02 Jul 2021 #Bitcoin Cash
Bitcoin Cash ABC has rebranded to "eCash" redenominated its token, and launched a proof-of-stake consensus layer. Bitcoin Cash ABC (BCHA), the embattled cryptocurrency project that has forked away from both Bitcoin and Bitcoin Cash, has rebranded to eCash (XEC). The project’s re-launch will see it integrate proof-of-stake consensus layer “Avalanche,” introducing staking and greatly increasing the speed of transactions.
eCash will also reduce its decimal places down from eight to two, with lead developer, Amaury Sechet, stating: “No other money has eight decimal places. Why should crypto? Cryptocurrencies with a lower unit price also enjoy higher bull market appreciation. Because the eCash team is incentivized by both tech and price improvement, this improvement was a no-brainer.”
With the upgrade, all users’ BCHA coins will be converted to XEC at a ration of one-to-one million. Chinese crypto media, Wu Blockchain, noted the project plans to support EVM-compatibility, signalling eCash hopes to interoperate with Ethereum’s burgeoning DeFi sector.
Bitcoin ABC proponent, Joannes Vermorel, articulated five core missions for the project — ensuring transactions are anonymous, immutable, low cost, and secure in less than three seconds, and maintaining infrastructure as “a public good funded through the coin social contract.”
Bitcoin Cash ABC experienced a rocky ride after emerging as the minority chain after November 2020’s Bitcoin Cash fork. The rest of the community did not accept Sechet’s move to redistribute 8% of newly mined coins to a wallet under his control to fund development. This was implemented into ABC in November. According to CoinmarketCap, Bitcoin Cash is currently the 12th-largest crypto asset with a capitalization of $9.2 billion, while Bitcoin Cash ABC ranks 217th with a market cap of $587 million.
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