Preview And Countdown
eCash, the new sound money proposal from Amaury Séchet and his team at Bitcoin ABC, is now already 15 days old. While much of the ecosystem surrounding eCash is still being prepared, there has been a lot of movement to ready it for the upcoming roadmap.
It all began with the proposal for rebranding which Bitcoin ABC, the group behind eCash, made to adapt the currency for the upcoming changes. After the split with Bitcoin Cash, the team decided to propose its own currency for the world, this time with a clear view. The eCash teaser page was launched with a countdown that indicated the launch of June 1st. Several key partners like Binance and Blockchair announced their support for the new initiative. Days passed and the hour arrived at last. On July 1, 2021 eCash was launched with a simple 2 minute video and the well designed e.cash website.
eCash Launches: Rebrand and Roadmap
eCash launched with a new concept. Under the motto “Wealth Redefined,” the project launched a new roadmap that was inspired by the words from a video of famous economist Milton Friedman. It defined itself as the natural continuation of the Bitcoin cash proposal, but now with a better experience of how money works.
The rebranding consisted of changing the name and ticker of the currency from Bitcoin Cash ABC (BCHA) to eCash (XEC). Also, each BCHA would be converted automatically to 1,000,000 eCash (XEC) in exchanges. Customers would not have to do anything to apply this redenomination.
eCash’s roadmap introduces Avalanche elements to the new chain, something that was suggested earlier by some of the people of BitcoinABC. Combining proof of stake features and proof of work elements, eCash profiled itself as a one-of-a-kind cryptocurrency.
However, this was misunderstood by some media outlets that took this as proof that eCash was pivoting from proof of work consensus to proof of stake. The truth is that eCash introduces Avalanche pre and post consensus elements to increase the throughput and security in its network, and also introduces staking and smart contract compatibility into the mix.
Amaury Séchet clarified this to eCashNews. He stated:
"We are also introducing Avalanche, which will be secured by stakes, but PoW isn't going away. PoW is staying."
Ecosystem Starts To Catch Up:
At the launch of eCash only a few organizations rebranded to the eCash logo in their applications: in the beginning, only Electron Cash ABC and CashTab offered support for XEC transactions. However, this has been slowly evolving, and now more wallets feature XEC support. Among these are Viawallet and Bitpie, two multi currency wallets that already support eCash. Curiously these two have a big Asian fanbase. It is expected for more wallets to incorporate eCash support in the near future.
In the exchange department, there is a similar situation. While Binance has not applied the change to Bitcoin Cash ABC, other exchanges are already offering eCash trade in their platforms. This is the case with CoinEx, a popular Asian exchange. Gate.io has also opened eCash trading. But not all exchanges are supporting the new eCash address standard, something that can confuse newcomers into the environment. Huobi and OKEx, two big Asian exchanges, are still working to support the rebrand.
On the other hand, there is also a telegram wallet bot that allows users to make transactions with no external wallet required. eCash News reviewed the @eCash4telegrambot as a monetization solution for Telegram groups and talked with its developer about its future.
The end of the first two weeks, July 14th a live video was prepared by a Korean speaking YouTuber named CRYPTOCHILD billed as an AMA. Mostly prepared questions were tossed to Amaury Séchet, the lead developer and spokesman for ABC. English video excerpts are being prepared and Séchet’s answer to the first question gets straight to the point.:
What is the reasoning behind the rebranding to eCash?
For the full video visit
Conclusion
In short, in these 15 days, the ecosystem has been slowly adapting to the idea of eCash as a standalone currency separated from its Bitcoin and Bitcoin Cash legacy. While this process might seem slow, it is necessary to give room for the project to evolve itself towards its goal: to be money at a mankind scale.
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