After a few quiet weeks, this past Week in eCash not only saw a price gain of 5.6%, but there also was a lot of exciting new development work and releases, interesting articles, milestones being reached on social media and full node operators preparing for the network upgrade of November 15th. Let’s take a day-to-day look at the week in eCash.
Proof of Writing: The Price of eCash
The week started with a new article by Cain on November 1. With the XEC markets having been bearish for a number of weeks, Cain shares his reasons for not selling his coins. Without wanting to give any financial advice he reflects on the price and the value of eCash (XEC) as he shares: “...I believe the Avalanche enhancement is a much bigger deal than most people realize. It’s effectively taking Bitcoin to the next level and bringing it a significant step closer to becoming world money. Whether the world notices or not is the question.”
Bitcoin ABC Version 0.24.5 Released
On Tuesday November 2nd eCash's development team Bitcoin ABC released full node software version 0.24.5 as part of their two weekly release schedule. This full node software release improved some network RPCs. With this release full node operators were also reminded of the upcoming network upgrade date: November 15th! On that day 0.23 versions of the software will stop working correctly so all businesses and miners are being advised to upgrade to version 0.24. software before the 15th to ensure they follow the upgrade without any issues or interruptions.
Ellipal Hardware Wallet Adding eCash (XEC) Soon
When eCash supporter @srrrennn asked hardware wallet company Ellipal in a tweet if they could add eCash on November 3rd, their twitter account quickly replied that eCash (XEC) support would be added in the next version. It is not known when that is expected to be released but it is definitely something for the eCash community to look forward to. Although hardware devices like Trezor and Ledger can currently be made to work for eCash with Electrum ABC wallet by using the BCH setting of the devices they do not offer native support for eCash (XEC) itself. Ellipal looks to become the first hardware wallet to offer support for the eCash (XEC) currency.
Although somewhat newer to the crypto currency scene, Hong Kong based technology company Ellipal over the past years has been building both a great product and a solid reputation that is resulting in increasing popularity of their products. Hopefully soon eCash holders can start using the Ellipal Titan as cold storage.
Campaign To Get eCash Added on Edge Wallet
Also on Wednesday, Bitcoin ABC team member Antony Zegers initiated a community campaign to get non-custodial multi-coin wallet Edge to add eCash XEC to their list of 31 supported coins. At the bottom of this list of supported coins on the Edge.app website, the company offers users the opportunity to request a coin to be added: “Don't see your favorite currency? Submit a request and we'll add it to our list!”
The initiative was soon supported by XEC community leader Cain who noted that “This is a mission for the eCash army” and encouraged his followers to submit a request. eCash being a fork of Bitcoin, the technology is well known also by the Edge team as they already support a number of coins that are using similar technology. As such, strong signals coming from the eCash community may have a positive effect and lead to them adding eCash (XEC) to the list of supported currencies. Cain notes in his tweet that it only takes two seconds to submit a request.
eCash Explained by YouTuber Matthias
Wednesday also saw the release of a video by “Matthias starting up 🚀” who in this first episode of “S**tcoin Fundamentals” focusses on eCash (XEC). When watching the video the first thing that is noticeable is Matthias looks at crypto projects with another angle than what most crypto influencers and traders do. He takes a serious look at the technical merits of the projects and as a twitter user commented:
“Matthias does a great job here of explaining the importance of using both PoW & Avalanche consensus - the strengths of both and the weaknesses of neither.”
The comments on the video show others also valued his analysis of the eCash cryptocurrency project.
CainXEC (@cainBCHA) Twitter Passes 10,000 Followers
CainBCHA, now also known as CainXEC, has become a well known and much loved community leader and the number of people following his Twitter account is starting to show it. With his relentless support and enthusiasm he has over the past months not only gained respect from those who already knew him, he has also provided many people new to eCash and sometimes very new in the world of crypto, with information, guidance and inspiration. As a result his Twitter account passed the 10,000 follower mark on Saturday November 6th.
Looking at the comments of his many followers, not only has he had the interest of many people participating in his 100 day eCash Content Contest, his focus on the true goals and vision behind this technology has led to many others realising that this is not primarily about numbers going up. People are starting to realize the true prize at the end of the long road ahead is bringing positive change and freedom to people across the world. In the article commemorating 10,000 followers he states:
”I don’t want to live in a world where my money only buys my freedom, I want to live in a world where freedom is no longer something that needs to be bought at all. This is why I support the eCash project. Because I believe it can lead to the kind of world where people who are honest, and hard working, can be free to live the kind of life they deserve.”
Message Signing Live at CashTab.com
Thursday November 4th the official eCash Twitter account announced a new feature on the popular eCash web wallet CashTab.com. Where before this feature was only available on Electrum ABC, XEC holders and users can now also use CashTab to sign a message using the private key belonging to the wallet address. We have seen recently that signing a message that way can be used to prove eCash holdings when GNC.e.Cash applicants were asked to add addresses by signing a message with the keys of these addresses. It is possible that this function will also be used for future staking options. With many people these days having only a mobile device, having this functionality added on the CashTab web levels the playing field with everybody now being able to sign and verify messages this way.
Binance Ready for November 15th Upgrade
After the eCash development team Bitcoin ABC and the eCash Twitter account reminded people of the November 15th network upgrade on Tuesday, cryptocurrency exchange Binance announced support for the network upgrade. Part of the 6 monthly upgrade schedule, this network upgrade requires full node operators to make sure they run 0.24.0 or higher versions of the software. Community reactions show they appreciate one of the leading exchanges giving such clear and timely clarity of their position and readiness.
NFT's Coming To CashTab Wallet
A “diff” in the Bitcoin ABC Team repository dated November 4 shows that work is being done to bring NFT functionality to the CashTab wallet. The code author is Ethan Quintera who again shows the value of open source software and shows his passion and commitment to the eCash project with yet another contribution. The diff is waiting for review with Bitcoin ABC team member and lead developer of the CashTab wallet Joey King is listed as reviewer.
With coins and tokens held by wallets like CashTab, rigorous review is essential and so with Bitcoin ABC’s high quality standards, it may take considerable time and revisions before we will see NFT creation and sending functionality in the live wallet. Although traders are always impatient for new features to be released, users require and benefit from rigorous review and high standard development processes. Nonetheless all hope to see NFT (Non Fungible Token) functionality on the live wallet soon.
Official eCash Twitter Account Passes 50K Followers
On Friday November 5th the official twitter account reached another milestone. Where it took 18 days to go from 30,000 to 40,000 followers, it took only 15 days to grow another 10k followers and reach 50,000 twitter accounts who are interested in the promising eCash crypto currency. Starting from zero in July and with eCash markets having been more bearish the past month, this shows that slowly but steadily more and more people are learning about the project and are interested in following the latest developments.
Huobi Global Adds XEC Derivative Trading Pair
Huobi Futures Twitter account announced on Friday November 5 the addition of trading pairs in cross margin mode of USDT-margined swaps. Of the 7 added digital asset derivatives, one was an XEC pair. These advanced and high risk trading options show eCash is becoming more and more established as one of the top cryptocurrency trading options.
Proof of Writing: Running an eCash Node
On Saturday November 6 Cain published an article about running a full node for the eCash network. With proof of stake being part of the avalanche consensus layer that is being built on top of the existing proof of work consensus layer, there is growing interest in running eCash full nodes as those non mining nodes soon may start to play an important part in helping secure the network. In this “how to” article Cain explains in simple steps how to download the software and set it all up.
eCash Reddit Community Gaining Strength
With most activity and attention going to Twitter and different Telegram groups and channels, Reddit has been left a bit behind. But not anymore. On Saturday November 6 the official eCash Twitter account noted that it recently has become more active with community members providing good answers to people asking questions. As a result the eCash Reddit Community has grown to 4000! members and is starting to become a good place for asking questions and having discussions about eCash.
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. We are getting closer to the contest finale but for now let’s see who this week's winners are
Last week “The Week in eCash” wrote about a Mobile Legends tournament featuring XEC prizes. On Sunday October 31, tournament organizer @leleng_joe deservedly was announced this week's first daily winner. It was noted that he even had an eCash education session as part of the event instructions before the tournament. It is awesome to see this type of crossover event. Monday November 1 had @BaraTwitme named daily winner for an image used by Cain for one of his articles but also praised for creating tutorials and being an active eCash community supporter. 14 year old @Vanessa35701571 is possibly the youngest winner in this competition. On Tuesday she was praised for her exemplary positive attitude within the community, for being engaging, bringing her whole family to eCash and for showing that XEC is for all generations. Reading her Twitter posts is a fun breath of fresh air.
Wednesday November 3 @nftoyun was praised for his commitment and efforts to spread awareness by making stickers, putting an eCash patch on his jacket and making a taxi driver accept eCash. His commitment and successes made him winner number 85. Having won before for a number of other contributions, @fcm62O won Thursday's daily prize for her new website "Made For eCash" http://mfec.info. Another person showing exemplary attitude and commitment is @Justin_AL5 as he won for producing fun eCash images and gifs for months without ever winning, or complaining, or begging Cain for coins. Cain noted: “He does it purely for the love of XEC and those are the people I want with me in the #eCashArmy”. Last prize of the week was awarded to @Luhushan for his passion as a eCash supporter, for starting to accept eCash with his travel agency and for starting an eCash Marketing Telegram group to help market eCash on social media.
With that all the winners of the past week are known. Only 12 daily winners are left to be announced and after that it will be very interesting to see which of the daily winners will be awarded one of the three grand prizes. But first we are looking forward to seeing the next 7 winners announced this coming week.
Total prize money: 150 million XEC
Awarded to date: 88 million XEC
Still to be awarded:
12 million XEC in daily prizes and 50 million XEC in grand prizes
This Weeks Market Action
After some weeks of negative results, this week eCash markets ended the week with a positive result. The week started with a continuation of the bearish sentiment that has been around the past weeks while others coins saw the markets push their price up. With a starting price of $0.00018895 the markets continued its downward trend dipping down to a 7 days low of $0.00017693 on Wednesday. This low was the start of a strong recovery leading to a high of $0.00021594 early morning Friday November 5. After gaining 22% from its 7 day low, traders started to take profit and the price corrected down to around $0.000197 mark after which it went sideways until the end of Saturday November 6 when it closed at $0.00019953 resulting in a 7 day profit of 5.6%. In the overall market rankings eCash (XEC) lost 1 place as it moved from #54 to #55.
With no clarity about the release date of the first version of the expected avalanche consensus layer, no visible test results and no clear understanding of the extent of the challenges still ahead, and with scarce information about what GNC governance will look like, it seems some investors are taking a wait and see approach and for now try their luck trading other coins and tokens. Continued growth of Social media following and increased community participation could be an indication that traders and investors are increasingly paying attention to the project that seemed forgotten not all that long ago.