Life in Crypto moves fast and it is hard to keep up with the news so for all that have not been able to keep up with all that has happened, here is a recap of all that went on this past week in eCash
Block 700,000 Mined
First event of this week was block 700,000 of the eCash blockchain being mined on Monday August 16, 2021 5:07 AM UTC. On itself a trivial event but with blocks being mined every 10 minutes (on average) such jubilees do not happen often. For instance block 777,777 is expected to be mined on Tuesday February 11, 2023 and block 800,000 on Tuesday July 11, 2023, so a rare occurrence. Further trivia surrounding the event are that the block was mined by an unknown miner, 16 transactions plus the coinbase transaction (?) were included in it and upon further investigation the blockchain at block 700,000 showed to be almost 7 days behind BCH, a bit over 4 days behind on BSV while being 27 days ahead of the BTC blockchain.
Binance opens Deposits and Withdrawals...
Also on August 16th Binance opened deposits & withdrawals followed the next day by a public announcement that the rebranding and redenomination to eCash (XEC) is completed. Community members noted that the XEC / BUSD trading pair is no longer in the innovation zone of the trading platform but now listed normally amongst other established crypto coins and tokens.
The number of confirmations required when depositing has been reported to be 11. Noteworthy is also that Binance has chosen to not implement the ecash: address format which means that users of the popular Cashtab XEC web wallet but also users from other exchanges may have to use the conversion tool on the e.cash website when depositing to or withdrawing from Binance.
….then later closes withdrawals again.
Deposits remain open but users have reported that withdrawals on Binance have been suspended since early August 21. Traders and other community members discussing the issue in the various eCash Telegram groups, suspect the higher price at other exchanges may have caused many coins being withdrawn from Binance causing the hot wallet to (hopefully very temporarily) run out of XEC. At time of writing withdrawals remain suspended. (Update: Binance reopened withdrawals Monday moring August 23rd)
Introducing the Permissionless Software Foundation
On that same day, August 16, eCashNEWS.Today published an article which introduces Chris Troutner and the permissionless software foundation. For application developers this is a must read and this open source software community is worth checking out because the PSF initiative has a lot of material for both beginning and advanced blockchain app developers.
Poker platform adds eCash
Upbit clarifies Upgrading Schedule
Also on that day the exchange Upbit Indonesia announced rebranding support. After parent company Upbit had already announced support this was not unexpected. What was new was that Upbit Indonesia gave some insight into the company’s scheduling when stating the rebranding and redenomination would be taking place between mid August and early September.
Entrepreneur.com mentions eCash in publication
In it the eCash network is mentioned: "We can see evidence of the future of blockchain in the recent development of Avalanche, the revolutionary consensus algorithm that powers eCash — the new cryptocurrency devised by industry stalwart and innovator, Amaury Sechet.
Sechet was a central part of Bitcoin ABC movement and is now turning his attention to redefining wealth by creating a pragmatic cryptocurrency that will enable instant, borderless transactions that prioritise security against central influence and fork-free upgrades."
Cashtab adds more Fiat currency support
A tweet by the official eCash twitter account announces on Aug 17 that Cashtab wallet users can from now on also show the value of their eCash balance and transactions in Indian Rupee and in Brazilian Real.
Address Format Incompatibility Explained
First merchant payment using RaiPay and USDR
Coinone Announces and completes Rebranding and redenomination
On August 19th Coinone announced starting the rebranding and redenomination process which they completed on Aug 20th with opening XEC / KRW trading and enabling deposits and withdrawals. It is not known to us at this time how many confirmations are required when depositing or which address format(s) are being used.
Huobi and Gate.io open deposits and withdrawals
Users report on August 19 that first Huobi but later also Gate.io enable deposits and withdrawals on their exchange platforms. Huobi reportedly requires 12 confirmations (on average 2 hours) when depositing and has not implemented the ecash: address format but instead is using Legacy format. Gate.io has been reported to require 50 confirmations (on average 8.5 hours) when depositing and also is using Legacy format.
Avalanche is Highest priority
Kucoin Announces rebranding and redenomination
Also on that day the long awaited rebranding and redenomination announcement by Kucoin exchange was published. The company does not give a precise date but traders reacted relieved when they received news of this announcement.
eCash Contest / giveaway
Last week eCashNEWS.Today reported on an interesting contest organised by writer and community member CainBCHA. The different communities are embracing this initiative and the submissions are plentiful and often impressive. At the end of this week a total of 11 prize winners have been announced and a total of 11 million XEC awarded. This week saw a spaceman gif, an international video on eCash, a website/app, a haunting gif, an application developer and his projects, a stunning video and an elaborate eCash puzzle being rewarded by the organiser of this 100 day contest.
This Weeks Market action
The week started on Aug 15 with an opening price of $ 55.34 (BCHA) and $ 0.00005056 (XEC).
After a relatively quiet week with mostly sideways price action, things heated up on Aug 20th and price started to rise fast cheered on by holders and traders alike. With a 24 hour volume of over $ 1.4 billion price spiked to $ 95.24 for BCHA market pairs and $ 0.00009215 for XEC market pairs on exchanges that already completed the rebranding and redenomination (source: CoinGecko.com XEC & BCHA). Early August 21st, XEC/BUSD even was #1 top gainer on Binance exchange.
At the end of yet another eventful week in eCash, markets closed at the end of Saturday August 21 with a Market Cap ranking on CoinGecko showing rank 77 and Price closing at $ 84.71(BCHA) and $ 0.00008315n(XEC).