ECX Fork Set to Launch on October 31 with Seven Specialized Sidechains
Layertwo Labs' Paul Sztorc is behind a new project called ECX, which will fork from Bitcoin and create a separate network. The launch aims to test Drivechains, a proposed way for Bitcoin to support optional sidechains without rewriting the rules.
The fork will occur at designated snapshots, handing most bitcoin holders an equal number of coins on the new chain. Someone holding 1 BTC in a wallet they control at the snapshot will receive 1 ECX on the new network, while their original BTC stays exactly where it was.
ECX plans to launch with seven specialized sidechains, including Thunder for high-throughput payments and Zside for shielded transactions. The project uses the same SHA-256d mining algorithm as Bitcoin and keeps its base layer close to Bitcoin Core, but will run its own network identifier and ports.