New Ycash Fork Happens, A Friendly Zcash Blockchain Hard Fork To Enhance Mining Benefits
Zcash Announces Impending Hard Fork
Zcash, a cryptocurrency renowned for its privacy, is set to conduct a hard fork that will result in the creation of Ycash. The split is aimed at upholding the early adopters of the Zcash project.
According to the Ycash team, the fork will take place on July 18. Every Zcash holder will receive an equal amount of Ycash. The Ycash team further stated that the coin is being launched to restore the objective of mining on commodity hardware which appears to have been ditched by the Zcash team. Also, Ycash intends to honor the promise that Zcash Founders Reward will be capped at 2.1 million coins.
Below is a list of changes being lined up by the Ycash team.
- The Zcash Founders Reward rate will reduce from 20% to 5% to ensure that the 2.1 million coin cap is upheld.
- The reaming Founders Reward will be allocated to the Ycash Foundation.
- Ycash will shift from the current proof-of-work consensus mechanism to a more favorable algorithm.
Overall, Ycash will maintain the positive features of Zcash such as zero-knowledge infrastructure.
The news of the impending fork emanated shortly after the company behind Zcash changed its name to Electric Coin Company to differentiate itself from the Zcash foundation. As of now, Zcash goes for $69 and is ranked as the second largest privacy cryptocurrency by the AltDex Privacy index.