eCash is a cryptocurrency used as electronic cash. Just as the invention of email made it possible to send messages directly online, eCash made it possible to send money directly to others online. Users can use eCash to send and receive payments without the need for a bank account. It is available in every country and users can use it to send and receive cross-border payments anywhere in the world. eCash aims to be an easier way for people to make digital payments using cryptocurrencies. Additionally, developers have added parts of the blockchain that run on the Ethereum Virtual Machine, allowing people to create their own dapps and tokens for their projects as they see fit.
BitcoinCash ABC officially changed its name to eCASH on July 1, 2021. The token name was changed from BCHA to XEC, and it was split according to 1 BCHA=1,000,000 XEC. The reason is a disagreement between miners and developers, with more than 8% of mining reward funds being invested in blockchain development funds. Shortly after the fork, the creators of Bitcoin Cash ABC realized that the cryptocurrency would never see widespread adoption if it continued on its current path. So, on July 1, 2021, herebranded the entire cryptocurrency from BitcoinCash ABC to eCash.
Part of the reason for the renaming was to reduce the number of decimal places the coins needed, as this made it difficult for people to keep track of their coins. eCash has only two decimal places, consistent with legal tender. Additionally, the eCash system can nowrun on the Avalanche consensus algorithm. This means it is a proof of stake consensus mechanism and transactions are confirmed almost instantly. Not to mention that thiseliminates the possibility of future hard forks,an issue that has plagued the Bitcoin Cash systemsince 2017 , resulting in multiple hard forks every time there was a disagreement between developers and miners.
eCash was created by Amaury Sechet, who was originally a member of the Bitcoin Cash project and was an important part of the hard fork that led to Bitcoin Cash ABC. It was after the fork that he decided to take the project in a whole new direction, which he hoped would be more adaptable and scalable. Before working on the Bitcoin Cash project, Sechet was a programmer at Facebook and Stupid D Compiler.