What is eCash (XEC)?

What is eCash (XEC)?

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eCash (XEC) is a relaunched variant of Bitcoin Cash ABC (BCHA), which is a fork of Bitcoin (BTC) (BCH). eCash frequently bills itself as a type of digital asset that aims to be sued as electronic cash. eCash's sole purpose is to provide a medium of exchange to pay for goods and services.

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On July 1, the coin was renamed and has since attempted to differentiate itself from its predecessor. eCash's basic units are called “bits,” They replace Bitcoin Cash ABC's cumbersome decimal places. eCash allows you to transmit 10 bits instead of 0.00001000 BTC.

eCash incorporates a proof-of-stake (PoS) agreement layer dubbed “Avalanche,” which is not to be confused with the Avalanche blockchain (AVAX). eCash said that upon rebranding, it would convert all BCHA coins to XEC at a one-to-one million ratio.

 

Component eCash (XEC)
Technologies Canonical transactions, Schnorr Signatures, Merklix-Meta Tree
Market Capitalization $2.2 Billion+
Open-Source Yes
Consensus Mechanism Proof of Stake (Avalanche)
Smart Contracts No
Founders/Authors Amaury Sechet
Launch Date Rebranded to eCash in 2022
Circulating Supply of Coins 18,934,767,173,313 XEC
Maximum Coin Supply 21,000,000,000,000 XEC
Mining-based Coin? No
Is eCash a Stablecoin? No
Does eCash have a burn rate? No
Does eCash have a Whitepaper? No, but more information can be gathered here

 

Evolution and Development of eCash

eCash (XEC) is managed by Amaury Sechet, who was instrumental in the creation of Bitcoin Cash (BCH) and in the forking, which would result in Bitcoin Cash ABC (BCHA).

Sechet then dubbed Bitcoin Cash ABC in November 2020 to create a new brand image for eCash, claiming a reduction in decimal points as the rationale.

Sechet continues to handle the development of Bitcoin Cash following the split of Bitcoin SV (BSV) in November 2018, guiding its most recent fork from Bitcoin Cash in November 2020.

 

What makes eCash unique?

The development team behind eCash aims for the crypto-coin to be compatible with the Ethereum Virtual Machine (EVM). In addition, they also aim for it to be interoperable with the Ethereum decentralized finance (DeFi) sector. To ensure the coin's success, eCash's creators seek to accomplish five key objectives:

  • To ensure that transactions are anonymous
  • Ensure that all transactions are immutable
  • Guarantee that transactions have the lowest trading costs
  • Enforce globally secure transactions, and that finality can be reached in fewer than three seconds
  • Designing the coin's infrastructure in such a way that it is a public good that is funded through its social contract

 

To achieve these objectives, the developers of eCash have the following roadmap:

  • Use Canonical transaction ordering that will allow scalable block processing
  • Using Schnorr Signatures to allow for transactions to be validated by batched signatures
  • Faster block propagation
  • UTXO commitment consists of faster initial synchronization and blockchain pruning
  • Using Merklix-Meta Tree will enable scalable block processing
  • Ensure adaptive block sizes that will support overall market-driven growth to reach 1TB blocks

 

What are the main uses for eCash?

XEC is eCash's primary cryptocurrency and utility token. This powerful cryptography can be distributed globally in a secure manner in a matter of seconds.

Additionally, the token is used to pay for the execution of smart contracts and network fees. Users earn XEC for staking, and it is traded on several major exchanges.

 

What is the future potential for eCash?

As is the case with most virtual currencies, eCash is a highly volatile digital token prone to massive price changes. As a result, it is hard to anticipate whether its value will continue to rise or fall over time.

However, analysts anticipate that the value of this digital asset will improve after it transitions to proof of stake consensus.

Similarly, as the project's scalability, usability, and extensibility improve, experts anticipate further general acceptance. Partnerships and sponsorships from prominent digital businesses in the cryptocurrency field further increase the likelihood of this digital asset rising in value.

 

Price analysis on eCash

eCash was initially rebranded in 2022, and its price analysis over the past few months are as follows:

 

  August September October November December to date
XEC Price High $0.000091 $0.00036 $0.000253 $0.000213 $0.000152
XEC Price Low $0.000032 $0.00016 $0.00017 $0.00014 $0.00010
Market Cap $3.6B $6.8B $5.04B $4.02B $2.89B

 

Price prediction on eCash

According to a technical study conducted by crypto specialists, the price of eCash cryptocurrency might increase significantly over the next five years, starting at $0.0001092, its December high.

It may reach $0.0001817 by 2022 and continue to increase in 2023-2024. On this basis, eCash appears to be a profitable long-term investment.

 

Which wallets are the best option for storing eCash?

Simply put, an eCash wallet is a software program that stores the information required for users to access their eCash (XEC) cash.

This information includes a private key, which functions similarly to a passcode, and a wallet address, also known as a public key, which functions similarly to an account number.

Users can choose between the following types of eCash wallets:

  1. Ledger
  2. Trezor
  3. ZenGo
  4. Electrum Wallet
  5. ViaWallet

 

1. Ledger: Cold storage wallets are made by Ledger for consumers who wish to strengthen their security. Their wallets are physical devices that communicate with your PC.

Users can only transmit their crypto funds from the gadget when it is connected. Ledger has several products, including the Ledger Nano S and the Ledger Nano X.

 

2. Trezor: Trezor is a forerunner in the hardware wallet market. Its mix of world-class security, an easy-to-use UI, and interoperability with other desktop crypto wallets makes it suitable for both novices and professionals.

Over the years, the firm has earned the trust of the Bitcoin community. Trezor has two primary models, namely the Trezor One and the Trezor Model T.

 

3. ZenGo: ZenGo is an app that allows users to keep private keys in a non-custodial wallet without the need for a bank account. ZenGo is a cryptocurrency wallet that also allows users to purchase cryptocurrencies directly from the program.

 

4. Coinbase Wallet: Coinbase Wallet is a fantastic wallet for those who are new to cryptocurrency and have no prior experience or knowledge. The app connects to most large bank accounts and features a basic three-tab layout with easily recognized functionalities.

 

5. ViaWallet: ViaWallet enables asset administration through private key, as well as one-stop maintenance of multi-wallet assets. Additionally, it offers a variety of security techniques to safeguard valuables.

Customer service is accessible for over 40 currencies released by public networks, including ETH and BTC. ViaWallet supports a diverse range of cryptocurrencies and multi-wallet management.

 

Where can you buy eCash?

XEC can be bought from any of the following cryptocurrency exchange trading platforms:

  1. KuCoin
  2. HitBTC
  3. Coinbase
  4. UpHold
  5. Mandala Exchange

 

1. KuCoin: KuCoin is a fantastic cryptocurrency exchange for investors. It features extremely high liquidity because of the number of users on the platform. In addition, there is also a diverse range of accepted assets and services and minimal trading costs.

 

PROS CONS
The exchange features innovative trading platforms Unregulated
There are multiple crypto trading pairs to choose from The platform does not accept United States customers
Traders have access to 24/7 customer support   

 

2. HitBTC: Overall, HitBTC is a safe exchange when it comes to the technologies it employs to safeguard your assets. However, when it comes to its crew and location, the exchange lacks transparency, which is a significant red flag for some.

 

PROS CONS
Offers an intuitive proprietary trading platform Only offers crypto trading
There are several useful trading tools offered Unregulated
There is no minimum deposit requirement  
There is a large range of digital assets that can be bought, sold, and exchanged  
Traders have access to a decent selection of educational material  
The exchange has a high trust score  

 

3. Coinbase: Coinbase is a well-known decentralized cryptocurrency exchange trading platform that makes buying, selling, and exchanging digital currencies simple.

Coinbase makes purchasing Bitcoin as simple as purchasing stock through an online stockbroker but beware of the high fees and bad customer service. Coinbase provides a safe and secure platform for investing in and trading cryptocurrencies.

 

PROS CONS
There is an ultra-low minimum deposit requirement of $1 Demo accounts are not offered
The platform features a selection of educational materials Only offers crypto trading, there is no forex trading, CFD trading, or stock trading
Traders can choose between different advanced trading tools  
There is a decent selection of digital assets to choose from  
The platform is user-friendly  
Caters for both beginners and professional traders  

 

4. UpHold: Uphold is a safe exchange with a high trust score and a wide range of coins and features that traders will like, including Uphold's AutoPilot. Buyers of metals, world currencies, and ecological tokens often choose to Uphold for a multi-asset trading platform.

 

PROS CONS
The platform has all-inclusive pricing which means that there are no hidden fees or surprise spreads The educational section is not as organized as that of other exchanges
There is no required minimum investment amount, and all crypto assets can be bought fractionally  
There are no fees relating to custody, account, ticketing, or inactivity  
There is a seamless conversion between digital assets  
The trading platform is user-friendly and beginner-friendly  

 

5. Mandala Exchange

Mandala is a cryptocurrency exchange that is hosted by Binance Cloud and features a liquidity pool, making it one of a kind. The platform enables the purchase, sale, and trading of cryptocurrencies.

Anyone may open an account and begin trading on the Mandala exchange. Additionally, Mandala complies with all applicable legal standards and regulations while maintaining strict security protocols and transaction speeds.

 

PROS CONS
Deposit and withdrawal fees are not charged Limited range of instruments offered
The platform has a native cryptocurrency, MDXT While a few coins are offered, preference is given to the native cryptocurrency, MDXT
A dedicated and professional team provides support  
The platform is suited to beginner traders  

 

What is the Staking Process involved with eCash?

When users invest in XEC tokens, they get prizes and more. Staking contributes to the network's protection and provides a low-risk passive revenue stream.

Staking is less risky than trading because profits are fixed by the number of tokens that are staked. As a result, staking is a more straightforward method of achieving consistent profits than trading.

 

Is eCash a Good Investment?

eCash is a good investment.

Despite being a hard fork of the Bitcoin Cash ABC currency, eCash has included various modifications that have improved the network's overall quality. For instance, this digital asset's network operates on a 1 TB block size.

Additionally, the network intends to implement a Proof-of-Stake consensus layer dubbed “Avalanche,” which would enable holders of XEC currencies to stake their tokens to receive rewards.

This improvement will speed up the process by which transactions are connected to the network. Finally, the transition to Proof of Stake will enable the eCash project to get access to the DeFi ecosystem and Ethereum Virtual Machine (EVM).

Compatibility with the EVM demonstrates that the project's development team is committed to achieving compatibility with Ethereum-based projects.

 

What is the supply and distribution of eCash?

The circulating supply of eCash is 18,934,767,173,313 XEC and there is a max supply of 21,000,000,000,000 XEC. 

 

Is eCash a viable Alternative Coin?

Yes, eCash is a good alternative coin because of these factors:

  • Traceability – XEC transactions are recorded in a public ledger without giving away the identity and location of users.
  • Hacking – there is no known successful hacking event that took place on the blockchain.
  • Security – eCash uses robust security features and protocols.
  • Technology – eCash employs several innovative technological features, including Canonical transactions, Schnorr Signatures, Merklix-Meta Tree, and others.

Any cryptocurrency that isn't Bitcoin is referred to as an altcoin.

What are the differences between eCash And Bitcoin?

eCash (XEC) is a relaunched version of Bitcoin Cash ABC (BCHA), which is a fork of Bitcoin (BTC). eCash’s development team aims that the crypto project will become electronic cash.

Bitcoin is the largest cryptocurrency with the highest market capitalization and 24-hour trading volume. It is a store of value because of its rarity and value, in addition to being a medium of exchange that sets out to replace conventional payments.

 

  Bitcoin eCash
Price change 20/21 +400% +340%
Market Cap $800 Billion+ $2.2 Billion+
Past Hacks None None
Popularity Very High Medium
Altcoin Rank #1 – Original Crypto #65

 

What are the differences between eCash and Ethereum?

Ethereum is the largest alternative coin and the second-largest cryptocurrency. When comparing eCash and Ethereum, Ethereum has a higher utility and higher popularity score.

However, eCash has much lower network fees than Ethereum and has a capped supply. In addition, the transaction per second for eCash is much faster while there is a larger delay on eCash than Ethereum.

Ethereum also supports smart contracts, and it is much fuller featured than eCash.

 

  Ethereum eCash
Price change 20/21 +880% +340%
Market Cap $460 Billion+ $2.2 Billion+
Past Hacks None None
Popularity Very High Medium
Altcoin Rank #2 #65

 

What are the differences between eCash and Dogecoin?

Dogecoin was created in 2013 as a joke while eCash forked from Bitcoin as Bitcoin ABC, which later rebranded to its current name. Dogecoin ranks much higher on the altcoin list and is used as a medium of exchange.

Dogecoin does not have a maximum supply, while eCash is capped at 21,000,000,000,000 XEC. Dogecoin is minable, and it has a higher circulating supply, with its network secured by Scrypt and PoW.

 

  Dogecoin eCash
Price change 20/21 +7,300% +340%
Market Cap $22 Billion+ $2.2 Billion+
Past Hacks None None
Popularity High Medium
Altcoin Rank #12 #65

 

What are the differences between eCash and Neo?

eCash's usefulness is typically lower than Neo's and is anticipated to remain so for the near future. Notwithstanding this, eCash is more popular with users, despite Neo's age. Sending XEC coins is infinitely more costly than sending NEO currencies.

Additionally, eCash transactions are around 100 times slower to verify. eCash is a less decentralized cryptocurrency than Neo. This demonstrates that XEC is less reliable than NEO but does not imply that eCash is less safe.

eCash, unlike Neo, has sovereign wallets, leaving it completely reliant on the community of developers for upgrades and security. This might change soon since most currencies will be accepted by sovereign wallets.

XEC's adoption is restricted in comparison to NEO's widespread adoption by numerous online shops.

 

  NEO eCash
Price change 20/21 +160% +340%
Market Cap $1.70 Billion+ $2.2 Billion+
Past Hacks None None
Popularity Medium Medium
Altcoin Rank #69 #65

 

What are the differences between eCash and NFTs?

Nonfungible tokens (NFTs) are digital assets that each have a unique value, with no two NFTs holding the same characteristics or value as another. eCash, on the other hand, is fungible, which means that one XEC has the same value and characteristics as another XEC.

 

What are the differences between eCash and Solana?

Solana is typically more useful than eCash and is likely to continue that advantage much into the future. Despite being older than eCash, it is less popular among users.

SOL coins are approximately four times cheaper to transfer than XEC coins. Additionally, its transactions are confirmed around 13 thousand times faster.

 

  Solana eCash
Price change 20/21 +9,300% +340%
Market Cap $54 Billion+ $2.2 Billion+
Past Hacks None None
Popularity Very High Medium
Altcoin Rank #5 #65

 

What are the differences between eCash and Cardano?

eCash's utility is typically lower than Cardano's. While XEC coins are around three hundred times cheaper to transfer than ADA, their transaction speed is approximately twenty times slower than Cardano.

eCash is a less decentralized cryptocurrency than Cardano. This suggests that XEC is less reliable than ADA but does not necessarily imply that eCash is less safe.

 

  Cardano eCash
Price change 20/21 +2,100% +340%
Market Cap $42 Billion+ $2.2 Billion+
Past Hacks None None
Popularity Very High Medium
Altcoin Rank #7 #65

 

How to recognize a fake crypto wallet

To spot a fake crypto wallet, users can follow these steps:

  • Check whether the application is legitimate
  • Analyze ratings, online reviews, as well as downloads
  • Check the reputation of the wallet by reading articles, watching videos, and interviews with experts
  • Read the news from trusted news websites to identify whether any scam news or reports is surrounding the wallet
  • Research, the development team behind the wallet

 

What happens when users have a wallet that does not support their tokens?

If users send their crypto assets to an incompatible wallet, they might lose access to their tokens.

 

Is it an advantage that eCash does not have a burn rate?

No, it is not an advantage. eCash has an extremely high maximum supply, and without coin burns, this will not change, and it can cause the price to decrease because supply will always outweigh demand.

 

What are the pros and cons of not having a burn rate?

The benefits of coin burns are:

  • Coin burning often boosts the value of a coin and can help mitigate future depreciation.
  • By burning coins that were not sold during an initial coin offering (ICO), for example, investors might gain faith in a project. This demonstrates the project's commitment to its investors' success.
  • When coins are burned, the likelihood of spam assaults on a network decreases since the cost of an attack normally increases.
  • Token burning is used as a consensus technique to lower the energy usage of Proof-of-Work models, which harm the environment.
  • When assets are taken from stablecoin reserves, the burning of coins allows stablecoins to retain their price peg.

 

Disadvantages of coin burns include:

  • Liquidity issues may arise from coin burns