eCash (XEC)
eCash (XEC) is a cryptocurrency and blockchain network designed to facilitate peer-to-peer payments and electronic cash transactions. It operates on the Bitcoin Cash ABC network, which was established in 2020 following a hard fork from Bitcoin Cash. Initially known as Bitcoin Cash ABC (BCHA), the cryptocurrency was rebranded to eCash in July 2021.
History of eCash
eCash was developed by early Bitcoin developers who focused on enhancing internet and financial privacy well before the release of Satoshi Nakamoto's whitepaper. In November 2020, a split between Amaury Sechet and Roger Ver led to the creation of the Bitcoin Cash ABC network by Sechet, who sought to pursue the original vision of Nakamoto. A key point of contention within the Bitcoin Cash team was Sechet's proposal for an 8% miner fee, which resulted in the division and the eventual separation of Bitcoin Cash ABC (BCHA) from Bitcoin Cash (BCH).
| Ticker | XEC |
| Category | Cryptocurrency |
| Website | https://e.cash/ |
| @ecashofficial | |
| Telegram | ecash_official |
| https://www.reddit.com/r/ecash/ |
Bitcoin Cash ABC was relaunched as eCash in July 2021, introducing a new website, additional features, and the XEC token. The transition from BCHA to XEC was executed at a ratio of 1:1 million, where each BCHA holder received one million XEC. Binance supported the technical aspects of this conversion. The network undergoes protocol upgrades twice a year, specifically on May 15th and November 15th, which are mandatory for all node operators.
Overview of eCash
eCash XEC is the native cryptocurrency of the eCash network, maintained by the software company Bitcoin ABC. Originating from a hard fork of the Bitcoin Cash blockchain, eCash was initially called Bitcoin Cash ABC with the ticker BCHA, later transitioning to XEC. The base units of eCash, termed "bits," simplify transactions by eliminating the complex decimal places seen in Bitcoin Cash ABC. For instance, instead of sending 0.00001000 BTC, users send 10 bits of eCash.
eCash integrates a proof-of-stake consensus layer known as "Avalanche," distinct from the Avalanche blockchain (AVAX). The rebranding included converting all BCHA coins to XEC at a ratio of one to one million. The eCash system is built on blind signatures, ensuring transaction privacy by obscuring the content before signing. It also supports the CashFusion protocol, offering anonymity akin to leading privacy coins with an auditable supply cap.
Technology behind eCash
Avalanche
The Avalanche protocol is a consensus algorithm that secures the eCash network with an aBFT (Byzantine Fault Tolerant) mechanism, enhancing the platform's security for storing and transferring value. Although still under development, Avalanche is highly scalable, capable of handling thousands of transactions per second, making it suitable for micropayments and high-volume applications.
Aliases
eCash introduces aliases, allowing users to create human-readable names for their eCash addresses, similar to Ethereum Name Service (ENS) addresses. These aliases are registered on-chain, and an open-source reference indexer, Chronik, is being developed to facilitate alias implementation for eCash wallets. The Cashtab wallet will support alias registration and use once the protocol is live. Phase 1 of alias development is complete, with Phase 2 focusing on creating a marketplace for trading aliases.
Chronik Indexer
Chronik is a key-value store that tracks addresses, transactions, blocks, and their states. Written in Rust, it utilizes a rapid key-value store for efficiency. Chronik is 70% complete, with integration into the node and essential components like resync handling and query management established. It is also compatible with Avalanche Pre-Consensus.