Ycash Blockchain Originates As Privacy-Centered Zcash Undergoes Hardfork
Cryptocurrency centered on privacy, Zcash (ZEC), forked into a fresh blockchain network called Ycash, with a maximum availability of 21 million coins. Ycash’s first block was mined onJuly 19, at 7:36:51 PM PDT, as per a tweet by Ycash Foundation.
Ycash was split from Zcash blockchain at block height of 570,000 and is autonomous of Electric Coin Company, the developer of Zcash, and the Zcash Foundation.
The Ycash initiative was initially unveiled in April, when Howard Loo, part of the Ycash group, disclosed in a forum message that they are initiating the Zcash blockchain’s first cordial fork.
Ycash project intends to “restore a goal — mining on commodity hardware— that appears to have been largely abandoned on the Zcash blockchain.”
The Ycash group describes that Ycash is developed on the Zcash codebase and shares blockchain history with Zcash, meaning that each and every user who had control over Zcash’s private keys at block height 570,000 will be able to utilize them to gain control over the same quantity of Ycash.
The article also states that 90% of the maximum 21 million Ycash coins are distributed via the mining route, while 5% of the coins beginning at block height 570,000 are transferred to the Ycash Development Fund, administered by the Ycash Foundation.
The Electric Coin Company revealed its plan in late June to develop a fresh Zcash blockchain that could be scaled. The firm is also planning to incorporate sharding, a scalability technique that Ethereum coders are also planning to implement soon.
Notably, another privacy-centered cryptocurrency Grin finished first ever hardfork on its mainnet a few days back. The recent hardfork of blockchain is intended to prevent Grin mining via custom built application-specific integrated circuits (ASICs) and involves a fresh version of Grin wallets ‘ bulletproof rewind plan.