ECash Fork of Bitcoin Emerges Through Hardfork
A new blockchain called eCash will soon emerge from the Bitcoin network through a process known as a hardfork. This event will create a copy of the Bitcoin ledger, including all balances and transactions, at block height 973,728. The purpose behind this fork is to enable the use of sidechains, specifically seven different types, which will allow for fast payments, shielded transfers, decentralized names, prediction markets, and more.
The snapshot, or record of balances, at block height 973,728 will create a new coin called ECX, with one ECX credited to every Bitcoin address. The Bitcoin itself will remain untouched, and the private keys controlling each balance at the time of the snapshot will be the only determining factor for ownership.
The project is led by Layertwo Labs, a company founded by developer Paul Sztorc, who has worked on sidechain technology called Drivechain. The schedule for this fork follows Bitcoin block heights and counts blocks rather than calendar days. This means that the exact date of the snapshot will depend on the network's computing power and may vary by several hours.