What is electric cash coin?


What is Electric Cash? Electric Cash is a payment protocol designed to be accessible and lightweight, with a focus on reducing transaction fees. Fast and free transactions on a secure and decentralized network make ELCASH ideal for everyday payments.

Electric Cash Official Website: https://electriccash.global

Electric Cash Explorer : https://explorer.electriccash.global/

Why Electric Cash?

1. Cash-like

Electric Cash is designed to be a cash-like cryptocurrency for everyday use with an
additional staking feature. The Electric Cash protocol is governed by its coin holders
who are eligible to manage the future development of the ecosystem.

All these aspects are integrated under one ecosystem, allowing Electric Cash to cover a wider variety of market and user needs.

Electric Cash coin

To incorporate incentives dedicated not only to miners but also to other network users,
Electric Cash block rewards are divided into three parts. The first and the biggest one goes to Proof-of-Work miners. Miners are crucial to ensure that the network functions properly and that it is safe. But miners are not the only stakeholders. People who use the network on a daily basis and expand the ELCASH ecosystem are essential for the project to grow.

2. Free transactions

In the ELCASH project, blockchain fees are charged in advance and later returned to
users if they were eligible for free transactions. Every user who stakes ELCASH is eligible.
The free transaction limit is calculated every day and depends on the user’s staking
parameters. After a transaction is made, the fee is returned to the user’s spending wallet.

3. Community influence

Electric Cash is changing that by establishing a Development Fund Treasury. It is taken from Proof-of-Work mining rewards and stored in such a “Treasury”. Additionally, the Electric Cash community members receive Governance Power. This allows the network to be fully decentralized where the decisions on future project developments and the use of funds from the Development Fund Treasury are driven by the project community. That network democracy is achieved thanks to the blockchain’s built-in voting mechanism.

Electric Cash Ecosystem

1. Staking

Staking is a form of storing funds. By staking, every user can actively contribute to the network growth in the long run and help prevent the oversupply problem that could affect the overall inflation issue over the years. This in turn increases the network stability.

The Electric Cash network participants can stake ELCASH to govern the network and earn rewards from the staked amount. Staking will also reward users with additional benefits like free transactions and Governance Power (GP). Every Electric Cash holder can stake any number of his coins.

Electric Cash Stacking

2. Governance

In order to achieve direct democracy, Electric Cash implements a governance system.
In the governance process, new changes can be proposed, designed, agreed upon and
implemented. Changes are not limited to the blockchain source code technical details,
but also may cover other important network and community issues. Thanks to the
blockchain’s built-in voting mechanism, users can vote on proposals made both by the
community members and/or the core management team of Electric Cash.

3. Merged mining

During the early stages of development, ELCASH will operate using a merged
mining process. It will allow ELCASH to leverage the hashing power of larger
SHA-256 (Bitcoin-like) based chains ensuring the overall security of the new network.

Figure 4. Structure of merged mined blocks in Electric Cash

Electric Cash Roadmap

Electric Cash roadmap

Electric Cash Exchanges

Users can view prices and get Electrich Cash Coin from the exchanges below:

In this article, we introduced Electric Cash (ELCASH). The project’s goal is to provide
a comprehensive ecosystem and solve several major problems in the cryptocurrency
ELCASH facilitates everyday payments. By implementing an additional Layer 2 to the
blockchain can perform fast transactions while still ensuring network security.

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