TL;DR Breakdown
- Bitcoin Cash ABC redevelopment has been initiated and it will now be known as ‘eCash.’
- The renovation project involved the transition to proof-of-stake consensus.
- The transaction rates have improved too, and major changes have been brought in.
Bitcoin Cash ABC (BCHA) was one of those projects that did not follow Bitcoin, nor did it follow Bitcoin Cash. Rather, it forked from both of them, and now, it will be rebranded to form the new cryptocurrency, eCash, or XEC. Major changes will be introduced with the Bitcoin Cash ABC redevelopment. The lead developer of the project will be Amaury Sechet.
According to the lead developer of the Bitcoin Cash ABC redevelopment project, apart from changing the name, the cryptocurrency will be changing its fundamentals. It will not be divisible into eight decimal places anymore. The number of divisible units of Bitcoin Cash ABC was eight, and now, it will be reduced by one-fourth, i.e., only two decimal places.
The reason has been cited as an improvement in technology along with the price. This reduction will improve the value of the coin and ensure better appreciation in the bullish atmosphere. According to the lead developer, this Bitcoin Cash ABC redevelopment was a ‘no-brainer.’
Goals of the Bitcoin Cash ABC Redevelopment project
Prominent upgrades are being introduced to the network. The first one will be the adoption of proof-of-stake consensus. Along with this, the developers are also planning to integrate EVM compatibility. This will ensure that XEC can interoperate and match the growing Etheruem Decentralized Finance sector.
There are five goals for the Bitcoin Cash Redevelopment project- low cost, anonymous, secure in less than three seconds, immutable, maintaining infrastructure as “a public good funded through the coin social contract.”
Although the coin had a shaky existence after separation from Bitcoin Cash back in 2020, it can be seen that the network has been completely rebranded, and great potential can be seen in eCash or XEC.
