This week in eCash started quiet both from a news and a market price perspective. The price remained very stable through most of the week until a crypto market crash in the second half of Friday took it down with all other coins, causing it to close at a considerable loss at the end of Saturday. Meanwhile there was good news for those having having waited for months and months for Kucoin to rebrand and release their coins, the growing strength of the eCash community active on Twitter is starting to be noticed, a new version of the full node software was released, a GNC announcement and the CashTab wallet continuing to add features and functionality. Let’s take a look at the Week in eCash from day to day.
You Can Now Lock and Unlock CashTab Wallet
On Tuesday November 30 a tweet by Cain showed how the popular web wallet CashTab can now be locked and unlocked using the fingerprint or PIN locking mechanism of the device. This is a very useful feature for those that sometimes have others use their device. With this feature kids or roommates will no longer be able to access your CashTab wallet without you unlocking it or giving them the device PIN number.
Noteworthy is that this feature, which has been wanted by some users for a while, was coded and deployed by Twitter user @HungSam12. According to the Official eCash Twitter this developer is not part of the Bitcoin ABC team but a community member who decided to contribute some of his time and skills to the eCash community and the CashTab open source code base. More and more developers find time to contribute to software that has great value for the entire eCash ecosystem.
Bitcoin ABC Version 0.24.7 Released
As part of the bi-weekly release schedule Tuesday saw the release of a new version of the eCash full node software. Bitcoin ABC version 0.24.7 brings various improvements to the node RPC interface. To learn more about that the best place to check is the release notes that accompany each new software release. These very regular releases allow for full node operators like miners to always have access to the most recent improvements and for the dev team to release any critical improvements quickly.
Global Network Council (GNC) Update
After allowing coin holders to apply for a seat on the GNC, followed by a bit more information in a call for proposals, the official eCash Twitter account announced on Wednesday December 1 that the GNC has now become active and proposals are being reviewed.
There again is no further information so it is unknown who has become a GNC member or large the coin holdings are of the elected GNC members. It is also unknown if there are any miners involved the way the original GNC plan was designed. It also is not publicly known how many members there are or how they are communicating or organised. Other questions one could ask are how long current GNC members will stay part of the GNC or if such a position requires them to continue to hold their coins for the period they are part of this new eCash governance body. Hopefully more information will come available in the near future.
But especially interesting will be to learn more about the different proposals submitted and which ones will eventually be funded and under what conditions. It will be exciting to see the result of eCash’s internal funding mechanism that hopefully will lead to a quick growth of development, economic activity and adoption of the eCash (XEC) coin.
eCash Twitter Community Impresses Digital Marketing Company
Digital Marketing company Financial Hedge tweeted a link to their eCash (XEC) Digital Marketing and Website SEO Performance [2021] report on Thursday December 2. They did similar reports for many different crypto projects but they were subsequently very impressed with the response of what has become known as the eCash Army, a growing group of eCash supporting Twitter users who spread information and news about the eCash project that picked up on their report very quickly. Showing a screenshot of their tweet’s analytics, their subsequent tweet only 50 minutes later applauded the XEC Twitter community stating “ $XEC could be the ultimate Twitter-community winner! “
“Reply To Messages” Added to CashTab Web Wallet
Recently it was revealed that CashTab.com wallet supports sending and reading Op_Return messages. An Op_Return message is an extra piece of data that can be added to an eCash onchain transaction. Though very limited in size this data field can contain text making it possible to include a message in a transaction sending eCash (XEC). These messages get recorded in the blockchain and therefore are just as immutable and uncensorable as the eCash transactions themselves.
On Friday December 3rd the official eCash Twitter account announced that not only has it become very easy to read the messages which are sent to the CashTab address, its developers have now added an easy to use reply function. It is very important to realise that since the blockchain is public and transparent, all messages sent this way can be seen and are readable by everybody. The tweet seems to suggest that there will be a way to make them more private in the future.
Kucoin Finally Announces BCHA to eCash (XEC) Rebrand Schedule
Four months after the first exchanges implemented the rebranding from BCHA to eCash (XEC), cryptocurrency exchange Kucoin has finally announced the completion of their work and provided an upgrade schedule. With the community putting a lot of pressure on the exchange, Kucoin officials communicated last week the exchange was working on the rebrand. The announcement on Friday December 3 was welcomed as the schedule includes a date on which deposits and withdrawals are to be enabled and some users have been waiting for over 6 months to be able to withdraw their holdings.
The transition to eCash (XEC) is said to start on Monday December 6 with the closing of BCHA/USDT trading. Subsequently all customers holding over 0.01 BCHA will see their coins converted to become eCash (XEC) with the familiar ratio of 1.00000000 : 1,000,000.00. Deposits will open on December 13th at 2 AM (UTC). According to the schedule trading and withdrawals will be enabled at 8 AM (UTC).
It is expected that with this last sizable exchange completing the rebranding, the ranking sites will stop displaying the coin with the two different units and it will only be eCash (XEC) that is going to appear in the coin market cap rankings.
Twitter Contest: Guess the XEC Price
With the 100 day eCash contest in the past eCash community members are still having fun on Twitter. Developer and eCash community member Alita Yin who won multiple daily prizes in the well known contest and even won 2nd place in the contest’s finale, on Saturday December 4 published a fun little contest on Twitter. With many people always making predictions about future XEC price, Twitter users can now reply to her Tweet with a prediction of the eCash (XEC) price and compete for a 100,000 XEC prize. “Play a game, predict the price at 0:00 UTC on the 16th of this month, leave your answer(according to binance’s price), the closest one will win”
New Blog Post By Cain: Why Do I Value eCash
In a new blog post published on Saturday December 4, well known eCash community member and evangelist Cain looks beyond the current XEC market price and shares his view on what makes the eCash project valuable as well as why the work being done matters not only to him and others supportive of the project, but should matter to many others that value freedom and equal opportunities. In his article he gives some good examples of how the world is becoming and how a decentralized peer-to-peer trustless currency can bring positive change and shift the power balance.
“When people talk about online privacy, they’re usually talking about companies like Facebook and Google. But what we should really be concerned with are banks and credit card companies. Because what happens if these institutions decide you’re no longer a desirable customer? Not because you did anything illegal, but because you did something they simply disagree with. As the world becomes more polarized, I believe we will see this happening more and more often. People’s accounts being frozen through no fault of their own, being cut off from the financial system for no other reason than having an opposing view.”
Again an excellent blog post and a worthwhile read for those interested in what the purpose is of crypto and why people are putting so much time and effort in this cryptocurrency project.
RaiPay Developer Releases TypeScript Library For eCash
Also on Saturday December 4, well known developer Tobias Ruck released a new TypeScript library for both eCash and Lotus. This new software library written in Rust was named Chronik which Ruck told eCash NEWS Today means history in German. This also reveals the purpose of this code as with it developers can index the entire eCash blockchain in under 40 hours which is a large improvement on existing alternatives.
Not only is this an improvement because of speed but also because indexing the eCash chain using the Chronik library currently only requires about 100GB of disk space allowing it to be run on low cost hardware. Both speed and disk space could be optimized further if needed but with much other work left to be done on other things, developer Tobias Ruck says he will not focus on that quite yet. He however does welcome other developers to check his code and contribute optimizations to it where possible. It is currently not yet open sourced but that is expected to change in the near future.
The indexing done using the Chronik library has something that is very beneficial to the eToken infrastructure. It can not only be done for normal XEC transactions but with the same ease it will index SLP eToken transaction history making it much easier for developers to build very fast XEC and eToken explorers and wallets according to Ruck. This is of course very important for the RaiPay project Ruck and his associates are working on. This project has created the first stablecoin on eCash that is for now being used in their local economy. In combination with the Raipay eCash and Lotus wallet and the be.cash eToken explorer, this team is creating a very complete set of infrastructure that will definitely benefit the wider eCash community. The RaiPay wallet that supports eCash (XEC) and eTokens is available for Android and Apple mobile devices.
CashTab Adds Support For More Fiat Options
Starting last week with adding 3 more currencies, the Bitcoin ABC team has continued to add support for more fiat currencies this week making it possible for more people to see the value of their eCash (XEC) in their local currency. This week saw the addition of the New Taiwan Dollar, the Hong Kong Dollar, the Bahraini dinar, the Saudi riyal and the Australian Dollar to the much used eCash web wallet that is gaining functionality and popularity every week.
This Weeks Market Action
This week eCash market price opened at $0.00015547 USD/XEC and moved sideways for most of the week as none of the eCash news caused any upwards or downwards movement. Unfortunately the entire crypto market was confronted with a sudden and violent decline that started Friday during the day and lasted until early Saturday morning at which time the markets stabilized and even bounced back a bit. Although some speculate the sudden price move was caused by the new Omicron Covid variant, there is no real consensus as to the reason behind this sudden crypto market panic.
eCash holders were not spared during this price crash with the XEC price going as low as 0.0011126 USD/XEC average while going even lower at some exchanges. The second half of Saturday December 4th the price recovered a little bit resulting in a closing price of 0.00012682 USD/XEC. A loss of 18.44%. Having started the week with a market cap ranking of #68 eCash (XEC) managed to win one place as despite the heavy losses it went back up to position #67.
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