cannot be changed
- Reducing transaction cost to almost zero
- Complete global transactions in less than three seconds without compromising security
- Designing the cryptocurrency infrastructure with the public interest in mind and financing it through social contract
To achieve all this, the eCash developers have put together an ambitious roadmap with their plans:
- Canonical transaction sorting to increase block processing scalability
- Use of Schnorr Signing system for batch signature verification
- Speeding up block propagation with models like hexagon
- UTXO commitment with quickstart synchronization and blockchain partitioning
- Use of Merklix-MetaTree, which enables scalable block processing
- Removable block sizes up to 1TB capacity, adaptable to market structure
Thanks to these extremely ambitious solutions, eCash will be able to support up to 10 billion users with 50 transactions per day per user.
How Many ECash (XEC) Coins Are In Circulation?
While tokenomic data is not shared for eCash (XEC), most of the rules currently in place on Bitcoin (BTC) are followed. The supply and distribution model in the Bitcoin network is applied exactly. So every time 210,000 blocks are created, about every four years, miner rewards are halved. In the Bitcoin supply model, a similar supply limit of 2.1 quadrillion Satoshi, which is obtained by dividing 21 million BTC by 100 million, is also found on eCash. Here, instead of 100 million, it is divided by 100 to get 21 trillion XEC. This is due to the fact that it is easier for users to mentally grasp integers, and the goal is to increase mass adoption of the cryptocurrency.
Is eCash Network Safe?
Unlike the proof-of-work (PoW) consensus algorithm used to secure the Bitcoin Cash ABC (BCHA) network, eCash developers are planning to switch to a proof-of-stake (PoS) algorithm to make transactions faster. The feature, which they call “post-avalanche compromise”, enables enhanced security and updates without forking. Thanks to the advanced scripting feature, advanced operation codes can be written. To take advantage of both features, the Avalanche layer will be added on top of the existing PoW structure.
XEC, its own blockchain network similar to the Bitcoin (BTC) network, does not support the ERC-20 standard.
How to buy XEC coins?
Users wishing to purchase XEC coins must first access a cryptocurrency exchange where the token is listed. Currently, crypto exchanges such as Binance, Bybit, KuCoin, Huobi Global list XEC. Investors interested in the eCash project should be a full member of one of these exchanges. Investors who successfully become a member can purchase the token by depositing money in their wallets.
