The new PoS-based eCash blockchain network will allow users to stake their coins with rewards up to 400% APY. Moreover, unlike Ethereum, the new eCash blockchain will be a low-inflation blockchain with a low transaction fee.
Bitcoin Cash ABC (BCHA) has rebranded itself to a new name dubbed eCash. The official announcement came on Thursday, July 1, as the developers kickstarted a rebranding campaign with a new project – eCash.
Besides, the token semantics will also change from BCHA to XEC. Also, the BCHA to XEC conversion will happen in the ratio of one-to-one million. Speaking of this development, lead developer Amaury Sechet said eCash will reduce its decimal places from eight to two. Explaining this move, Sechet further added:
“No other money has eight decimal places. Why should crypto? Cryptocurrencies with a lower unit price also enjoy higher bull market appreciation. Because the eCash team is incentivized by both tech and price improvement, this improvement was a no-brainer.”
The renewed website notes that eCash will be a natural continuation of Bitcoin Cash ABC. Lead developer Amaury Sachet has been working over the past year to bring this project live.
Bitcoin Cash ABC with its eCash Rebranding: Introducing Consensus Layer Avalance
The relaunch of Bitcoin Cash ABC also introduces a new Proof-of-Stake (PoS) consensus layer Avalance making transactions fully secure and instantaneous. The announcement states that the new consensus algorithm will reduce the transaction confirmation time to under 1 second.
Avalance aims to bring technically sound and politically decentralized governance to the eCash platform. Sechet stated:
“eCash opens the door to possibilities previously unattainable by combining the core tech behind Bitcoin’s success – the same fixed supply, halving schedule, and genesis block – with the latest Proof of Stake consensus and protocol governance.”
The Avalanche consensus model also brings favorable staking conditions for its users. Besides, eCash categorizes itself as low-inflation Bitcoin-based crypto that offers staking rewards without high transactional fees, unlike Ethereum.
Apart from building projects on eCash blockchain, the low network fee will also allow developers to create and trade new coins. The eCash developers have recommended users upgrade their eCash wallets.
Users can start buying eCash crypto against USDT on Coinex.com and earn staking rewards with a massive 400% APY. The announcement notes that eCash staking will play a role in securing the network. Besides, it will make it possible for users to stake eCash for native on-chain rewards.
Crypto exchange Binance has extended its support to the BCHA’s rebranding campaign. Commenting on this development, Chinese journalist Colin Wu stated that “Bitcoin ABC has officially changed its name to eCash and has received Binance support for its upgrade. It plans to launch the avalanche protocol in the summer and plans to join the EVM to enter the DeFi ecosystem”.
Read more crypto-related news on Coinspeaker.