This past week was dominated by bad news coming from China. Starting with news of the possibly upcoming bankruptcy of real estate giant Evergrande which affected global stock markets and crypto markets alike, the week ended with fear surrounding a statement by the Chinese government which will make OTC (Over The Counter) trading of crypto currencies illegal. Although this latter news had already been talked about weeks ago and Crypto history is filled with these types of announcements, it seemingly still was the cause of even more fear in the crypto markets which turned most markets red. But besides all this, there also was other news that was more specific to eCash (XEC). Let's take a look at what happened this Week in eCash.
ECash4Telegram Bot Rebrands To Flask; Introduces New Features
On September 19th an article by eCash NEWS Today details about the well known eCash4Telegram bot that recently was rebranded to “Flask”. Most people have seen this bot around as it is often used to get it to post the latest XEC price data but more importantly it provides a wallet with which people can pay or tip each other XEC inside of Telegram. This easy to use XEC wallet bot already had some neat features but recently some very useful new features were added.
The first is a new feature that allows group owners to set an entry fee for a determined Telegram group. This is an anti-spam feature designed to allow people that possess eCash to enter into a group. A new way of monetizing groups automatically, without having to rely on third-party services to do so. Check out The Glass Factory telegram group to see a demonstration of the new entry fee feature but make sure you have some XEC in your FLASK wallet or on your CashTabapp.com wallet. You will need to pay $0.25 worth of XEC to stay in the group .
eCash Shows Relative Strength
In Tuesday’ September 2st market snapshot, news of a potential contagion caused by the default of Chinese property developer Evergrande spooked the markets. The global crypto market was not spared dropping almost 9% overnight. Noteworthy was that eCash showed relative strength in a downward trending cryptocurrency market.
Bitcoin ABC Releases Version 0.24.2 of Full Node Software
On Tuesday September 21 eCash’s full node development team, Bitcoin ABC released a new version of the full node software that is being used by miners, exchanges and other companies to verify transactions and blocks. This version 0.24.2 has some rebranding changes and adds a new RPC. The Bitcoin ABC team usually releases a new version of the software every two weeks on Tuesday. This way full node operators can very quickly benefit from the maintenance and improvements the development team is working on every day.
POW#59: "The Power of Incentives"
Also that Tuesday CainBCHA’s latest blog was published. The Power of Incentives dives in how incentives were used to power Bitcoin. How the right incentives lead to people and businesses acting in certain ways while the incentives when misaligned can lead to a radically different and negative outcome. He describes how a change to the original incentive structure has a much better chance of finally reaching the goals that have been long discussed. With the incentives aligned the road to the future has become much more clear.
AMA With Amaury Séchet Announced
On September 22 the official eCash Twitter account announced an AMA (Ask Me Anything). The event scheduled for Monday September 27 09;00 AM UTC, will take place in the Official Korean Telegram group. This Korean Language group is the only official non-english telegram group established by BitcoinABC. The group admin has been collecting questions from group participants in preparation of the event as everybody in the group can submit questions for the lead developer of eCash. Non Korean eCash enthusiasts will need to get their translation software ready because the group is Korean language only.
eCash Climbs CoinMarketCap Ranking
In this September 22nd market snapshot, eCash (XEC) continued to flex its muscles for the third day in a row, vaulting to #33 on CoinMarketCap, from #40 just a few days earlier. Although the coinmarketcap rankings change a lot due to high volatility, it is showing a clear upwards trend on the ranking.
Tutorial: Create/Sweep a Paper Wallet and Sign a Message
After releasing a great CashTab Wallet Tutorial some weeks ago, Mihsak Yamato released another eCash tutorial on September 23rd. This new Medium post walks users through setting up a paper wallet using the recently released paper wallet generator, shows you how to sweep the keys of such a paper wallet using the Electrum ABC wallet and also shows how you can Sign a message with a private key which is a way to prove you have the keys belonging to a certain wallet address, without actually revealing that key to others.
Check it out, even if you don’t plan on using those tools. It is actually more simple to do then you would at first expect it to be.
Huobi Futures Launches XEC USDT-margined Swaps
On Twitter Cryptocurrency exchange Huobi announced a new XEC focused trading product. Their Futures department announced the launch of eCash (XEC) USDT-margined swaps. With the addition of these types of crypto asset derivatives it becomes clear the market increasingly considers eCash (XEC) a well established and sufficiently mature coin. The announcement page details the particulars of this new Huobi product while adding a clear warning about the significant risk of trading these types of crypto asset derivatives.
Updated Docs for CashTab: Learn How to Create eTokens
On the 23rd also, the official eCash Twitter account pointed out that the CashTab wallet documentation has been updated. It now includes a section on how to create your own eToken. Even if you are not interested in creating tokens, the CashTab documentation is worth checking out because it gives a great overview of the wallet and how to use it. From simple send and receive to more advanced features like importing seed phrases and creating eTokens. If you have little experience using self custodial wallets, the CashTab wallet with this documentation makes things very easy for you. Our advice is to just test it out using a low amount of eCash and try everything described in the very well laid out documentation.
MatrixPort Announces BCHA to eCash (XEC) Rebranding
Digital service platform MatrixPort announced on Thursday September 23rd that it would start the BCHA to eCash (XEC) rebranding and redenomination process. Co-Founded by Jihan Wu in 2019, this next generation financial company provides trading, custody, investment and borrowing services for individual and institutional customers. Jihan Wu is best known for co-Founding leading ASIC mining manufacturer Bitmain and Antpool mining pool but also for his support for many crypto currency related development work. Although keeping a much lower profile in public, he is seen by many as a leader and is held in high regard by many professionals in the space. The MatrixPort announcement was welcomed by the XEC developers and community of supporters as it shows ongoing support for the project by a company closely related to Jihan Wu.
Dividend Tool for eTokens Presented
Saturday September 25 saw the announcement of a seemingly simple but very useful tool for eTokens. Earlier we described how CashTab documentation now shows people how to create eTokens using the Cashtab wallet. The Dividend Tool was created by Ethan Quintera who earlier released the eCash virtual world and the eCash paper wallet generator. This new Tool makes it very easy for issuers of eTokens to create a list of token holder addresses that can be used to send those eToken holders dividends in eCash. The tool helps select the correct addresses and can calculate how many coins need to be sent to each holder. The created data can be exported in CSV format. For making the XEC dividend payments the Electron ABC wallet provides a pay to many function. This great tool comes with clear documentation and is a great addition to the tools already provided by CashTab.
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.
Sunday 19th was day 40 in the contest and saw the eCash VR Hub by @pungentaura awarded again. This time for all the improvements and new features that were added. On Monday the winner was a video by @zuyfun. Tuesday's winner @fcm620 was not only rewarded for his winning graphic but also complimented for producing high quality artworks and memes day after day. Wednesday the winner was @XhanxEC for a little commercial for CashTab. Mishak Yamato’s great tutorial described earlier in this article was Thursday's daily prize winner. A beautiful image but also earlier work by @Eka_Setya22 was awarded Friday’s 1 million XEC. Last prize of the week again went to Ethan Quintera (@pungentaura). This time for his Dividend Tool for eTokens. With that, all 7 winners of this week are known. We are again looking forward to reporting on 7 more winners next week. Good luck.
Total prize money: 150 million XEC
Awarded to date: 46 million XEC
Still to be awarded:
54 million XEC in daily prizes and 50 million XEC in grand prizes
This Weeks Market Action
Despite a weekly price decline from $.00023309 to $.00021879 (-6.1%), eCash (XEC) held its own against other coins in a volatile market dominated by news of a potential default by Chinese property developer Evergrande. eCash (XEC) began the week at #40 on CoinMarketCap and climbed to as high as #33 before slipping back to #37, jockeying places with about five different coins whose market caps are all within a few hundred million USD of each other.eCash (XEC) daily trading volume averaged less than USD 100M, far below volumes seen earlier in September 2021 when just one day saw volume of USD 1.573 Billion.
Although Binance was the volume leader for XEC, this excluded South Korean exchange Upbit who has not yet completed the rebrand of BCHA to XEC (1 BCHA = 1M XEC). Upbit USD volume for BCHA has been almost 10x that of Binance demonstrating the strong support coming from the South Korean market. The BCHA weekly price declined from $239.44 to $227.56 (-5.0%) with lower average daily trading volume of $281M from recent weeks.
The lower weekly volumes may be the market taking a “wait and see” approach as they await the Upbit BCHA to eCash (XEC) rebrand, which is expected in the coming days or weeks.