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0 CommentsBitcoin Cash ABC (BCHA), the cryptocurrency that has hard-forked away from both Bitcoin and Bitcoin Cash, has rebranded to “eCash” (XEC), as well as redenominating its token and launching a Proof-of-Stake (PoS) consensus layer.
Bitcoin Cash ABC, the cryptocurrency born from several hard forks, has now relaunched as “eCash” and launching a Proof-of-Stake (PoS) consensus network.
Into updated project will be integrated proof-of-stake consensus layer “Avalanche,” which introduces staking and significantly increases transaction speed.
eCash also reduces its decimal places down from 8 to 2.
“No other money has eight decimal places. Why should crypto?” the lead developer Amaury Sechet said. “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.”
The addition of a Proof-of-Stake layer will also enable the project to join the Ethereum Virtual Machine (EVM) and enter the DeFi ecosystem.
With the upgrade, all users’ BCHA coins will be converted to XEC at a ratio of one-to-one million.
Bitcoin ABC backer, Joannes Vermorel, declared 5 main missions of the project:
- ensuring transaction anonymity;
- immutable;
- low cost;
- secure in less than three seconds;
- and maintaining infrastructure as “a public good funded through the coin social contract.”
Bitcoin Cash ABC suffered a hard time after becoming the minority chain after November 2020’s Bitcoin Cash fork. Now, Bitcoin Cash is the 12th largest cryptocurrency with a market cap of $9.2 billion, while Bitcoin Cash ABC is set to 217th place with a capitalization of $587 million, according to CoinmarketCap.
