The eCash (XEC) project builds on the success of Bitcoin Cash and expands on its mission to provide the world with a more secure P2P electronic cash system. Notably, the developers took the valuable lessons learned from Bitcoin Cash and incorporated the solutions into eCash. As such, the protocol is more flexible, secure, and scalable than its predecessor.
What Problems Does eCash (XEC) Attempt to Fix?
There are a lot of problems that eCash seeks to do reduce in the market. For one, the project was designed to help alleviate investor confusion. Projects like Bitcoin can throw users off due to its abnormal format and unique technical structure. There are new terms and symbols that all add to the technical barriers to adoption. Recognizing these issues as hurdles, eCash’s developers decided to stick with a 2-decimal layout that mimics fiat currency.
Hard Forks
Hard forks are another vital issue that eCash eliminates. Anyone who remembers the birth of Bitcoin Cash and its subsequent hard forks can attest to the damage an ill-timed hard fork can cause to the original project. The developers decided it would be ideal to streamline future network upgrades by making the network extensible. Extensible is a term that describes the ability to make major upgrades and future improvements via a less disruptive approach. The network combines the Avalanche Post-consensus mechanism with enhanced security to accomplish this task in a reliable way.
Lack of Privacy
Most cryptocurrency projects have done away with their privacy in exchange for a more favorable view from regulators recently. Sadly, this has left investors at the mercy of anyone who desires to gain more insight into their activities. The eCash system eliminates these problems through the integration of a Zero-Knowledge Subchain to ensure that your privacy remains intact.
High Fees
High fees are another issue that has caused investors to suffer. Networks such as Ethereum continue to experience ridiculous fees due to congestion. These fees are at all-time highs. This situation continues to drive users to seek out various alternatives in the market. The eCash is one of these alternatives. It offers reduced fees compared to the competition. Specifically, eCash transactions only cost fractional Satoshis to send.
Benefits of eCash (XEC)
There are multiple benefits that eCash users gain access to when they participate in the network. For one, the network is very secure as it borrows some aspects from Bitcoin. Specifically, the network integrates a capped supply, halving schedule, and genesis block.
Scalable – eCash (XEC)
One of the main benefits of eCash is its scalability. The developers introduced the Avalanche consensus mechanism to achieve near-instant confirmation times. To accomplish this task, the network uses mass parallelization and a multi-layered structure. This approach enables the network to expand from ~100 tx/s to over 5,000,000 tx/s while remaining responsive and valid.
How Does eCash (XEC) Work
The eCash network’s multi-layered approach combines a privacy-focused blockchain with an EVM Subchain to enable developers to create Dapps and smart contracts with ease. Separating smart contract functionality is one of the best ways new blockchains achieve more scalability. Notably, the EVM designation means that Ethereum developers can transfer or expand their current Dapps to the eCash network without the need to reprogram their projects.
eTokens
Anyone can create customized tokens on the eCash protocol. The system eliminates the technical requirements usually required. You can make up an individual token name, supply, decimal places, and icon using the platform’s dashboard. This ability adds a lot of functionality to the network because it enables businesses to create new revenue generation strategies and entirely new markets.
Wallet
eCash has a native wallet that utilizes Sighash to improve security. Users can monitor their holdings, buy, sell, and trade their cryptocurrency using this system. You can also monitor your staking rewards from this interface.
Staking
Users gain rewards and more when they stake XEC tokens. Staking helps to protect the network and provides you with a low-risk passive income stream. Staking is lower risk than trading because your rewards are predetermined based on the number of tokens you stake. As such, it’s much easier to achieve consistent returns staking versus trading.
Consensus
At the core of the eCash, strategy is a new consensus algorithm called Avalanche. This unique Proof-of-Stake system enables regular users to participate in the validation process without the need to purchase expensive mining rigs. Avalanche is packed with advanced features. The network has an Adaptive Block Size that can grow up to 1TB in size.
In comparison, Bitcoin has a 1MB block size. Additionally, Avalanche integrates a Merklix-Metadata Tree, Canonical Transaction Ordering, and Pre-consensus. This strategy provides the network with near real-time processing and transaction finality.
CashFusion Protocol
The CashFusion Protocol is a privacy management add-on to the network. The system provides a high level of anonymity comparable to the top privacy coins. The system allows you to make private transactions as part of the Electrum ABC network. While these transactions cost much more to trace versus regular transactions.
eCash (XEC) Governance
Another major plus for the eCash network is its decentralized governance protocol. The network incentivizes stakers and enables them to put forth proposals to help guide the direction of the network moving forward. Decentralized governance systems are becoming more popular than ever because they ensure that blockchain networks remain cohesive.
XEC
XEC is the main cryptocurrency and utility token for eCash. This advanced crypto can be sent globally in seconds in an open manner. The token is also used to pay for smart contract execution and network fees. You receive staking rewards in XEC and it is available on a variety of popular exchanges.
Final Thought
The eCash network is the latest creation from the creative minds behind the Bitcoin Cash project. The network combines years of learning with the latest technological advancements. As such, it’s far more advanced than its predecessor and provides more scalability, security, and efficiency. You can expect to hear a lot more about eCash as the network continues to secure more developers and users due to its helpful features.
