Many coins created on the basis of Bitcoin looked to apply blockchain technology to our everyday lives. But they struggled with the same problem: crypto transactions that rely on conventional Proof of Work consensus are, by nature, slow and expensive. This is the issue that Electric Cash (ELCASH), a new SHA-256 based coin, was born to solve. Now, using crypto to pay for coffee or a taxi can be as fast and cheap, or even free, as paying in cash.
A brainchild of an innovator, Eyal Avramovich, ELCASH is designed to make crypto more convenient for daily use, without the long confirmation times and high fees. This is possible thanks to the introduction of changes to both the coin’s architecture and its ecosystem. A dedicated process layer was created so that transfers can be quickly verified. Users, participating through staking, can enjoy not only free transactions, but also additional benefits as having a say in the future of ELCASH.
No more slow and expensive transfers
Electric Cash comes into the crypto environment as a problem solver. To fully grasp its potential, it is necessary to understand the issues that motivated its creation. This new evolutional step has its roots in the heart of cryptocurrencies.
Bitcoin and other projects that followed its tracks were built around a simple yet reliable and robust system. This consensus mechanism known as Proof of Work (PoW) was designed to ensure legitimacy of a requested transfer. Transaction Fees were introduced to motivate the network’s members to verify the transactions.
But this consensus mechanism was created to be difficult. It takes some time to complete the transactions. Additionally, the level of difficulty increases when the network gets busier, with more transactions competing for priority to get verified. Following the simple rule of supply and demand, the average fees associated with each transaction tend to go up.
These two aspects are essential to ensure the security of cryptographic transfers. Compared to traditional banking processes, sending large amounts of coins to another part of the world is much faster with crypto. With Bitcoin, for example, you can get your cryptocurrency delivered safely in an average time of 10 minutes.
But when it comes to everyday life, can you imagine having to wait this long to confirm a taxi fare payment? It also wouldn’t work at a coffee shop unless you enjoy cold beverages. And besides, the transfer fees could be higher than your espresso.
What makes ELCASH faster?
Electric Cash is dedicated to bringing lightning-speed transfers to the crypto world without high fees that would defeat the purpose of making small purchases. ELCASH makes it possible to carry out transactions quickly while maintaining the precious aspects of the blockchain integrity and network security. Speed has to do with technical improvements to the core of the coin’s architecture.
The infrastructure comprises four layers. The base, also known as the Hardware Layer, ensures that all protocols run smoothly throughout the structure. The blockchain is on Layer 0, responsible for privacy, security and scalability of the network. Next is Layer 1, with the PoW consensus mechanism, taking care of the blockchain’s integrity by involving the participants.
Layer 2, the final stage, deserves special mention since everything changes pace here. In more technical terms, it is responsible for confirming transactions off the chain. They are transmitted to the blockchain at a later stage, where PoW miners verify the transfers. So there is no need to wait long for a transaction to be included in a full data block and for a confirmation from the network.
Seems confusing? It is not!
Imagine that you are buying a book and you want to pay with Electric Cash. You don’t need to wait 10 minutes for the blockchain to do its magic and confirm that you have enough ELCASH in your crypto wallet. Instead, Layer 2 quickly verifies the transaction and lets you get on with your day, while the regular Proof-of-Work verification is performed in the background.
Making cheap — or free — transactions a reality
To solve the problem of fees in the cryptocurrency industry, Electric Cash relies on the community participation. It takes the form of staking. This way, the native ELCASH coin remains at the center of its ecosystem. The users taking part in this process can collect staking rewards like free transactions, additional coins or Governance Power.
Transaction fees are standard in crypto and still part of the process. However, when users stake ELCASH, they are eligible to free transactions depending on the staked amount. Even the minimum required stake ensures at least one free transaction per day.
User-oriented, Electric Cash also puts its future in the hands of the community that makes it work. Through the staking process, users can gain Governance Power, earning the right to vote and decide about the project’s future. The idea is to ensure that those supporting ELCASH can also contribute to its growth by making their opinions heard.
In the early stages of the project, Electric Cash also offers the opportunity of merged mining. Since it has been built based on the same SHA-256 algorithm as Bitcoin, miners can collect rewards in both BTC and ELCASH. Merged mining is a common and recommended approach for young coins. They benefit from increased blockchain security and reduced risks of 51% attacks.
A coin for everyone
The Electric Cash project represents an essential step towards making crypto a more significant part of everyday life. Cryptocurrencies can revolutionize the way we approach finances, and the ability to use your assets daily is a crucial part of this process. “We believe this project fills in a gap in the market as it promises to be for everyone,” says Avramovich, reinforcing the idea that the community can not only benefit from ELCASH but also participate in its future.
Would you like to know more about Electric Cash? Follow us on our social media channels or take a technical dive into Electric Cash Whitepaper: https://electriccash.global/pdf/whitepaper/electric-cash-whitepaper-EN.pdf
For more information about Electric Cash, please visit our website: https://electriccash.global/
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