Zcash Undergoes Hard-Fork To Form New Blockchain Network Called ‘Ycash’
- Ycash was forked from the original Zcash blockchain at a block height of 570,000.
- The project is completely independent from both the Zcash Foundation and the Electric Coin Company.
As per a tweet issued earlier today by the Ycash Foundation, privacy-oriented crypto asset — Zcash — has been forked to create a new blockchain network called Ycash. In regards to this development, it is worth highlighting that the first block of this new digital currency was mined earlier today (at 7:36:51 PM PDT) and it will have a total token supply of 21 million coins.
For those of our readers who may not be aware, the Ycash project was conceived earlier this year in April, when founding member — Howard Loo — posted a message online claiming that he and his team were all set to launch the world’s first “friendly fork” of the Zcash blockchain.
A Technical Look At The Project
As per an official post published on the Ycash website, the platform has been built atop the Zcash codebase. Not only that, Ycash’s blockchain history is also quite similar to that of Zcash.
Additionally, it is also worth pointing out that 90% of the total 21 million Ycash coins (that will be made available to investors) will be distributed through a mining process.
Lastly, around 5% of all available Ycash coins (starting at block height 570,000) will be set aside for the firm’s Development Fund.
In closing out this piece, we need to mention that late last month a company called ‘Electric Coin’ (EC) released an official statement claiming that its core dev team was in the process of creating a new scalable Zcash blockchain. As per a number of insider sources, EC is considering implementing a technology called ‘sharding’ within its native UI.