Announcing Ycash, The First “Friendly Fork” of the Zcash Blockchain

Image © 2019 Ycash Foundation All Rights Reserved

Introduction

Restoring a Goal, and Upholding a Promise

Key Changes at Launch (and Soon After Launch)

  • Ycash will reduce the Founders Reward rate from 20% to a perpetual 5%, which will exactly preserve the original 2.1 million coin cap on the Founders Reward.
  • Ycash will direct the remaining Founders Reward in its entirety to a newly formed nonprofit named the Ycash Foundation.
  • Ycash will change its Proof of Work algorithm to an algorithm more conducive to mining on commodity hardware (like CPUs or GPUs). (Approaches like RandomX, ProgPOW, and various flavors of Equihash are currently being evaluated.)

Founding Principles

  1. Preserve the 21 million coin cap on the total Ycash money supply.
  2. Preserve the 2.1 million coin cap on the Ycash Founders Reward, which is hereby renamed the Ycash Development Fund (or YDF). (Note that since 1.4 million ZEC of the Zcash Founders Reward has already vested, the effective cap on the YDF is 700,000 YEC.)
  3. Aggressively pursue technologies that enable mining on commodity hardware (like CPUs or GPUs), including implementing periodic Proof of Work changes to that end. (To be clear, our commitment is to commodity hardware in general, not to a specific type of commodity hardware, like GPUs.)
  4. Utilize pure Proof of Work mining until at least the second block reward halving, at which point 75% of all Ycash will have been mined via Proof of Work. (Full or partial Proof of Stake will not be implemented, if at all, until after the second block reward halving.)
  5. Never differentially timelock coins, such that some coins are timelocked for a different time period than other coins.
  6. Keep transaction fees low by any means necessary, including increasing the block size limit or removing the limit completely.

The Numbers

Next Steps, and an Invitation to Join Us

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