Is eCash decentralized?

Could you elaborate on the decentralization aspect of eCash? I've heard conflicting opinions about whether it truly embodies the principles of a decentralized cryptocurrency. Some argue that its governance structure and distribution of power lean more towards a centralized model. On the other hand, proponents claim that its underlying technology and network design ensure a high level of decentralization. Could you clarify how eCash achieves or fails to achieve decentralization, and what are the key factors that determine its status in this regard?