Categories: Ethereum

Privacy-Focused Coin Zcash Forks Into New Blockchain Network Ycash

Click here to view original web page at cointelegraph.com

Privacy-focused digital currency Zcash (ZEC) has forked into a new blockchain network dubbed Ycash, whose total supply amounts to 21 million coins.

According to a tweet by the Ycash Foundation, the first block of Ycash was mined today, July 19, at 7:36:51 PM PDT. Ycash forked off Zcash blockchain at block height 570,000 and is independent from both the Electric Coin Company, the firm behind Zcash, and the Zcash Foundation.

The Ycash project was initially announced in April, when the Ycash team member Howard Loo revealed in a forum post that they are launching the first friendly fork of the Zcash blockchain. Per the post, the Ycash project is set to “restore a goal — mining on commodity hardware — that appears to have been largely abandoned on the Zcash blockchain.”

In a post published on its official website, the Ycash team explains that Ycash is built upon the Zcash codebase and has shared blockchain history similar to Zcash’s, which means that every user in control of Zcash private keys as of block height 570,000 is able to use those private keys to access the same number of Ycash.

The post also says that 90% of the total 21 million Ycash coins are distributed through the mining process, while 5% of the coins starting at block height 570,000 are going to the Ycash Development Fund, which is managed by the Ycash Foundation.

In late June, the Electric Coin Company announced its intention to build a new scalable Zcash blockchain. The company is reportedly considering implementing sharding, a scalability solution that Ethereum devs also plan to integrate into that network in the near future.

Earlier this week, another privacy-focused cryptocurrency Grin completed the first hardfork so far on its mainnet. The latest blockchain hardfork is designed to discourage Grin mining through dedicated application specific integrated circuits and also includes a new iteration of its bulletproof rewind scheme for Grin wallets.

According to a tweet by the […]

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

G7 To Investigate Bitcoin{BTC} And Other CryptoCurrencies

Source: Wikimedia The G7 meets next week to investigate regulations for Bitcoin and other cryptocurrencies. G7 To Discuss Bitcoin Next… Read More

51 mins ago

US Treasury Blackballs Bitcoin Addresses of Chinese Drug Kingpins

The US Treasury is blacklisting specific bitcoin addresses related to Chinese druglords. | Source: Shutterstock By CCN Markets : The… Read More

52 mins ago

Modex: How blockchain can solve the fake news problem

LONDON, UK - Media OutReach - 22 August 2019 -When Satoshi Nakamoto solved the Byzantine General's problem in 2008 by… Read More

52 mins ago

Unlocking the future of blockchain innovation with privacy-preserving technologies

The origins of blockchain as many are familiar with it today can be traced back to the Bitcoin whitepaper ,… Read More

52 mins ago

Maerki Baumann Why a Swiss private bank is embracing blockchain

Maerki Baumann decided it could not sit still and hope for the best. At a time of increasing pressure on… Read More

52 mins ago

World Bank picks up millions in latest blockchain bond move

In August of last year, the World Bank and the Commonwealth Bank of Australia (CBA) announced a new bond alternative… Read More

52 mins ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More