Monday, Sept 27th, 2021 was the first community AMA(Ask Me Anything) event of eCash since the July rebranding, project lead and benevolent dictator Amaury Séchet himself attended the live Q&A session, answering some of the Korean community's most asked questions. Below is the recap of the Q&A session:
- Q 1:
EN: What are the key differences between XEC and AVAX in terms of Avalanche implementation?
- A 1:
EN: AVAX uses avalanche exclusively. XEC is first and foremost a blockchain that is similar to Bitcoin, which we plan to improve with the avalanche. One of the main advantages of that design is that any system that works with Bitcoin can be very quickly adapted to work with XEC. Obviously, such a system will not have all the advantages avalanche can provide, but it will still be able to benefit from being able to do transactions in about 10 minutes.
- Q 2:
EN: With your current knowledge, is there anything you would have done differently when starting BCH to foster a good culture or was the culture doomed already?
- A 2:
EN: Yes, many things. I was too welcoming of many people who didn't contribute a lot of value and generated noise. That being said, it is not a given that even doing it all perfectly, would have been a success, because people are who they are and they bring their culture with them. XEC is in a much better position on that front.
- Q 3:
EN: Ｗhat do you think is the next most important item on the XEC roadmap after Avalanche?
- A 3:
EN: Avalanche enables a ton of things, and building these things is the next big thing. There is a ton that can be done, from increasing security to providing instant confirmation. It's not one big thing, but many little ones.
- Q 4:
EN: How can Merklix benefit the eCash chain? is it useful for sharding? Is there any estimate for its implementation?
- A 4:
EN: Merklix tree can be processed in parallel, which is an advantage for very large blocks. XEC is not operating at a scale where this would make a huge difference at this time, but if XEC succeeds, then this will become necessary. increasing parallelism is the only way to process more things in the same amount of time. Implementation is relatively easy, so I'm not worried about it. Deployment would require a hard fork. We have done several in the past, so when the time comes, we'll be able to do this.
- Q 5:
EN: eCash must be considering DeFi feature as a payment coin. What is the plan to support DeFi or to build its own similar decentralized financial system that you are considering?
- A 5:
EN: The plan for DeFi feature is to create an EVM subnet. For a very long time, people have been wondering how to link bitcoin with other systems that work differently. Solutions like side chains or drive chains have been proposed, but they all have a problem with the reverse peg (namely, how to bring back coins from the sidechain to the main chain). This problem can be solved more effectively with an avalanche.
- Q 6:
EN: What is the development plan after Avalanche?
- A 6:
EN: First and foremost, using avalanche to provide all the benefits it can: increased security, faster confirmation time and so on. There are many small things that can be done here. After that, subnets so that the network can interconnect with other networks with different features, but using the same coin at the core. I think the 2 most valuable subnets would be a zero-knowledge one for people who want privacy and an EVM one, so that people can run more evolved smart contracts, just like on Ethereum.
- Q 7:
EN:I would like to know your marketing plan to outperform other coins in the market.
- A 7:
EN: At the end of the day, we do not control the price of the coin. What we can do is work hard to try to make a good coin and that people will like it. We do so by working on core technologies that will allow better scalability, faster confirmations (< 2s), better security, and better extensibility. We are also making sure that the culture stays sound, which is something that is too often neglected, but is probably even more important than the tech.
- Q 8:
EN : Do you have any plans to burn eCash in the future? And I know that this eCash is being rebranded to be used in real life. How are you guys managing this?
- A 8:
EN: The people who burn their coins think their coins are not valuable. They want to do marketing, a stunt to impress naive investors so they can dump on them. We think XEC is valuable, and therefore we will not burn any. Anyone who thinks burning is valuable can prove us wrong by burning their own coins. As for the rebranding, Bitcoin ABC just isn't a good brand. It doesn't say what it is, what it is for, what the values of the projects are, etc... ecash is much better. eCash can be used everywhere that could replace fiat currency. This is the term that has been used for years, including by famous economist Milton Friedman, and which conveys immediately what we are about.
- Q 9:
EN: What is the ultimate goal of increasing the number of coins by rebranding eCash at a ratio of 1,000,000: 1
- A 9:
EN:With the BTC of BCH, it is very inconvenient to pay for something. The price will be 0.00143 or something like this. One has to count the zeros and it is easy to get it wrong. On the other hand, there are many currencies out there with large numbers. This is the case in Korea for instance. People prefer this. So we made the choice to change the denomination in this way. We made sure we left a good margin for the price to increase and the coins to remain convenient to use.
- Q 10:
EN: What do you think is the next most important point in the XEC roadmap after Avalanche?
- A 10:
EN: Leveraging avalanche to provide value to users in general. Faster confirmation time increased security, and subnets are what we are looking at.
- Q 11:
EN: When CBDC appears in the United States and globally, I wonder if eCash can coexist with it or which features of eCash will be the focus instead of the monetary feature.
- A 11:
EN : While CDBC shares common technologies with cryptocurrencies, they are not the same thing at all. They will be used to do mass surveillance and to control people's finance to a degree that never existed before. In my view, it is capital that people have an alternative to CDBC available, or freedom in the world will be greatly reduced. This is why XEC exists.
- Q 12:
EN: The staking reward might be what holders expect the most. 90% of the issued eCash is circulating now in the market. I would like to know the amount of how many eCash that the foundation has and the staking reward rate, and how to maintain it.
- A 12:
EN:These decisions have not been settled yet, and input from the community would be welcome.
- Q 13:
EN: What are the reasons and advantages of switching to POS while giving up Bitcoin legitimacy?
- A 13:
EN: We are not switching to PoS. PoW is here to stay. We are adding features on top of PoW which leverage PoS.
Korean Telegram group: https://t.me/eCashKorea