Electric Cash’s new Whitepaper is on the way
Electric Cash (ELCASH), a wonder coin that aims to make everyday transactions faster and more accessible, will soon release the latest version of its whitepaper. The document will include information on all the upgrades that ELCASH’s development team has been working on. The new version will cover aspects such as staking, governance, and the unique second layer solution.
In the fast-growing cryptocurrency sector, some coins defy the routine.
The team behind the launch of Electric Cash, a crypto project that addresses the pace of performing transactions, has been working hard to introduce significant improvements to the project.
The details will soon come out in the newest version of the whitepaper.
Why do you need a whitepaper?
A whitepaper is created for a reason. First and foremost, it’s about providing the community with information about the project.
The document consists of updates, technical details, and a description of the products and solutions offered.
It’s a signal that the creators of the project are willing to build credibility and trust among their community through transparency.
What is Electric Cash?
Electric Cash is a coin that works on a decentralized network and uses the SHA-256 algorithm.
ELCASH is lightweight, accessible, and is focused on reducing transaction fees. It aims to be a perfect solution for everyday payments with cryptocurrencies.
Eyal Avramovich, inventor and serial entrepreneur, is the man behind the big idea of a crypto that is handy, cash-like functional, and supported by a community of enthusiasts.
What makes it faster?
Bitcoin and other similar projects run on the Proof of Work consensus mechanism. It’s simple and reliable, but, unfortunately, also slow.
Fast transactions with ELCASH are possible due to its unique blockchain architecture based on a second-layer solution.
The Electric Cash ecosystem consists of a Hardware Layer that ensures that all protocols run smoothly throughout the structure, a Blockchain Layer that records transactions securely, and Layer 1, where the PoW consensus mechanism is rooted.
On top of that, there is Layer 2, also known as the fast transaction layer, which is where transactions are confirmed. The whole process happens off the chain, and then transactions come back to the data block after being verified by the PoW miners.
What makes the transactions cheaper?
In cryptocurrency, transaction fees are an integral element of the transaction process. But owners of ELCASH who stake their coins can then collect staking rewards, some of which are free transactions.
Additionally, through staking, users can gain Governance Power, which gives them the right to decide on the project’s future through voting.
The journey of Electric Cash
The crypto community first heard of ELCASH at the end of 2020. At that time, the coin’s blockchain was launched, and the pre-mining started.
In early 2021, the following developments became public: the publication of the blockchain explorer whitepaper and the official website and desktop wallet launch. ELCASH was also listed on some of the most prominent crypto exchanges.
Another milestone was the start-up of the Electric Wallet mobile app for iOS and Android devices.
The next big step
ELCASH’s future is likely to be electrifying. The team aims to create a faster and more user-friendly cryptocurrency that will make daily transactions as simple as possible.
Electric Cash’s developers have been tackling features such as staking or governance to improve the quality of the project’s key functionalities.
The latest version of the whitepaper will also include information about the most critical component of the coin, the Second-Layer Solution.
Key takeaways
Electric Cash is a cryptocurrency that solves the problem of slow transactions with its advanced technology. It has a dedicated team working on the development of the coin. The Whitepaper including all the specifics regarding new implementations proves that ELCASH developers are willing to offer a project of the highest quality. For them, it’s all about being transparent to the community.
Follow ELCASH social media:
Telegram: https://t.me/elcash_official
Twitter: https://twitter.com/elcash_official
Facebook: https://www.facebook.com/electriccash.official
