The Week in eCash
October 3 - 9
Block 707545 - 708469
After the Upbit rebrand and other exciting news resulted in a 14.4% price increase last week, this week was more subdued and saw market attention being drawn away by other projects, resulting in most of those gains being lost again. Although the week was more quiet there still was some positive news with new software versions being released, a new eCash/Indian Rupee trading pair, an exciting new interview with Amaury Séchet and more. Let's take a closer look at what happened this Week in eCash.
Official eCash Twitter Grows to 30K Twitter Followers!
Interest in eCash (XEC) keeps growing. Starting from scratch on July 1st, the official eCash Twitter account announced on Sunday October 3rd it is now followed by more than 30,000 people interested in learning more about what is going on with eCash (XEC). It is going to be interesting to see where the follower count is at the end of this year.
A Look at an eCash Community: The Turkish Telegram Group
After articles about the Filipino and the Vietnam eCash Telegram groups, Monday October 4th eCash NEWS Today put the spotlight on the Turkish Telegram Group. This very active group was started when some Turkish eCash supporters found each other in the official eCash Telegram group and came to the conclusion there was a need for a group where community members from Turkey could meet, discuss and learn more about eCash in their own language. The Turkish Telegram group has become a group that is very active and welcoming while being moderated in keeping with Turkish values. The activities of the group extend to other groups and also Twitter, where they actively inform people about the properties and potential of eCash (XEC)
eCash for Beginners Part 7: The NCR and the GNC
Yet another article in the series eCash for Beginners was published on Tuesday the 5th of October. In this article CainBCHA dives into the self funding mechanism that has been built into the eCash protocol. The NCR or New Coinbase Rule (and no this has nothing to do with the exchange with that name) is explained in detail from its early inception, the created opposition against it and how it actually led to the birth of eCash. But also it dives into why it is one of the changes that will be instrumental to eCash’s future success and in fact is already starting to have its effects.
The article then goes on to describe how half of the funding is expected to be governed by a Global Network Council (GNC) that will exist of different stakeholders that all have clear skin in the game. Although this system will likely be changed and developed over time, it offers a clear and positive alternative to existing governance systems that have led to endless discussions, infighting and flame wars in Bitcoin and Bitcoin type systems. Again a very interesting and informative read!
eCash Full Node Software Bitcoin ABC 0.24.3 Released
As part of their bi-weekly release schedule, eCash’s development team Bitcoin ABC released a new version of the eCash full node protocol software on Tuesday October 5th. The release improves the wallet user experience and provides more detailed connection data through the RPC (Remote Procedure Call). The official Twitter account explains why this bi-weekly release schedule is important:
“It’s the development philosophy of building stuff quickly and iterating. This enables quick real-world feedback, and keeps the software improving rapidly.”
Alpha: Telegram Bot Highlights eCash Resources
On the following day, Wednesday October 6, an article by eCash NEWS Today looks into an interesting new Telegram Bot and explores its features and properties. Created by @Fcm62O (Twitter), Alpha provides users with all sorts of essential, interesting and even entertaining information about eCash (XEC). Information like which wallets to use or which exchanges list XEC but also Frequently asked questions, links to websites and eCash Telegram groups can be found easily through messaging the bot. There is even the occasional quiz question.
New Version Released for Desktop Wallet Electrum ABC
The wallet preferred by more experienced and power users, desktop wallet Electrum ABC, saw a new release announced on that same Wednesday. This wallet software developed and maintained by the Bitcoin ABC team has a long history and with its versatile nature and large number of features it is the go to wallet for those needing a bit more than what mobile and web wallets have to offer. It is a true SPV wallet meaning it connects to decentralised servers instead of a back end that is operated by the wallet provider. In fact people can choose to run their own server and have their wallet connect to that particular server. Or choose a specific server of someone they trust. This latest version 5.0.2 changes the default fee from 5 sat/byte to 2 sat/byte (note that the wallet allows you to set your own preferred fee rate also). It also rebrands the header for signed messages to “eCash Signed Message” and for those that use CoinFusion it now has a feature that lets you set the wallet to “spend only fused coins” which is great for those wanting to preserve their privacy when transacting.
Wazirx Adds XEC/INR Trading Pair
India based cryptocurrency exchange Wazirx announced on Thursday October 7 it had added a new market on its trading platform. After opening XEC/USDT trading on August 9, now almost two months later it had decided to serve Indian traders by offering an eCash (XEC) Indian Rupee (INR) trading pair. With that it now becomes very convenient to leverage the very low eCash network fees for remittances but also makes it easier for Indian investors to buy some eCash coins speculating on its future value. Trading started the same day on the website. The mobile app saw some initial issues but those problems were soon ironed out.
New Money From the Creators of Bitcoin Cash
Friday October 8 a new interview with Amaury Séchet appeared on YouTube. Paul Barron from PaulBarronNetwork interviewed eCash’s lead developer for his 27 minutes episode of Tech Path. In the interview a lot of areas of the eCash project are explored which makes it a great video for those who want to learn a bit more about eCash, its goals and roadmap and about the team that is working on making it all happen. Make sure to check it out and if you see others trying to learn about the project make sure to point them towards this interview as the interview is well structured and new people will get a good overview in a limited amount of time
New AMA With Amaury Séchet Announced
The week ended with the announcement of another AMA (Ask Me Anything) with Amaury Séchet. With the last one being organised by the Korean Telegram group, this next event will be hosted by the Turkish telegram group that was also featured in Monday’s eCash NEWS Today article. The event is scheduled to take place on Wednesday October 13 at 18:00 TRY (15:00 UTC). If you want to ask questions check with the group moderators about the details and don’t forget to respect the rules of this Turkish community group. Keep an eye on the eCash News Telegram Channel for updates about this event.
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.
Winner #57 @ecashgallery
First winner of the week was @ThuyNgu45477595 who not only was rewarded for his many great contributions but also praised for his great attitude. Then on Monday @Jhonkey98208240 named a daily winner for his tweets showing how he shared his knowledge and enthusiasm with his coworkers. Long time supporter @nghiacc’s twitter thread explaining how XEC aims to one day climb to the highest rung on the ladder, show him to truly understand eCash. This won him Tuesday's daily prize. Wednesday it was @ecashgallery who secured a win with his graphic of Milton Friedman pointing at the eCash Logo.
@fcm62O saw his Telegram bot Alpha rewarded with a daily win. The bot, also featured in an eCash NEWS Today article a day earlier, was praised as “a useful tool that allows you to easily access eCash information and gives new users a great place to start“. Friday saw @pungentaura rewarded for taking on the challenge of incorporating wallet balances into the CashTab wallet. A perfect example of how open source software development works. Anyone can contribute and add a useful feature! Well done Ethan Quintera for helping out the Bitcoin ABC team and providing value to everybody using the CashTab wallet. Last day of the week and day 60 of the contest saw @harxr win 1 million XEC after winning the twitter poll with her graphic depicting CainBCHA in the Squid Game. That concludes the weekly contest with yet again 7 very deserving winners. We are looking forward to reporting on 7 more winners next week.
Total prize money: 150 million XEC
Awarded to date: 60 million XEC
Still to be awarded:
40 million XEC in daily prizes and 50 million XEC in grand prizes
This Weeks Market Action
eCash (XEC) price hit a soft spot this week declining 10.64% from $.00025032 to $.00022368 on an anemic daily average volume of just $83.78M. With that it lost most but not all of the gains it made the previous week. With other coins increasing in market value, the cash focused coin slipped seven spots to #43 on CoinMarketCap.
In a recent video interview with Paul Barron, Bitcoin ABC lead developer Amaury Séchet reset market expectations when he said the new Avalanche post-consensus protocol may be rolled out as late as year-end. The market was also likely distracted by the continued of price ascent of Bitcoin (BTC) which currently tops $55k; as well as this week’s newest shiny object ERC-20 token Shiba Inu (SHIB) that jumped 238% for the week and currently ranks #20 on CoinMarketCap. Although the core protocols of eCash (coin) and Shiba Inu (token) are different like night and day, they do have similar price denominations which make them comparable to those that like to trade low priced crypto without looking too much further into the fundamental properties of projects. This may have led to some traders (temporarily) selling eCash for Shiba Inu to profit from current market sentiment.
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