Is eCash(XEC) a good investment? Critical Analysis 2021

is ecash a good investment in 2021

Share This Post

Share on facebook
Share on linkedin
Share on twitter
Share on email
The eCash token has been generating a lot of buzz within the crypto space in the past few months. This excitement has resulted in significant gains in value for the crypto asset and mainstream token acceptance among crypto traders and enthusiasts alike.
The eCash token has been generating a lot of buzz within the crypto space in the past few months. This excitement has resulted in significant gains in value for the crypto asset and mainstream token acceptance among crypto traders and enthusiasts alike.
In this article, we’ll look at the reasons behind the token’s recent growth. As part of the article, we will identify brands that have backed this digital currency and provide historical data on the token. The article will then conclude with a long-term forecast for the eCash token and if it’s worth your investment.

Historical Data

eCash is a digital currency that was developed after a hard fork of the Bitcoin Cash blockchain. At the time of the hard fork to the Bitcoin Cash blockchain. eCash was initially referred to as Bitcoin Cash ABC with the ticker symbol BCHA.
Since Bitcoin Cash is a hard fork of Bitcoin, the Bitcoin Cash ABC token shares several similarities with the top digital asset Bitcoin; For example, the Bitcoin Cash ABC token had a total supply of 21 million tokens. Additionally, both digital assets have adopted the same consensus model for their operations.
A dispute between members of the Bitcoin Cash ABC developers led to the creation of the eCash token. Disagreement arose over the 1 MB token’s block size and payment method, with each side advocating different approaches. The split became official after both teams disagreed on the Bitcoin Cash ABC token’s payment method.
An additional part of the problem that led to the split was the 8% miner’s tax dev team wanted to impose on every purchase that involved Bitcoin Cash ABC tokens. As a reward, a newly mined cryptocurrency coin is given to miners on the Bitcoin Cash ABC blockchain, however, because both teams disagreed with regards to the method of payment. A split in the network became inevitable.
E-Cash’s token was redenominated to 1:100000 before its launch and was officially launched in July 2021. The redenomination of the token will see the decimal places of the eCash coin reduce from eight to two. The ticker symbol for this new token is XEC, and it currently has a market cap worth over $3 billion.
The tokens market cap and acceptance places it among the top 50 digital currencies in the world. The token’s total supply is capped at 21 trillion coins, while its current circulating supply is over $18.7 trillion.
Despite being a hard fork of the Bitcoin Cash ABC token, the eCash has implemented several upgrades to improve the overall quality of the network. For example, this digital asset uses a 1 TB block size for transactions on its network. Additionally, the network plans to move to a Proof-of-Stake consensus layer called “Avalanche,” allowing holders of XEC coins to stake their tokens to earn rewards.
Furthermore, this upgrade will increase the speed with which transactions are linked to the network. Finally, the move to a Proof of Stake consensus will allow the eCash project to access the DeFi ecosystem and the Ethereum Virtual Machine (EVM). Compatibility with the EVM indicates the team at the project is working toward interoperability with Ethereum-based projects.

eCash Coin Price

When the eCash token was launched in July 2020, its opening price was set at $0.00002. Towards the end of August, the coin price hit $0.00008, marking some token value growth. By September 4, the coin’s price had reached an all-time high of $0.0004 per token. The coin is currently priced between $0.0002 and $0.0003, which is an excellent potential price for a young coin.

Endorsements and Partnerships

Although relatively new to the digital space, the eCash project is available on many top crypto exchanges. These include popular crypto exchanges like Binance, Huobi Global, Mandala, Upbit, and Okex.
The eCash token has been adopted as a payment option by Weownomy, a new social network company located in Delaware, USA. Weownomy aims to provide a social media platform that is built to reward users for joining the platform. Weownomy says the eCash token will be used to pay their users and creators of content on their platform. This move further exemplifies the primary use case of eCash, i.e., a fast and inexpensive payment option.

Comparison Of eCash With Other Tokens

Compared with other digital currencies, the eCash token holds its own and offers several excellent features that holders will enjoy. A comparison of eCash with Bitcoin Cash helps to highlight this point well.
Following the hard fork of the Bitcoin blockchain in 2017, Bitcoin Cash was born. The Bitcoin Cash operates on a proof-of-work consensus just like Bitcoin. As a result, this digital currency does not support many decentralized features like the staking of tokens for rewards. Similarly, the Bitcoin Cash token is not yet integrated with the Ethereum Virtual Machine (EVM), meaning that the token is not compatible with Ethereum-based projects.
Even though the eCash token still uses the proof of work consensus, the devs team is currently working to shift to a proof of stake consensus while also integrating with the Ethereum Virtual Machine. These upgrades will significantly upscale the transaction speed of the token and allow the eCash to merge with several Ethereum-based projects and can be used as a payment option for these projects.

The Future of eCash

Like other digital assets, eCash is a very volatile digital token that is prone to huge price fluctuations. Therefore, it is impossible to predict whether its value will keep increasing or decreasing over time. However, we expect to see an increase in the value of this digital asset after it shifts to a proof of stake consensus.
Similarly, with improvement in scalability, usability, and extensibility of the project, we expect to see more mainstream acceptance of this digital project. Partnerships and endorsements from leading digital brands in the crypto space also improve the chances of this digital asset growing. However, we want to encourage readers to do their due diligence on any cryptocurrency they wish to invest their funds in.

More To Explore

Interested in this Content ?

Want to be notified when we upload similar content ?
SUBSCRIBE

Do You Want To Boost Your Business?

drop us a line and keep in touch

Hitechies podcast technology startups interviews and more