The primary goal of the ELCASH Development Team is to provide fast, cheap and even free transactions and make the coin everyday means of payment accessible to everyone.
Greg Rogowski is the founder and brand owner of Mining City, a platform that provides hash power to people interested in mining cryptocurrencies who don’t have their own private mining equipment.
Greg Rogowski understands that cryptocurrencies are emerging as a critical component of the global financial system. “Banks, fintech companies and other industries are all looking into how this new technology could offer solutions to the world’s problems. Blockchain applications and the decentralized nature of crypto are what draws all these industries towards this area,” he explains.
We recently had the opportunity to talk to Greg Rogowski about ELCASH, one of the latest additions to the Mining City platform, and learn more about this exciting new cryptocurrency and answer some frequently asked questions about ELCASH.
What Is ELCASH?
I should start with a brief disclaimer. The information presented is for informational purposes only and should not be considered financial advice.
ELCASH is a new cryptocurrency available on the Mining City platform. Community members can now choose an ELCASH Mining Plan along with the BTCV Mining Plan and BTC Mining Plan.
ELCASH is a young cryptocurrency with great potential. I am excited to share more about the idea behind the cryptocurrency, the interesting features and possibilities it brings, as well as their development team’s plans for the future.
I will also explain why we decided to add ELCASH to the Mining City portfolio.
I want to remind readers that all of the information I am sharing today comes directly from the whitepaper and marketing materials shared by Electric Cash. The coin is young and still in development, so the details we talk about in this interview might change in the future.
The key idea behind Electric Cash, known as ELCASH, was to build a coin oriented around a community. A coin that would have a real-world use and serve as a digital cash.
ELCASH aims to provide a solution to the problems faced by Proof of Work cryptocurrencies that struggle with the long processing time of transactions and discouraging fees.
To accomplish that, ELCASH will build a whole ecosystem of solutions, including governance and staking features. But the primary goal of the ELCASH Development Team is to provide fast, cheap and even free transactions and make the coin everyday means of payment accessible to everyone.
What about Governance of ELCASH?
Governance is a key element of every blockchain because it allows network participants to decide on important matters through voting. This means that miners, developers, coin holders and other crypto enthusiasts can all have influence on the future of the cryptocurrency project.
When it comes to ELCASH, governance gives users the democratic power to decide on network and community issues, and even more technical aspects like new features or blockchain source code.
But that’s not all.
Coin holders will also be able to make their own proposals. The voice of coin holders will be heard! And if coin holders have any interesting ideas or suggestions, they might even be implemented in the protocol.
This means that everyone can have an impact and help develop ELCASH into the future.
Now, here are a few more technical details. Governance in ELCASH will be based on Governance Power (GP), a non-transferable internal parameter based on staking.
It’s easier than it seems.
Now, let’s talk a bit more about staking.
What about Staking?
One of the foundations of ELCASH, apart from governance, is staking. These two elements of the ecosystem are tightly interconnected. Before we jump into the details, let me explain what staking is first.
Staking is the process of locking your crypto assets for a certain time to get benefits. They can be kept in the wallet or on an external platform.
People who stake their cryptocurrencies, often called stakers, usually get rewards in the form of native coins of the protocol. Sometimes they receive extra benefits, like governance power or even airdrops.
Community members staking ELCASH will be rewarded for their contribution with coins from the Staking Rewards Pool, Governance Power, as I mentioned earlier, and in the future – Free Transactions.
You might wonder who can participate in the process of staking. The answer is: anyone who owns any ELCASH coins. Staking rewards depend on how much and for how long you stake.
The whole process will be performed through the Electric Wallet (an app dedicated to ELCASH), which allows you to quickly manage your funds and access all of the features. I hope to be able to have more details to share about this soon.
The Staking Process rewards users with ELCASH coins, but also with the possibility to participate in the development of the project thanks to Governance Power.
Additional information on staking, governance and other concepts from the ELCASH ecosystem can be found in the ELCASH whitepaper.
What Is the Proposed Roadmap for ELCASH?
Now that we discussed the essential elements of ELCASH, let’s focus on when we can expect these features to be available. Here is the official roadmap prepared by the ELCASH Development Team.
For Q1 2021, ELCASH planned the launch of their official website, the Blockchain Explorer, the whitepaper, desktop wallet and listings on various exchanges. And they delivered.
When it comes to exchange listings, you can find ELCASH on Coinbene, XT.com, Lbank, Hotbit, and the newest exchange LATOKEN.
Now that we’re at the beginning of Q2, something new is coming our way: Mobile Wallet for iOS and Android to make everyday payments one-hundred percent hassle-free.
The next quarter will be even more interesting, ELCASH will introduce Mobile Wallet 2.0 with governance and staking features. A Fast Transaction Layer and various governance possibilities should be introduced by the end of this year.
There’s plenty of interesting things going on around Electric Cash.
Here at Mining City, we believe in projects with a grand vision and equally strong foundations. ELCASH is one of those and we love seeing it grow!
A community-oriented coin with features like governance and staking, as well as fast and affordable transactions on the way all translate to it having a chance of becoming global adopted digital cash.
Don’t forget to learn more about ELCASH on Medium, Twitter and YouTube, where you will find the latest news, updates and extra surprises. It is your first source of information about ELCASH, where you can see how your ideas for development come to life.
Tamar is a freelance cryptocurrency and technology writer based in Tel Aviv, Israel.