What is eCash?
This blog post will cover:
- What is eCash?
- Where did eCash come from?
- What are the advantages of eCash?
- What are the disadvantages of eCash?
- How to buy eCash on SimpleSwap?
What is eCash?
Milton Friedman, the grandfather of the electronic money concept, said: "I think that the internet is going to be one of the major forces for reducing the role of government. The one thing that's missing, but that will soon be developed, is a reliable eCash." As for now, we see that his words were prophetic.
The best way to describe what eCash cryptocurrency is, it’s to quote the official website definition: “Introducing eCash: the new battle-tested cryptocurrency forged from centuries of economic theory and over a decade of real-world crypto experience. eCash is the implementation of the tech-secured sound money envisioned by luminaries in monetary philosophy like Milton Friedman”.
There is the eCash cryptocurrency (XEC) which is used to pay for smart contracts execution and close up network fees. By the way, the network charges very low transaction fees.
Where did eCash come from?
The cryptocurrency that exists today under the name of eCash was originally known as Bitcoin Cash ABC (BCHA). In July 2021 it was rebranded to eCash (XEC) and changed its nomination to a 1:1,000,000 ratio.
The split happened due to the team disagreement. After the split newly emerged eCash obtained a proof-of-stake consensus layer “Avalanche” which finally made staking possible, allowed fork-free upgrades, the implementation of subchains, and brought the transaction speed to a higher level.
What are the advantages of eCash?
eCash uses a hybrid consensus mechanism relying on both Proof-of-Work and an Avalanche Proof-of-Stake system. Avalanche’s scalability supports low-fee txs even at high network usage, and reduces confirmation time to near-instant.
The team reinvests all the revenue of the eCash into the further development of the project and constantly improves the cryptocurrency characteristics. All the funds' annual allocation is carried out by Global Network Council (GNC).
ECash gives its community an opportunity to create its own tokens. Users can clarify all the characteristics on the dashboard - token name, supply, decimal places, logo, and then trade and utilize them. This function is very useful for businesses that want to try out the crypto market.
As the eCash values the users’ privacy, it supports the CashFusion protocol. It offers privacy management to the network and allows private transactions. The part of the CashFusion protocol is a Zero-Knowledge Subchain that ensures the great maintenance of privacy and security.
What are the disadvantages of eCash?
- Slow adoption
As the project in its current form is relatively new, the audience still needs time to know it better and accept eCash.
- No accurate picture
Some features are still under development.
How to buy eCash on SimpleSwap?
If you want to become an XEC holder, you are welcome to SimpleSwap. Here you can get this cryptocurrency with comfort and ease:
- Choose the currency you want to exchange (e.g. BTC) in the first drop-down list. Enter the amount you would like to swap.
- Select XEC in the second drop-down list. You will see the estimated amount that you will receive after the exchange.
- Enter the Recipient's Address. XEC will be sent to this address. Be careful and make sure you use the correct address.
- Check all the information you have entered. If everything is correct click the Exchange button.
- You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange.