Bitcoin holders who control their own private keys have officially received balances on a new network. Blockchain developer Paul Sztorc alongside LayerTwo Labs launched the eCash network as a distinct hard fork of the Bitcoin codebase. The chain split was completed when the network reached Bitcoin block 973,728. Based on the snapshot at that block, all self-custody users holding private keys received ECX tokens at a 1:1 ratio relative to their BTC balances.
While the chain split grants new asset entitlements to Bitcoin holders, the shared transaction history between both networks creates technical considerations that require attention from day one.
Why ECX Coins Must Be Moved First
LayerTwo Labs issued an important warning regarding potential replay attacks across both chains. This technical risk stems from the identical transaction history shared by eCash and Bitcoin prior to the fork block. Consequently, transactions broadcast on one network could potentially be replicated on the other.
To mitigate this risk, LayerTwo Labs advised asset holders to move their ECX coins before spending any BTC. This preemptive transfer isolates wallet balances, ensuring subsequent Bitcoin transactions do not inadvertently move ECX tokens.
Implementing Drivechains Without Modifying the Base Protocol
The launch of eCash serves as a deployment vehicle for the Drivechain proposals authored by Paul Sztorc. The eCash network implements proposals BIP300 and BIP301. Through this architecture, developers can build independent sidechains for payments, privacy features, and prediction markets without modifying Bitcoin’s base protocol.
Alongside the eCash mainnet launch, five sidechains went live immediately within the ecosystem: BitNames, BitAssets, Thunder, Truthcoin, and zSide. These were joined by the quantum-resistant Photon sidechain and decentralized exchange CoinShift.
Trading Opens on Crypto Exchanges
For market participants looking to trade their assets, crypto exchange NeoxEX opened trading for ECX tokens on Oct. 29. The platform offers three trading pairs: ECX/USDT, ECX/USDC, and ECX/BTC.
Meanwhile, crypto exchange CoinW has prepared a balance distribution scheme for eligible users on its platform.
For Bitcoin owners with self-custody private keys, ECX balances are now available in their respective wallets. The safest approach is to move ECX balances to a new address before spending your BTC coins.
Reported by Cointelegraph.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
