- July 1, 2021
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
The developers of Bitcoin ABC announced the start of a rebranding campaign that is set to coincide with the launch of a new project – eCash – aiming at redefining digital money. The Bitcoin ABC project will officially change its name to eCash and the token will be renamed from BCHA to XEC on July 1 at 12 PM UTC.
As stated in the renewed website, eCash is the natural continuation of the Bitcoin Cash project, which is led by Amaury Sechet, a former Facebook engineer and Bitcoin pioneer, who has had a significant impact on the development of Bitcoin and is the creator of Bitcoin Cash. Sechet parted ways with Roger Ver in 2020 and created Bitcoin ABC to realize Nakamoto’s original plan of building a cryptocurrency that might be as usable as cash.
After dedicating over a year of work to the project, Amaury is relaunching Bitcoin ABC as eCash, which, to date, is the only project aiming to build hard digital cash that scales and is secure with low latency. Realizing the vision of the US economist Milton Friedman, eCash follows through on key promises such as the innovative Avalanche consensus layer while also introducing concepts never before seen in a Bitcoin project, such as staking, fork-free network upgrades, and subchains.
“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”, as stated by Amaury Sechet.
The relaunch will include a series of important upgrades including Avalanche – a revolutionary consensus algorithm, that reduces transaction confirmation time to less than 1 second while making transactions fully secure and instantaneous. While other Bitcoin competitors like Bitcoin Cash lost significant value from contentious and seemingly endless forks, Avalanche is expected to bring technically sound, politically decentralized governance to the eCash protocol.
Users will also be able to take advantage of favorable staking conditions. eCash is the only low-inflation Bitcoin-based crypto to offer staking rewards without the high transaction fees typical in Ethereum staking. 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.
Low network fees will allow developers to build their projects on the eCash blockchain, as well as create and trade new coins. As a result of the rebranding effort, the number of decimals will be reduced from 8 to 2, which, according to Sechet, will bring the digital currency closer to the classic, as well as simplify its popularization.
“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,” as Sechet noted.
The Binance exchange has already voiced support for the rebranding campaign, adding that all BCHA coins held in users’ accounts will be converted to XEC coins at an exchange ratio of 1:1,000,000 once the plan is initiated. BCHA holders are not required to take any action, as the rebranding will take place automatically. The developers of eCash recommend users to upgrade their BCHA wallets, as they expect most wallets and exchanges to use eCash/XEC. The developers also noted that the given is not an obligatory measure.
