Bitcoin Cash ABC, a fork of Bitcoin Cash, has been renamed eCash, and the coin itself is called XEC. In addition, the developers plan to switch to the Proof-of-Stake consensus method.
An article on the company’s blog highlights that eCash will be the first Bitcoin fork to switch to PoS. For this, the Avalanche protocol will be integrated into the eCash network. This will significantly increase the speed of transaction confirmation and network bandwidth.
The developers see the positioning of the project as a digital currency as the purpose of rebranding and innovations. For this, it is planned to conduct a “denomination” – to limit the number of decimal places to two.
“There is no money that has 8 decimal places. Why, then, should cryptocurrencies have them? Cryptocurrencies with a lower price per coin are more popular. Since the eCash team is motivated to both improve technology and increase prices, this step was obvious, “write the developers.
As part of the update, all BCHA coins will be converted to XEC in a 1: 1,000,000 ratio.
It is not mentioned in the article, but Chinese journalist Colin Wu
wrotethat eCash developers plan to add support for the Ethereum Virtual Machine (EVM). This will allow smart contracts to be launched on the network of this cryptocurrency and will open the project access to the decentralized finance (DeFi) industry.
As a reminder, the separation of Bitcoin Cash ABC from Bitcoin Cash took place on November 15, 2020. The network fork followed serious disagreements between the developers of two clients – Bitcoin Cash ABC (BCHA) and Bitcoin Cash Node (BCHN).
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