How does eCash work?

eCash is a digital currency system that allows users to make payments and transfers without the need for a third-party intermediary.

It is based on a decentralized blockchain technology, which means that it is not controlled by any single entity or government. The eCash system works by allowing users to create digital wallets, which are used to store their eCash tokens. These tokens can then be used to make payments and transfers between users.

The transactions are recorded on the blockchain, which is a public ledger that records all transactions that take place within the network. This ensures that all transactions are secure and immutable. When making a payment or transfer, users must first sign their transaction with their private key, which is unique to each user.

This ensures that only the user who owns the private key can access and spend their eCash tokens. Once the transaction has been signed, it is broadcasted to the network where it is verified by miners who confirm its validity before adding it to the blockchain. Once added, the transaction cannot be reversed or changed in any way.

The eCash system also allows users to send money across borders without having to worry about exchange rates or fees associated with traditional banking systems. This makes it an ideal solution for international payments and transfers as well as for those who want to keep their financial information private and secure from third parties.