Zcash (ZEC), a Privacy-focused digital currency forks into a new blockchain network dubbed Ycash, with a total supply amounts to 21 million coins, as confirmed by a tweet by the Ycash Foundation.
Ycash’s first block was mined on July 19, at 7:36:51 PM PDT. The new blockchain forked off Zcash blockchain at block height 570,000, it is independent from both the Electric Coin Company, the firm behind Zcash, and the Zcash Foundation.
Initially announced in April by Ycash team member Howard Loo, who elaborated over the launch of the first friendly fork of the Zcash blockchain in a forum post. Per the post, the Ycash project is set to “restore a goal — mining on commodity hardware — that appears to have been largely abandoned on the Zcash blockchain.”
The Ycash team explains in a post published on its official website that is built upon the Zcash codebase, sharing a blockchain history similar to Zcash’s. Therby, every user in control of Zcash private keys as of block height 570,000 could employ said private keys to access the same number of Ycash.
As per the post, 90% of the total 21 million Ycash coins are distributed through the mining process. Though 5% of the coins starting at block height 570,000 are going to the Ycash Development Fund, managed by the Ycash Foundation. The Electric Coin Company announced about the new scalable Zcash blockchain in late June.
Reportedly, considering to implement sharding, a scalability solution that Ethereum devs also plan to integrate into that network in the near future.
Image Source – Luxor Tech Medium
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