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Summary of Electric Cash (ELCASH)
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What is Electric Cash (ELCASH)?
- Payment protocol designed to be accessible and lightweight
- Focus on reducing transaction fees
- Ideal for everyday payments
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Electric Cash Staking
- Network participants can stake ELCASH to govern the network and earn rewards
- Staking rewards users with free transactions and Governance Power (GP)
- Any number of coins can be staked
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Electric Cash Governance System
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About Electric Cash: Empowering the Future of Digital Finance
Introducing Electric Cash (ELCASH): A Revolutionary Digital Asset
Electric Cash is a cutting-edge payment protocol engineered for accessibility and lightweight efficiency, prioritizing the minimization of transaction fees. By facilitating rapid and cost-free transactions on a secure, decentralized network, ELCASH emerges as the ideal solution for everyday payment needs.
Unlock the Power of Electric Cash Staking
Within the Electric Cash network, participants can engage in staking ELCASH to exercise governance over the network and accrue rewards proportional to their staked amount. This staking mechanism also confers additional benefits, including complimentary transactions and Governance Power (GP). Notably, every Electric Cash holder is entitled to stake any quantity of their coins.
The Electric Cash Governance Ecosystem
To facilitate direct democracy, Electric Cash incorporates a governance system that enables the proposal, design, agreement, and implementation of novel changes. These changes encompass not only technical modifications to the blockchain source code but also address pivotal network and community concerns. Leveraging the blockchain’s intrinsic voting mechanism, users are empowered to cast their votes on proposals submitted by both community members and the Electric Cash core management team.
Is Electric Cash Mineable?
During the initial development phases, ELCASH will employ a merged mining process, thereby enabling the leveraging of the immense hashing power of larger SHA-256 (Bitcoin-like) based blockchain networks, thus ensuring the overall security of the nascent network. The implementation of merged mining is facilitated by the shared utilization of the SHA-256 hash function by both Bitcoin and ELCASH. In this configuration, Bitcoin assumes the role of the parent chain, while ELCASH functions as the auxiliary chain. Consequently, the Proof-of-Work solutions validated by Bitcoin (the parent chain) can be seamlessly utilized to validate ELCASH (the auxiliary chain) via an auxiliary Proof-of-Work (AuxPoW) consensus mechanism.