XEC (whose ticker was previously BCHA) is the native cryptocurrency of eCash, a blockchain that presents itself as an evolution of Bitcoin Cash (BCH). Its main goal is to be practical electronic money for the world, improving scalability, usability, and adding advanced functionalities.
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📍Origin and History (It's important!)
1. Bitcoin (BTC): The original cryptocurrency.
2. Bitcoin Cash (BCH): In 2017, part of the Bitcoin community made a "fork" to increase the block size and allow more transactions, in order to make it a more efficient "means of payment."
3. eCash (XEC): In 2021, a group of developers led by Amaury Séchet (a key figure in BCH) made another fork of Bitcoin Cash to create eCash. The main motivation was to implement more ambitious technical changes.
The relationship is: Bitcoin (BTC) -> Bitcoin Cash (BCH) -> eCash (XEC).
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Main Objectives of eCash
1. Be the Best Electronic Money: Focus on being fast, cheap, and reliable for everyday payments, competing with systems like Visa or PayPal.
2. High Scalability: Solve the scalability problem affecting Bitcoin and other chains, to handle a massive volume of transactions.
3. Introduce Smart Contract Capabilities: Add more advanced functionalities than simple transactions, without compromising security.
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Key Technical Features (What makes it different)
· Proof-of-Stake (Avalanche): This is the most important innovation. eCash incorporates a consensus protocol called Avalanche along with the traditional Proof-of-Work (mining).
· Avalanche allows transaction confirmations in less than 3 seconds, making payments almost instant. This solves the slowness of waiting for confirmations in Bitcoin.
· Tokens and Smart Contracts: eCash allows for the creation of tokens (similar to Ethereum's ERC-20) and simple smart contracts through its CashTokens feature. This expands its utility beyond being just a currency.
· Nomenclature: Changed the unit of account to make it more familiar.
· 1 XEC = 100 'Satoshi' (cents) from the old chain.
· This means that prices are seen with more 'friendly' numbers (e.g., 0.00005 USD per XEC) instead of numbers with many decimals, with the psychological goal of feeling like using 'cents.'
· Clear governance: It has a leading development team and a funding model for development through rewards from mined blocks.
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👉What is XEC used for?
1. Fast Payment Medium: Its main use is for fast and low-cost transactions, ideal for businesses and personal payments.
2. Base for Applications: Thanks to CashTokens, simple applications can be built like wallets with specific functions, representative asset tokens, etc.
3. Store of Value (Long-Term Vision): Aspires to be a store of value like Bitcoin, but with greater utility for transactions.
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👉Advantages and Disadvantages
Advantages:
· Extreme speed thanks to Avalanche.
· Very low transaction fees.
· Inherited security from Bitcoin (Proof-of-Work).
· Greater functionality than Bitcoin/Bitcoin Cash with the tokens.
👉Disadvantages / Challenges:
· Limited adoption: It is still a niche project with less use and recognition than its predecessors (BTC, BCH) or competitors (Litecoin, Dash).
· Fierce competition: Competes in the 'payments' space with many other established cryptocurrencies.
· Technical complexity: The integration of Avalanche is innovative but adds complexity.
Final Summary
eCash (XEC) is an ambitious attempt to improve Bitcoin Cash, combining the security of Proof-of-Work with the speed of Avalanche consensus. Its goal is to become a global electronic money form, fast and easy to use for everyone.
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