Read

Edit

History

Notify

Share

eCash (XEC)

eCash(XEC) is a and network designed to provide peer-to-peer (P2P) payment and electronic cash functionality. It runs on the ABC network, which was created in 2020 as a consequence of a hard fork. The coin was originally known as Bitcoin Cash ABC (BCHA), but in July 2021, it was redenominated and renamed [1].

History

eCash is built by early developers who have been working to solve the problem of internet and financial privacy long before In November 2020, and Roger Ver ended their collaboration, leading to the creation of the Bitcoin Cash ABC Network by Sechet. Sechet aimed to fulfill the original vision of . However, a disagreement within the Bitcoin Cash (BCH) team emerged due to Sechet's suggestion on implementing an "8% miner tax" on every purchase. This issue caused a division within the team, resulting in the split of Bitcoin Cash ABC (BCHA) from Bitcoin Cash (BCH)[7].

Bitcoin Cash ABC relaunched in July 2021 as eCash after a year. eCash introduced a new website, additional features, and a token called XEC. The conversion process from BCHA to XEC was carried out at a ratio of 1:1 million, every BCHA user received one million XEC. The redenomination also changed the decimal place from eight to one. facilitated the technical requirements for the BCHA to XEC conversion. Currently, XEC is being traded on most exchanges, and the conversion process is ongoing, with some conversions already completed and others still in progress.

The eCash network has protocol upgrades twice a year on November 15th and May 15th. These upgrades are required for all node operators.[5]

Overview

eCash XEC is the native of the eCash network, and Bitcoin ABC is a software business that interacts with and maintains the eCash network. eCash was developed after a hard fork of the Bitcoin Cash . It was initially referred to as Bitcoin Cash ABC with the symbol BCHA and later converted into eCash with a ticker symbol XEC.

The base units of eCash are called “bits” and replace the unwieldy decimal places of Bitcoin Cash ABC. Instead of sending 0.00001000 BTC, 10 bits of eCash is sent[8]. eCash integrates a  consensus layer called “Avalanche,” [2] which is not to be mistaken for the blockchain ). Upon rebranding, eCash announced that it would convert all BCHA coins to XEC at a ratio of one to one million.

Blind signatures were the foundation of eCash. A blind signature is a form of digital signature in which the content of the communication is hidden before signing. No user will be able to link withdrawal and spend transactions in this way. “CyberBucks” was the name of the currency utilized in the system. eCash support CashFusion protocol which offers anonymity comparable to the top privacy coins while maintaining an auditable supply cap. It can be turned on or off at any time within Electrum ABC.[6][8]

Technology

Avalanche

Avalanche protocol is a consensus algorithm that is used to secure the eCash network. It is aBFT (Byzantine Fault Tolerant) consensus mechanism, which makes eCash a more secure platform for storing and transferring value. Although Avalanche protocol is still under development, it is highly scalable, able to process thousands of transactions per second. This makes it ideal for micropayments and other high-volume applications. [11]

Aliases

eCash aliases are a new feature that allows users to create human-readable names for their eCash addresses. This is similar to addresses. eCash aliases are registered on-chain, and an open-source reference indexer (Chronik) is being built out to support easy implementation of aliases for eCash wallets. Cashtab wallet will support registering and using aliases as soon as the protocol is live. Phase 1 of eCash aliases development is already complete and allows users to register aliases to their eCash addresses. Phase 2, which is still in development, will add a marketplace for trading aliases.[9]

Chronik Indexer

Chronik is a key-value store that keeps track of addresses, transactions, blocks, and their states. It is written in Rust and uses a rapid key-value store, which makes it very efficient. Chronik is 70% complete and already has integration into the node and essential components like resync handling and query management in place. It is also compatible with Avalanche Pre-Consensus. [10]

See something wrong? Report to us.

eCash (XEC)

Commit Info

Edited By

0x6BDfFD701FaAF21A84a766E9e52695AE8faC1A94
FEROZ

Edited On

August 6, 2023

Feedback

Average Rating

No ratings yet, be the first to rate!

How was your experience?

Give this wiki a quick rating to let us know!

Twitter Timeline

Loading...

Loading

Media

REFERENCES

Join the IQ Brainlist

Sign up for the IQ Brainlist to get early access to editing on the IQ.wiki site!

Join Now

Subscribe to our newsletter

The IQ Ecosystem Report will keep you updated on everything IQ.

Subscribe

IQ.wiki

IQ.wiki's vision is to bring blockchain knowledge to the world and knowledge onto the blockchain. A part of Brainfund group

https://twitter.com/IQWIKIhttps://www.reddit.com/r/Everipedia/https://t.me/everipediahttps://www.instagram.com/iqwiki_/https://github.com/EveripediaNetworkhttps://discord.gg/x9EWvTcPXthttps://www.facebook.com/iqdotwiki

IQ

What's IQ?StakingBonds

Company

About usCareersBrandingIQ GPTIQ Dashboard

© 2024 IQ.wiki Powered By BrainDAO & IQ