We live in a world that is getting more and more digitalized every day. Money has always played a crucial role in our lives. With a digitalized world, it seems paper currencies will not be enough anymore. This is where eCash comes into the picture. It does not matter if you know and use cryptocurrencies or not. You need to know about eCash and how it works because it is an essential part of our lives today. And if you already know about eCash, you know you should invest in it. So, click here to start trading in eCash on Bitunivex right away. But if you want to know more, continue reading.
What is eCash (XEC)?
As the name suggests, eCash, also known as XEC, is electronic money. According to the coinmarketcap website, “ECash (XEC) is the rebranded version of Bitcoin Cash ABC (BCHA), itself a fork of Bitcoin (BTC) and Bitcoin Cash (BCH). It calls itself a cryptocurrency that’s designed to be used as electronic cash.” Founders of eCash only have one goal in mind; they want eCash or XEC to become a means of transaction in day-to-day life and used to pay for goods and services.
eCash can be used to transfer Bitcoin easier. The smallest unit of eCash is “bit.” Bit makes Bitcoin transactions much more manageable. Consider, for example, transferring 20 bits instead of sending 0.00002000 BTC. Much better!
“Avalanche” is the consensus layer of proof-of-stake or Pos that eCash uses. However, Avalanche Pos should not be mistaken for the Avalanche blockchain or AVAX.
eCash: Roots and History
Amaury Sechet is the lead developer of eCash, also known as XEC. With the help of his team, Sechet previously developed Bitcoin Cash or BCH. However, he forked BCH in 2020 to establish BCHA, which was then rebranded and named eCash. According to Sechet, “No other money has eight decimal places. Why should crypto? Cryptocurrencies with a lower unit price also enjoy higher bull market appreciation. Because the eCash team is incentivized by both tech and price improvement, this improvement was a no-brainer.”
On July 1, 2021, eCash founders rebranded the coin changing its name from Bitcoin Cash ABC to eCash. And the founders announced that all Bitcoin Cash ABC, i.e., BCHA, would be converted to XEC at a ratio of one to one million.
According to the coinmarketcap website, the founders of eCash aim to upgrade the coin to scale transaction throughput from 100 transactions per second to more than five million transactions per second. They also wish to improve the payment experience by reducing transaction finality time. eCash founders are also trying to expand the protocol and establish fork-free upgrades.
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How Does eCash Work?
There are two types of eCash (XEC): online eCash and offline eCash. While using offline eCash, users download their electronic money from their bank account and store it on their hard drives. Then when they need to spend the money, they will use the electronic cash stored on their computer’s hard drive to pay for goods or services. However, when they want to use offline eCash, the eCash wallet software should be the same as the merchant’s wallet. After that, the eCash goes through an eCash bank system to be approved. However, in online eCash, to put it simply, the currency information is downloaded to a hard drive. It stays there until it is transferred to another person or business online.
eCash transactions do not charge fees, except for the small amount required by the eCash bank. When it comes to small transactions, this method is yet the best.
Why Choose eCash?
Since the introduction of eCash, the world of financial transactions has changed forever. Checks and physical money may be phased out in favor of entirely digital transactions. This will also change the role of banks and other financial intermediaries, reducing their position to that of money storage, a processor and verifier, and a lender. As more individuals resort to their computers, tablets, and smartphones for all of their transaction needs, the personal relationship with a bank will gradually fade away. So, if you want to update yourself and stay with the flow, start investing in eCash now. You can easily trade eCash on Bitunivex. Click here to start.