Bitcoin developer Paul Sztorc announced that the Bitcoin hard fork network eCash will officially launch this August. BTC holders can exchange their BTC for eCash at a 1:1 ratio after the hard fork goes live. The network's Layer 1 node software will reportedly be a "near-copy" of the Bitcoin Core client, continuing to use the SHA-256 hash algorithm and lowering the initial mining difficulty to attract more miners. Simultaneously, eCash will also feature seven Layer 2 scaling networks called "drivechains" to improve transaction throughput and support optional on-chain privacy features. Paul Sztorc stated that eCash differs from Bitcoin Cash in 2017, no longer using the "Bitcoin" name, and claims it is a long-term solution to Bitcoin's scalability and privacy issues. However, his proposed plan to manually redistribute a portion of Satoshi Nakamoto's approximately 1.1 million BTC to early investors has sparked strong controversy in the community, with some Bitcoin supporters criticizing the move as "theft" and a violation of Bitcoin principles. (Cointelegraph)