eCash: Making Bitcoin Great Again
Bitcoin continues to show its dominance at $75K. It keeps fattening wallets and turning ordinary folks into millionaires. Moreso, it has not stopped being a pacesetter for other cryptos. Indeed, Bitcoin has done well for itself. However, a hard question lurks around. Is Bitcoin actually living its purpose?
A trip down to 2008 gives insights into this question. Satoshi Nakomoto created Bitcoin as a peer-to-peer electronic cash system that doesn’t require intermediaries. It’s meant to be a defiant response to traditional financial systems.
However, Bitcoin has morphed into a mere speculative financial tool. The cryptoverse has forgotten its purpose because of its profitability. But all that is about to change. Thanks to eCash!
Key Takeaways
Reinvention of Bitcoin: eCash serves as a modern update to Bitcoin, emphasizing its original purpose as a peer-to-peer financial system, while addressing current limitations.
High Speed and Low Cost: With a processing capability of 31.24 transactions per second and the goal to reach 5 million TPS, eCash offers fast and cost-effective transactions, outperforming both Bitcoin and Ethereum.
Enhanced Features: eCash combines the strengths of Proof of Work (PoW) with Avalanche consensus, resulting in quick transaction finality and improved scalability.
Interoperability and Extensibility: eCash is designed to be flexible and extensible, allowing it to integrate new features without major protocol changes, and enabling interoperability with other blockchains.
Innovative Upgrades: Upcoming features like the Agora DEX, Heartbeat upgrade, user-friendly aliases, and Pre-Consensus enhance eCash's functionality and security, positioning it as a strong contender in the crypto space.
What’s this eCash?
eCash is out to give Bitcoin a new look. See it as Bitcoin’s PR manager. It serves as a reminder of Bitcoin’s original purpose.
In technical terms, eCash is a Layer 1 blockchain. It is built to scale Bitcoin and optimize payments. A unique selling point for eCash is its speed.
Processing 31.24 transactions per second, eCash is faster than BTC. And it has a goal of hitting a transaction rate of 5 million TPS. At that rate, it will virtually become the Flash of the BC (blockchain) universe. Also, not only are its transactions fast, they are cheap. So cheap that Ethereum transactions hide their faces in shame.
Why eCash Stands Out
It is the pathway to scaling Bitcoin: Don’t get it twisted, eCash isn’t antagonizing Bitcoin. It is enhancing it. Satoshi planted Bitcoin’s ethos, eCash is watering them. The current Bitcoin structure makes it an exclusive financial tool for a few. However, eCash will make Bitcoin that digital cash with real world applications. Simply, eCash is out to scale and strengthen Bitcoin’s legacy.
It is where Proof of Work (PoW) meets Avalanche: With eCash, the old shakes hands with the new. eCash retains the PoW of Bitcoin and integrates the Avalanche consensus. This integration floods eCash with high throughput, parallelization, and near-instant transaction finality.
What eCash is Dishing Out
Security and Finality at Lightning Speed
Blockchain transactions are like stories. Some stories take a long time to be told. They process at a snail's pace causing the user’s eyes to roll. Others are quick and direct like an action movie without cliffhangers. This is the group eCash belongs to.
The merger of PoW and Avalanche secures and settles transactions within 2 seconds. No waiting. No refreshing the page. No eye-rolling moments.
Extensibility — eCash’s Unique Art of Reinvention
Remember the rigid mobile phones of two decades ago. Phones like Nokia 3310 and Sagem MY X5. These phones were not built to evolve. Customizing them to have features like internet connectivity and social media would be impossible. It would mean building an entirely new device. However, smartphones are different. Adding a new feature to them simply requires downloading an update or an app. And this is what extensibility means.
Extensibility doesn't apply to phones alone but also to blockchains. Blockchain networks like Bitcoin and its forks, Litecoin and Bitcoin Cash, are inextensible. This means that they cannot have new features without significant changes to the protocol. And if there is one thing to know about Bitcoin-like chains, it’s that protocol changes are hard to coordinate, may introduce bugs, and are often contentious. See them as the traditional phones. And aren’t they? Just like old phones pioneered today’s smartphones, these blockchains are precursors of modern blockchains like eCash.
eCash is highly extensible, flexible, and future-proof. It is not scared of change. It gladly welcomes innovation without destroying itself.
Interoperability — eCash as the Social Butterfly
Bitcoin is not just the king because of its pioneer status, dominance, or high value. Originally, it was the king that didn’t mingle with “commoners.” (A bad quality for a leader!)
In crypto terms, it was not interoperable. It did not communicate and transact with other blockchains. But that is changing. Anyone can swap BTC for over thousands cryptocurrencies on different exchanges, for example, on ChangeNOW. Bitcoin had to evolve into this feature. But eCash is built differently. With its additional Avalanche integration, it is being designed for interoperability.
Like the perfect PR manager, eCash is giving Bitcoin a new look. While Bitcoin once acted as a solo star, eCash is a team player. It is bridging the gap between different chains. Therefore, digital assets on the network can be used anywhere and everywhere.
In the blockchain universe, eCash is like that passport that gives you access to every country blockchain.
eCash — Fuelling Transactions
When it comes to the payment use-case, stablecoins have emerged as the killer app for blockchains. EVM chains like Ethereum and Tron dominate this market, primarily because chains like Bitcoin lack the necessary performance and token capabilities to function effectively as a stablecoin railway, a limitation rooted in their engineering decisions. While EVM chains offer more capabilities, they also face significant scaling challenges due to their architecture. A major flaw in their account-based model is the handling of gas fees, which complicates transactions. Users often find themselves needing to manage two currencies simultaneously; for instance, receiving $50 in USDT but realizing they don’t have enough TRX to cover the transaction fee.
This is where eCash shines. While many networks deserve recognition for their advancements, eCash offers a superior solution: high-capacity, low-fee, and gasless transactions. With eCash, users can pay transaction fees using stablecoins instead of its native token, XEC. For example, instead of paying 5.5 XEC in fees, a user can simply pay 0.0001 USDT. This is made possible through eCash's innovative Postage Protocol, which allows projects to cover transaction fees on behalf of users. Various implementations are possible, such as charging users a monthly fee to top up future transactions or directly paying the minimal fees for them. This flexibility makes it feasible even for the smallest projects to adopt eCash's gasless transaction model, enhancing user experience and accessibility in the cryptoverse.
Something Up eCash’s Sleeve
So far, this is an exposition on what eCash is and is doing. But there is more up eCash’s sleeve. For example, the Agora NFT/eToken DEX (atomic swaps), Heartbeat upgrade, Aliases (NFT-based user handles), and Pre-consensus.
Agora NFT/eToken DEX (Atomic Swaps): eCash has launched Agora, a new decentralized exchange. With this exchange, users will be able to trade eTokens and NFTs. And thanks to atomic swaps, users can expect faster and more efficient transactions.
Heartbeat Upgrade: eCash aims to solve Bitcoin’s block time issue with its Heartbeat Upgrade. Think of it as the Fitbit for blockchain. It will keep transactions consistent, reliable, and predictable.
Aliases (NFT-Based User Handles): Enough of shading Ethereum. Its ENS is a fantastic innovation. And eCash is borrowing a leaf. Sending funds to cryptic, 42-character addresses can be risky. So eCash’s new Aliases feature will allow users to pick a recognizable handle. How does moving from bc43dbcsiw84bv95fdi2vdphr7ebsoy62svci66538dgw98 to Nakamoto.cash sound? And since Aliases are NFTs, you can trade them on the Agora!
Pre-Consensus: eCash’s Pre-Consensus upgrade is the cherry on top of the cake. This is the second and final stage of its flagship Avalanche upgrade. The aim is to make the chain more secure, flexible, and ultrafast. With the upgrade, transactions will go through without a hitch near-instantly, which means no more waiting for deposits! It also pushes the eCash network into its next chapter. Not only adding unmatched security but also achieving it near-instantly. This allows nodes on eCash to coordinate just about anything in real-time instead of waiting 10 minutes until a block is found to converge again. This more granular way of decentralized coordination is what allows for parallel processing which is needed for scaling eCash to mankind-scale and what allows for greater extensibility and interoperability.
eCash = Bitcoin Rebooted
eCash is out to revolutionize the way we think about digital money. It retains the best and most important features of Bitcoin and adds a host of innovative improvements. Therefore, it is faster, more secure, more capable, and more accessible.
eCash is that money that brings crypto to the masses. It’s fast, secure, fun, and it’s making payments great again. From gas-less transactions to Avalanche-powered security, eCash has what it takes to be a true digital currency for everyone. As it continues to gain traction and adoption, it could undoubtedly shape the future of finance and compete not just within crypto but even with the most performant legacy finance solutions. Ready to join the eCash train? Grab your eCash tokens on ChangeNOW and be part of the payment revolution!
