Paul Sztorc, the Bitcoin developer behind drivechains and Bitcoin Improvement Proposal 300 (BIP-300), has announced a new Bitcoin hard fork called eCash.
This project will apparently “be manually reassigning some” of Satoshi’s tokens on this fork to investors in this new project.
To justify this “controversial decision,” Sztorc has claimed that it was necessary to prevent the project from becoming a “zombie,” saying that without this way for “collaborators” to get involved, it will end up failing.
On his drivechain website, Sztorc has claimed that he “never launched an actual altcoin,” a claim that must now be updated
Drivechains
The announcement makes clear that the team behind this intends to launch with drivechains, claiming it has “7 in developement [sic].”
Drivechains, which are meant to facilitate Bitcoin scaling, are a type of sidechain — chains without native tokens that you can transfer your mainnet bitcoin (BTC) to.
Sztorc has claimed that this technology would facilitate an ability to onboard much more people to Bitcoin and use BTC in ways more familiar to DeFi.
Read more: Sztorc vs Gladstein: Can Lightning scale Bitcoin?
LayerTwoLabs, a firm that Sztorc is associated with, lists the possible uses for drivechains:
- Smart contracts
- Privacy-focused transactions
- Instant, low-cost payment channels
- DeFi applications
- Tokenization of assets and securities
Previous eCash projects
Other projects have previously used the name “eCash,” including, famously, David Chaum’s eCash, one of the first digital cash projects.
This project is often considered one of the precursors to Bitcoin.
Additionally, it’s a name that’s previously been used for cryptocurrencies, including, as acknowledged by Sztorc, “XEC” which launched in 2021.
Currently, the website for Sztorc’s new projects lists a launch in approximately 119 days.
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