Bitcoin ABC (BCHA) has announced that it will officially rename its name to a new project called eCash.
The BCHA token is now being renamed XEC.
New eCash to use the PoS consensus algorithm
The project said it would use the latest proof-of-stake consensus level, Avalanche, which would introduce concepts like staking, fork-free network upgrades, and subchains.
The developers described Avalanche as a revolutionary consensus algorithm that reduces the confirmation time of transactions to less than 1 second and thus greatly increases the speed of block finality.
Avalanche expects the eCash protocol to be technically flawless using a decentralized governance framework. Lead developer Amaury Sechet said:
“ECash opens the door to previously unattainable opportunities by combining the core technology behind Bitcoin’s success – the same firm offer, halving plan, and Genesis block – with the latest proof of stake consensus and protocol governance. “
Sechet also said that as part of the rebranding effort, the number of decimal places in the token price would be reduced from 8 to 2.
The crypto exchange Binance has already said that with this upgrade all users of BCHA coins will be converted into XEC at a ratio of one to one million.
BCHA holders do not have to do anything as the rebranding takes place automatically. The developers of eCash have advised users to upgrade their BCHA wallets as they expect most wallets and exchanges to use the eCash / XEC variant after the upgrade is complete.
Bitcoin Cash ABC, a fork from Bitcoin Cash
Bitcoin Cash ABC is the cryptocurrency project that was split off from both Bitcoin and Bitcoin Cash. While Bitcoin Cash, the first of the Bitcoin forks, was created in 2017, Bitcoin ABC was created in 2020.
Amaury Sechet was one of the Bitcoin pioneers who significantly influenced the development of both Bitcoin and Bitcoin Cash. However, he split from core developer Roger Ver in 2020 before founding Bitcoin Cash ABC.
Both Bitcoin Cash and Bitcoin Cash ABC were designed to address Bitcoin’s scalability and speed issues, but they are both different.
One thing that Bitcoin Cash ABC does differently is its “Coinbase Rule”. The Coinbase rule adds a tax to the mining of Bitcoin Cash ABC where 50% is given to developers for protocol operations and the rest is used in a governance system called the Global Network Council.
8% of all mined BCHA coins are distributed back into the ecosystem, which enables a self-sufficient network. Bitcoin Cash ABC has done well lately. The coin is up 78.6% in the last month and currently ranks 217 on the charts with a market cap of $ 587 million.
Bitcoin Cash, on the other hand, is currently the twelfth largest crypto asset, with a capitalization of 9.2 billion US dollars, according to CoinmarketCap.
Jimmy has been following the development of the blockchain for several years and is optimistic about its potential to democratize the financial system. When he’s not immersed in the daily events of the crypto scene, he’s watching legal reruns or trying to beat his Scrabble high score.