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ELCASH

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.

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.

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 core management team of Electric Cash.

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. Merged mining is implemented with Bitcoin, since both cryptocurrencies use the same SHA-256 hash function. In this case, BTC is the parent chain and ELCASH is the auxiliary chain. As a result, Bitcoin’s (parent) Proof-of-Work solutions can be used to validate ELCASH (auxiliary chain) as an auxiliary Proof-of-Work (AuxPoW) consensus mechanism