Bitcoin Cash ABC announced that it has changed its name to “eCash” and converted its BCHA cryptocurrency to XEC. The project also introduced the Proof-of-Stake (PoS) consensus algorithm.

Bitcoin Cash ABC (BCH) recently announced that the project has officially parted with Bitcoin (BTC) and Bitcoin Cash (BCH). The project also changed its name to eCash (XEC).

The project was also restarted with a PoS (Proof of Stake) consensus algorithm, introduced a staking mechanism and increased transaction speed. In addition, eCash is to reduce the number of decimal places from eight to just two.

Along with the upgrade, all users’ BCHA tokens will be converted to XEC at a rate of 1: 1,000,000, which means they will receive 1 million XEC for every BCHA user.

The eCash development team announced that they want to support compatibility with EVM (Ethereum Virtual Machine). This predicts that eCash could continue to interact with the growing DeFi sector on the Ethereum blockchain platform.

In fact, Bitcoin Cash ABC previously went through a difficult period after a small chain became known after the Bitcoin Cash hard fork in November 2020.

The majority of the Bitcoin Cash community did not accept the idea of ​​Amaury Sechet, the leading developer of Bitcoin Cash, to reallocate 8% of the newly mined funds to a wallet under his control in order to raise funds for development. This was finally implemented on Bitcoin ABC (now la eCash) in November 2020.

According to data from CoinMarketCap, Bitcoin Cash (BCH) is currently the twelfth largest cryptocurrency on the market with a market cap of $ 9.29 billion. Meanwhile, Bitcoin Cash ABC (BCHA – now XEC) only ranks 217 with a market capitalization of $ 581.2 million.

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