eCash Coin XEC & StealthEX AMA Recap – All You Need to Know
On November 17, 2021 we had StealthEX & eCash coin AMA Session in our Telegram Community Chat and here is a recap. Just take a little time to read through and learn everything you need about XEC cryptocurrency. Let’s start!
Today, we are going to have an AMA with Amaury Séchet (@deadalnix), Project Lead of the eCash crypto team.
As usual, we have prepared some questions from our Twitter users which we will ask first, and the chat will be turned off for the time being.
Questions From Twitter
So here is the first question, they are in no particular order.
Q1: I am writing this on November 10th and there are five days left before the network update. You are already reading this in the future, I hope everything went smoothly and as you intended. The next major update is worth waiting for on May 15. This date is still far away, but can you share some superficial details about what you are currently working on and what we can expect from spring?
Amaury Séchet: Well, we are after Nov, 1(th, and the network upgrade went perfectly. Right now, the main focus of development is avalanche, and wallet/API.
Q2: After avalanche post consensus, how long do you think it will be before staking rewards are live? Does enabling staking rewards require a lot of work or will it be relatively easy once post consensus is working?
Amaury Séchet: The main question about reward is not so much technical, but what are the specific incentives we want to put in place, make sure the community is happy with them and that they don’t encourage perverse behavior. The best way to move this along is for the community to have a discussion about this and try to come to an agreement.
Q3: According to the roadmap, eCash’s goal is to become a sound currency available to everyone in the world, so can eCash be used as a payment method for Metaverse or NFTs in the future?
Amaury Séchet: Actually, there is one NFT project that launched a few days ago, but I haven’t had the time to look at it personally yet. ecash supports token, and therefore NFT too (NFT are just tokens with a supply of 1). It’s really good to see people building on ecash.
As for payment, I use it as such, but few services support it as a payment option yet. The community can help on this front to indicate to service providers such as bitpay that there is interest in using their services. The more people do, the more they will notice and the more likely they are to do it.
One design choice we’ve made with ecash is to be compatible with BTC and BCH, so any company that supports either can add support for ecash very easily.
Q4: I think Most people only evaluate projects based on their token value, not the technology the project has. How can @eCashOfficial Founders and team add educational value to their investors so that more people understand the value of your project than the price?
Amaury Séchet: Well, tokens that do not have serious technology behind them come and go. When they have a good meme attached, they can go pretty high, but then they fall back down.
Real success is built over time. Bitcoin took more than 10 years to be where it is now. Ultimately, trading meme token for me is like trying to catch falling knives. If your timing fails, you can end up pretty badly hurt.
The ecash team is really focused on the mission and is focused on delivering things that help to move the mission forward, ignoring the noise. They’ll be there during the bear market as much as during the bull market.
Q5: What is your best estimate as to when eCash will be able to reach its goal of 5M txs/sec?
Amaury Séchet: It depends on the market more than the tech. When usage grows, resources grow too, and we have a solid plan to make it work.
So when will people do this many transactions? It depends on so many factors that it is difficult to say. I think we are seeing major economic events profiling themselves. The government has damaged the supply chain and created inflation by printing a ton of money in 2020 and 2021, this kind of event is what gets people to look for an alternative.
Q6: I know you are getting some fire from people about marketing. Please elaborate on this topic, so they can be satisfied knowing that you are actually doing different marketing projects. Would be nice to read/hear more about this.
Amaury Séchet: Yes, but it is difficult to predict when exactly. People – including myself – tend to overestimate what will happen short term, and underestimate what is possible long term.
Anyways, on the marketing front, we are focused on doing something steady more than flashy. Flashy may attract a ton of attention at the moment, but it loses it just as fast, and that’s not where we are at. People who expect this to be a 100% marketing project such as SHIBA may be disappointed, but in the end, SHIBA will be long dead that we’ll still be there.
Amaury Séchet: Yes, this campaign attracts a lot of people and build a lot of expectation, but ultimately, it all turns into resentment. We prefer being upfront about what we have and what we are building making realistic promises.
Q7: Following the roadmap I’ve read, is an EVM Subchain will having an advanced feature for eToken like IDE to allow developing, deploying, and administering smart contracts? What is the future of eToken?
So there are two things in your next question. First, eToken already exists using the SLP technology. There is work done on making them easier to work within wallets such as Cashtab and Electrum ABC, but this is a technology that exists today.
We indeed plan to create an EVM subchain, which would bring full EVM capabilities to ecash, but we must first deploy avalanche for this to be possible.
Q8: What real advantage does eCash have while sticking with the Nakamoto consensus and incorporating into it the Avalanche consensus as compared to a new cryptocurrency made fully in the Avalanche ecosystem that could also have a denomination like that of eCash?
Amaury Séchet: Avalanche in itself cannot be 100% trustless because there is no way to verify history. For instance, when you start an AVAX node, it connects to trusted servers and downloads a set of trusted peers from there. This means that a powerful actor, such as a state actor, could shut down AVAX. Nakamoto consensus is still required to build a trustless system.
Another benefit is that the chain remains 100% compatible with BTC and BCH, which makes it much easier to adopt by anyone who already supports these (which is almost everybody in the space).
Q1: Can you please share the main reason of choosing AVAX? What was better for eCash than in AVAX when you compare it with Polygon, BSC and Ethereum?
Amaury Séchet: eCash isn’t using avax. I think you are confusing avax the token, and avalanche the algorithm. eCash is using its own chain.
Q2: To what extent will the avalanche-type code you intend to add to eCash dominate the “proof of work” security system. In other words, is Avalanche replacing POW to some extent, and if so please elaborate on the details of that power struggle.
Amaury Séchet: Avalanche will make a decision, then PoW is free to do whatever, for as long as it doesn’t contradict what avalanche decided. So PoW works just like before, except they can’t do double spend and alike.
Q3: Why do you think eCash does not need to “burn coins” as other coins do? Feel free to comment on whether you think it is a good idea for those coins that do it to do it.
Amaury Séchet: Project which burns their coins is just telling you they think it’s worthless. If the team behind them thinks it’s worthless, then it’s only a matter of time before the hype goes away and it effectively is.
Q4: You were asked: “What is your best estimate as to when eCash will be able to reach its goal of 5M txs/sec?”. And, you replied: “It depends on the market more than the tech. When usage grows, resources grow too, and we have a solid plan to make it work”.
My Question: Does that “solid plan” include a technical solution you are sure works at that scale or are you planning to develop and test that solution later when the need gets closer?
Amaury Séchet: Yes. I used to work at Facebook, so I have a good sense of what tech is needed. Putting them in place requires work, but we’ll also have more resources to get that work done as we grow, so all in all, I don’t think this will be a major problem.
All scaling problems on bitcoin-like systems have social causes rather than technical causes. This is the case for BTC (no hard fork) and the case for BCH (no avalanche).
The tech is known, whether people are willing to implement them or not is another thing, but we are willing to, and for as long as the community is willing to, we will scale.
Q5: When is eCash $1.00 each? LOL, mostly kidding. That said, you can answer if you like 😊
Amaury Séchet: I never make price predictions. That being said, I encourage everybody to wonder what would it take for that to happen and start doing it.
Thank you all for coming!
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