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What Is Electric Cash (ELCASH)?

Electric Cash is an SHA-256 community-based token designed for instant payments. According to the website, the ELCASH token is the first proof-of-work (PoW) cryptocurrency with built-in governance and staking capabilities. Token holders have governance power and can vote on decisions that influence the protocol. Electric Cash (ELCASH) aims to provide a comprehensive ecosystem and solve significant problems in the cryptocurrency world. 

According to the whitepaper, the following are the significant problems that individuals face in the crypto industry along with the solutions purported to be offered by Electric Cash (ELCASH). 

• Blockchain fees – Usually, the transaction fees are low when the network load is low and increases as the load increases. Excess transaction cost makes it impractical for users to trade every day, discouraging new and existing network participants from using them. Electric Cash focuses on reducing transaction fees; all staking participants are rewarded with zero transaction fees, which are granted based on the size and longevity of the total stake. Because of the instantaneous nature of the token along with the zero-fees structure, ELCASH hopes to be appropriate for small everyday payments.

• Blockchain performance- Most proof-of-work blockchains have a limited transaction processing capacity. Blockchain’s ability to process transactions on time diminishes as the usage of the network increases. Most PoW consensus cryptocurrencies are considered the most secure but rarely used daily. Electra Cash has implemented a solution called the “fast layer’’ system, which aims to improve blockchain throughout. Transactions are processed on a second layer (L2) of the blockchain, which should make them instant. 

• Community influence- Most projects are governed by the blockchain team or developers, who control network changes. Typically, community members do not have the right to say or influence protocol development. Electric Cash aims to combat this by establishing a development fund treasury. The development fund treasury tries to enable users to have governance power and take part in the decisions regarding changes in the protocol.  

• Staking is one of the prime features of Electric Cash. The users of the Electric Cash network can stake ELCASH coins to govern the network and earn rewards. Staking allows token owners to actively contribute to the network growth and help prevent the oversupply problem. Further, users have greater control over the funds facilitating staking agreements directly with the protocol. 

History of Electric Cash (ELCASH)

Electric Cash (ELCASH) was launched in the fourth quarter of 2020. Eyal Avramovich is the founder of Electric Cash, whose goal was to create a token focused on the community and daily activities. Further, the total supply of ELCASH tokens is 21,000,000 coins.