eCash

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Discover eCash's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is eCash?

eCash (XEC) is a cryptocurrency designed to function as electronic cash, aiming to provide a simple, swift, and secure payment service for international transactions and settlements. It is built on technologies supporting the Bitcoin protocol, including a fixed supply and halving schedules, and utilizes a modern Proof-of-Stake (PoS) consensus mechanism. The eCash ecosystem supports token minting, staking, and decentralized governance, with features like CashFusion for enhanced privacy.

How is eCash used?

eCash (XEC) is a digital currency designed for fast, low-cost payment solutions with a focus on user-friendly applications and widespread adoption. It can be used both online and offline, offering a versatile payment system. Here's how you can use eCash:

  1. Digital Wallets: Users can store eCash in digital wallets, which can be accessed to make transactions. Hardware wallets are recommended for long-term storage and security.

  2. Token Minting: eCash token holders can mint tokens with personalized names, icons, and supply using the eCash protocol. This feature allows for customized tokens.

  3. Staking: XEC token holders can participate in Avalanche staking as part of eCash governance, incentivizing stakeholders to contribute to the network.

  1. Subnets: eCash supports customized networks like EVM or Zero-Knowledge privacy, enabling various use cases.

  2. CashFusion: eCash supports the CashFusion protocol, which ensures user privacy by allowing for anonymous transactions.

  3. NFTs: The eCash platform also supports non-fungible tokens (NFTs).

  1. International Transactions: eCash aims to provide a simple, swift, and secure payment service for both international transactions and settlements, making it a potential "universal currency" available globally.

These features make eCash a versatile digital currency suitable for various applications and use cases.

How do I store eCash?

To store eCash (XEC) tokens, you have several options:

  1. Native eCash Wallet: Use a supporting wallet that allows you to hold native XEC, such as ViaWallet, ElectrumABC, or Dove Wallet. This method ensures you control the keys and minimizes custodial risk.

  2. Hardware Wallets: You can store XEC on hardware wallets like Satochip, which natively supports eCash. Other popular hardware wallets like Trezor and Ledger require workarounds to store XEC.

  3. Exchanges: Some exchanges also provide eCash storage options, but it is recommended to use a dedicated wallet for long-term storage and security.

Regardless of the method chosen, it is crucial to write down and securely store the 12-word seed phrase for your wallet to ensure you can recover your private keys if needed.

How to buy eCash?

To buy eCash (XEC) tokens, follow these steps:

  1. Choose a Cryptocurrency Exchange: Select a reputable exchange that supports eCash trading. Some popular options include KuCoin, Binance, Gate.io, and Pionex. Ensure the exchange is available in your region and compliant with local regulations.

  2. Create an Account: Sign up for an account on the chosen exchange. This typically involves providing an email address, mobile number, and creating a strong password. Verify your email address and identity to complete the registration process.

  3. Deposit Funds: Add a payment method such as a credit/debit card, bank account, or existing cryptocurrency to fund your account. The available payment options vary by exchange.

  1. Buy eCash: Use your deposited funds to purchase eCash. You can do this by selecting the eCash trading pair, specifying the amount you want to buy, and confirming the order. The exchange will execute the trade at the current market price.

  2. Store Your eCash: Once you have purchased eCash, you can store it in your exchange account or transfer it to a personal cryptocurrency wallet for added security.

Remember to always follow the specific instructions and guidelines provided by the exchange you choose, as the exact steps may vary slightly.

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History of eCash

The history of eCash (XEC) is a complex and multifaceted one, involving both the original eCash system developed by Dr. David Chaum and the modern cryptocurrency known as eCash (XEC).

The Original eCash (1980s-1990s)

Dr. David Chaum, a renowned cryptographer, conceived the idea of eCash in 1982 as an anonymous cryptographic electronic money system. He founded DigiCash in 1989 to bring this concept to life. The original eCash system was designed to facilitate anonymous fund transfers using a unique concept called blind signatures, which concealed the message content before signing, ensuring unlinkability between withdrawal and spend transactions. The currency used in the system was referred to as "CyberBucks".

In the mid-1990s, DigiCash gained significant attention and secured deals with major banks, including Deutsche Bank and Credit Suisse. However, despite these partnerships, the platform failed to gain widespread adoption. Mark Twain Bank in St. Louis, Missouri, was the only bank that implemented the service, offering it for free to buyers while charging transaction fees for sellers. The bank amassed approximately 5,000 customers and over 300 merchants, but the platform ultimately failed to gain traction. Chaum later explained that the average level of sophistication of users dropped as the Web grew, making it difficult to explain the importance of privacy to them.

The Demise of DigiCash and the Legacy of eCash

DigiCash filed for bankruptcy in 1998, and its patents were sold to eCash Technologies. The trademark for the name "eCash" is now held by Due Inc., a top 10 e-wallet provider founded in 2015.

The Modern eCash (XEC)

The modern eCash (XEC) is a cryptocurrency that was forked from Bitcoin Cash (BCH) and later rebranded from Bitcoin Cash ABC (BCHA). It was developed by Amaury Sechet, who was also the lead developer of Bitcoin Cash. The rebranding aimed to create a new brand identity and reduce decimal places to make the coin more user-friendly. eCash (XEC) operates differently from its predecessors, focusing on providing anonymity in transactions, immutable transactions, and almost cost-free transactions that take fewer than three seconds to complete.

eCash (XEC) uses the Avalanche consensus mechanism, which is different from the blockchain Avalanche (AVAX). The coin is designed to be compatible with the Ethereum Virtual Machine and can exchange data. The core missions of eCash include ensuring anonymity, immutability, and low-cost transactions.

In summary, the history of eCash (XEC) involves both the pioneering digital cash system developed by Dr. David Chaum in the 1980s and the modern cryptocurrency forked from Bitcoin Cash, which aims to provide a digital cash equivalent of fiat currency with enhanced security and usability features.

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How eCash works

eCash (XEC) is a digital cash system designed to provide a secure, fast, and reliable payment method. Here's how it works:

Key Components
  1. eCash Network:

    • The eCash network is built on a multi-layered approach, combining a privacy-focused blockchain with an EVM (Ethereum Virtual Machine) Subchain. This allows developers to create decentralized applications (DApps) and smart contracts with ease, similar to Ethereum.
  2. eTokens:

    • The eCash protocol enables users to create customized tokens with unique names, supplies, decimal places, and icons. This feature allows businesses to generate new revenue streams and create new markets.
  3. Wallet:

  • eCash has a native wallet that utilizes Sighash for enhanced security. Users can monitor their holdings, buy, sell, and trade their cryptocurrency using this system. The wallet also allows users to monitor their staking rewards.
  1. Staking:

    • Users can stake XEC tokens to gain rewards and participate in the validation process. Staking helps protect the network and provides a low-risk passive income stream. Rewards are predetermined based on the number of tokens staked, making it a more predictable investment option compared to trading.
  2. Consensus Algorithm:

    • eCash uses the Avalanche consensus algorithm, a proof-of-stake system that allows regular users to participate in validation without needing expensive mining rigs. This algorithm provides near real-time processing and transaction finality, ensuring fast and secure transactions.
Transaction Process
  1. Digital Wallet:

    • Users store their eCash in a digital wallet, which is managed by the eCash ecosystem. This wallet is similar to a traditional debit or credit card, but with the added security of blockchain technology.
  2. Transaction Initiation:

    • When a user wants to make a transaction, they access their digital wallet to transfer funds to the merchant. The transaction is then validated through the eCash ecosystem, ensuring that the funds are available and the transaction is secure.
  3. Validation and Settlement:

  • The Avalanche consensus algorithm ensures that transactions are validated quickly and securely. Once validated, the transaction is settled, and the funds are transferred to the recipient.
Security Features
  1. Avalanche Post-consensus:

    • This feature enhances security by providing 1-block finality, ensuring that transactions are secure within seconds.
  2. CashFusion:

    • An opt-in privacy feature that allows users to maintain their privacy while making transactions.
  3. Blockchain Indexer:

  • A powerful API that provides developers with the tools to build applications on the eCash network.
Scalability
  1. Canonical Transaction Ordering:

    • A scalable block processing method that enables the network to handle a high volume of transactions.
  2. Schnorr Signatures:

    • A batched signature validation method that streamlines the validation process.
  3. UTXO Commitments:

  • A method that allows for faster initial syncing and blockchain pruning, making the network more efficient.
  1. Adaptive Block Size:
    • The block size can grow up to 1TB, allowing the network to handle a large number of transactions per second.
Future Development

eCash aims to continue improving its scalability, usability, and extensibility. The roadmap includes plans to increase the block size, enhance security features, and make the network more accessible to developers and users.

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eCash's strengths

eCash (XEC) has several strengths that make it an attractive digital currency:

  1. Security: eCash uses advanced cryptographic techniques to ensure secure transactions and protect user data. It also employs a hybrid consensus mechanism, combining Proof-of-Work and Avalanche Proof-of-Stake, which enhances security and scalability.

  2. Scalability: The Avalanche consensus algorithm enables near-instant confirmation times and supports high transaction volumes, making eCash highly scalable. It can process over 5,000,000 transactions per second, significantly faster than traditional payment systems.

  3. Governance: eCash has a decentralized governance system, which incentivizes stakeholders and allows them to propose changes to the network. This ensures that the network remains cohesive and responsive to the needs of its users.

  1. Privacy: eCash supports the CashFusion protocol, which provides a high level of anonymity and privacy for transactions. This is particularly useful for individuals who value their financial privacy.

  2. Flexibility: eCash allows users to create customized tokens with specific characteristics, making it a versatile platform for businesses and individuals looking to explore the crypto market.

  3. Low Fees: eCash transactions typically have lower fees compared to traditional payment methods, making it an attractive option for those looking to save money on their transactions.

  1. Accessibility: eCash is accessible to anyone with an internet connection, making it a great option for those who do not have access to traditional banking services.

These strengths make eCash a reliable and efficient digital currency that offers a range of benefits to its users.

eCash's risks

eCash (XEC) carries several risks that investors and users should be aware of:

  1. Moderate Risk Investment: eCash is considered a moderate risk investment, with a risk gauge score indicating that it can be potentially manipulated by limited trading activity.

  2. Fraudulent Transactions: Cybercriminals can use various methods to trick users into giving up personal information or stealing their eCash, making fraudulent transactions a significant risk.

  3. Hacking and Data Breaches: eCash providers are vulnerable to hacking and data breaches, which can result in the theft of sensitive information such as bank account details and personal identification numbers (PINs).

  1. Unsecured Wi-Fi Networks: Using eCash solutions on public Wi-Fi networks can expose users to the risk of cybercriminals intercepting and stealing sensitive information.

  2. Lack of Customer Support: Some eCash providers may not offer adequate customer support, leaving users vulnerable in the event of a security breach.

  3. Decentralized Nature: The decentralized nature of eCash DeFi can attract unscrupulous actors who create fraudulent projects or engage in scams, leading to substantial losses for investors.

  1. Volatility: eCash, like other digital currencies, is known for its price volatility, which can result in unexpected losses if not monitored closely.

  2. Regulatory Uncertainty: If eCash becomes regulated by a central authority, its price could stabilize, but the current lack of regulation adds to its risk profile.

These risks highlight the importance of being cautious and vigilant when investing in or using eCash.

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Did eCash raise funds?

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eCash’s team

  • Amaury Sechet: Known as the "financial freedom fighter and benevolent dictator," Amaury Sechet is the leader of the eCash project, having previously led the launch of Bitcoin Cash.
  • Bitcoin ABC Team: The team behind Bitcoin ABC is responsible for the development of eCash, which originated from a split of Bitcoin Cash.

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