Bitcoin Cash ABC developers announce rebranding and transition to Proof-of-Stake

The Bitcoin Cash ABC project team (BCHA) announced a rebranding and transition to a PoS-based consensus algorithm based on Avalanche, which will allow users to participate in staking and speed up transactions.

At 12:00 UTC (15:00 MSK), the network will rename itself to eCash (XEC). After the upgrade, holders of BCHA will be credited XEC at a 1:1,000,000 ratio.

The cryptocurrency integrates concepts that have not previously appeared in Bitcoin-based projects, such as subchains and fork-free network upgrades.

“eCash opens doors to previously unattainable possibilities, combining the core technologies underlying Bitcoin’s success — a fixed supply, the halving, and the genesis block — with the latest Proof-of-Stake consensus and protocol governance,” said lead developer Amori Seshe

eCash will reduce the number of decimal places—from eight to two. In the developers’ view, this will bring the digital currency closer to fiat, increasing its popularity, simplifying use, and lowering network fees.

According to journalist Colin Wu, the project will gain support for the Ethereum Virtual Machine (Ethereum Virtual Machine, EVM), enabling users to interact with DeFi applications built on the second-largest cryptocurrency.

Bitcoin ABC has officially changed its name to eCash and has received Binance support for its upgrade. It plans to launch the avalanche protocol in the summer and plans to join the EVM to enter the DeFi ecosystem. Distributed according to 1 BCHA = 1,000,000 XEC. https://t.co/pFObk4bm0N

— Wu Blockchain (@WuBlockchain) July 1, 2021

Joannes Vermorel, a supporter of the project, highlighted five main goals for eCash:

• anonymity;
• immutability;
• low transaction costs;
• transaction security;
• support for infrastructure as a “public good, funded by the coin’s social contract.”

#eCash I wish you well. https://t.co/8TJjlLhHnx To @deadalnix @jasonbcox0 @AntonyZegers and the other contributors.

— Joannes Vermorel (@vermorel) July 1, 2021

Binance, Bitfinex, Bithumb, Huobi, KuCoin, Poloniex, Upbit, OKEx and other Bitcoin exchanges have already announced support for eCash.

Thanks for supporting XEC! https://t.co/e1bFc0Pm7z@AscendEX_Global@Bibox365 @binance @bitfinex @BithumbOfficial @ComBkex @CoinBene @coinexcom @gate_io @HooExchange @Hotbit_news @HuobiGlobal @indodax @kucoincom @MEXC_Global @OKEx @pionex_com @Poloniex @upbitglobal @WazirXIndia pic.twitter.com/OTTY5ma8wk

— eCash (@eCashOfficial) July 1, 2021

In the last 24 hours, the price of BCHA has fallen by more than 8%, according to CoinMarketCap. The cryptocurrency ranks 217th with a market capitalization of $557 million.

As of this writing, Bitcoin Cash ABC is trading at $28.44.

In November 2020, a hard fork occurred in the Bitcoin Cash network, after which the blockchain split into two mutually incompatible chains.

In the same month, a group of anonymous miners carried out a 51% attack on the Bitcoin Cash ABC network.

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