Bitcoin Cash ABC (BCHA/USD) has rebranded to eCash to enable users to stake their coins, earning rewards of up to 400% APY in the process.

Additionally, the new eCash promises to be a low inflation blockchain with low fees, unlike Ethereum (ETH/USD). The token semantics has also changed to XEC BCHA. The announcement also noted that the conversion of BCHA to XEC will happen in the ratio of one-to-one million.

Lead developer of the project Amaury Sechet, while speaking about the rebranding, stated that eCash has reduced its decimal places from eight to two.

Sechet clarified the statement, stating that the token has been redominated as the project wants to take another direction.

The troubled Bitcoin Cash ABC forked away from Bitcoin and Bitcoin Cash. But the token has been having a difficult ride ever since. As a result, the developers say a rebranding is necessary to refocus and adopt a proof-of-stake consensus layer. According to the developers, rebranding will introduce staking and increase the speed of transactions.

“No other money has eight decimal places. Why should crypto?” Sechet Stated. He added that crypto-assets that have lower unit prices still enjoy higher price appreciation in the market.

The improvement and rebranding, according to him, are necessary to redirect the growth of the project. The blockchain also wants to support EVM compatibility, which shows that eCash will interoperate with Ethereum’s burgeoning DeFi factor.

Bitcoin Cash ABC has been experiencing a rough ride after its November 2020 Bitcoin Cash fork. But the developers are keen to turn things around for the token.

Joannes Vermorel, Blockchain ABC proponent, has outlined five main missions for the project, which includes making sure that transaction is secure, fast, has low cost, immutable, and ensuring that transactions are anonymous. Another goal is to maintain infrastructure as a well-funded project via the coin social contract.

The post Bitcoin Cash ABC adopts a new name ‘eCash’ in a rebranding move appeared first on Invezz.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

132 +