No Proof of Stake Change; Proof of Work is Staying.
eCash, the new rebrand of the Bitcoin Cash ABC token, launched four days ago. With its revolutionary concept of combining PoW and PoS features, it has led some people and media to believe the project would be abandoning its proof of work roots. However, this is far from the truth and it only serves to reinforce the importance of eCash's proposal: to bring the best of two worlds together.
And this is what makes eCash technically interesting due to the ambitious objectives eschewed in its roadmap. According to eCash's proposal, Avalanche is key to fulfilling the goals of becoming world money on a mankind scale. Avalanche is a consensus mechanism that achieves finality in less than three seconds for each operation. But instead of implementing it as a substitute for the SHA-256 consensus, it will be implemented as an alternate system to strengthen finality and interconnection.
The roadmap is clear in this regard: Avalanche will be implemented as a pre and post consensus mechanism to achieve two things: almost instantaneous transactions and an EVM-compatible system. ECash aims to introduce this subchain using Avalanche as a tool. This would serve as a tool to implement decentralized finance protocols and interactions natively on eCash without having to reinvent the wheel, which usually happens when proof of work protocols try to delve into DeFi and complex smart contracts.
Amaury Sechet, the developer in charge of Bitcoin ABC and now eCash, talked to eCash news stating: "We are also introducing Avalanche, which will be secured by stakes, but PoW isn't going away." "PoW is staying," stressed Sechet.
Exchanges Slow On Switching to eCash
While there have been a sew of announcements indicating that exchanges are working to implement the rebranding and redenomination of eCash, most are still working on it. Binance, who announced it would be switching to the eCash brand has still not executed the change. Other exchanges like Bitfinex, Bithumb and Gate.io have already started the work to implement the redenomination in their platforms. Huobi and OKEx have announced they will implement the changes between July 5 and July 6.