eCash is the result of a collaborative effort by a group of developers and contributors in the cryptocurrency community. It is a fork of Bitcoin Cash (BCH) and inherits many of its core features and principles, with some modifications to improve its performance and utility.
eCash was launched in August 2021 as a rebrand of the Bitcoin Cash ABC (BCHA) project, which itself emerged from the Bitcoin Cash (BCH) hard fork in November 2020. The rebrand to eCash aimed to emphasize its focus on becoming an accessible and user-friendly digital currency.
The primary purpose of eCash is to serve as a medium of exchange, offering fast and low-cost transactions for everyday use. eCash aims to provide a viable alternative to traditional payment systems, making it easier for individuals and businesses to transact using cryptocurrency.
eCash is designed for ease of use, with a focus on quick and inexpensive transactions. Users can send and receive XEC through compatible wallets and use it for various purposes, such as online shopping, remittances, or as a means of payment for goods and services.
eCash employs a Proof-of-Work (PoW) consensus algorithm, similar to Bitcoin and Bitcoin Cash. However, it features a unique mining algorithm called Avalanche, which is designed to improve the network's performance and resilience against attacks. This ensures that the eCash network remains secure, transparent, and decentralized.
eCash differentiates itself from other cryptocurrencies by prioritizing transaction speed and low fees. It achieves this through larger block sizes and the Avalanche mining algorithm, which enables faster transaction processing. Furthermore, eCash aims to become a user-friendly digital currency, making it accessible to a wide range of users.
While eCash uses a PoW consensus algorithm, which can be energy-intensive, its adoption of the Avalanche mining algorithm reduces its energy consumption compared to other PoW-based cryptocurrencies like Bitcoin. However, eCash's energy efficiency may still be lower than Proof-of-Stake (PoS) based cryptocurrencies.
eCash (XEC) is a cryptocurrency designed for quick, low-cost transactions and everyday use. By prioritizing speed, low fees, and user-friendliness, eCash sets itself apart as a viable alternative to traditional payment systems. Its unique Avalanche mining algorithm enhances network performance and security while reducing energy consumption compared to other PoW-based cryptocurrencies.