On August 1, 2020, a hard fork took place in the Bitcoin network, as a result of which a new cryptocurrency was formed - Bitcoin Cash. The brainchild of Roger Ver and a group of Chinese miners not only took root in the cryptocurrency market, but received solid support among developers, investors and other market participants, establishing itself in the top ten capitalization of CoinMarketCap.
The Ethereum Cash project appeared in October 2020 just in the wake of the success of BCH. Its name alone clearly demonstrates the desire of the creators to play on the hype around Bitcoin Cash. Cryptocurrency with the ECASH market marker is intended to become a convenient payment instrument in the hands of ordinary people. In practice, she had other tasks. This Ethereum Cash review will reveal the history of the cryptocurrency, its features and true purpose.
History of appearance and general overview of cryptocurrency
Ethereum Cash can hardly even be called a fork of Ethereum. In fact, this is an ordinary ERC20 token with an interesting name from a marketing point of view.
Unlike Bitcoin Cash, the emergence of this project/token went unnoticed. On October 11, 2020, an ANN thread about Ethereum Cash appeared on the BitcoinTalk forum in the altcoins section. Two days before, the @EthereumCash_ account appeared on Twitter. There were no loud announcements or advertising for the new Ethereum.
If traditional “fork” coins are awarded in the equivalent of 1:1 to the coin from the blockchain from which they appeared, then in ECASH a premine was used. The emission of Ecash amounted to 15,000,000 tokens. They were actively distributed in the first few weeks after the project appeared through Airdrops. There were four stages of distribution in total. The developer promised a bright future and was even able to achieve the listing of Ethereum Cash on the EtherDelta exchange.
But by November the legitimacy of the project was called into question. According to people who were participants in the Ethereum Cash Telegram channel, on the day of the planned release of WhitePaper, the main developer of the project announced its transfer to other investors. This “investor” turned out to be either his friend or a fake account.
Such a chain of events is an obvious sign of a scam. ECASH was categorized as just another pump&dump token and forgotten about. Some were able to earn good money already in the fall of 2020, while some investors lost a lot of money.
However, the story of Ethereum Cash will have another unexpected turn, but already in 2020.
EthereumCash is not formally associated with the Ethereum Cash Pro ICO. These are two different projects, albeit with a similar model.
Information
Cost, capitalization, issue of Bitcoin Cash
Name | Price | Market capitalization | Offers | Change % (7D) | |
1 | Bitcoin Cash\/BCC | $291.51 | $5,389,929,428.94 | 18489689.6468 BCH | +3.62% |
Indicators of the Bitcoin Cash cryptocurrency as of June 20, 2020:
Name | Bitcoin Cash |
Ticker | BCH or BCHABC |
Capitalization | 7,283,773,361 $ |
Well | 407.28 $ |
Current issue | 17,847,939 BCH |
Maximum emission | 21,000,000 BCH |
Website | bitcoincash.org/ |
Blockchain Explorer | blockchain.com/; blockchair.com/; bch.tokenview.com/ |
twitter.com/bitcoin | |
Crypto exchanges | Binance, EXMO, Bitmex, Poloniex, Bitfinex, Kraken, Coinbase Pro, Bittrex, etc. |
Launch year | 2017 |
Technical features, pros and cons of Ethereum Cash
One of the main misconceptions surrounding the Ethereum Cash project is that it allegedly uses a Proof-of-Work algorithm, and tokens can be mined. In fact, all coins were issued by the creators of ECASH. They distributed some of them via AirDrops.
This is a standard ERC20 token that is “written” on the Ethereum platform. Therefore, the proud statement about “15 seconds to generate a new block” is just a marketing ploy. Because 15 seconds is the time it takes to generate a block in Ethereum.
The Ethereum Cash project website describes the purpose of the project and its goals. Briefly:
- Make cryptocurrency more accessible to ordinary people;
- Become one of the three largest cryptocurrencies on the market;
- Simplify standard cryptocurrency transactions.
For a while there was even a road map on the site (it is no longer available). Here's what the Ethereum Cash RoadMap looked like:
No specifics, pure populism: add a new exchange, conduct a marketing campaign, conduct several ICOs, beat Ethereum at the market cap. No technical details. It’s difficult to talk about any advantages of Ethereum Cash. Almost the only thing is that it has a beautiful name. The project also had its own application, which even added the ability to pay for Canada Post services.
The disadvantages are obvious: lack of a development team, weak technical base (standard ERC20), speculative nature of the token, fraud on the part of the creators, use of premine. In general, typical characteristics of a scam.
Comparison with Ethereum
Drawing parallels between Ethereum and ECASH is a fun idea. There are several billion light years between these projects. Ethereum is the largest platform for the development of decentralized applications based on smart contracts, one of the main reasons for the growth of the cryptocurrency market in 2016-2018. Hundreds of partnership agreements, billions of dollars in investments, a stable top 3 capitalization, Vitalik Buterin, conferences, Casper - all this I could list them for hours.
On the other hand, we are talking about Ethereum Cash, an ERC20 token that would never have existed without the Ethereum platform. It can be called a small “parasite” of a large network. Firstly, ECASH uses the ERC20 standard; secondly, Ethereum appears in its name. So without its progenitor, Ethereum Cash would be worthless.
Here are the differences between Ethereum and ECASH on the latter’s website:
- “Etherium’s internal token, Ether, is primarily designed to run smart contracts within the platform. This means that it is mainly used by developers and coders. It is not considered as a payment instrument for ordinary people. Vitalik Buterin himself spoke about this many times.
- Ethereum Cash aims to fill this “gap in the market.” Using Ethereum technology, we will create a reliable, decentralized and successful currency that will be easy for the average person to operate. All developments are carried out with one goal: the introduction of Ethereum Cash into the everyday life of ordinary people. Our project is not dedicated to any niche, we just want to create applications and services that will make ECASH more accessible."
Ethereum Cash rate and prospects
The Airdrops series in mid-October 2020 attracted several thousand participants. Already on October 12, a token with the ECASH marker appeared on the EtherDelta exchange. A day later, the daily trading volume exceeded $10,000, which allowed the token to be listed on CoinMarketCap.
The first peak of the Ethereum Cash rate occurred on October 17, 2020. Then the cost of one ECASH unit reached 18 cents. Airdrops participants saw positive dynamics, so they quickly transferred the received tokens to the exchange and sold them while Ethereum Cash was worth something.
However, by November the price had dropped to 1 cent. Reviews about Ethereum Cash appeared on thematic forums. Mostly negative. Most came to the conclusion that this is a typical scamcoin launched with the aim of making a quick profit. That is, the creators of the project pumped up its cost and then sold it off. Classic speculative scheme.
ECASH was “forgotten and washed down with water.” And at the beginning of 2020, to the surprise of investors and traders, the token appears on the Yobit exchange. In parallel with this, allegedly insider information appears on a number of thematic portals and forums: Shinhan Financial Group is going to annually invest $1.5 million in the development of Ethereum Cash.
Back on January 5, 2020, one ECASH token cost less than $0.05, daily trading did not exceed $20,000, and capitalization was $700,000. Around the same time, the market watched Bitcoin and altcoins rally, leading to a massive influx of newcomers. And the cryptocurrency called Ethereum Cash by default attracts attention. The peak was reached on January 12th.
The maximum price of Ethereum Cash was $1.52 with a capitalization of $22 million. However, by March 2018 the price had dropped to 0.05 USD, and by June – to 0.025 USD.
Does Ethereum Cash have a future? No one is involved in the project and in fact no one was involved. And besides the beautiful name, ECASH has no advantages. In the summer of 2020, daily trading volumes amount to measly hundreds of dollars. But in the event of a new boom in the market, enterprising token creators can perform the pump n dump operation for the third time and earn money again. ECASH does not have any practical benefit for the crypto world.
Ethereum Cash rate and forecast
Currently ECASH is trading at the following price:
As of January 12, 2018, the ECASH rate is 77 rubles; over the last week, the cost of one token has increased by 2605.91%.
At the moment, it is unknown what connection ECASH has with Ethereum; neither the developers nor any exact data are listed on the official website.
Also, the number of coins is questionable; after looking at the auction, I noticed that the number of tokens is not that many. Perhaps this is why the value of Ethereum Cash has risen so much. If there are really few tokens, then the rate may remain the same and even increase slightly. But there is a risk that a developer will appear with the remaining tokens and make a big profit for himself at a decent price. And this is not good, since after this the rate may seriously fall. Is it worth investing in: We do not recommend
Sources:
Where to buy ECASH
Ethereum Cash was initially traded on the EtherDelta exchange. At the moment, the only platform with volumes paired with ECASH is Yobit.
Yobit is one of the leaders in the number of active trading pairs in the entire market. There are over 200 coins on the exchange. Trading volumes are not the largest, but the commission for the transaction is low + there is a Russian version. Additional services offered: InvestBox, Dice. There is a chat for communication between participants. Ethereum Cash on the Yobit exchange is offered only in pairs with Bitcoin.
ECASH has no plans to list. Therefore, you should not wait for this token on Bitfinex, Poloniex or other major exchanges.
Where to buy, how to mine and store
In theory, mining this digital currency should be quite simple. But this depends on how many units are currently mined. Information about this is hidden, so it is impossible to give even an approximate assessment of the prospects of such an undertaking. The problem is further aggravated by the fact that there is no information anywhere about what exactly needs to be done in order to mine this currency. There are no miners or pools.
You can purchase a token on the YoBit exchange (in exchange for DOGE, BTC or WAVES), as well as through the ECASH application. This smartphone program can also be used as an Ethereum Classic wallet. If you do not want to use this software, then keep the coin in the balance of your account on the exchange. It is generally assumed that storing cryptocurrencies in exchange accounts is the least secure option. But in this particular case, there is no reason to believe that a proprietary application from the developers will be more reliable.
ECASH storage wallets
Ethereum Cash is an ERC20 token. This means that it can be stored on many popular wallets:
- Hardware: Trezor and Ledger Nano S. Optimal options for cold storage of cryptocurrency with increased protection.
- Web wallets: MyEtherWallet, Metamask. These wallets are designed for Ethereum and support any ERC20 tokens. Simple and easy to use.
- Software/mobile: Ethereum Cash can also be stored on universal mobile wallets with an optimized interface: Eidoo, Trsut Wallet, Coinomi.
- A special application for ECASH has also been implemented. However, there are no longer links to download it on the project’s official website.
Other directions of Alpha CASH-IN USD exchange:
- Alpha CASH-IN USD to PayPal USD
- Alpha CASH-IN USD on Perfect Money USD
- Alpha CASH-IN USD on Payeer USD
- Alpha CASH-IN USD on Perfect Money USD
- Alpha CASH-IN USD on AdvCash USD
- Alpha CASH-IN USD to Tether Omni (USDT)
- Alpha CASH-IN USD on EXMO USD
- Alpha CASH-IN USD to Tether ERC20 (USDT)
- Alpha CASH-IN USD to Payeer EUR
- Alpha CASH-IN USD to EXMO RUB
- Alpha CASH-IN USD on AdvCash USD
- Alpha CASH-IN USD to Bitcoin (BTC)