Bitcoin ABC developers announced the launch of a rebranding campaign that will coincide with the launch of a new project – eCash – that aims to redefine digital money. The Bitcoin ABC project will officially change its name to eCash and the token will be renamed from BCHA to XEC on July 1st at 12 noon UTC.
As stated on the renewed website, eCash is the natural continuation of the Bitcoin Cash project led by Amaury Sechet, a former Facebook engineer and Bitcoin pioneer who was instrumental in the development of Bitcoin and who is the creator of Bitcoin Cash . Sechet split from Roger Ver in 2020 and founded Bitcoin ABC to pursue Nakamoto’s original plan to build a cryptocurrency that could be as useful as cash.
After more than a year of working on the project, Amaury is restarting Bitcoin ABC as eCash, which to date is the only project aimed at building hard digital cash that is scalable and secure with low latency. eCash realizes the vision of US economist Milton Friedman and implements important promises such as the innovative avalanche consensus layer while introducing concepts that have never been seen before in a Bitcoin project, such as staking, fork-free network upgrades and subchains.
“ECash opens the door to previously unattainable opportunities by combining the core technology behind Bitcoin’s success – the same firm offer, the same halving plan and the same Genesis block – with the latest proof of stake consensus and protocol governance” , says Amaury Sechet.
The relaunch will include a number of important upgrades, including Avalanche – a revolutionary consensus algorithm that reduces transaction confirmation time to less than 1 second while making transactions completely secure and instant. While other Bitcoin competitors like Bitcoin Cash have lost significant value due to controversial and seemingly endless forks, Avalanche is expected to bring technically solid, politically decentralized governance to the eCash protocol.
Users can also benefit from favorable staking conditions. eCash is the only low-inflation bitcoin-based cryptocurrency that offers staking rewards without the high transaction fees typical of Ethereum staking. So far, users can take eCash with USDT at Coinex.com and earn 400% APY. In the near future, eCash will also make it possible to use eCash for native on-chain rewards and secure the network with Avalanche.
Low network fees allow developers to build their projects on the eCash blockchain as well as create and trade new coins. The rebranding is intended to reduce the number of decimal places from 8 to 2, which, according to Sechet, brings the digital currency closer to the classic and simplifies its popularization.
“No other money has 8 decimal places. Why should crypto? Cryptocurrencies with a lower unit price also enjoy higher bull market appreciation. Since the eCash team is motivated by both technology and price improvements, that improvement was a breeze, ”said Sechet.
The Binance exchange has already spoken out in favor of the rebranding campaign, adding that all BCHA coins in users’ accounts will be converted to XEC coins at an exchange ratio of 1: 1,000,000 once the plan is initiated become. BCHA holders do not have to do anything as the rebranding takes place automatically. The developers of eCash recommend that users update their BCHA wallets as they expect most wallets and exchanges to use eCash / XEC. The developers also noted that this is not a mandatory action.