Bitcoin Cash ABC is renamed “eCash”, converts BCHA to XEC at 1: 1,000,000 and offers staking
Bitcoin Cash ABC (BCHA), the crypto project that was diverted from both Bitcoin and Bitcoin Cash, has been renamed eCash (XEC).
The project will then integrate the proof-of-stake (POS) consensus layer “Avalanche”, introduce staking and significantly increase the speed of transactions.
eCash will even scale its decimal places down from eight to two. Main developer, Amaury Sechet said:
“No other currency has eight decimal places. Why electronic money? Cryptocurrencies with lower unit prices were also pushed up by the bull market. Team eCash is driven by both technological innovation and price. “
With the upgrade, all users’ BCHA coins will be converted to XEC at a rate of 1 to 1 million.
Wu Blockchain, a Chinese journalist, Note that the project plans to support compatibility with the Ethereum Virtual Machine (EVM), suggesting that eCash has ambitions to interact with Ethereum’s growing DeFi sector.
Bitcoin ABC proponent Joannes Vermorel outlined five core tasks for the project: Ensuring anonymous, immutable, inexpensive and secure transactions in less than three seconds, and maintaining the infrastructure is a “public good funded by a social coin contract becomes”.
Bitcoin Cash ABC went through a difficult period after emerging as a chain with little community support following the Bitcoin Cash Fork in November 2020.
The rest of the community disapproved of Sechet’s move to redistribute 8% of the newly mined coins to the wallets under his control in order to raise funds for development. This was rolled out with ABC in November.
BCHA price chart | Source: Tradingview
According to CoinmarketCap, Bitcoin Cash is currently the twelfth largest crypto asset with a market cap of $ 9 billion, while Bitcoin Cash ABC ranks 217th with a market cap of $ 547 million.
According to Cointelegraph