The Ycash Foundation announced on Friday that it successfully completed the first bifurcation – classified as “friendly” – of the Zcasch blockchain (ZEC), the cryptocurrency oriented towards privacy, with which the new Ycash project emerged, which bursts with a supply total of 21 million coins.
According to the report of the Ycash Foundation, the first block of ZEC was removed this Friday, July 19, at 7:36:51 PM PDT. The bifurcation occurred at the height of block 570,000 of the blockchain of Zcash.
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 Ycash Foundation through its Twitter account announced that Bitpie Wallet and Guarda Wallet are available. He also notified that the YoBit exchange house was ready to operate with the cryptocurrency.
Ycash is a new cryptocurrency project that was proposed by a group from the Zcash community, who maintain differences with the Zcash Foundation and Electric Coin Company (ECC), companies responsible for that project.
The Zcash and Ycash blockchains were identical at the time of the split, but now each has its own transactions and updates to process. The team behind this division will mainly provide a different form of mining.
The announcement was originally made in April, when Howard Lou, a member of the Ycash team reported that the first friendly fork of the Zcash blockchain would be launched, due to the proliferation of ASIC mining equipment. As detailed by Lou at the time, the Ycash project seeks to “restore mining in the hardware that, apparently, is practically abandoned in the blockchain of Zcash.”
Ycash also came up with the idea of keeping the promise of the reward to the Founders of Zcash limited to 21 million cryptocurrencies.
As announced, at the time of the launch of the fork, Ycash would implement some changes such as: reduce the Founder’s reward rate from 20% to 5%, which will preserve exactly the original limit of 21 million of cryptocurrencies in the reward to the Founders.
Ycash will direct the rest of the reward to the Founders in its entirety to a non-profit organization called the Ycash Foundation.
In addition, either at the time of launch or at some point after launch (possibly in the month of October), Ycash will implement a third change, as it will change its working test algorithm to an algorithm more conducive to mining in hardware basic as CPUs or GPUs. Approaches such as RandomX, ProgPoW, are currently evaluated.
In the future, Ycash plans to continually take advantage of Zcash’s strengths by incorporating in Ycash most of the changes made to Zcash , especially the changes in the zero-knowledge infrastructure.
At the end of June, Electric Coin announced its intention to create a new Zcash scalable blockchain. It also reported that the company is considering offering scalability solutions together with Ethereum developers’ plans to integrate into this network in the near future.
Earlier this week, another privacy-oriented cryptocurrency, Grin, completed hard fork-ing its network. Hardbork’s new blockchain is designed to prevent Grin extraction by using specialized integrated circuits designed for specific applications, and also includes a new iteration of its bulletproof rewind scheme for Grin portfolios.