What is eCash? eCash (XEC) is a Blockchain project that allows users to move their assets anonymously. In this article, you can find answers to frequently asked questions such as what is eCash, what it offers, what is XEC coin, how to get it, what is it used for. As Kriptokoin.com, we have prepared it for our curious readers. Let’s examine the project together.
What is eCash?
Launched in 2021 with the rebranding of Bitcoin Cash ABC, a fork of Bitcoin Cash, eCash describes itself as “crypto designed to be used as electronic cash.” eCash is an electronic cash platform that allows users to send cryptocurrencies anonymously and directly. The native cryptocurrency of the project is XEC and it was created to allow users to send money without the need for any middleman. The project makes it possible for users to send cash and cryptocurrencies in a peer-to-peer (P2P) format.
eCash is integrated with the Ethereum Virtual Machine (EVM) and aims to work in harmony with decentralized finance (DeFi) projects on the Ethereum Blockchain. The project values confidentiality. Users can anonymously transfer their assets to other accounts. Besides, the platform claims that the decimal unit prices of other projects are cumbersome and confuse users. For this reason, the platform calls its units “bits”.
eCash is a highly scalable platform thanks to the Avalanche Proof-of-Stake consensus mechanism. The fee that the platform receives from users for performing transactions is quite low. Users can perform cross-border transfer transactions within seconds for small transaction fees. In addition, the platform provides its users with a very easy-to-use experience. Users can convert their electronic money into cash via e-mail and make payments and transfers without the need for a bank account. The platform also allows developers to create dApps and tokens by running smart contracts.
What is XEC coin? What is it used for?
XEC coin is the native cryptocurrency of the eCash platform. XEC, whose maximum supply is capped at 21 billion units, works as a governance token and ensures the decentralization of the platform. Token holders can participate in the platform’s DAO and vote on decisions to be made. In addition, they can also submit proposals to the community on issues such as determining rates. XEC coin enables users who want to create dApps and tokens within the platform to run smart contracts. Developers must pay with XEC to activate these contracts.
Transactions with XEC coin take a few seconds. Users can pay with XEC the transaction fees paid for transacting on the platform. XEC, which is available on many major exchanges, also has a staking feature. Token holders can lock their assets in the platform’s smart contracts with a specified maturity and earn additional token rewards at maturity. At the time of writing, XEC coin had a market cap of around $1.72 billion and was the 59th largest cryptocurrency. In addition, 19 billion XECs were in circulation, representing 91% of the token’s maximum supply.
How to get XEC coin?
Users wishing to purchase XEC coins must first access a cryptocurrency exchange where the token is listed. Currently, crypto exchanges such as Binance, Bybit, KuCoin, Huobi Global list XEC. Investors interested in the eCash project should be a full member of one of these exchanges. Investors who successfully become a member can purchase the token by depositing money in their wallets.
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