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Copied ₹0.0034458
₹0.0034458
Market Cap
₹59.4 B -1.6609%
Circulating Supply
19731800000000
Max Supply
21000000000000
Volume
₹551.05 M
All Time High :
₹0.0277
All Time Low :
₹0.0014
Price change in 24H :
₹-4.8E-5
24H High :
₹0.0031
24H Low :
₹0.003
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eCash (XEC) emerged as the revamped iteration of Bitcoin Cash ABC (BCHA), itself a derivative of Bitcoin (BTC) and Bitcoin Cash (BCH). Marketed as a "cryptocurrency designed for electronic cash usage," eCash primarily focuses on facilitating transactions for goods and services. The rebranding took place on July 1, 2021, as part of an effort to distinguish itself from its predecessor.
A notable change is the introduction of "bits" as the base units for eCash, replacing the cumbersome decimal places of Bitcoin Cash ABC. Consequently, instead of sending 0.00001000 BTC, transactions with eCash are denominated in 10 bits. Adding a proof-of-stake (PoS) consensus layer named "Avalanche" (distinct from the blockchain Avalanche or AVAX), eCash aims to enhance its functionality.
Upon the rebranding, eCash declared a conversion of all BCHA coins to XEC at a ratio of one to one million. The development team has identified three key objectives for improvement:
Scaling transaction throughput from 100 transactions per second to exceeding five million transactions per second.
Enhancing the payment experience by reducing transaction finality time.
Extending the protocol and establishing fork-free upgrades.
These initiatives collectively underline eCash's commitment to evolving as a high-throughput, efficient, and user-friendly electronic cash solution.
Amaury Sechet, the lead developer of eCash (XEC), previously held the same role in the development of Bitcoin Cash (BCH). He played a pivotal role in forking the Bitcoin Cash blockchain to create its successor, Bitcoin Cash ABC (BCHA), which occurred on November 15, 2020. Subsequently, Sechet opted for a rebranding strategy, transforming Bitcoin Cash ABC into eCash, to establish a distinctive brand identity. The decision to reduce decimal places in eCash was driven by Sechet's belief that aligning with traditional currency practices, which typically lack eight decimal places, could foster greater adoption.
In justifying this shift, Sechet pointed out, "No other money has eight 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."
Sechet's involvement in the cryptocurrency space extends beyond eCash, as he was a key figure in the development of Bitcoin Cash, leading its initial fork from Bitcoin in August 2017 and overseeing subsequent forks, including the one that resulted in Bitcoin SV (BSV) in November 2018 and the most recent fork from Bitcoin Cash in November 2020. Prior to his contributions to cryptocurrencies, Sechet held positions as a software engineer at Facebook and served as a lead developer at Stupid D Compiler.
The development team behind eCash (XEC) has a strategic vision to position the coin as Ethereum Virtual Machine (EVM)-compatible, fostering interoperability with the decentralized finance (DeFi) sector on Ethereum (ETH). To ensure the success of eCash, the developers have outlined five fundamental missions:
To realize these objectives, the eCash development team has crafted an ambitious roadmap, featuring key milestones such as canonical transaction ordering for scalable block processing, adoption of Schnorr Signatures for batched signature validation, faster block propagation through technologies like graphene, UTXO commitment with blockchain pruning for quicker initial synchronization, implementation of the Merklix-Meta Tree for scalable block processing, and adaptive block sizes to support market-driven growth up to 1TB blocks.
The ultimate aim of these initiatives is to elevate eCash to the capability of handling 50 transactions per user per day, with scalability envisioned for up to 10 billion users. Such ambitious solutions underscore the commitment of eCash's developers to establish the coin as a technologically advanced and widely adopted cryptocurrency.
Diverging from the Bitcoin Cash ABC (BCHA) network, which relies on a proof-of-work (PoW) consensus mechanism for security, the developers of eCash are poised to introduce a proof-of-stake (PoS) element to expedite transaction processing. Referred to as "Avalanche post-consensus," this approach aims to enhance security, facilitate fork-free upgrades, and enable advanced opcodes through improved script capability. The plan involves integrating the Avalanche layer on top of the existing PoW, leveraging the strengths of both consensus mechanisms.
Unlike an ERC-20 token, eCash (XEC) operates as its own blockchain, akin to the structure of Bitcoin (BTC). This distinction underscores the independent nature of eCash, emphasizing its unique blockchain framework rather than relying on the Ethereum network's ERC-20 token standard. The decision to implement PoS in conjunction with PoW showcases the developers' strategic approach to harnessing the benefits of multiple consensus mechanisms, ultimately aiming to optimize transaction speed, security, and the overall functionality of the eCash blockchain.
