Rebranding has become a popular phenomenon in business circles. Often, a name change, and the introduction of comprehensive changes in brand ideology helps not only to stay afloat, but also to increase the profitability of a particular project. This marketing strategy is applied in various areas of entrepreneurial activity, including the crypto industry.
One example is the recent reincarnation of the digital coin eCash (BCH ABC). It is one of the failed forks of digital gold and seemed doomed to extinction, but perhaps now the eCash cryptocurrency has a second chance. At least, that’s what its developers think. To quote their statement on their official website, “Introducing a battle-tested cryptocurrency based on centuries of economic theory and more than a decade of experience with digital assets in the real world. The eCash crypto-asset is an implementation of technically secured safe money, conceived by luminaries in monetary philosophy such as Milton Friedman.”
Let’s take a look at the technical features of the eCash digital coin project and try to figure out if this token is worth including in your investment portfolio.
What is ECash Coin (XEC)?
The eCash cryptocurrency is a bitcoin fork with an aggressive technical roadmap. Guided by Milton Friedman’s academic vision, eCash aims to deliver on the promise of scaling the blockchain.
This blockchain start-up used to be called BCH ABC. There are probably quite a few people who have hostile feelings towards the developers of this cryptocurrency, for separating themselves from Bitcoin Cash at the time, ignoring the opinion of the blockchain community. The project was repeatedly criticised on social media, and in such circumstances, rebranding was probably the only right thing to do. So what has changed beyond the name?
Features of ECash Coin (XEC)
The eCash blockchain is protected by the new Avalanche consensus algorithm. The innovative Avalanche consensus layer and its own token layer are two unique technical features of eCash. The developers of the project also aim to introduce features never before seen in the bitcoin ecosystem, such as stacking, network updates without forking and subchains.
The eCash cryptocurrency combines the main advantages of bitcoin (fixed issuance, halving and block genesis) with a modernised Proof of Stake consensus and protocol management.
This unique Proof of Stake system allows ordinary users to participate in the maintenance of the network without investing much money in computing hardware (but eCash (XEC) mining is also possible). The network has an adaptive block size, which can grow up to 1TB. The Avalanche layer integrates the Merklix metadata tree, canonical transaction ordering and pre-matching. This strategy ensures that the network processes and completes transactions almost instantaneously.
In addition, it has reduced transaction processing fees and increased network throughput. The developers implemented an avalanche consensus mechanism to achieve almost instantaneous confirmation times. The network uses mass parallelisation and a multi-tiered structure to accomplish this task. This approach allows the network to expand to more than 5,000,000 fps, while remaining responsive and reliable.
Hard fork is another vital problem that eCash eliminates. Anyone who remembers the birth of Bitcoin Cash and its subsequent hardforks can attest to the damage that an untimely hard fork could do to the original project. The developers have decided to optimise future updates to the network by making it extensible. This means that they can make any upgrade without resorting to drastic measures. The network combines an avalanche consensus mechanism with enhanced security to accomplish this task reliably. The eCash network updates the protocol twice a year, on 15 November and 15 May. These updates are required for all node operators.
The system provides a high level of anonymity, thanks to the CashFusion protocol, and allows private transactions within Electrum ABC, which makes it more difficult to trace.
The eCash network’s layered approach combines privacy-focused blockchain with an EVM subchain, allowing developers to create applications and smart contracts with ease. The separation of smart contract functions contributes to the scalability of new blockchains. Developers can migrate or extend current Dapps applications from the Ethereum blockchain to eCash without having to reprogram their projects.
Anyone can create individual tokens using the eCash protocol. This allows companies to create new revenue strategies and new markets.
Another plus of the eCash network is the decentralised management protocol. The network stimulates participants and allows them to put forward proposals that will help set the direction for development.
The digital fuel of the ecosystem, the cryptocurrency XEC. It can be used for day-to-day payments as well as to pay for the execution of smart contracts and network fees. You can receive rewards for eCash Staking, and trade XEC Coin on exchanges.
ECash Coin (XEC) origin story and team
The cryptocurrency patriarch did not initially have a defined team, there were only community members involved in the development and promotion of the project. With time, they began to merge into groups, each of which had their own vision for the future and were confident that they were on the right path. And when the groups could not come to an agreement, a hard-fork was conducted. This is how the Bitcoin Cash ABC came about. The initiator of the fork and subsequent rebranding, former Facebook and Hub’Sales employee Amory Sechet. The founding members of eCash also include:
Roger Wehr, creator of web shop bitcoinstore.com.
Jihan Wu, co-founder of Bitmain and the AntPool service.
Former Apcera software engineer Shammah Chancellor.
Bitcoin Cash ABC was developed as a software solution for the full BCH node. The split happened in 2017 thanks to the efforts of Amory Sechet, who was also responsible for much of the Bitcoin Cash development. The following year, another BSV fork appeared, and the last Bitcoin Cash fork occurred in the fall of 2020. On the first of July 2021, BitcoinCash ABC was renamed eCash (XEC), with a parallel denomination of the internal token, 1 BCHA = 1,000,000 XEC.
Ability to mine ECash Coin (XEC)
XEC coin can be both steamed and mined on computing devices. This is not the only project that uses both PoS and PoW. The Callisto coin works in a similar way on Ethash, and there are other hybrid projects as well. Now we will tell you how to mine eCash. For this purpose we will need to buy ASIC. Any model for SHA-256 will do, for example:
Antminer S19 Pro and S19;
Whatsminer M30, M20S;
As of 7.12.2021, the leading pool is mining-dutch.nl. More information about eCash collective mining servers is available at https://miningpoolstats.stream/ecash. The eCash-stacking option is not yet active. Link to official guide: https://e.cash/media/xec-ecash-mining
Where to buy ECash Coin (XEC) cryptocurrency, available exchanges
If you are looking for a reliable trading platform to exchange eCash, Binance would be the best choice.
The daily turnover of cryptocurrency exchange Binance averages one billion US dollars, and at the peak of trading it was as high as four billion. The platform has:
A user-friendly multilingual interface;
A large number of trading pairs;
Additional tools for comfortable trading.
Available trading pairs:
The full list of exchanges and currency pairs, as well as coin rates and other information is available at https://www.coingecko.com/. If we analyze, we can say that after the rebranding, no serious marketplace has delisted this cryptocurrency.
ECash Coin (XEC) Wallets
The recommended desktop wallet for eCash Electrum ABC. You can download it at github.com. A full list of eCash wallets is available on the official website https://e.cash/get-ecash#wallets. The eCash Binance exchange deposit can be used as a temporary alternative.
Outlook for ECash Coin (XEC)
The project in its current form is relatively new, the audience needs time to get to know and accept the project update better. Judging by comments on social platforms, some investors expect explosive growth to $1, and even $10. That may be the case in a year or two, but this is an optimistic eCash forecast.
Coin price depends on many factors: marketing policy, implementation of new technological solutions, state of crypto-industry, legal situation and so on.
American economist Milton Friedman said: “I think the internet will help reduce the role of government. The only thing missing, but soon to be developed, is reliable electronic money”.
The words proved prophetic. What is the outlook for eCash cryptocurrency? Of course, XEC will not displace bitcoin, but the token can be called a profitable long-term investment. Just don’t forget about risk diversification and don’t invest in a single blockchain project.