This Bitcoin Pioneer Envisions Future Of Cryptocurrencies As True Digital Cash

The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.

The development of payment options is not always visible and has taken a variety of forms. From crisp banknotes, humanity has moved on to cheques. Increasingly, one or two compact credit cards are used instead of bulky wallets. Rather than passing cash from hand to hand, we are more frequently sending payments by bank transfer. Previously, it wasn't always possible to keep track of who created these ideas. And the implementation of innovations has sometimes taken decades.

Now, in the age of digitalization, fundamental transformations are taking place in the public eye. For the first time, humanity is close to creating a cryptocurrency that can run globally at the same level as cash, or even replace fiat money. And no less important, the ideological leader and chief visionary behind the project is well-known.

Revival Of Satoshi Nakamoto’s Ideas

Amaury Séchet is a man capable of turning the concept of blockchain's future in the economy upside down. In his project, we can observe the birth of the technology, which is intended to follow the ideals originally laid down by Satoshi Nakamoto.

Relieving the Internet of the need for a banking system for online payments is one of the keystone motives behind the creation of Bitcoin. But when looking at today's cryptocurrency platforms most of them take the path of least resistance and drag Bitcoin's ideals of privacy and security into the realm of ordinary bank payments and accountability to regulators.

However, Amaury believes that principles should come first. He does not compromise his convictions in order to increase his popularity or to align himself with groups of activists. Cryptocurrencies are about anonymity; about encryption; about the inability of governments and banks to stick their fingers in people's wallets. By refusing to support the removal of transactions outside the blockchain network, he has earned a reputation as a man who goes against the system. As he’s said, “You can't betray your values and your users.”

Bitcoin is still popular. But if you ask the average user if he or she wants to pay for goods and services with this cryptocurrency, the answer is likely to be “No” or “No way”. The main reason for that reaction could be the perception that Bitcoin is a speculative tool. Why would you give away something that could increase in price ten times over time? Bitcoin's excessive volatility, huge transaction confirmation time, and difficulties in scaling up has led to throngs of competitors who wouldn’t miss the opportunity to carve out their niche in the market.

Split Up With Bitcoin To Create Something Bitcoin Was Supposed To Be

Amaury created Bitcoin Cash with the 2017 bitcoin fork,  and as its lead developer worked to improve it. He explored all the strengths and weaknesses of the project and he faced the reluctance of the managers to address vulnerabilities in the system. Amaury was not the only person who noticed it. But unlike many, he did not put up with this.

It might seem to some that quitting this project was not financially beneficial. But when it comes to the opportunity to create the future of the crypto industry — you can't just look at the money side of things. As Amaury has admitted, leaving Bitcoin Cash was a difficult step, and building his own project was no less of a challenge. After all, it was aimed at breaking the stereotypes of the existing blockchain ecosystem.

90% of a start-up's success depends on who is at the helm. Amaury Séchet has decades of experience in developing the leading cryptocurrency and is an expert in his field. If you add to that the competent development team with a proven reputation and the initiative to put Bitcoin back at the service of ordinary people, rather than individual governments and corporations, you get eCash.

After a recent rebranding, his company is ready to show the world what blockchain technology can really do. Moving away from the well-trodden path of mining, the start-up is ready to redefine the concept of digital money in the minds of its users. 

Faster Transactions, Lower Fees, And Energy-Saving Technologies

It took a year to work out all the intricacies of Proof of Stake and protocol management but the result is well worth it. Transaction validation time will be reduced to less than 1 second. In addition, eCash is capable of supporting a huge number of transactions per time unit.
Recently, the global community has been concerned about the increasing amount of electricity being consumed by mining, which has a damaging impact on the environment. Truly modern projects are designed to counteract the polluting processes. The result of Amaury's work could circumvent the mistakes of its predecessors thanks to the use of Proof of Stake technology.

The revolutionary consensus algorithm, Avalanche, is particularly noteworthy. It provides increased security and updates without forks. The predecessors of eCash lost a significant part of their followers due to persistent divisions (forks). Avalanche brings technically sound, politically decentralized governance to the eCash protocol.

It has been four years since the split of the Bitcoin network and the formation of Bitcoin Cash. Amaury Séchet went against everyone when he refused to support the removal of transactions outside the blockchain network. He is still adamant in its philosophy and believes that 99% of crypto projects today have nothing to do with what digital money really should be.

Innovative and successful technologies have humble beginnings, as do their designers. The process of formation and development of such technologies is often fraught with challenges and involves the banding together of various groups of like-minded individuals. This is exemplified by Skype with its isolated beginning as a tiny Estonia-based project. Amaury Séchet is one such developer who was exiled from the project he created and is now determined to bring cryptocurrencies back to their roots.

His name is not on the radar of millions of people but Amaury is the man who is dictating the evolution script for blockchain technology. If you met him on the street, you could pass him by without recognizing this extraordinary man. Even in the shadows, he can bring cryptocurrencies back to their origins. History is being made before our eyes. After all, the world has never been so close to forming a publicly available, secure means of payment that is unafraid of government control and censorship. To be silent witnesses of this process or to keep up with the times and join the flow of the first eCash users: the choice is ours.

Image by WorldSpectrum from Pixabay

The preceding post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.