(Korean Telegram eCash Official Group Transcript)
Q1: What are the key differences in XEC and AVAX in terms of Avalanche implementation?
Amaury: AVAX uses avalanche exclusively. XEC is first and foremost a blockchain that is similar to Bitcoin, that we plan to improve with avalanche. One of the main advantage 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 transaction in about 10 minutes.
Q2: 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?
Amaury: 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, it 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.
Q3: What do you think is the next most important item on the XEC roadmap after Avalanche?
Amaury: Avalanche enable 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 big thing, but many little ones.
Q4: How can Merklix benefit the eCash chain? is IoT useful for sharding? Is there any estimate for its implementation?
Amaury: 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.
Q5: 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?
Amaury: 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 system that work differently. Solutions like sidechains or drivechain 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 Avalanche.
Q6: What is development plan after Avalanche?
Amaury: First and foremost, using avalanche to provide all the benefit 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 subnet 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.
Q7: I would like to know your marketing plan to outperform other coins in the market?
Amaury: 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 stay sound, which is something that is too often neglected, but is probably even more important than the tech.
Q8: 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?
Amaury: The people who burn their coin think their coins are not valuable. They want to do a marketing, stunt to impress naïve investors so they can dump on them. We think XEC is valuable, and therefore we will not burn any. Anyone who think 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 term that has been used for years, including by famous economist Milton Friedman, and which convey immediately what we are about.
Q9: What is the ultimate goal of increasing the number of coins by rebranding eCash at a ratio of 1,000,000 : 1?
Amaury: With 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.
Q10: What do you think is the next most important point in XEC roadmap after Avalanche?
Amaury: Leveraging avalanche to provide value to users in general. Faster confirmation time, increased security, and subnets are what we are looking at.
Q11: 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?
Amaury: While CDBC share 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 alternative to CDBC available, or freedom in the world will be greatly reduced. This is why XEC exists.
Q12: 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?
Amaury: These decision have not been settled yet, and input from the community would be welcome.
Q13: What are the reasons and advantages of switching to POS while giving up Bitcoin legitimacy?
Amaury: We are not switching to PoS. PoW is here to stay. We are adding features on top of PoW which leverage PoS.
[PoS = Proof of Stake, PoW = Proof of Work]
Thank you so much for the replies Amaury
An AMA was conducted for the above 13 questions
Thank you to Korean community and Amaury Séchet
