A new blockchain network called Ycash forked from the Zcash (ZEC) privacy coin, having a total supply amounts to 21 million coins.
The Ycash Foundation posted a tweet revealing that the first block of the coin was mined today, July 19, at 7:36:51 PM PDT. Ycash forked from the Zcash blockchain at the 570,000th block and has no dependency on the Electric Coin Company- the company managing Zcash- and the Zcash Foundation.
The first #Ycash block was mined at 7:36:51 PM PDT. In addition to the coinbase transaction, there were 3 other transactions in the block, one of which was shielded. Congratulations again to Luxor Mining Pool (@LuxorTechTeam) for mining the first block! https://t.co/TObwkqFsn6
— Ycash Foundation (@YcashFoundation) July 19, 2019
The crypto was first announced in April in a forum post by team member Howard Loo, stating that this is the first friendly fork of the Zcash blockchain. The goal of the project is to “restore a goal — mining on commodity hardware — that appears to have been largely abandoned on the Zcash blockchain.”
The official website said that the new coin “is a digital currency, like Bitcoin or Zcash,” with the software being based “on the software for Zcash, which in turn is based the software for Bitcoin.”
“Like Bitcoin and Zcash, the total supply of Ycash is forever capped a 21 million coins. So, unlike government-issued paper cash, you never have to worry about inflation devaluing your Ycash.
Ycash also shares something else in common with Zcash: shared blockchain history. The first 570,000 blocks of the Ycash blockchain are the same as the first 570,000 blocks of the Zcash blockchain. That means that everyone in control of Zcash private keys as of block height 570,000 (around July 18, 2019) will be able to use those private keys to access the same amount of Ycash. So, those that currently have a vested interest in the future of Zcash (by holding Zcash) automatically have a vested interest in the future of Ycash.”
It is also stated that 90% of the total 21 million coins will be allocated through mining, while 5% of the coins from the 570,000 block will go to the Ycash Development Fund, that is under Ycash Foundation management.
Featured Image: Medium
