What Is eCash (XEC)?
According to the website, eCash is a cryptocurrency that is created in the form of electronic money. Like email, eCash also intends to be sent from one person to another around the globe. The project also includes paying for goods or services through eCash. The eCash cryptocurrency is rebranded from Bitcoin Cash ABC, which is developed and maintained by the Bitcoin ABC project. Bitcoin ABC is a split of the Bitcoin Cash blockchain. Bitcoin Cash is a fork of Bitcoin.
According to the whitepaper, the eCash protocol aims to become sound money that anyone in the world can use. Also, it wants to provide human freedom and prosperity. As the website suggests, one thing that inspired eCash to come into existence is reducing the role of the government or a central authority. Such reduction of governmental control over money provides decentralization. Thus, the project intends to provide a decentralized cash flow through the electronic medium from one person to another.
Further, the project provides different features to make eCash a strong contender in the crypto world. The project claims that it opens the doors to possibilities that were unattainable by Bitcoin. The project includes the same supply, a halving schedule, and the latest proof-of-stake consensus mechanism.
The first feature is the Avalanche consensus algorithm introduced by the project. According to the project, Avalanche is an algorithm that enables instant transactions with enhanced security. The algorithm enables a fork-free upgrade of the cryptocurrency. The algorithm seeks to provide politically decentralized governance to the eCash protocol. Also, eCash supports tokens that anyone can create and trade. A user can instantly create their own token. They can make the token with their name, total supply, decimal places, and icon. Cashfusion is another feature of the project that enables anonymity. With anonymity, it also maintains a supply cap, which can be later audited easily.
As explained, eCash is the native cryptocurrency of the Bitcoin ABC project. eCash is denoted by the ticker name XEC. A user can use eCash to send and receive payment. According to the website, such payments do not require a user to have a bank account. Also, the project claims that the token is available in every country. Thus, a user can send and receive payments cross-border. The token is also used for staking purposes and is a governance token. The project confirms that the Avalanche staking algorithm is going to be a critical part of eCash governance. The algorithm is also used to incentivize the stakers.
History of eCash (XEC)
According to the website, the Bitcoin Cash blockchain got split into two chains on November 15, 2020. One of those chains was called BCHA, and BCHA got rebranded as eCash on July 1, 2021. It has the same total supply as that of Bitcoin, which is twenty-one million. The whole project is based on the monetary philosophy of Milton Friedman.
How Are New eCash (XEC) Tokens Created & Earned?
There are various ways a user can gain or create new eCash tokens. A person can earn an eCash token by simply staking it on the eCash platform and gaining incentive. Also, a person can get eCash from any crypto exchange platform. A user then can send such tokens to their digital wallet.
It is also explained on the website that 90% of the total supply has already been minted. The newly forked eCash made two changes to its protocol. According to the platform, the project provides a new mining difficulty adjustment algorithm named ASERT. A user who wants to mine a new coin has to first set up a payment method and mining mode. After that, a user needs to set up the hardware for mining on Stratum. Stratum is a protocol that facilitates pool mining. Then, the user has to create a worker profile and set a password for it. After that, the user has to log in to one mining software and configure the settings. After such a setup, the mining process starts automatically.
