Bitcoin developer Paul Sztorc has announced the launch of a new Bitcoin hard fork network, eCash, set for August. BTC holders will be able to exchange their Bitcoin for eCash at a 1:1 ratio following the hard fork. The eCash network will utilize a Layer 1 node software similar to Bitcoin Core, maintaining the SHA-256 hashing algorithm but with reduced initial mining difficulty to attract miners. It will also feature seven Layer 2 "drivechains" to enhance transaction throughput and offer optional on-chain privacy features. Sztorc emphasizes that eCash distinguishes itself from Bitcoin Cash by not using the "Bitcoin" name and aims to address Bitcoin's scalability and privacy challenges. However, his proposal to redistribute a portion of Satoshi Nakamoto's 1.1 million BTC to early investors has sparked controversy, with some community members labeling it as "theft" and a breach of Bitcoin's principles.