Bitcoin Cash was created because it is essential that Bitcoin has no limit on block size if it's going to be used as cash for global money transfer. A new cryptocurrency named ECASH was launched on January 20th 2018 with an initial maximum supply of 100 units representing 1% of Bitcoin Cash.
It is meant to be a community currency based on a simple check system in which each user can "enroll" 3 other users by sending them ECASH directly. The enrolment has no cost but all transactions have a fee of 1%. One ECASH represents 100 million Satoshi, so when the total supply reaches 21 000 000 000 it will represent 1% of Bitcoin Cash.
It's still possible to create many currencies with different maximum supplies and rules for transactions fees and enrollments; - Each enrolled user receives an enroled unit for free; - There's always a counterparty; - Transactions fees (1%) may exceed value of enrolments (0.01%) after a while, which means that ECASH is also another type of savings.
The lack of a limit for block size was the main reason why Bitcoin Cash was created and it's still valid for ECASH as well. It will always be essential to have maximum flexibility when creating new cryptocurrencies so being able to create many different currencies with widely varying properties is important.
The system also removes the need to have a trusted third-party, which makes it possible to do transactions without having to rely on someone else. Finally each user can easily join or leave the network at any time as he doesn't need anyone's help - simply send some ECASH from one address to another!
In addition,ASH could potentially be used as a complement to Bitcoin Cash. It's possible to use the same address for both cryptocurrencies, although they aren't automatically convertible at all times.
The first version of ECASH isn't perfect and it's still experimental, so we will learn from many mistakes and we'll do our best to keep improving the system. The first step was to create a new currency and we hope you enjoy using this great technology!
