This week in eCash the biggest news was GNC (Global Network Council) related as the eCash internal funding mechanism is starting to be put to work and now people are starting to see a glimpse of things to come in the coming months and years. Also another great step in the development of the most used eCash wallet, continued growth in following, a combination of NFT’s and charity and the search for protocol development, reinforcements continues to grow. Let's take a look at what has been going on this week in eCash.
Infrastructure Funding Divided Between GNC and Bitcoin ABC
One of the features that sets eCash apart from most other crypto currency projects is its internal infrastructure funding mechanism. Miners that mine eCash add a new block onto the blockchain every 10 minutes on average. In that new block a small amount of new coins are minted in what is known as the coinbase transaction. In most protocols this coinbase reward goes to the miners in its entirety. In eCash a small portion (8%) is sent to the same multisig address every block. These coins are not awarded to miners as awards for adding blocks and providing security but instead are what funds infrastructure development and other activities that benefit the eCash ecosystem.
Those that have kept an eye on the address have noticed that although the first coins started to flow into that address in November of 2020, no coins had moved for over a year. That changed recently. Looking at the blockchain data one can see that in the weeks after the November 15, 2021 protocol upgrade, a long list of consolidating transactions took place. Each transaction's 205 inputs were spent and consolidated into 1 UTXO (unconfirmed transaction output) on the same address. This means no coins were actually spent other than on the fees needed to have these transactions included in the eCash blockchain. The transactions are merely a form of administrative cleaning up in preparation.
On Sunday, December 5, one year of funding coins finally did get moved as they transferred out of this very well known eCash wallet address. From what we can see only coins received up until block 713660 moved and were divided in two and sent to two new addresses. Coins received after that block look to have been untouched. The first transaction that can be seen on the blockchain sent 13,019,641,000.00 XEC worth 1,636,308.481 USD (at Sundays closing rate of $0.00012568 USD/XEC) at 28 minutes past midnight (UTC) to a new multisig address. The second transaction happened almost 20 hours later and sent 13,019,640,975.22 XEC worth $1636308.478 USD (same USD/XEC rate) to a different multisig address.
Although the blockchain of course does not tell us who the recipients of the coins were and no official announcements or explanations were provided, the numbers show that 1 years worth of infrastructure funding coins were divided in two (almost) identical portions which suggest that it follows the plan as laid out in 2020 and means half of the coins has been moved to a multisig wallet controlled by the ABC team and the other half now is controlled by (some of the) GNC members or whoever was appointed to hold the keys to their multisig eCash wallet. From there they can be used to fund projects and other activities beneficial to the eCash stakeholders.
SwapZone expands eCash(XEC) Services
Coin Swap service Swap Zone tweeted on Monday, December 6, that they now offer 3 different providers offering XEC exchange services which allows people to choose the service and price best suited to their needs. As with all exchanges and exchange services: make sure to carefully read terms of service and check online reviews.
70K Twitter followers for @eCashOfficial
Also Monday, December 6, the official eCash Twitter account announced it has grown to 70K followers. Its continued growth shows that increasing numbers of people are keeping an eye on what is happening with the eCash project and want to keep up with the official announcements. With much of the work still taking place in the background this may indicate increasing numbers of traders are waiting for the right time to (re-)invest in eCash (XEC)
GNC Funds First Project
After the earlier announcement that the GNC is actively evaluating funding proposals and with the coins having moved to the GNC controlled wallet as described above, it was no surprise to see the first successful funding application announced on twitter by the official eCash Twitter account on the 6th. With the words “The GNC has funded its first project: eToken DEX. Congratulations to @PSF_DAO! “ it was announced that the Permissionless Software Foundation with lead developer Chris Troutner will start work on creating a decentralized eToken exchange.
eToken DEX: The First GNC Funding Agreement
On Tuesday, December 7, eCash NEWS Today followed up by publishing an article explaining in more detail the GNC accepted eToken DEX development proposal. The article details that according to the proposal published on Github, development is to take place over a period of a year and will cost 25,000 USD payable in eCash (XEC) and paid in 5 installments of 5,000 USD spread out over that same period. Last payment is scheduled to take place in December of 2022 at the completion of the DEX. There is also a very clear list of deliverables that is included in the agreed upon proposal. With this first public, well structured and transparent funding agreement in place the bar has been set and the community will be looking forward to seeing what other projects have successfully applied for GNC funding.
Sending To Multiple Recipients With CashTab
On Wednesday, December 8, the official eCash Twitter account announced that people can now send to multiple addresses within the same transaction when using the popular CashTab.com web wallet. Instead of having to create many separate transactions users can enter a list of addresses including the amount they wish to send to each address and send it in one go. This feature is particularly useful in combination with the eToken Dividend Calculator that was presented weeks ago and which can generate a list of receiving addresses and the number of XEC to be paid based on the number of tokens held by the addresses. Note that the send to multiple recipients function does not work for sending eTokens but only works for sending eCash (XEC).
NFT Project Kool Aliens Supports Charity
As eCash and its community continues to mature, more and more activity is starting to develop. And with that economical activity some want to not only change the world through the creation of eCash as peer-to-peer money, but also want to impact their local community directly through charitable donations or charitable work. One such project is the new and fun eToken based NFT project Kool Aliens who on Thursday December 9th tweeted that 25% of the NFT token sales proceeds will be given to charity and used to help the underprivileged in remote areas of the Philippines with educational materials, food and medical help. The new project also has a Discord and a Telegram group.
eCash Development Team: We Are Hiring
On Saturday, December 11, the official eCash Twitter account tweeted directly towards some well known Bitcoin (BTC) protocol developers inviting them to come and strengthen the eCash protocol development team. It is a known fact that the skill set and experience needed for doing that level of work is not only rare but also in high demand across the crypto space, but also with large companies like Google and Facebook. As a result it can take time to find qualified software engineers to join the Bitcoin ABC team so they can start speeding up work on completing the roadmap. With engineers having to first familiarize themselves with the Bitcoin type protocol and as this often takes many months if not years, it makes sense to try and contract people that have worked on the BTC protocol in the past years. It would be great to see one or more of these experienced protocol developers join the Bitcoin ABC team.
This Weeks Market Action
With still no news about avalanche and staking development progress, traders seem unimpressed with the ongoing improvements on the wallets, the new tools and features users are provided with or even with the GNC starting to become active. As a result, the price further declined with volumes going down also. This may indicate traders and investors are not expecting the speedy completion of improvements announced during the BCHA to eCash rebranding.
This week eCash market price opened at $0.00012682 USD/XEC. The first days of the week saw considerable volatility with higher volumes but from Tuesday on the charts show the price slowly slipping down with normal volatility and low volumes. Not being helped by the generally weak crypto market sentiment, the mostly uneventful week closed at the end of Saturday with eCash (XEC) at a price of $0.00012176 USD/XEC. A loss of almost 4%. The market cap ranking place won last week was again lost this week as eCash ended the week ranked #68. (source Coingecko.com)