Bitcoin Cash ABC Relaunches As 'eCash', Integrates Proof-Of-Stake
What Happened: Bitcoin Cash ABC (CRYPTO: BCHA), the cryptocurrency born from several hard forks, has now rebranded to “eCash” while also redenominating its token and launching a Proof-of-Stake (PoS) consensus network.
Bitcoin Cash ABC has its roots in the Bitcoin (CRYPTO: BTC) blockchain before forking away to a separate chain called Bitcoin Cash. The project then forked away from Bitcoin Cash as well and came to be known as Bitcoin Cash ABC.
Why It Matters: The re-launch will see the blockchain integrate a Proof-of-Stake consensus layer called “Avalanche,” which will enable staking and greatly reduce transaction speed.
All BCHA coins will be converted to “eCash” or XEC coins at a ratio of one-to-one million, and in doing, so it will reduce its decimal places from eight to two.
“No other money has eight decimal places. Why should crypto? Cryptocurrencies with a lower unit price also enjoy higher bull market appreciation. Because the eCash team is incentivized by both tech and price improvement, this improvement was a no-brainer,” said BCHA’s Lead Developer Amaury Sechet.
The addition of a Proof-of-Stake layer will also enable the project to join the Ethereum Virtual Machine (EVM) and enter the DeFi ecosystem.
Price Action: Bitcoin Cash ABC is the 217th largest cryptocurrency with $587 million in market cap, according to CoinMarketCap.
At press time, the cryptocurrency was trading at $29.91, down 10.69% in the past 24-hours.
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