This week traders mostly turned their attention to Bitcoin (BTC) after a summer of fear and bearish sentiment it returned to pre-summer levels as it again approached its April all time high. eCash did not share in this positive market sentiment and price declined further to earlier levels. Mostly in the background developers continued building with work that will lay a strong foundation for future growth.
While investors failed to turn around market sentiment, eCash supporters continued to create great content on social media, an AMA revealed some new information, the first signs of the creation of the GNC (Global Network Council) infrastructure were revealed this week, an improved URL for one of the most popular eCash Web Wallet and more. Let's take a closer look at what happened this Week in eCash.
The Week in eCash Wins Prize
This week we became part of the news. On Monday October 11, our passionate and dedicated team working on the eCash NEWS Today website, the eCash News Channel and more, was pleasantly surprised with CainBCHA announcing the weekly publication “The Week in eCash” the 62nd winner of the content contest. The tweet reads:
“Thank you to @eCashNEWS for consistently providing the #eCash community with valuable information on a weekly basis! Check out https://ecashnews.today to stay up to date with the most recent XEC developments”
We greatly appreciate the recognition for our work and the prize will go towards producing more content. With our limited resources The eCash News Today team will continue try and provide the eCash community with news and reliable information.
ABC’s Amaury Séchet AMA in Turkey Telegram Group
On October 13th at 15:00 UTC, eCash lead developer Amaury Séchet appeared in the Turkish Telegram group chat to answer a series of questions during the previously announced AMA (Ask Me Anything). The questions were diverse and interesting. One such question was about possible deals with corporate companies to which Séchet answered “That is the type of matter that should be discussed at the GNC in November.” This was the first indication of a GNC (Global Network Council) meeting being planned for November this year and the prelude to more GNC news that followed days after the event.
Other questions varied from estimated time of completion of avalanche post consensus to questions about the fundamental purpose and value of eCash, where it is expected to be in 5 years time but also more personal questions about his connection to Turkey and Turkish people and his thoughts of becoming seen as a Satoshi like person when eCash reaches its goals and fulfills its promises. All in all worth reading the eCash NEWS article that was published shortly after the event and in which all questions and answers were collected.
Web Wallet CashTab Moves to New URL
Popular eCash web wallet Cashtab now has an easier to remember web address. On Wednesday the official eCash twitter account announced it is moving from CashTabApp.com to the much simpler CashTab.com domain. If you have a wallet on the original URL you don’t have to worry just yet, for now both web addresses will work for the coming weeks . You do however want to move your existing CashTab wallet(s) to the new web address the coming weeks as the old web address is said to start redirecting to the new URL at the end of this month. You can do so by importing the seed phrase (12 words) of the old wallet. Alternatively you can create a new wallet. But whatever you do, make sure you have proper backup of the 12 word seed phrases for each wallet you create. Also make sure you are using the correct URL before using a web wallet and before entering your seed phrase. This avoids problems with fake and phishing websites. The e.cash website is a good source of reliable links to wallets and services. .
eCash for Beginners Part 8: Staking eCash
Thursday October 14th saw the publication of yet another eCash for Beginners article by CainBCHA. In Part 8 of this series of articles the subject of staking eCash is discussed. With much of the details still not revealed by the development team, Cain shares his vision and ideas of what the future of eCash will hold when staking coins becomes part of it. The option for holders to not just sit around discussing things, but to contribute to its success through taking part in avalanche consensus by staking coins.
Graphic by @KaaNandaP19 - winner number 61
Pull request reveals work on GNC website.
Also Thursday October 14th, a tweet by CainBCHA drew attention to the Bitcoin ABC team’s code repository. The phabricator diff that drew attention is titled “[Website] Remove GNC post for new site launch”. GNC stands for Global Network Council. A new governance mechanism first introduced/proposed by Bitcoin ABC in August 2020 as part of their proposed upgrade of the Bitcoin Cash network. CainBCHA’s eCash For Beginners Part 7 discusses it in a bit more detail.
With the creation of BCHA it was never entirely clear what the Bitcoin ABC team would do with this plan as at the time of publication there was not a clear plan for creating a new project to accomplish the goals. So the plan as it was published was tailored to the Bitcoin Cash situation and project. With no clear communication indicating the GNC plan would change, early investors in BCHA assumed the plan was essentially unchanged. A February blog post by Bitcoin ABC giving an update on the GNC plans did not mention any changes other than the meeting being postponed for practical and budgetary reasons.
Checking the BitcoinABC.org website now, we see that all Bitcoin Cash and BCHA related articles have been removed from the site. That includes the August 2020 article introducing and explaining the GNC (Archive) but also the GNC - update from February 2021 detailing the reasons why the January GNC meeting that was part of those plans, did not take place (Archive). Removing these old articles may suggest that the eCash GNC plans have evolved into something different than what was laid out in that first plan. It could also mean that a new eCash branded article is being prepared that will present the existing GNC plans for an eCash audience.
Indonesian Community Preparing for AMA Event
In a tweet the Indonesian community announced on Friday they are preparing for an AMA with Amaury Séchet in the Indonesian Telegram group carrying the name “eCash Army Indonesia”. They are asking group members and the larger Indonesian eCash community to submit questions before the end of Sunday the 17th. From these questions organisers will select the best questions. The 10 best questions will not only be put to Amaury during the AMA, they also will be rewarded with 50,000 XEC prize money. The event date has not been announced yet but is expected to be between one and two weeks from the announcement.
eCash Global Network Council (GNC) Website Released
After the first signs of something about to happen were being noticed and discussed on twitter and in different groups, Friday October 15th so the release of the expected new website. With no additional information given, the official eCash Twitter account simply posted the website URL. A subdomain of the official e.Cash website. gnc.e.cash does not provide a lot of information for those wanting to understand what the GNC is. The only thing it presents is Apply form and login functionality with the familiar CashTab background. No instructions, details about what one applies for or even a privacy statement is given which is unusual in a time where many rules exist when it comes to registering private information. We can only assume that in that sense the website is still a work in progress and we will see such information appear on a later date.
To look beyond this first page, eCash NEWS today applied. After entering the name, email address, some info about oneself and selecting a password we found ourselves on a new page that now asked for an eCash address the applicant owns. Again with little information. Then the additional step of verifying ownership by signing a message can be completed and that is where things seem to end. So although it is great to see the first steps towards GNC governance, there still seems to be more work needed and more information given before normal XEC users can decide if this is something they want or need to apply for. We will continue to follow developments of this with much interest as many believe this new form of governance to be one of the keys to eCash’s success.
eCash Contest / Giveaway Update
Another week means another 7 winners of the daily 1,000,000 XEC prize that is part of the eCash content contest organised by CainBCHA. 7 more contenders for the 3 grand prizes totalling 50,000,000 XEC that will be awarded at the end of the contest to the best of those 100 daily winners. Let’s see who this week's winners are.
First winner of the week was @elycolz who saw his beautiful graphic, an original eCash artwork, rewarded by CainBCHA on Sunday October 10th. As you already saw in the beginning of this article, the next day @eCashNEWS was honoured with a prize for its “The Week in eCash” publications. Prize number 63 was awarded to @GeriSolihin for his relentless spreading of the eCash spirit since day 1 of the competition.
Graphic by @elycolz - winner number 61
On Wednesday the prize was awarded to @prsyt88, a very prolific creator of eCash content. His tweets often were retweeted by the contest organiser indicating the quality of his content. Thursday’s winner was @XecTurkiye and the Turkish Telegram group for building a strong community and organising and hosting an informative AMA with Amaury Séchet. Following this @anymantr saw his translation of articles but also during the AMA, rewarded. Translations help more people learn and are essential for spreading information across a global multilingual community. Last prize of the week was for a beautiful graphic by @KaaNandaP19 that also was used for the “eCash for beginners part 8” article Cain published earlier in the week.
With that we conclude the weekly contest update. We are looking forward to reporting on 7 more winners next week.
Total prize money: 150 million XEC
Awarded to date: 67 million XEC
Still to be awarded:
33 million XEC in daily prizes and 50 million XEC in grand prizes
This Weeks Market Action
This week was another difficult week for eCash holders and traders as last week's downtrend continued. Starting the week at a price of $0.00022368, eCash XEC closed the week with a loss of 6.71% at a price of $0.00020866 on a $121.45M daily average volume (source Coingecko). Although XEC attempted a mini breakout late in the week, rising to almost where it started at $0.00022359 on $295M daily volume, it failed to gain traction and quickly fell back.
Bitcoin (BTC) continued its ascent into the stratosphere this week topping $60k on the announcement that the U.S Securities & Exchange Commission had approved a Bitcoin Futures ETF. Many coins including eCash (XEC) were left in Bitcoin’s wake. eCash ended the week at #49 on CoinMarketCap coming from #43 at the end of last week. The price has possibly also been dampened by recent comments by lead eCash developer Amaury Séchet who held an AMA in the eCash Turkish telegram group. Some traders had been hoping to see it finished in October but during the event the eCash lead Developer said about it:
The avalanche consensus itself is there and working and has been for many months, but the part that still requires work is peer discovery. It is unlikely that it'll be production ready by the end of October. Unfortunately, we are solving problems that have never been solved before, so it is very difficult to know the precise timeline. In any case, we are working as fast as we can to deliver this.
As fundamental development work on protocol, infrastructure software and governance models continues, eCash NEWS Today will also continue to monitor how eCash (XEC) is performing on the global cryptocurrency markets.
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