Bitcoin developer Paul Sztorc plans to launch hard fork eCash in August, offering 1:1 BTC exchange, sparking community controversy

Odaily reported that Bitcoin developer Paul Sztorc 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 Layer 1 node software of this network will be a "near copy" of the Bitcoin Core client, continuing to use the SHA-256 hashing algorithm, and lowering the initial mining difficulty to attract more miners to participate. At the same time, eCash will also be equipped with 7 Layer 2 scaling networks called "drivechains" to increase transaction throughput and support optional on-chain privacy features.

Paul Sztorc stated that eCash is different from Bitcoin Cash in 2017, as it no longer uses the name "Bitcoin," and he describes it as a long-term solution to Bitcoin's scalability and privacy issues. However, his plan 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 this move as "theft" and a violation of Bitcoin principles. (Cointelegraph)