What is Bitcoin Cash ABC (eCash)?
After the hard fork from Bitcoin Cash ABC (BCHA), eCash was created to overcome the challenges of network performance and affordability faced by Bitcoin and to reduce the decimal places of BCHA (Bitcoin Cash ABC) from 8 to 6. In this Bitcoin Cash ABC review, we take a closer look at the history, features and tokens of this protocol.
Bitcoin Cash ABC was rebranded to eCash in July, 2021. No changes were made to the blockchain itself, but the way this asset appears in wallets and on exchanges has been changed so that the ticker is displayed as XEC instead of BCHA, and the address format has been updated.
In recent years, Bitcoin has undergone 2 major hard forks, with a third one called Bitcoin Cash ABC, which is itself a fork of Bitcoin Cash.
The developers at eCash are currently focused on increasing transactions per second on the network from 100 transactions per second to over 5 million transactions per second, as well as significantly reducing transaction finality and refining the protocol so that fork-free upgrades can be made in the future.
Who created BCHA/eCash?
Amaury Sechet is the lead developer of eCash, who is also the lead developer of Bitcoin Cash and Bitcoin Cash ABC.
Prior to developing blockchains and cryptocurrencies, Amaury was a software engineer at Facebook for 4 years and a lead developer at Hub Sales for 3 years.
What are the features of BCHA/eCash?
Having been recently rebranded to eCash, some changes were made to Bitcoin Cash ABC and one of the most notable changes is the implementation of the Avalanche proof-of-stake consensus layer and the redenomination (*number of decimal places reduces from 8 to 6) of the token.
By using the Avalanche proof-of-stake consensus algorithm, it is possible to stake tokens, make fork-free upgrades to the network, and perform transactions instantly.
The goal of eCash is to deliver a highly scalable digital payment system that can be used globally and be easily mined or purchased from popular exchanges.
eCash also allows users to create their own eToken with a customized name with a specified total supply, the preferred number of decimal places, and a unique icon for the token.
The core purpose of eCash is to enable anonymous, immutable transactions that are extremely low-cost and have a finality of fewer than 3 seconds.
What is the BCHA/eCash token?
When Bitcoin Cash ABC was rebranded, the token itself did not change and there is no need to swap tokens if you previously owned BCHA.
Simply put, the only thing that changed regarding the token itself was the ticker symbol and the default base unit changed so that 1,000,000 XEC = 1 BCHA.
Although XEC is not an ERC20 token, the developers of eCash plan to make XEC compatible with the Ethereum Virtual Machine and interoperable with the Ethereum Defi sector.
This token will be used to purchase goods and services from merchants that accept XEC as a payment method and it is designed to be immune to exchange rates, inflation and high transaction fees.
How to buy BCHA/eCash
If you previously owned BCHA, you can automatically convert it to eCash by sending your BCHA to an eCash wallet.
Alternatively, if you have never owned BCHA or eCash, you can mine it or purchase it from Binance, UpBit and Mandala Exchange.
Follow these steps to buy BCHA/eCash:
Step 1: Create an account with your preferred exchange
Step 2: Follow the online application process and verify your account
Step 3: Log in to the client portal and fund your account
Step 4: Go to the exchange or P2P page (if P2P is available)
Step 5: Search for the token using the search bar and confirm the transaction
What are the best BCHA/eCash wallets?
Based on research, we recommend using:
- Cashtab
- ViaWallet
- ElectrumABC
The Cashtab web wallet can be used to easily send and receive eCash and eTokens. It supports the scanning of QR codes and you can use it to view your transaction history or to browse and create tokens.
It is user-friendly and was designed specifically for integration with the eCash (Bitcoin Cash and Bitcoin SV) payment system.
ViaWallet is a multi-functional mobile and web wallet that can be used with 5 popular exchanges and it supports more than 1 million Ethereum- and Bitcoin-based coins. This wallet can also be used for staking coins and has a built-in dApp browser.
ElectrumABC is a multi-platform software wallet that was forked from a Bitcoin cash wallet, known as Electron Cash.
It has been slightly modified since Bitcoin Cash was rebranded to eCash, but most of the core features, such as the encryption and cold storage of private keys, multisig functionality, and SPV-based proof checking, have been retained.
Conclusion
What we like most about eCash is that it has kept the core principles of Bitcoin, which is to create a decentralised, efficient and affordable digital payment system.
eCash is immune to censorship, but it is utilizing the smart contract functionality, NFT compatibility and dApps on the Ethereum platform to combine the benefits of Bitcoin with the innovation of Ethereum.
We hope that this Bitcoin Cash ABC Review answers some of your questions about this protocol.
Good luck with your trading!
FAQ:
What is Bitcoin Cash ABC?
After the hard fork from Bitcoin Cash ABC (BCHA), eCash was created to overcome the challenges of network performance and affordability faced by Bitcoin and to reduce the decimal places of BCHA (Bitcoin Cash ABC) from 8 to 6.
Who is the founder of Bitcoin Cash ABC?
Amaury Sechet is the lead developer of eCash, who is also the lead developer of Bitcoin Cash and Bitcoin Cash ABC.
What token does Bitcoin Cash ABC use?
When Bitcoin Cash ABC was rebranded, the token itself did not change and there is no need to swap tokens if you previously owned BCHA.
Simply put, the only thing that changed regarding the token itself was the ticker symbol and the default base unit changed so that 1,000,000 XEC = 1 BCHA.
Although XEC is not an ERC20 token, the developers of eCash plan to make XEC compatible with the Ethereum Virtual Machine and interoperable with the Ethereum Defi sector.
How to buy Bitcoin Cash ABC token?
If you previously owned BCHA, you can automatically convert it to eCash by sending your BCHA to an eCash wallet.
Alternatively, if you have never owned BCHA or eCash, you can mine it or purchase it from Binance, UpBit and Mandala Exchange.
What wallets can I use on Bitcoin Cash ABC?
Based on research, we recommend using:
- Cashtab
- ViaWallet
- ElectrumABC
