Bitcoin Cash ABC was rebranded to eCash in July, 2021. In recent years, Bitcoin has undergone 2 major hard forks, with a third one called Bitcoin Cash ABC, which is itself a fork of Bitcoin Cash.
Bitcoin Cash ABC 7 key point overview:
- ✔️What is Bitcoin Cash ABC/eCash
- ✔️Who created BCHA/eCash
- ✔️What has changed (features of eCash)
- BCHA/eCash Tokenomics
- How to buy BCHA/eCash
- Top 3 BCHA/eCash wallets
- What we like about Bitcoin Cash ABC
👉 No changes were made to the blockchain itself, but the way this asset appears in wallets and on exchanges has been changed so that the ticker is displayed as XEC instead of BCHA, and the address format has been updated.
👉 After the hard fork from Bitcoin Cash ABC (BCHA), eCash was created to overcome the challenges of network performance and affordability faced by Bitcoin and to reduce the decimal places of BCHA (Bitcoin Cash ABC) from 8 to 6.
👉 The developers at eCash are currently focused on increasing transactions per second on the network from 100 transactions per second to over 5 million transactions per second, as well as significantly reducing transaction finality and refining the protocol so that fork-free upgrades can be made in the future.
👉 Amaury Sechet is the lead developer of eCash, who is also the lead developer of Bitcoin Cash and Bitcoin Cash ABC.
👉 Prior to developing blockchains and cryptocurrencies, Amaury was a software engineer at Facebook for 4 years and a lead developer at Hub Sales for 3 years.
👉 Having been recently rebranded to eCash, some changes were made to Bitcoin Cash ABC and one of the most notable changes is the implementation of the Avalanche proof-of-stake consensus layer and the redenomination (number of decimal places reduces from 8 to 6) of the token.
👉 By using the Avalanche proof-of-stake consensus algorithm, it is possible to stake tokens, make fork-free upgrades to the network and perform transactions instantly.
👉 The goal of eCash is to deliver a highly scalable digital payment system that can be used globally and be easily mined or purchased from popular exchanges.
👉 eCash also allows users to create their own eToken with a customized name and a specified total supply, the preferred number of decimal places, and a unique icon for the token.
👉 The core purpose of eCash is to enable anonymous, immutable transactions that are extremely low-cost and have a finality of fewer than 3 seconds.
👉 When Bitcoin Cash ABC was rebranded, the token itself did not change and there is no need to swap tokens if you previously owned BCHA.
👉 Simply put, the only thing that changed regarding the token itself was the ticker symbol and the default base unit changed so that 1,000,000 XEC = 1 BCHA.
👉 Although XEC is not an ERC20 token, the developers of eCash plan to make XEC compatible with the Ethereum Virtual Machine and interoperable with the Ethereum Defi sector.
👉 This token will be used to purchase goods and services from merchants that accept XEC as a payment method and it is designed to be immune to exchange rates, inflation and high transaction fees.
👉 If you previously owned BCHA, you can automatically convert it to eCash by sending your BCHA to an eCash wallet.
👉 Alternatively, if you have never owned BCHA or eCash, you can mine it or purchase it from Binance, UpBit and Mandala Exchange.
👉 Based on research, we have compiled a list of the top 3 wallets that are compatible with the eCash ecosystem and suitable for storing XEC coins.
👉 The Cashtab web wallet can be used to easily send and receive eCash and eTokens. It supports the scanning of QR codes and you can use it to view your transaction history or to browse and create tokens.
👉 It is user-friendly and was designed specifically for integration with the eCash (Bitcoin Cash and Bitcoin SV) payment system.
👉 ViaWallet is a multi-functional mobile and web wallet that can be used with 5 popular exchanges and it supports more than 1 million Ethereum and Bitcoin-based coins.
👉 This wallet can also be used for staking coins and has a built-in dApp browser.
👉 ElectrumABC is a multi-platform software wallet that was forked from a Bitcoin cash wallet, known as Electron Cash.
👉 It has been slightly modified since Bitcoin Cash was rebranded to eCash, but most of the core features, such as the encryption and cold storage of private keys, multisig functionality, and SPV-based proof checking, have been retained.
👉 What we like most about eCash is that it has kept the core principles of Bitcoin, which is to create a decentralised, efficient and affordable digital payment system that is immune to censorship, but it is utilizing the smart contract functionality, NFT compatibility and dApps on the Ethereum platform to combine the benefits of Bitcoin with the innovation of Ethereum.