The privacy-oriented cryptocurrency Zcash will spawn a fork in the nearest future, a new blockchain network called Ycash, Coindesk reports. The first of its kind, it boasts a nearly identical code base with Zcash but will function as a separate network and an actual competitor.
The procedure is headed by a longtime supporter of Zcash, Howard LOO, who outlined several goals for the fork, and also commented on this initiative:
“I started to see the writing on the wall that there was going to be some subset of the community that favors not honoring the original promise that 90 percent of the money supply be allocated to users via the free-market mining process and that key organizations of the Zcash ecosystem, including the Electric Coin Company, were likely to take that route as well.”
As such, Loo called Ycash a “preemptive move” to preserve the original promise of capping the Founder’s Reward rate to just 10% of all newly issued coins on the network via block rewards. On Ycash, this percentage will drop to a perpetual 5 percent and sent to one non-profit organization. Also, an important distinction of Ycash will be a change in the Equihash mining algorithm, followed by a switch to another algorithm.
It is worth noting that the founder of the fork continues to support Zcash and thanks Zooko and Nathan WILCOX for supporting the “pluralistic and multi-coin future”.
Image courtesy of ETH News