We recently saw that Staking Rewards was moved ahead of the two pre-consensus related items on Avalanche.cash, so what does this mean for eCash?
I see the activation of staking rewards on the eCash network as a potentially historic moment since it will mark the first time a Bitcoin fork has allowed non-mining nodes to earn a portion of the block reward. Holders will be able to earn by staking their XEC and contributing to the security and performance of the network. How this will ultimately impact the ecosystem and what this will mean in terms of price is of course anyone’s guess, but I know I’m desperate to find out.
This is the reason I’m so excited about the eCash project. It’s making Bitcoin fun again. While other chains argue about what changes can be made, or continue going around in circles, the eCash community has a clear roadmap and isn’t afraid to try bold new initiatives as we innovate and iterate our way to creating the future of money.
I can’t wait to see if staking rewards will lead to a lot more people running their own eCash staking nodes. To find out which exchanges will be the first to make eCash staking available to their customers. What will the block reward allocation be? How much yield will be available? And of course, when will it officially be launched?
We still have way more questions than answers, but I love that this is a chain that isn’t afraid to experiment and find out what the best answers to those questions are. Because isn’t that what science and technology are all about?
As we wait to learn more details, it’s hard for me not to be optimistic about the future of eCash. Like I said, there’s no way of knowing what the future holds. Maybe nuclear war breaks out, maybe CZ gets arrested, but I’m confident that whatever the price is after the rewards go live will be higher than whatever it might have been without it.
A higher price will mean more funding for developers, applications, and public goods. It will lead to more attention being focused on the project and higher morale for the community.
While some are concerned about what Bitcoin ABC is going to ultimately decide for the allocation, I’m confident they will choose wisely just as they did when deciding on the 8% to fund development. They’ve demonstrated over the last three years what they can accomplish with even the limited funding they’ve had: there’s the activation of Avalanche post-consensus which led to many centralized exchanges enabling 1-confirmation deposits for XEC, the integration of the blazingly fast Chronik indexer, and most recently, the launch of PayButton.
Now imagine how much more Bitcoin ABC and the Global Network Council can accomplish if they finally get the kind of funding some of these other cryptocurrency projects are working with. Hopefully we’re about to find out.
As always, thank you for reading. If you would like to experience the magic of eCash for yourself, use the PayButton below with the sound on.