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

Image © 2019 Ycash Foundation All Rights Reserved

Introduction

[Important Note: The Ycash project is completely independent from both the Electric Coin Company and the Zcash Foundation.]

Restoring a Goal, and Upholding a Promise

We are launching Ycash to restore a goal — mining on commodity hardware — that appears to have been largely abandoned on the Zcash blockchain.

Key Changes at Launch (and Soon After Launch)

At launch, Ycash will implement the following two changes:

  • Ycash will direct the remaining Founders Reward in its entirety to a newly formed nonprofit named the Ycash Foundation.

Founding Principles

In addition to continuing Zcash’s strong commitment to privacy, we hereby commit in good faith to:

  1. 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.)
  2. 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.)
  3. 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.)
  4. Never differentially timelock coins, such that some coins are timelocked for a different time period than other coins.
  5. Keep transaction fees low by any means necessary, including increasing the block size limit or removing the limit completely.

The Numbers

At launch, the total circulating supply of Zcash will be exactly 7 million ZEC, 20% (1.4 million ZEC) of which was initially allocated to the recipients of the Zcash Founders Reward. With 1.4 million ZEC out of the 2.1 million ZEC Founders Reward already vested, that means that the Ycash Development Fund will have a cap of 700,000 YEC, exactly one-third of the total Zcash Founders Reward.

Next Steps, and an Invitation to Join Us

We will be working hard the next few months to prepare for launch. Well before launch, you will be able to review and discuss the source code changes on Github. Once the changes have been implemented, a testnet will be provided.

Nonprofit dedicated to developing and promoting Ycash

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