Zcash Gives Birth to a New Cryptocurrency That Aims To Empower Local Communities

A new digital currency was just hard-forked from the blockchain of Zcash. The name of the hard fork is Ycash and it was spawned in a so-called friendly-fork of Zcash. The new digital currency aims to empower local communities to take control over the fund they earn, spend, and save. There was a slight delay in the fork of the new digital currency. The fork was supposed to take place on the 18th of July, on Thursday, at block 570,000. Due to the delay, the hard fork eventually took place on Friday at 02:36 AM UTC.

A tweet by the Ycash Foundation revealed that the first Ycash block was mined at 7:36 PM PDT. A transaction was witnessed on Coinbase. In addition to that transaction, there were three other transactions in the block, and one of the transactions was shielded. The Foundation also congratulated Luxor Mining Pool for mining the first block.

The Development of Ycash – Cryptocurrency News Today – Cryptocurrency Market Update

The launch of the digital currency was first announced in April. A long-time supporter of Zcash (ZEC), a software developer and lawyer – Howard Loo, led the hard fork. On a Medium post, he said that the Ycash Foundation was to uphold a promise that the cap on the Founder’s Reward of Zcash will forever be capped at 2.1 million coins. The Founder’s Reward of Zcash is a 20 percent tariff on block rewards that go to developer funding. Via a Medium blog post, he also added that:

We believe that both mining on commodity hardware and maintaining the promised cap on the Founder’s Reward are very important to a fair distribution of coins. In turn, we believe that a fair distribution of coins is also very important to ultimately achieving global adoption.”

The Ycash Hard Fork Went Smoothly and the First Block was Mined by Luxor Mining Pool

Luxor Mining Pool mined the first block on the blockchain of Ycash. In a recent tweet, the mining firm said that the fork of Ycash went smoothly and they found the first block on the Ycash blockchain. The fork got support from several top players in the crypto space. Some of the supporters of the fork are Atomic Wallet, Bitpie Wallet, SafePay, Guarda Wallet, and Cobo Wallet. Zcash holders that were using these wallets during the hard fork have gotten a corresponding amount of the new Ycash coin.

Loo further added that “for you to access Ycash coins, your Zcash coins need to be in a wallet that lets you export your private keys at the time of the hard fork.”

The Ycash Foundation promises some new changes and developments compared to Zcash. Ycash also comes with cosmetic changes to address formats to make it impossible to send Ycash to a Zcash address or Zcash to a Ycash address accidentally. Ycash will also reduce the rate of Founder’s Reward from 20 percent to 5 percent.

Zcash (ZEC) Price Today – ZEC / USD

Name Price
bitcoin
Bitcoin
$10,252.550.506%
zcash
Zcash
$50.30-0.96%

Zcash (ZEC) is currently the 24th largest digital currency by market cap. At the press time, ZEC USD live price is $77 after an increase of about one percent over the past twenty-four hours. The current market cap of the digital currency is $539.47. The trading volume of the digital currency over the past twenty-four hours is $247 million.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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