eCash (XEC), short for electronic cash, is a cryptocurrency designed for making digital payments in a peer-to-peer format, such as transferring payments to users or paying for goods and services. eCash, formerly known as Bitcoin Cash ABC (BCHA), emerged as a hard fork from the original Bitcoin blockchain and Bitcoin Cash network.
It offers a quick, cheap, and safe way to conduct financial transactions without needing a bank account or an intermediary. Users can send and receive payments in cryptocurrencies worldwide using their cryptocurrency wallets using XEC coins with low transaction fees, high speed, and more robust security.
The development of eCash was inspired by Milton Friedman, who envisioned the need for reliable electronic cash for the global community to truly enjoy the power of the internet. Friedman imagined eCash to be one of the major forces that could drive the digital transformation of people’s lives through the internet and reduce the role of government as a result.
The eCash project is developed and maintained by Bitcoin ABC, which comprises leading early Bitcoin developers. XEC is the native cryptocurrency of the eCash network. It has the same fixed supply as that of Bitcoin - 21 trillion XEC to 2.1 quadrillion satoshi after the redenomination of the base unit for eCash crypto.
eCash leverages an infrastructure similar to that of Bitcoin - the world’s largest cryptocurrency by market cap and popularity. It enjoys the same fixed supply for XEC as BTC and has the same halving schedule as the Bitcoin network. Having originated from a hard fork of the original Bitcoin blockchain, the eCash network also shares the same genesis block as Bitcoin.
It is the continuation of the original Bitcoin Cash project, but where it differs from Bitcoin and Bitcoin Cash is in its consensus mechanism. Unlike BTC and BCH, XEC’s network uses a Proof of Stake (PoS) consensus algorithm and supports decentralized governance within its ecosystem.
eCash uses the Avalanche consensus algorithm, a revolutionary consensus mechanism that allows the network to enjoy instant transactions, superior security, and fork-free network upgrades. This critical factor gives the eCash network a significant edge over other networks that forked from Bitcoin, including Bitcoin Cash.
eCash supports Avalanche staking, a process that helps the decentralized governance of the network and offers incentives to users within the blockchain to contribute to its security. Unlike Proof of Work networks that require validators to mine cryptocurrency, the staking-based consensus mechanism provides incentives of continuous support in securing the network, offering higher resilience against potential attacks.
eCash originated from a hard fork of the Bitcoin Cash blockchain in November 2020. It was initially called Bitcoin Cash ABC (BCHA) until it underwent a rebranding in July 2021 to eCash (XEC).
The rebranded eCash blockchain leverages the Avalanche PoS consensus algorithm, allowing users to stake XEC tokens for governance and securing the network. The interoperability makes it possible for eCash to be scalable with Layer-2 PoS solutions.
eCash uses “Bits” as its base unit, making it convenient to use XEC to transfer small payments on its network. This feature prevents the use of decimal places in calculating and converting small payments for transfer.
As of January 2023, the BCHA developers have made block processing more scalable with the rollout of Canonical Transaction Ordering, while Schnorr Signatures allow for batched signature validation. Future upgrades per the eCash roadmap include upgrades that can make the network more scalable, usable, and extensible. The developers plan to roll out upgrades to the eCash blockchain every year on May 15 and November 15.
eCash could be a good crypto asset, especially if you wish to do more with your cryptocurrencies, such as using them for making payments, earning passive income, etc. The XEC crypto is a convenient cryptocurrency for sending and receiving payments. It is used as a payment method when purchasing goods and services, making it an attractive digital asset to invest in.
You can also consider buying XEC if you wish to stake your cryptos and generate passive income from them. As a PoS network, eCash lets you stake $XEC to help secure its decentralized network, allowing you to earn rewards and grow your crypto portfolio.
The XEC price could register an uptrend as eCash partners with more businesses and organizations to be recognized as a payment method. This would increase the demand for the token and support the price of eCash crypto.
While it is impossible to make an accurate XEC price prediction, you could monitor the following key factors that contribute to volatility and price action in the eCash token:
As more crypto-savvy consumers use eCash crypto as a payment method and for sending and receiving payments, we could see an uptick in demand for this digital asset. This, in turn, could increase the eCash price and market cap.
Whenever BCHA developers announce new partnerships for eCash that could increase its use as a payment option, investor confidence could receive a boost. This factor could also increase investor interest in buying and trading eCash, supporting the XEC price statistics.
Market sentiment plays a vital role in determining trends in the crypto market. A bullish sentiment or risk-on mood among investors encourages buying activity in the market and sends more investors to buy and hold eCash, increasing the eCash price. Meanwhile, a bearish or risk-off sentiment could cause sell-offs in the market that could weaken the price of XEC.
XEC is the ticker symbol of the eCash cryptocurrency. It is used for the following purposes:
You can send and receive payments and buy goods and services with XEC tokens. The eCash token can also be used to make small payments, as denoted by Bits, making it far more convenient for a digital currency to use than Bitcoin.
As a PoS network, you can stake $XEC on eCash to contribute towards securing the network. eCash supports Avalanche staking, so you can conveniently stake your holdings on the network and earn passive income.
As a token holder, you can also participate in the decentralized governance mechanism of the eCash ecosystem. Submit proposals and vote on others’ proposals to contribute to future upgrades and developments of the eCash blockchain.
Trade eCash against other cryptocurrencies to make the most of volatility and changing market conditions. Buy or sell XEC against other digital assets on platforms like KuCoin, or hold it long-term if you believe in the potential of the eCash project.
The XEC price remains well under the $1 mark as of January 2023, and it could be challenging for eCash to cross this fundamental level. This is primarily because of the extremely high max supply and circulating supply of the XEC token.
The eCash total supply stands at over 19,270,000,000,000, while the max supply is fixed at 21,000,000,000,000. Although the developers have set a low inflation rate for the token, the high supply of the coin makes it impossible for its price to rise too high.
The BCHA developers have also kept the XEC price low to make the cryptocurrency more accessible and usable by smaller retail investors in the crypto market. Its affordability makes it a more attractive crypto to buy and transact with than other leading cryptos, especially Bitcoin.
eCash is a cryptocurrency, while Bitcoin ABC is a software businesses can use to interact with and maintain the eCash network. Bitcoin ABC is a full node implementation of the eCash protocol and provides the software and infrastructure to make eCash usable.
Bitcoin ABC is also involved in independently developing and maintaining the eCash protocol’s Avalanche consensus algorithm code. The Bitcoin ABC full node development team is led by Amaury Séchet, who was initially involved in the hard fork of Bitcoin Cash from the Bitcoin network in 2017.