42 - 10/July/2021
Top 10 reasons why I choose to trust Bitcoin ABC
In no particular order:
1. Roadmap: When I look into other cryptocurrency projects, they either have no roadmap (i.e. BTC, BCH) or a roadmap that is sparse or has more to do with marketing the project rather than moving the technology forward. In contrast, Bitcoin ABC has a carefully considered three-pronged approach that focuses on three main areas for improvement: scalability, usability, and extensibility.
2. Consistency: You will find it hard to find another team that updates their software as consistently as Bitcoin ABC. Every two weeks they release the latest version of their client while also maintaining a six-month hardfork schedule that helps prevent the project from stagnating.
3. Incentives: The eCash protocol is the first Bitcoin fork that has a built-in funding mechanism. Rather than having to rely on donations or sponsorships to continue their work, Bitcoin ABC is incentivized through a new coinbase rule that allocates 8% of block rewards for protocol and infrastructure development. This fully aligns the incentives of holders, miners, and protocol developers to increase the value of the eCash network, because the more XEC is worth, the more money Bitcoin ABC will have to attract new talent.
4. Experience: No one has been through as many hardforks as Bitcoin ABC. They were the first team to successfully create a big block version of Bitcoin when they created Bitcoin Cash back in 2017. This was no easy feat considering three previous attempts all failed for various reasons (see Bitcoin XT, Bitcoin Classic, Bitcoin Unlimited). They are battle-tested, having successfully navigated their way through a literal hashwar in 2018. Their wealth of experience and knowledge is unparalleled, and I'm optimistic that they will leverage everything they've learned over the years in order to make the eCash project a success.
5. Dedication: Anyone else would have likely given up at this point. Four years have passed since Bitcoin ABC was first founded, and in that time they have gone through the long bear market of 2018-2019, been kicked out of the project they originally created, and lost their main sponsor. But rather than quit, the members of Bitcoin ABC regrouped and appear to be more determined than ever.
6. Leadership: Amaury Sechet, the Benevolent Dictator of Bitcoin ABC, sets the tone. While some contend he's difficult to work with, I've talked to several developers who say their interest in the Bitcoin Cash project came about as a result of Amaury's vision and knowledge of the protocol. He is known for requiring high standards, standing by his beliefs, and basically being smart and getting shit done.
7. Goal oriented: I see Bitcoin ABC as focused on solving the right problems. Their goal has always been to create the best money the world has ever seen, and though they have left the Bitcoin name behind once and for all, their new eCash brand perfectly embodies their mission to finally deliver a peer-to-peer electronic cash system as described in the original Satoshi whitepaper.
8. Governance: With Bitcoin ABC at the helm, the eCash project isn't faced with the same governance problems that face other chains like BTC or BCH. This frees the eCash project to make bold moves like coming up with a totally new brand or changing the base unit. Because the project is relatively small at the moment, it allows the team to be nimble and react quickly to market forces much like a start-up might.
9. Culture: To me, the eCash culture is best encapsulated by the phrase "No bozos allowed". And as Amaury once said, "You cannot reduce the number of bozo, but you can avoid putting them in position of influence."
10. Purpose: I can't read anyone's mind, but based on all my interactions, I'm confident that everyone who works for Bitcoin ABC does so because they believe in what they're doing. These aren't just some hired guns. These are people who have a deep understanding of history and economics and firmly believe in their mission of increasing the amount of freedom in the world.
In conclusion, I believe Bitcoin ABC has all the right qualities to succeed. Whether they do or not, only time will tell, and while nothing is guaranteed, I like their chances and will be watching their work closely as I monitor their progress on Avalanche and everything else they have in the pipeline.