3 Solar network

Solar Network Report – 2nd September 2022

Overview:

Solar Network is a fully decentralized community-driven blockchain project. Solar is creating an ecosystem with true governance.

The CMP of SXP as on 2nd Sep’22 is $0.3789.


What is Solar Network?

Solar Network is an open source decentralized community-driven blockchain project that has been focusing on building the whole ecosystem of web 3.0.

It currently has a lot of use cases that we’ll see later. Solar network is powered by the Solar Core blockchain. A single person or entity does not operate Solar network, it is a fully community-driven DAO (Decentralized Autonomous Organisation).

Anyone can participate in this open source project & share their ideas & proposals towards the project.


How does it work?

Solar Network is powered by a layer-1 blockchain framework. As most blockchain networks use traditional methods like the Proof of Work (PoW) mechanism where the miners have to compete to solve a mathematical puzzle & the miners who first solve a mathematical puzzle add the new block on the network & earn a reward.


Solar uses Delegated Proof of Stake (DPoS) consensus mechanism & it doesn’t face issues that traditional blockchain network does like Intense energy consumption or 51% attack vectors (Few Miners together control more than 51% of the blockchain network).


Delegated Proof of Stake (DPoS) is a popular evolution of the PoS concept, where users of the network vote and elect delegates to validate the next block.

Solar blockchain has around 53 delegates that are node operators. So the voters can select the delegates based on their wallet weight.


This provides everyone with an opportunity to contribute to the network for enhancing security, marketing & maintaining transparency.

Delegates are awarded Block rewards and transaction fees for reporting a given block and securing the network. 


Many delegates only take a small commission from the total reward earned & share the remaining commission with their voters. All delegates don’t share rewards & it is optional to share rewards with users. The commission of delegates can vary from 0-100% of the total rewards.


How is it unique?

There are many use cases of Solar network & it has built the whole ecosystem. 

With the Side Ledger protocol, a user can create fungible and non-fungible tokens on the SXP Blockchain. The aim is to help users create simple utility tokens or creating assets that can be used at the enterprise level or for any other utilities. SLP(Side Ledger protocol) is a protocol on which the Solar network is based on for governing the network.


A user can create fungible tokens or NFTs using Solar wallets. The fees for sending SLP tokens in the SXP blockchain is dynamic & usually lower than 0.2 SXP. 

The amount required to create fungible tokens or NFTs is 5 SXP. The more users create tokens with SLP, the more SXP coins will be burned. So it makes SXP a deflationary token.


Solar Wallets are used to communicate between the user & the SXP blockchain. The basic function of Wallet is that a user can send & receive SXP coin & vote for delegates on the network.


The solar network has established a Solar Community Foundation which is a non-profit organization that will review small projects developed on the network. The small projects can apply to get funding for adding new features or utility in the Solar network.


The solar network is in the early stage of development of Metaverse. A metaverse is a social network that contains 2d or 3d virtual worlds. The open-source developers are working behind the Solar metaverse concept. 


They are also focusing on creating an NFT marketplace as with Metaverse in development, there will be a need for a user to buy & sell NFTs. So there will be either 3rd party service or a marketplace developed by the Solar development team.


Tokenomics:

 

The native token of the Solar network is SXP. It has a circulating supply of 496 million SXP tokens. It has a market capitalization of $187 million.


Around 90% of the transaction fees are automatically burned & 10% is rewarded to delegates as fees which makes it a deflationary coin.


Competition analysis:

Solar vs Ethereum:

Solar is a fully decentralized community-driven blockchain network. The main feature of Solar network is that,  it can enable user to create his fungible or non-fungible tokens. Solar acts as a complete democracy where there is no single owner & the users have the power to vote & decide whom they want to delegate. It uses delegate Proof of stake (DPoS) consensus mechanism.


Ethereum is programmable & has the whole ecosystem of finance which includes payment, dApps, privacy (use Ethereum app without giving personal details). Ethereum uses Proof of Work consensus mechanism where there is intense energy consumption & risk of 51% attack vectors.


Team, Community & Strength:

There is no details available about who started Solar network. But Nayiem Willems is appointed as the project leader for 2022 & they have a team of 25 developers working on the project.


Solar network has around 42.8K Followers on Twitter, 7k members on Discord & 14k members on Telegram.


Conclusion:

Solar network has been making great progress even after entering late in this field. Solar has given the power back to the users as they can vote with their wallets. The metaverse plan by solar is under development. It has also been developing a launchpad for small projects that are looking for funding. It has also built Solar Community Foundation that is an NGO for supporting small projects on the network. Developers of decentralized apps will find Solar to be a straightforward and efficient platform. Because the blockchain is completely decentralized and community-driven, everyone in the ecosystem may have a say in how it develops.


Pros:

1) Solar is a fully decentralized community-driven project where no single person or entity is a owner.

2) Using SLP, a user can create a fungible token or NFTs.

3) There is no risk of 51% attack vectors.


Cons:

1) Solar network does not have a competitive advantage as it has been focusing on many things & it is not solving one problem in an efficient way. 

2) Around 90% of the transaction fees is automatically burned & delegates only get 10% fees.


One img SSV

SSV Network Report – 26th August 2022

Overview:

SSV network is an open source, fully decentralized ETH staking network based on Secret Shared Validator (SSV) technology.

 

The CMP of SSV is $16.05.

 

The problem statement:

Ethereum is now transitioning from the Proof of Work(PoW) mechanism to the Proof of Stake(PoS) mechanism. Proof of Stake mechanism will bring the next level of decentralization & accessibility to users.

 

In the Proof of Work mechanism, the miners had to compete to solve a mathematical puzzle & the miners who first solve a mathematical puzzle add the new block on the network & earn a reward. 

 

In the Proof of Stake mechanism, the ETH stakers have to deposit 32 ETH & then put them at Stake. This process is called Staking.

 

As the validator is active on the blockchain, it can respond to calls to sign data & it will be rewarded an epoch(a small amount of ETH every ~6.4 minutes). 

 

If a validator goes offline & misses calls to sign data, a small amount of ETH is subtracted from the validator’s balance. If a validator does malicious acts or remains offline for an extended period, in that case, there’s a risk of being slashed by losing up its stake 32ETH & forcibly removed from the network.

 

Ethereum staking doesn’t have a resilient infrastructure. Its strict protocol rules prevent the same validator client from running simultaneously on multiple nodes.

As the industry is in its early stages, a lot of standardization & regulation needs to be done. Still, for now, stakers have to accept the challenges of adopting the same staking infrastructures and services.

 

If there is a single point of failure, then it can cause enormous damage to all stakeholders, one of the most significant issues of centralization. We saw this when there was a Prysm mainnet incident in 2021 when the Prysm validator client failed, & it caused all validators running the client to stop working. 

 

Another main problem is that these custodial staking services collect & store users’ public & private keys but storing private keys poses an enormous risk.

Let us understand what the SSV network does to address these issues.

 

 

What is the SSV network?

To solve the issue of a single point of failure, the research started on Secret Shared Validators (SSV), that is DVT (Distributed Validator Technology). It began its research in collaboration with Ethereum Foundation in the year 2019. Now it is a fully functional decentralized, open-source ETH staking protocol.

It runs on the Incentivized Testnet & it is the first public implementation of SSV/DVT technology at scale. It is a working protocol version that simulated “real world” transactions and dynamics between validators and operators.

SSV technology helps to perform the distributed operation of an Ethereum validator around multiple non-trusting nodes in a non-custodial manner.

SSV technology promotes security, fault tolerance & validator uptime in the Ethereum staking space.

 

 

 

How does the SSV network work?

SSV (or Distributed Validator Technology) helps validators run portions of a validator key called KeyShares around different staking setups that independent operators run joined together by a consensus layer. 

As a network consists of nodes, but few nodes can be faulty or offline, nodes do not trust each other & which can affect validators’ performance. Also, a single operator cannot recreate the validator key signature alone or make their own decisions. So it creates trust among the nodes in the network.

As the validator keys in the SSV network are split across different systems, it reduces the dependence on a single component that makes the network robust, decreases the chances of failure & promotes decentralization in the Ethereum protocol.

 

Participants of SSV network:

1) Operators:

Operators are the infrastructure providers that help in managing KeyShares & operate validators on behalf of stakers. Speakers pay a fee for operator’s services in $SSV. Every operator is rated between 0-100 for their quality of service. 

2) Stakers:

Stakers are the ETH holders that deposit 32 ETH  to run a validator & earn rewards by securing the Ethereum blockchain.

3) DAO:

DAO is a Decentralized Autonomous Organization that governs & makes decisions for the SSV network. It handles rewards distribution, grants & funding, partner programs, future development, etc.

 

Tokenomics:

The native token of the SSV network is Secret Shared Validator($SSV). It has a circulating supply of 11 million SSV tokens. It has a market capitalization of $166 million. 

The primary use cases of $SSV tokens are payments and governance:

 

1) Payments:

A way for stakers to pay operators for managing their validators.

2) Governance:

For participating in decision-making and treasury allocations related to the SSV network.

 

Competition analysis:

There are no networks in close competition as the SSV network provides a niche service & solves a specific problem for the Ethereum blockchain network. 

 

Team, Community & Strength:

In 2019, the SSV network began its research with the Ethereum foundation to solve the issues like Fault Tolerance & handling validator keys in a non-custodial manner. There isn’t much information publicly available about the SSV network team members.

 

SSV network has 31k followers on Twitter & more than 10k members on Discord.

 

Conclusion:

SSV network has been solving a significant problem that had been ignored for a very long time as there was no solution available. As it reduces the chances of failures & makes the network more robust. It has solved the issue of trust & privacy between the nodes by splitting and distributing a validator key into multiple KeyShares. The future looks bright for the SSV network as, till now, it is the only network solving these specific problems in the Ethereum space.

 

Pros:

1) SSV network rewards validators for being available & online. 

2) SSV provides a high level of security by splitting & distributing the private keys of validators so that a single operator cannot collect the complete private keys.

3) There is decentralization & diversity as operators are available worldwide. Operators are free to choose validators & even validators are free to choose independent operators.

Cons:

1) SSV network is only available in the Ethereum space.

2) When operators do routine maintenance, they aren’t online & they lose the rewards. 

3) SSV could evolve & launch more features & enter spaces like DEFI, but they aren’t innovating enough.

 

 

 

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download (1)

Chiliz Report – 19th August 2022

Overview:

Chiliz is an open-source cryptocurrency that runs the blockchain network Socios, a fan engagement platform. 

The CMP of CHZ is  $0.2199.

The problem statement:

There are many sports, e-sports, league organizations & teams worldwide that have some monetization methods like Ads, licensed products & few more. 

But as the world is moving forward & the fans of the teams are only having a transactional relationship where a fan can watch & there is not much engagement. Even if there is some form of engagement like live sports or some rewards, it just covers a few people. But there can be thousands & millions of more fans across the world of the teams & leagues, where these fans do not have any influence on their favorite teams or players & are just involved passively. 

Often, fans have few expectations from the team & there is no system to control the decisions. There are over 2.2+ billion gamers & 380+ million esports fans worldwide.

There’s a need to increase the engagement of the fans & additional source of revenue for teams & leagues.

Socios tries to solve this via the digital currency Chiliz using blockchain technology. Let us understand about Chiliz.

What is Chiliz?

Chiliz (CHZ) is a cryptocurrency for sports, entertainment, leagues & e-sports platforms & can be adopted across different industries. 

Chiliz helps sports teams, games & leagues create fan tokens using blockchain technology. These fan tokens can be used as a medium of exchange within their community.

A user can exchange CHZ for fan tokens & the users who hold these fan tokens can vote for decisions in their favorite team and gets exclusive access to the platform & rewards from the group.

Features of Chiliz (CHZ) token:

1) To participate in initial Fan token offerings, a CHZ token is required.

2) The main aim is to make the fans participate as active agents by contributing to the sports club.

3) A user can trade Fan tokens on Chiliz’s in-house exchange with CHZ.

4) The token is highly liquid & can be traded on some biggest cryptocurrency exchanges.

5) The current rank of the CHZ token in August is #46 on coinmarketcap.

What makes Chiliz Unique?

The Chiliz was made with the vision to activate and monetize the fan base & also increase engagement by enabling the fans to participate in decisions.

A fan can now have influence & a voice in their favorite teams & organizations & can support by funding new sports & esports teams. It wants to turn 2.2+ billion gamers & 380+ million esports users from fans into the decision-makers.

Significant partners have issued fan tokens, including massive football clubs like Juventus F.C., FC Barcelona & Paris Saint Germain, etc.

How does Chiliz works? 

Socios.com is a fan engagement platform that is powered by Chiliz. A fan can influence certain decisions of their favorite team. Each team’s CHZ tokens can be a finite digital asset that gives voting rights.

The clubs can decide the topics of the survey & it can range from any topic like who will get the award for best player in the game to where the following matches will happen.

The more votes a fan gives, the higher his ranking within the platform will be. They will be eligible for the benefits like exclusive merchandising, etc.

When Chiliz was launched, it was just distributed to early contributors & there were no public sales. CHZ is based on Ethereum’s ERC-20 token & it was also designed to be BEP-2 compatible because of Binance’s strategic partnership.

The Fan tokens run on the permissioned Proof of Authority (PoA) consensus mechanism. It does not rely on network decentralization; instead, PoA gives a few pre-approved authority nodes to create & validate the new blocks. But to establish trust in the system, the authority nodes are publicly revealed. 

As PoA networks are highly secure, scalable & can process a high number of transactions per second, PoA network is the best choice for projects like Socios. 

Also, the voting results & trading activity is stored transparently & securely on this sidechain instead of the Ethereum network so that chiliz can control the network’s gas costs and have quick and cost-effective transactions.

 

Tokenomics:

Chiliz (CHZ) has a maximum supply of 8,888,888,888 tokens & it has   6 billion (68%) CHZ tokens in circulation. The market capitalization of CHZ is around $1.3 billion. Currently, the CoinMarketCap ranking of the CHZ token is #46.

 

 

Competition analysis:

Chiliz vs Sportzchain:

Chiliz is a permissioned using Layer-1 platform such as Ethereum. It uses the Proof of Authority(PoA) protocol (which doesn’t make it decentralized in nature). Any team or club can partner & launch a fan token for their fans.

Sportzchain is a decentralized blockchain network that is an Engage to Earn platform. A fan is incentivized to be loyal to the team. It is based upon Layer-2 platforms such as the Polygon network. 

As gas fees are high in the Ethereum network & the Polygon network has low gas fees, it gives a cost advantage to Sportzchain. Sportzchain native token is $SPN & it provides many benefits to the users compared to Chiliz.

Some Benefits of Sportzchain are:

1) Exclusive NFTs can be bought by first few fans.

2) The fans can have access to private digital parties

3) The fans can get upto 30% APY staking rewards for $SPN

Holders using various programs.

Team, media & community:

Socios CEO and founder Alexandre Dreyfus launched Chiliz in 2018. To develop the Chiliz network and Socios platform, Socios had raised around $66 million in a private placement funding round. Alex has been the founder of multiple companies like French Online Poker Room and Sports Betting website WINAMAX, Chiligaming, Webcity & Mediartis.

Later in 2019, Italian soccer team Juventus & socios launched a significant partnership to launch fan tokens. After many other teams like Paris-Saint Germain, FC Barcelona, and Manchester City partnered with Chiliz.

Chiliz has a vast community with 444.4K followers on Twitter. It has 27.8K followers on Instagram & 23k members on Telegram.

Conclusion:

Chiliz has created a whole new category & built a win-win system for all stakeholders. The club can earn a share of the revenue & the fans can buy & support their favorite team. Most importantly, fans now have the power to vote & influence the decisions of the club. During the pandemic the sports sector took a huge hit but now that the restrictions are mellowing down this could break the friction for the huge fan base. As for now, Chiliz has announced a new venture temporarily called Chiliz Chain 2.0 & more details about it are yet to be known. In march, Socios announced Lionel Messi as their Brand ambassador & in April around 13 American football franchises partnered with Socios, & these moves will attract millions of fans to join Chiliz network.

Pros: 

1) Permissioned network for faster transaction & validation of blocks.

2) The Chiliz has given the power to the fans & made a democratic system.

3) It has built a sustainable model for every stakeholder.

4) Provides a gamified experience.

Cons:

1) It is not a decentralized network.

2) Faces intense competition from other networks like Sportzchain.

3) The token cannot be mined.

 

 

 

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thor

THORChain Report – 12th August 2022

THORChain is an open-source blockchain-based decentralized protocol for performing cross-chain transactions permissionless.

The CMP of RUNE is $2.90.

 

The problem statement:

A Decentralized Exchange (DEX) called Uniswap is based on an Ethereum blockchain network where you can swap crypto tokens. But the problem is you can only swap Ethereum-based crypto tokens. Non-Ethereum based crypto tokens can be listed in a derivative form. So Uniswap doesn’t have cross-chain functionality.

Most transactions happen on exchanges like Coinbase, Binance, FTX, etc., which are centralized. Suppose if there is a hack on the exchange there is a high risk of losing all your assets as centralized exchanges have full custody of funds. 

As they handle most of the crypto transactions, they will become the banks in the future of this industry.

There’s a need for a solution where all assets are interoperable with each other & no single(or few) platform or network should be dominant.

THORChain tries to solve these problems. Let us understand about THORChain blockchain network.

 

What is THORChain?

THORChain is a cross-chain Decentralized Exchange (DEX) for swapping different blockchain assets. 

It’s a Layer-1 blockchain network built with Tendermint & Cosmos SDK & utilizes Threshold Signature Scheme(TSS). Due to this, THORChain can be interoperable with other blockchain networks. 

What is Threshold Signature Scheme(TSS)?

Threshold Signature Scheme allows you to use a distributed key generation, signing & verification method that allows you to achieve higher levels of security.

 

Functionalities of THORChain:

1) Swap two crypto assets of different blockchain networks. For example, you can swap ETH(Ethereum) with BNB(Binance coin) in a decentralized & non-custodial way.

2) Earn passive income by depositing your crypto assets.

As of now, the protocol only supports seven significant cryptocurrencies:

Bitcoin(BTC)

Ether (ETH)

Binance coin (BNB)

Dogecoin (DOGE)

Litecoin (LTC)

Bitcoin cash (BCH)

How does it work?

THORChain uses Threshold Signature Scheme(TSS) to secure its Vault. It requires a consensus of two-thirds majority funds to enter & exit the primary TSS.

THORChain has four kinds of users:

Swappers: To swap crypto assets, they use liquidity pools.

Node operators: Node operators secure the system & provide the bonds.

Liquidity providers: Add liquidity to protocol & earn the reward.

Traders: They monitor & rebalance pools to earn profits.

THORChain doesn’t wrap before swapping crypto assets & uses native assets to swap assets.

Liquidity pools perform assets swap & liquidity providers contribute to them. Liquidity providers have to deposit their assets & in return they earn from system rewards & swap fees.

Node operators secure the network & in exchange, they earn rewards from swap fees for every swap. A node operator has to initially provide a bond of RUNE as collateral which is two times the RUNE pooled.

For example, if one wants to swap from ETH to BTC, the swappers will send ETH to THORChain. After entering ETH into the THORChain network, there will be ETH to RUNE swap & RUNE to BTC swap. THORChain Vault will then send BTC to the swapper. This swapping is caused with native assets without wrapping assets.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

How is it Unique?

THORChain’s DEX doesn’t require wrapping for swapping crypto assets.

Swappers & traders:

1) It can perform swapping with layer-1 native assets across different blockchain networks.

2) The transactions are transparent without depending on a centralized 3rd party.

3) Liquidity is available on demand.

Liquidity providers:

1) They can earn a yield of assets like BTC, ETH, and BNB.

2) They are no lock-in periods.

3) No requirements for dealing with 3rd parties.

Node operators:

1) By securing the network, they earn a reward.

2) They are anonymous to augment decentralization.

 

Tokenomics:

The native token of THORChain is RUNE. The maximum supply of RUNE is 500 million & ~67% of the total maximum Supply(334.9 Million) is in circulation. Initially, it had a maximum collection of 1 billion RUNE, but they reduced it to 500 million in October 2019.

 

 

There are four use cases of RUNE:

Settlement Asset:

A 1:1 ratio of RUNE: ASSET is required in each pool. A pool of $1000 of ETH will need to hold $1000 of RUNE.

Security:

Node operators have to ensure the network’s security, so they have to bond twice the RUNE to the amount added to the pool & bonds are kept as collateral.

Governance:

The user can choose which asset they give priority by voting. If a pool has higher RUNE, they get priority.

 

Incentives:

Node operators & liquidity providers are paid block rewards & swap fees. Gas fees can also be paid by RUNE.

Competition analysis:

THORChain vs. REN:

 

THORChain can perform asset swapping in a decentralized manner without wrapping. It uses its native token RUNE for asset swapping. First, the Asset is sent to the THORChain network & it will be swapped with the native token RUNE & the RUNE will swap the new asset token the user requires. But till now, only seven tokens are supported by THORChain that we discussed above.

But REN can also perform asset swapping, but there is one limitation. While performing a transaction, the user’s assets will be locked & can only swap the asset with ETH. But with THORChain, a user can swap with a few more supported assets by wrapping.

The market cap of RUNE is $952 million & REN is $176 million.

 

 

 

 

Team, Media & community strength:

There is no Director, Founder, or CEO of THORChain, but there are some leads & the developers are self-organized using Gitlab.

The main reason for remaining anonymous is to maintain the decentralization of the project.

THORChain has a big community & it has 187.9k followers on Twitter. It has 11.5k members on Reddit. THORChain project was launched in 2018.

Conclusion:

THORChain, as a cross-chain DEX in DeFi, is opening the road for autonomous asset exchanges. RUNE’s architecture as a settlement, security asset, governance, and incentive tool enables the implementation of THORChain’s native swap model in a decentralized environment and across different blockchains. Thorchain’s team thinks that their cross-chain exchange protocol is only the beginning. They intend to create a protocol for the whole DeFi ecosystem, allowing borrowing, and lending services over many blockchains.

Pros & Cons:

Pros:

1) Cross-chain functionality:

A user can swap a crypto asset with another crypto asset irrespective of whether the blockchain network is the same or not.

2) Decentralization & privacy:

THORChain is a decentralized exchange so one can use the network in a non-custodial manner. Also, the identity remains anonymous & there is no requirement of KYC.

3) Security Auditing:

THORChain had been hacked in July 2021 & lost $8 million. After that THORChain has gone through multiple security audits.

Cons:

High transaction fee:

Currently, THORChain network has very high transaction fees & they are working on making some structural changes to reduce it in the future.

Low Total Value Locked:

The total value locked currently is very low & there is a need to reduce the high transaction fee for more adoption of the network.

 

 

 

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image-19

eCash Report – 5th August 2022

Overview:

ECash (XEC) is the rebranded version of Bitcoin Cash ABC (BCHA), a fork of Bitcoin (BTC) and Bitcoin Cash (BCH).

The CMP of XEC on 5th August is $0.0000 4464


What is eCash?

Bitcoin Cash ABC has rebranded to “eCash,” redenominated its token, and launched a proof-of-stake consensus layer. The project’s re-launch integrates proof-of-stake consensus layer “Avalanche,” introducing staking and greatly increasing the speed of transactions. eCash also reduced its decimal places down from eight to two.

ECash incorporates the “Avalanche” proof-of-stake (PoS) consensus layer, which is not to be confused with the blockchain Avalanche (AVAX). Consensus protocols (like Avalanche) facilitate agreement between all of the validators, ensuring that the network has a synchronized view on the data. Following the renaming, eCash stated that it will convert all BCHA coins to XEC at a one-to-one million ratio.

eCash has a max supply of 21 trillion tokens out of which 19 trillion tokens are in circulations. Currently it ranks 60th by market capitalization.

 

 

How is it unique?

The Bitcoin ABC developers had announced the commencement of a rebranding effort to coincide with the introduction of a new project – eCash – aimed at reinventing digital money. On July 1, 2021, the Bitcoin ABC project officially changed its name to eCash, and the token changed from BCHA to XEC.

The relaunch included a series of important upgrades including Avalanche – a revolutionary consensus algorithm, that reduces transaction confirmation time to less than 1 second while making transactions fully secure and instantaneous. While other Bitcoin competitors like Bitcoin Cash lost significant value from contentious and seemingly endless forks, Avalanche was technically sound, politically decentralized governance to the eCash protocol. eCash can be used everywhere that could replace fiat currency. They are adding features on top of PoW which leverage PoS.

XEC has the properties of a good store of value and a good medium of exchange, which makes it a superior form of money which are follows:-

  • Ensuring anonymous transactions
  • Ensuring the integrity of transactions
  • Guaranteeing that transactions remain almost free
  • Enforcing globally secure transactions with a finality of fewer than three seconds
  • Designing the coin’s infrastructure as a public good.

Increasing transaction throughput from 100 to more than five million transactions per second. Reducing transaction finality time and improving the payment experience. The key advances that the eCash team have in mind are protocol extension and fork-free updates. These aspirations will accelerate eCash to 50 transactions per user per day for up to 10 billion users.

 

 

 

 

Tokenomics

The eCash coin (XEC) is the ecosystem’s native token. The rebranding involves a redenomination and change in the ticker symbol, which was formerly used by the Bitcoin Cash ABC (BCHA) token. As a result, all BCHA currency holders can exchange their assets at a 1:1,000,000 ratio to XEC tokens. eCash aims to be as user-friendly as feasible and it follows many of the same rules as Bitcoin (BTC). It uses the same supply and distribution structure as Bitcoin.

ECash has the same supply cap as Bitcoin of 2.1 quadrillion tokens, but instead of being split by 100 million to create 21 million BTC, the 2.1 quadrillion were divided by 100 trillion XEC. The rationale behind this is that people can visually understand integers more easily, and this decision corresponds with the coin’s objective of widespread adoption.

 

Competition Analysis

The closest competitors for eCash would be Dash (DASH) and Monero (XMR).

Dash:- Dash is a digital currency that allows for quick and inexpensive payments anywhere in the globe. It aspires to deliver a user-friendly experience as well as privacy equal to cash. Dash suffers a problem that all cryptocurrencies face. Its ultimate objective is to become a worldwide payment system, but this will necessitate a more stable pricing.

Dash’s most famous feature is InstantSend, which enables for rapid confirmation of transactions. Because a certain number of blocks must elapse before a transaction can be validated, most currencies have a delayed transaction time. The Dash network employs what are known as “masternodes.” These masternodes operate as a second layer of support to guarantee that the blockchain technology is ready to handle all transactions.

Monero:- Monero (XMR) is an open-source, privacy-oriented cryptocurrency that was launched in 2014. Monero’s blockchain is intentionally configured to be opaque. It makes transaction details, like the identity of senders and recipients, and the amount of every transaction, anonymous by disguising the addresses used by participants.

Along with anonymity, the mining process for Monero is based on an egalitarian concept. This is the principle that all people are equal and deserve equal opportunities. Its developers did not keep any stake for themselves when they launched Monero but they did bank on contributions and community support to further develop the virtual currency.

 

 

 

 

Team, Media & Community Strength

ECash (XEC) is led by Amaury Sechet, who was the principal developer of Bitcoin Cash (BCH) and forked that blockchain to produce the forerunner of eCash, Bitcoin Cash ABC (BCHA). Sechet then chose to rebrand Bitcoin Cash ABC in order to build a new brand identity for eCash, saying that reducing decimal places will aid in the coin’s adoption. Before his involvement in cryptocurrencies, he was a software engineer at Facebook and a lead developer at Stupid D Compiler.

They have over 55.9K followers in Twitter in just over a year, this shows how fast the community is adopting eCash as it is easy to use.

 

Conclusion

Within such a short amount of time, eCash has gone through many improvements since its fork from Bitcoin Cash, by changing to small denominations at 2 decimals for easier transactions, compared to Bitcoin and Bitcoin Cash’s 8 decimals. The development team has made good progress on the eCash technical roadmap, with over 1900 changes to the code repository in the last year. They have also improved and enhanced the Cashtab and Electrum ABC wallets, making it more convenient for people to use eCash and have control over their coins. This is a significant step towards their goal of a more financially accessible and technologically involved world.

 

Pros:-

  • It has low gas fees as compared to other blockchain networks.

  • Hard forks are another vital issue that eCash eliminates.

  • The network is very secure as it borrows some aspects from Bitcoin.

  • One of the primary advantages of eCash is its scalability. To accomplish near-instant confirmation speeds, the developers implemented the Avalanche consensus method.

Cons:-

  • They don’t have a whitepaper published yet.

  • They have been radio silent for a few months, they have not published any news for quite a while.

 

 

 

 

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