The hard fork will introduce a new, competing layer-1 blockchain and seven layer-2 scaling networks, according to Sztorc's announcement.
Bitcoin developer Paul Sztorc announced on Friday that a new hard fork of the Bitcoin network called eCash will be deployed in August.
Bitcoin holders will be able to exchange their BTC for eCash at a 1:1 ratio once the hard fork is live, Sztorc said in an X post.
He added that the layer-1 node software for the chain will be a “near-copy” of the BTC Core client software and will use the SHA-256 hashing algorithm used by the Bitcoin blockchain, with a reduced initial mining difficulty to make it easier for participants to mine blocks.
Source: Paul Sztorc
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