Bitcoin Cash ABC Changes Name To ECash, Here's Why
JAKARTA – A sudden change occurred in Bitcoin Cash ABC (BCHA) which soon changed its name to eCash (XEC). The crypto asset, which is a branch of Bitcoin and Bitcoin Cash, is currently in the process of being replaced.
The development plans to re-release the crypto asset under its new name. XEC is said to be integrated with the Proof of Stake (PoS) consensus layer "Avalanche" which is predicted to bring staking and increase transaction speed than before.
Launching Cointelegraph, eCash will reduce its decimal number from eight to two. Lead developer Amaury Sechet reveals that no other currency has eight decimal places. eCash is also driven by technology upgrades.
“No other currency has eight decimal places. Why crypto? Cryptocurrencies with lower unit prices also enjoy higher bull market appreciation. As the eCash team is driven by technology and price improvements, these upgrades are a no-brainer”, said Sechet.
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With this upgrade, all user's BCAA coins will be converted to XEC at a ratio of one to one million. Wu Blockchain, a crypto media from China said that the project will be compatible with the Ethereum Virtual Machine (EVM). The upgrade is expected to work with Ethereum DeFi currently in development.
In addition, Joannes Vermorel as a Bitcoin Cash ABC supporter explained that there are five main missions in the project, namely ensuring anonymous transactions, low gas fees, immutable and secure in less than three seconds, and maintaining infrastructure.
BCAA has had a hard time after emerging as a Bitcoin Cash fork in November 2020. Some in the community resisted Sechet's move to redistribute 8 percent of the newly mined coins to fund the company's development. It is planned that this will be applied to Bitcoin Cash ABC in November.
Based on data from CoinMarketCap, Bitcoin Cash is currently the 12th-ranked crypto asset based on its market capitalization, 9.2 billion US dollars. While Bitcoin Cash ABC ranks far below it, which is in position 217 with a market capitalization of 567 million US dollars.