Although this week in eCash seemed mostly quiet with a moderate loss of 2.4% on the global markets, there was some interesting news on closer inspection. The transcripts of last week's interview show the strength and resolve of the community and provide great value to those wanting to educate themselves. Also the contributions to Cashtab and websites, a community organised gaming event resulting in eCash promotion and education, a Node-JS full node made available for the eCash ecosystem but most importantly the GNC information. Information on how individuals and projects can apply for funding or recommend investment opportunities. The future of eCash is slowly taking shape. Let's take a look at this week's news from day to day.
A Look at the GNC and the October 29 Deadline
The week in eCash started on Sunday October 24 with an eCash NEWS Today article about the new GNC website. The article digs up old archived information and takes a close look at the website and the offered application procedure. It brings to light what is there and what is absent and provides the reader with some pointers on how to navigate the procedure and what issues to take into consideration before entering information on the site. The application deadline of October 29 gave people very little time to research and apply so this article offered a good overview that proved useful for those wanting to apply for the somewhat mysterious Global Network Council.
Transcripts Casey Muratori's Interview with Amaury Séchet
Last week we discussed the 2 part interview Casey Muratori did with eCash lead developer Amaury Séchet. On Sunday CainBCHA published a transcript of the first part of the interview. Leveraging the work done by others he further cleaned up transcriptions that earlier were posted by two other community members. @alitayin @fcm62O had already been named winners in the 100 days eCashs Content Contest for using different techniques to get a transcript. We can imagine that although transcription software is getting better and better, when it comes to highly technical crypto discussions with a french accent there still is need for some manual expert corrections.
A day later, on Monday October 25, a transcription of the second part was published. The importance of this type of work is easily overlooked but with people in China unable to access YouTube and many others not having the English language skills to sufficiently understand a YouTube interview (especially given the extra French accent challenge), a good transcript helps give a much wider audience access to the interview content. By being able to reread the difficult parts or by having it translated into a reader's native language, what first seemed inaccessible becomes much easier to access and comprehend for a much wider audience. So well done all that participated in creating these transcripts.
Investing in eCash (XEC) - Everything You Need to Know
Also on Monday 25, an article appeared on the Securities.io website. In the article full time journalist and long-time bitcoinist David Hamiltion takes a closer look at what eCash is, what problems it tries to solve and what technology it is trying to use. In closing the author summarizes: “The eCash network is the latest creation from the creative minds behind the Bitcoin Cash project. The network combines years of learning with the latest technological advancements. As such, it’s far more advanced than its predecessor and provides more scalability, security, and efficiency. You can expect to hear a lot more about eCash as the network continues to secure more developers and users due to its helpful features.”
Developers Continue To Work On Avalanche
On Wednesday October 27 the official eCash Twitter account tweeted a screenshot showing a list of avalanche related commits. Eight commits in 2 days clearly showing that although things seem to be quiet there is a lot of activity happening on development level where Bitcoin ABC members work tirelessly to complete the work on bringing avalanche consensus to the eCash network. As the software created by the Bitcoin ABC team is open source, those curious about what is going on can take a look at all the activity. Even if you do not understand what is being done exactly it is good to know that an increasingly larger team is working hard to add value to the network and the coins you hold.
Full Node “bcash” Now Syncs With eCash Network
Cyprian (formerly known as Vin Armani) tweeted on Thursday October 28 about bcash (eCash edition) version 2.1.2. The full node written in Node JS that now is being maintained by himself recently has been made to sync with the eCash network. With this he has unlocked the features of this software for the eCash ecosystem. A fork of the Bitcoin full node software bcoin, bcash was first created by the Purse.io developers to support the Bitcoin Cash functionality. During the 2018 bear market they were forced to abandon maintenance and development and the software fell behind. It is great to see someone of the quality and abilities of Cyprian (Vin) stepping up and taking on the challenge of getting it back to being useful and now also extending that to making it usable for the eCash ecosystem.
Mobile Legend Competition With eCash Prizes
After a technical meeting on Wednesday, Friday October 29 saw the kick off of the first ever Mobile Legend Competition with eCash prizes. Mobile Legend: Bang Bang is a multiplayer online battle arena designed for mobile devices and very popular in Southeast Asia. Organised by the passionate Joe Leleng from Kota Manado, North Sulawesi, Indonesia, this in person gaming event saw different teams battling each other for the three available eCash prizes. Spread out over two days the event saw its conclusion on Saturday October 30 with the 3 best teams winning prizes of 250,000, 500,000 and even 1,000,000 eCash (XEC). A great event and an excellent opportunity to educate these gamers about the qualities and potential of the eCash currency and project. Well done Joe Leleng and all others that helped organise this event!
Revamped Cashtab Styling
After having moved to the new CashTab.com domain, the popular eCash web wallet now looks even better thanks to the contributions of community member Alita Yin. The official eCash Twitter account shared a screenshot of the new styling showing again the qualities of eCash community members and the advantages of open source software development. Where the wallet was not long ago just developed by Bitcoin ABC developer Joey King, the ABC code repository now shows he is getting help from developers from within the eCash community members like Alita Yin, Ethan Quintera and others. With their help more and more features and improvements are added to the signature eCash wallet.
GNC Website Update: Funding Proposals Welcome
After the application due date being Friday 29, Saturday October 30 saw the announcement of a new homepage for the GNC website. Not with a lot of words but again by simply tweeting the website URL. Where before visitors would land on the “Apply” page with “Login” as an alternative page, now they will first see a page summarizing what has been happening for eCash this past year but also reinforcing the goals and why current world events make it very clear why the work being done is essential for increasing economic freedom.
It continues to introduce the GNC as “a group of proven eCash stakeholders who provide guidance for reinvestment in the eCash ecosystem.” to whom half of the eCash protocol revenue is allocated. The website further specifies that anyone can submit a funding proposal for any amount with the GNC evaluating those proposals for return on investment (ROI) and practicality. It will consider any form of investment that benefits eCash. It will be interesting to learn more about the members of the GNC, the process and the time lines but most of all it will be exciting to see which projects will apply and receive funding.
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 October 24 marked the three quarter stage of the competition with @Ismail_i_ being the 75th winner of 1 million XEC for spreading so much positivity and being focused on the goal. Accepting eCash in his mini grocery store in the Philippines and with that educating people about eCash has made @birch_vortex Monday’s winner.
Representing South America and a very active community member, @eCashChile was named Tuesday's winner. Wednesday October 27 @mbwalterx for creating all kinds of videos helping to explain what eCash is. Thursday the winner came from Reddit: u/thonkle was awarded 1 million XEC for his network status monitor https://status.cash. @f_eCash for educating himself and promoting eCash with understanding and belief and interest in it’s long term potential. Last day of the week @alitayin was again named a daily winner. Not only for redesigning the ProofOfWriting.com website but also for her work on redesigning the CashTab wallet and in the background contributing to many eCash projects.
With that all the winners of the past week are known. This week saw a somewhat different collection of winners with more focus on education and community participation and contribution but like every week the winners are truly inspiring and with only 19 more daily winners to go we are looking forward to seeing the next 7 winners.
Total prize money: 150 million XEC
Awarded to date: 81 million XEC
Still to be awarded:
19 million XEC in daily prizes and 50 million XEC in grand prizes
This Weeks Market Action
With some ups and downs market leader Bitcoin (BTC) ended the week roughly where it started. Unfortunately that was not the case for eCash (XEC) as it closed yet another week at a loss. Starting the week at a price of $0.00019354 it showed a cautious recovery at the beginning of the week followed by a day of sideways movement and a steep decline on Wednesday breaking through earlier established resistance and reaching a low of $0.00017603. From there it stabilized with an end of week rally pushing the price back up to close at $0.00018895. Thanks to this Saturday rally losses were reduced to a result of -2.4%. The negative result on the crypto coin ranking list was also minimized with it slipping from place #52 to #54. (data Coingecko.com)
Although eCash (XEC) has performed very well over the course of a year, traders who bought around all time high nearly 2 months ago, expecting it to rise further, have seen the value of their XEC holdings fall considerably. With available news and information currently not convincing the wider crypto markets and some other coins/tokens recently performing better, some of those traders seem to be capitulating as they realise their losses by selling their coins hoping to be more lucky with another investment. Others more interested in the fundamental values and potential of the network and currency are holding strong or using the opportunity to increase their holdings at lower prices.
With the GNC taking shape, wallets becoming better and better and with avalanche getting closer and closer to completion, it is interesting to see how things will evolve over the next weeks and months.