Bitcoin Cash ABC entering a new era: eCash and PoS
Some historical background: the newly renamed eCash (XAC) comes from a new fork — a split of an existing network that forms a whole new chain — of the Bitcoin Cash (BCH) network, which is, in turn, a fork of the main Bitcoin (BTC) network.
Farewell remnants of Bitcoin
The re-launch of the Bitcoin Cash ABC (BCHA) project proves its benefit by both moving from the good old Proof-of-Work (PoW) to the Proof-of-Stake (PoS) protocol and reducing its decimal points down from eight to two. According to Amaury Sechet, a notable contributor to this new project:
“No other money has eight decimal places. Why should crypto? Cryptocurrencies with a lower unit price also enjoy higher bull market appreciation. Because the eCash team is incentivised by both tech and price improvement, this improvement was a no-brainer.”
During the update, BCHA users will be entitled to have their coins converted to the new XEC with a ratio of 1:1000000.
One of the promoters of Bitcoin ABC, Joannes Vermorel, announced five main goals for the project: ensuring transaction anonymity, immutability, low cost and security in less than three seconds per transaction, as well as maintaining the infrastructure as a “a public good funded through the coin social contract”.
One of the reasons this branch succeeded is Amaury Sechet’s request to transmit 8% of the newly mined coins from Bitcoin Cash into a dedicated wallet to fund the new network developments. Such a practice wasn’t initially approved of by the majority. However, this implementation proved itself effective in the BCHA case.
Since the launch of BCHA in November 2020 its price surged by 74% with a peak performance of 218% in April 2021.
According to CoinMarketCap, BCHA is in 217th place of the crypto ranking while its parent project, Bitcoin Cash, reached 12th place with a capitalisation to the tune of $587 million (~£425 million) and $9.2 billion (~£6.7 billion) respectively.
Consultant en stratégie et management de projets à titre personnel et très passionné par le monde crypto/blockchain, j’accorde une partie de mon temps à la rédaction pour contribuer à la démocratisation et à l’apprentissage de cette nouvelle technologie.