eCash’s unique Avalanche protocol
Leading network security despite minority sha256 hash rate
The eCash (XEC) network integrated the Avalanche protocol with its core Nakamoto PoW for various reasons, but one additional benefit that most people still have to wrap their minds around is that it is much more secure than other Bitcoin implementations and one of the most secure chains in the space to date.
Last time I checked, a transaction on $XEC is about 3 times more secure than on $BTC, after being finalized by its Avalanche protocol. But that was years ago. I’m pretty sure it is even higher now and certainly more than enough and at the very top of the ranks relative to other networks in terms of security.
Other Bitcoin implementations have only Nakamoto consensus to handle network security, so they must keep adding hash rate to stay on top. Most people compare network security only by looking at the hash rate of networks. But when it comes to eCash, they didn’t get the memo on how Avalanche changes the dynamic significantly and won’t acknowledge it so they can stay in their tribal bubble.
Yet, the hash rate is not the crucial part of PoW. PoW is needed first and foremost for new nodes to join a network in a permissionless manner and retrieve the transaction history in a trustless/verifiable manner.
Sure, this means if you only have Bitcoin’s Nakamoto consensus as a means to achieve unanimity within the network, you have to fully rely on it to secure yourself from a malevolent miner with more than 51% hash rate, who can fool new nodes into a fake version of the chain.
But the eCash network uses an additional Avalanche consensus protocol to finalize blocks (Post-Consensus) and once Pre-Consensus is out, it also finalizes every single transaction on the spot. These finalized transactions and blocks can’t be double-spent or rolled back unless you have a high majority of hash rate combined with about 80% of the staked coins within the Avalanche validator set. Making a theoretical attack next to impossible, given the amount of money an attacker would have to spend to have a sliver of a chance to attack it. You wouldn’t even be able to collect so many XEC without skyrocketing its price, making the attack even more expensive than it is already.
The result in terms of security is a network that retains its completely permissionless and trustless setup that we value from bitcoin technology, while it protects against 51% attacks and achieves instant transaction finality that we need to be a reliable next-generation digital cash network.
We achieved what many other PoW/PoS hybrid chains could not. Retaining the crucial decentralized nature, while increasing network security, efficiency, upgradability, and extensibility.
This is why XEC with its minuscule hash rate compared to other Bitcoin implementations, is still more secure than all of them combined. A practical proof of this is that most exchanges, which generally apply a rigorous security standard for user deposits, will wait for multiple confirmations on BTC or BCH, while they credit XEC deposits with only 1 confirmation.
This should tell you everything you need to know. If our network wasn’t secure, these exchanges would never accept 1-conf deposits on our chain. Comparing XEC 1-conf (and soon instant) deposits with 4 or more confirmations on BTC, or 6 to 30+ confirmations on BCH, there is no room for claiming that eCash has no sustainable security model or somehow lacks security.
As always, the Bitcoin ABC implementation is in a goldilocks position where PoW is leveraged not for more than what it is needed for, and the much better-suited Avalanche consensus is incorporated in an ideal trade-off to do the heavy lifting, adding advanced, ground-breaking benefits.
So much so, that its top-security is just a sidenote next to all the fundamental engineering benefits Avalanche was actually integrated for. You may not know, but the Avalanche protocol, which was invented in 2018, is considered the next consensus breakthrough after the breakthrough of Nakamoto PoW.
We did not just implement one of many run-of-the-mill PoS schemes. In fact, this novel protocol works irrespective of using PoW or PoS as its underlying sybil-resistance mechanism. We didn’t just switch to a POS protocol because we can’t achieve what we want with our core POW protocol. We advanced our revolutionary Nakamoto PoW consensus with a breakthrough Avalanche protocol.
Bitcoin ABC is not trading away anything integrating this extraordinary protocol and forming our current hybrid consensus network, even though all sorts of purists with limited understanding would claim so. Actual businesses and engineers looking into it, know what’s up.
As long as established exchanges like Binance, Bithumb, or Upbit are willing to credit our super secure, rapid deposits, you can rest assured that your funds on eCash are completely #SAIFU.
If you want to learn more about Avalanche on #eCash check out http://avalanche.cash. If you are interested in participating as a validator with your avalanche-enabled @Bitcoin_ABC node, check out http://e.cash/staking.
Yes, you read it right: On eCash XEC, your non-mining node actually helps secure the network and makes it much more capable. For that, 10% of the coinbase rewards are distributed via a miner policy to Avalanche-enabled nodes. Another completely permissionless set up that you do not have with other hybrid PoW/PoS masternode solutions.
We are not #Noderunners to role-play as cypherpunks like certain $BTC maximalist do. We actually have a reason and incentive to “run our own nodes”. You’re welcome to join and extend the network with your node and start earning rewards for it.
