Bitcoin Cash ABC Rebrands To eCash, Introduces Avalanche Consensus Layer
Bitcoin ABC (BCHA) has announced that it would be rebranding and officially changing its name to a new project dubbed eCash.
The BCHA token will now be renamed XEC.
New eCash To Use PoS Consensus Algorithm
The project said it would be using the latest proof-of-stake consensus layer, “Avalanche,” which would introduce concepts like staking, fork-free network upgrades, and subchains.
The developers described Avalanche as a revolutionary consensus algorithm that reduces the confirmation time of transactions to less than 1 second, thereby greatly increasing the speed of block finality.
With Avalanche, the eCash protocol is expected to be technically sound using a decentralized governance framework. Lead developer Amaury Sechet said,
“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.”
Sechet also said that as part of the rebranding effort, the number of decimals in the token price would be reduced from 8 to 2.
Crypto exchange Binance has already said that all users of BCHA coins will be converted to XEC at a ratio of one to one million with this upgrade.
BCHA holders do not have to take any action, as the rebranding will take place automatically. The developers of eCash have advised users to upgrade their BCHA wallets, as they expect most wallets and exchanges to use the eCash/XEC variant once the upgrade is complete.
Bitcoin Cash ABC, A Fork Of Bitcoin Cash
Bitcoin Cash ABC is the cryptocurrency project that forked away from both Bitcoin and Bitcoin Cash. While Bitcoin Cash, the first of the Bitcoin forks, was created in 2017, Bitcoin ABC was created in 2020.
Amaury Sechet was one of the Bitcoin pioneers who had a significant impact on the development of both Bitcoin and Bitcoin Cash. However, he parted ways with core developer Roger Ver in 2020 before creating Bitcoin Cash ABC.
Both Bitcoin Cash and Bitcoin Cash ABC were developed to address the scalability and speed issues of Bitcoin, but they both differ.
One thing that makes Bitcoin Cash ABC different is its “coinbase rule.” The coinbase rule adds a tax to those mining Bitcoin Cash ABC in which 50% is given to developers for protocol operation and the remainder used in a governance system called the Global Network Council.
8% of all BCHA coins mined are distributed back into the ecosystem, enabling a self-sustaining network. Bitcoin Cash ABC has been doing well recently. The coin was up 78.6% last month and currently ranks 217th on the chart with a market cap of $587 million.
Bitcoin Cash, on the other hand, is currently the 12th-largest crypto asset with a capitalization of $9.2 billion, according to CoinmarketCap.