What is eCash?
Despite the popular demand and reputation of Bitcoin, its network seems to be in dire need of updates – with investors being driven away by its low scalability, high transaction fees and extremely volatile markets. In this eCash Review, we take a closer look at the history, features and tokens of this protocol.
Bitcoin has undergone 2 major hard forks, with a third one from Bitcoin Cash ABC, which is itself a fork of Bitcoin Cash.
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.
This is not to say that Bitcoin and the forks thereof are dysfunctional or unreliable, but making changes to a network of that scale is no simple task, and forked versions of such giant networks are made in an attempt to improve the network without compromising its core purpose or destabilizing the entire network.
The developers at eCash are currently focused on increasing transactions per second on the network from 100 per second to over 5 million 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 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 eCash?
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.
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.
To incentivise users to use eCash, the Avalanche proof-of-stake consensus algorithm has been implemented within the eCash framework, which makes it possible to stake tokens, make fork-free upgrades to the network, and perform transactions instantly.
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.
What is the XEC coin?
The XEC coin is the ticker for eCash and it is the rebranded version of Bitcoin Cash ABC (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 is 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 XEC
Unless you are able to be a miner on the eCash network, the only other way to obtain these coins is by buying them from an exchange. Most popular exchanges, such as Binance, UpBit and Mandala Exchange, will sell XEC coins.
Follow these steps to buy eCash (XEC):
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 XEC Wallets?
Based on research, we have compiled a list of the top 3 wallets that are compatible with the EeCash ecosystem and suitable for storing XEC coins.
Based on research, we recommend using these wallets:
- Cashtab web wallet
- 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 that is immune to censorship.
eCash utilizes 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 eCash Review answers some of your questions about this protocol.
Good luck with your trading!
FAQ:
What is eCash (XEC)?
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.
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.
To incentivise users to use eCash, the Avalanche proof-of-stake consensus algorithm has been implemented within the eCash framework, which makes it possible to stake tokens, make fork-free upgrades to the network, and perform transactions instantly.
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.
Who is the founder of eCash (XEC)?
Amaury Sechet is the lead developer of eCash, who is also the lead developer of Bitcoin Cash and Bitcoin Cash ABC.
What token does eCash use?
The XEC coin is the ticker for eCash and it is the rebranded version of Bitcoin Cash ABC (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 is 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 XEC tokens?
Unless you are able to be a miner on the eCash network, the only other way to obtain these coins is by buying them from an exchange. Most popular exchanges, such as Binance, UpBit and Mandala Exchange, will sell XEC coins.
What wallets can I use on eCash (XEC)?
Based on research, we recommend using these wallets:
- Cashtab web wallet
- ViaWallet
- ElectrumABC
