Svmuu reported that Bitcoin developer Paul Sztorc has announced the official launch of the Bitcoin hard fork network eCash in August this year. BTC holders will be able to exchange BTC for eCash at a 1:1 ratio after the hard fork goes live. It is reported that the Layer1 node software of the network will be a "near copy" of the Bitcoin Core client, continuing to use the SHA-256 hashing algorithm, with a reduced initial mining difficulty to attract more miners to participate. Additionally, eCash will be equipped with seven Layer2 scaling networks called "drivechains" to increase transaction throughput and support optional on-chain privacy features.
Paul Sztorc stated that eCash differs from Bitcoin Cash in 2017, as it will no longer use the "Bitcoin" branding, positioning it as a long-term solution to Bitcoin's scalability and privacy issues. However, his proposal to manually redistribute a portion of Satoshi Nakamoto's approximately 1.1 million BTC to early investors has sparked strong controversy within the community. Some Bitcoin supporters criticize the move as potentially constituting "theft" and undermining Bitcoin's principles. (Cointelegraph)