Bitcoin Cash ABC rebrands to ‘eCash’, embraces proof-of-stake — and 2 decimal places


Bitcoin Money ABC (BCHA), the embattled cryptocurrency undertaking that has forked away from each Bitcoin and Bitcoin Money, has rebranded to eCash (XEC).

The undertaking’s re-launch will see it combine proof-of-stake consensus layer “Avalanche,” introducing staking and drastically growing the pace of transactions.

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eCash may even scale back its decimal locations down from eight to 2, with lead developer, Amaury Sechet, stating:

“No different cash has eight decimal locations. Why ought to crypto? Cryptocurrencies with a decrease unit value additionally take pleasure in larger bull market appreciation. As a result of the eCash workforce is incentivized by each tech and value enchancment, this enchancment was a no brainer.”

With the improve, all customers’ BCHA cash will probably be transformed to XEC at a ration of one-to-one million.

Chinese language crypto media, Wu Blockchain, noted the undertaking plans to help EVM-compatibility, signalling eCash hopes to interoperate with Ethereum’s burgeoning DeFi sector.

Bitcoin ABC proponent, Joannes Vermorel, articulated 5 core missions for the undertaking — making certain transactions are nameless, immutable, low value, and safe in lower than three seconds, and sustaining infrastructure as “a public good funded by means of the coin social contract.”

Associated: Bitcoin Cash price jumps 68%: Looming hard fork to boost BCH user base?

Bitcoin Money ABC skilled a rocky journey after rising because the minority chain after November 2020’s Bitcoin Cash fork.

The remainder of the group didn’t settle for Sechet’s transfer to redistribute 8% of newly mined coins to a pockets below his management to fund improvement. This was applied into ABC in November.

In keeping with CoinmarketCap, Bitcoin Money is at the moment the Twelfth-largest crypto asset with a capitalization of $9.2 billion, whereas Bitcoin Money ABC ranks 217th with a market cap of $587 million.