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- Bitcoin Cash ABC has rebranded to eCash (XEC)
- The revamped project will have a proof-of-stake layer and EVM compatibility
- The rebrand is already more successful than Bitcoin SV’s
Bitcoin Cash ABC has followed in the footsteps of its evil stepsister Bitcoin SV and rebranded, ditching proof-of-work for proof-of-stake and redenominating its token. The new token, eCash, marks a new start for the cryptocurrency that has floundered somewhat since forking from Bitcoin Cash in November after a disagreement over a mandatory development tax, having dropped into the 200s in the crypto rankings.
Bitcoin Cash ABC Has Struggled For Relevance
Bitcoin Cash ABC forked from Bitcoin Cash last year following internal arguments over an ‘Infrastructure Funding Plan’ which was essentially a miner tax that would have seen 8% of all newly minted BCH tokens going into a development fund controlled by Bitcoin ABC developer and self-described “benevolent dictator” Amaury Séchet.
The disagreement ultimately led to the creation of Bitcoin Cash ABC which has not just struggled for supremacy over its estranged brother but also relevance, hitting a peak of $40 compared to Bitcoin Cash’s $1,500 in May.
Rebrand More Successful than BSV’s
Bitcoin Cash ABC’s rebrand to eCash (ticker XEC) will bring with it a number of key changes:
- Integration of Avalanche proof-of-stake, allowing greatly increasing the speed of transactions
- Two decimal places rather than eight
- Ethereum Virtual Machine (EVM) compatibility
In a blog post published yesterday, Bitcoin Cash ABC supporter Joannes Vermorel provided the key objectives for the new project – anonymous, immutable, low cost, and secure transactions to be performed in less than three seconds, and an infrastructure maintained as “a public good funded through the coin social contract.”
Bitcoin Cash ABC’s rebrand has been much more successful than Bitcoin SV’s, which was mumbled into a microphone by Calvin Ayre during the recent Coingeek Conference as “BS…B…BSV Enterprise Utility Blockchain or however you want to phrase the words.”