- Scalable- The eCash network is known for its scalability. Deployment of introduced the Avalanche consensus mechanism makes the network quite scalable. The confirmation timing is near-instant.
- A multi-layered approach- The eCash network has a multi-layered approach. It mixes an EVM Subchain with a privacy-focused Blockchain. So developers can design Dapps and smart contracts without woes. Ethereum developers are able to expand and transfer current Dapps to the network of eCash.
- eTokens- Creating customized tokens with the eCash protocol is easy and you do not need technical acumen for that. This helps businesses create new revenue.
- Native wallet- Its native wallet has enhanced security thanks to Sighash.
- eCash (XEC) Governance- It scores owing to a decentralized governance protocol. The stakers are encouraged to submit proposals to ensure the growth of the network.
- The price is quite low, per coin, till now.
- The network is very new and so making a large investment is not ideal.
The cryptocurrency sector is evolving incredibly fast and even the experts find it hard to guess the next developments. Newer types of crypto coins keep hitting the market almost every week. Some of these crypto tokens are created after splitting from an older project. The same is the case with eCash (XEC) project.
The basics of eCash Coin
The eCash (XEC) project was developed on the huge success of Bitcoin Cash. The network was set up by a team involved with the Bitcoin Cash project. The digital currency was developed following a Bitcoin Cash Blockchain hard fork. A dispute between the team members led to its creation.
The creators want to develop a secure P2P-based electronic cash system. The protocol is more scalable, flexible, and secure than its predecessor.
What issues does XEC attempt to resolve?
The cryptocurrency sector is known for certain innate issues that thwart its growth. These issues existing in many cryptocurrency projects make a lot of users skeptical about usage and making investments.
This is where eCash (XEC) steps in. It is meant for resolving these issues.
- The eCash project is designed to reduce investor confusion. The new cryptocurrency users often get thwarted by the technical structure. They find it hard to decipher the new terms and symbols. The developers use 2-decimal layout just like fiat currency.
- This crypto project does away with hard forks. A hard fork if not timed properly can cause damage to the network and so developers made its network extensible for executing future updates. The network adopts a less disruptive approach through the Avalanche Post-consensus mechanism.
- Several crypto projects have received flak for security loopholes. The eCash system deploys a Zero-Knowledge Subchain to get rid of inherent privacy issues.
- Popular crypto projects like Ethereum have been criticized for rising processing fees. In eCash, the fees are on lower side.
What about the XEC token?
The eCash network has its native token called XEC-and it is a utility token. When the users stake these tokens they get rewarded. Staking helps secure the network and users earn passive income. It is safer than trading. XEC is supported by a number of top crypto exchanges. It was launched in July 2021. Its supply has been capped at 21 trillion.
What makes eCash working mechanism better?
The eCash network is powered by Avalanche- an advanced consensus algorithm. It is a PoS system. It does away with the need of buying expensive mining rigs. Real-time processing is something users like about it. It also scores owing to the deployment of CashFusion Protocol, which is a privacy management add-on.
Even though the eCash project is quite new, it has found a lot of support and adopters. Many crypto exchanges support it already and a social network company named Weownomy has started using the eCash token.
Summing it up
The eCash crypto project seems to be a promising one and it has certain unique features that are meant for resolving woes faced by the majority of crypto sector users. However, the fact is it is a new contender and the coin price is still on the lower side. The currency is not immune to price fluctuations affecting the industry, as it is. So, it would be better to invest in the project with moderation.