Cryptocurrency is a digital or virtual currency that is guaranteed by cryptography, as quoted from Investopedia. With cryptography, this digital currency becomes almost impossible to counterfeit.
Cryptocurrencies are also divided into several types of digital currencies including Bitcoin, Litecoin, Dogecoin, BitcoinCash, Feathercoin and others.
Here we will review about BitcoinCash which will change its name to XEC Coin, see the explanation below.
What is Bitcoin Cash ABC (BCHA)?
Bitcoin Cash ABC is a blockchain and cryptocurrency created on November 15, 2020, as a result of a hard fork on the Bitcoin Cash (BCH) blockchain. The developers in China are the inventors.
The BCHA that split the original chain into two new chains, tentatively called Bitcoin Cash ABC. Bitcoin Cash ABC is based on the Bitcoin Cash protocol, which is a derivative of the original Bitcoin (BTC) protocol. It focuses on providing global cryptocurrencies that are fast, highly scalable, in a way that is sustainable over the long term.
Difference Bitcoin Cash ABC and Bitcoin (BTC)
Actually, Bitcoin Cash ABC has a newer technology compared to Bitcoin BTC. If likened, Bitcoin Cash ABC is Microsoft Word which cannot open word files to the old version.
As an offshoot of Bitcoin Cash, Bitcoin Cash ABC retains many of the same characteristics. Its main goal is to create money that can be used by everyone in the world.
It uses a larger block size than Bitcoin as a way to increase transaction times and scalability.
Why Bitcoin Cash ABC Changed its Name to eCash (XEC)?
Bitcoin developer ABC announced the start of a rebranding campaign to coincide with the launch of the new Cash project aimed at redefining digital money.
Bitcoin ABC project has officially changed its name to eCash. The token will also be renamed from BCHA to XEC on July 1, 2021.
The relaunch will include a series of important improvements including Avalanche a revolutionary consensus algorithm. This reduces the transaction confirmation time to less than 1 second while making transactions completely secure and instantaneous.
So, this launch, also simultaneously improves the network and efficiency of BCHA.
As stated in the updated website, eCash is a natural continuation of the Bitcoin Cash project, led by Amaury Sechet, a former Facebook engineer and Bitcoin pioneer.
What is eCash (XEC)?
eCash (XEC) is a cryptocurrency rebranding of Bitcoin Cash ABC (BCHA). The difference is that eCash (XEC) has more technology and features than Bitcoin Cash ABC (BCHA).
eCash is a cryptocurrency designed to be used as electronic money. Just as the invention of email made it possible to send direct messages online, eCash made it possible to send money directly to other people online. This includes being able to use eCash to pay for goods and services.
eCash is the latest and most secure implementation of digital currency use with the technology envisioned by figures in monetary philosophy such as Milton Friedman.
eCash opens new doors to possibilities that were previously unattainable for previous generation coins by combining some of the core technologies behind Bitcoin’s success but still into the same fixed supply, halving schedule, and genesis block -with Proof of Stake consensus & protocol governance latest.
On November 15, 2020, the Bitcoin Cash (BCH) blockchain split into two chains. One of those chains was called BCHA for a while. It was this chain that eventually became eCash. This digital currency is a continuation of the Bitcoin Cash project which is currently being developed by Bitcoin ABC, which has experienced since 2017.
eCash Digital Currency (XEC) Updates and Improvements
There are three main categories of improvements, including:
- Increase transaction throughput (from about 100 transactions per second to more than 5 million transactions per second).
- Improve the payment experience. Instant and reliable is the basis. All transactions must arrive instantly and securely within 3 seconds.
- Extending protocol & setting forkless future upgrades to support future economy.
The current eCash network is upgraded annually on May 15 and November 15. This upgrade is required for all node operators. To support business planning, upgrades are based on timestamps and not specific block heights.
The eCash logo identifies, expresses and differentiates us. It’s one of the first things people see and one of the first things people remember when they think of us. It’s what makes us stand out from the rest.
When we introduce a new logo, we want to make sure it accurately represents the essence of eCash, showing the world our courage and dynamism.
The letters “e” & “c” are among the most recognizable symbols in the world. Combined with block and hexagon elements, we created an instantly recognizable logo in a way that identified the project like never before.
Frequently Asked Questions By BCHA Coin Owners
On July 1, 2021 at 12:00 noon UTC, Bitcoin Cash ABC (BCHA) was renamed eCash (XEC). Some of the changes related to the rebranding are:
- The main unit is now bits (2 decimal places) instead of BCHA (8 decimal places, default inheritance used by Bitcoin and Bitcoin Cash).
- 1 BCHA = 1,000,000 XEC
- The address format has been updated. You can use this address converter to convert between address formats.
- A new website launched on eCash
Question: Do I need to do a token exchange?
Answer: No. The rebranding from BCHA to eCash (XEC) is not a token exchange. There are no changes to the blockchain. Rebranding simply changes the way things are shown to users on wallets and exchanges.
Question: What will happen to BCHA tokens?
Answer: There are no changes to the blockchain. Under the hood, “eCash” (XEC) is the same thing as “BCHA“. The way it is displayed to the user just changes. So nothing happens to the BCHA token, it just renames to eCash/XEC, and changes the default base unit so 1,000,000 XEC = 1 BCHA.
Question: What will happen if I send BCHA to eCash wallet?
Answer: If you send 1 BCHA to your eCash wallet, you will be credited 1,000,000 XEC. Conversion occurs in the wallet, there is no change in the transaction format on the blockchain. Similarly, sending 1,000,000 XEC to a BCHA wallet will credit 1 BCHA on the receiving end.
Question: Will there be a separate chain?
Answer: No, there is no separate chain. This is the same blockchain as before the rebranding. Only the way it is displayed to the user changes.
Question: To change the address format, can I edit the address by hand to change the prefix from “bitcoincash” to “ecash“?
Answer: You should use an address converter if you need to convert between address formats. The address body contains a checksum that covers the prefix, so simply cutting and pasting the prefix by itself will cause a mismatch.
Question: As a BCHA holder, what should I do for this rebranding?
Answer: BCHA holders do not need to do anything. Even if you do nothing, the rebranding will take place automatically. When you upgrade to a new wallet after rebranding, the display will automatically change to show your holdings as eCash instead of BCHA. If you don’t upgrade your wallet, everything will continue to work as before. Upgrade is recommended, as we expect most wallets and exchanges to use eCash/XEC, so it will be less confusing if you upgrade to a wallet that displays as eCash/XEC.