The much announced Ycash fork from Zcash has been implemented and the new coin was mined for the first time producing a new Blockchain spin-off from the Zcash blockchain.
Since the creation of Bitcoin, many other coins have been created to address many other issues not properly dealt with by Bitcoin. This has introduced many software science concept which include; DApp, Hard-Fork and others. Zcash was one of such coins introduced after Bitcoin to tackle the privacy issue. Zcash has since excelled and is one of the top assets in the crypto world.
Zcash then announced in late June that it will be forking its Blockchain to a new one with the name Ycash to help tackle an issue with Zcash. Especially; “The Distribution Problem”. According to the official website publication:
By building upon the Zcash codebase, Ycash leverages Zcash’s solution to The Privacy Problem. And by aggressively pursuing mining on commodity hardware by all available means, including periodic changes to Ycash’s mining algorithm, Ycash aims to address The Distribution Problem.
We believe that addressing The Distribution Problem is necessary for a digital currency to achieve widespread, grassroots adoption. As one engineer working on Ycash put it, if the mining process is largely controlled by specialized hardware created by a far-off foreign manufacturer, the coin seems “distant”. Mining is an important way for users to participate in a digital currency’s community, and mining on commodity hardware opens up the mining process up to a much larger group of users.
Another key component of Ycash’s approach to addressing The Distribution Problem is upholding a promise that originated from Zcash: that 90% of the coins would be distributed via the mining process. The structure of the Ycash Development Fund upholds that promise: With 5% of the coins starting at block height 570,000 going to the Ycash Development Fund (managed by the nonprofit Ycash Foundation), 90% of the total 21 million Ycash coins will be allocated via the free market mining process.
All holders of Zcash are entitled to and equal proportion of Ycash and the distribution was supported by exchanges (may not be all).
Ycash also shares something else in common with Zcash: shared blockchain history. The first 570,000 blocks of the Ycash blockchain are the same as the first 570,000 blocks of the Zcash blockchain. That means that everyone in control of Zcash private keys as of block height 570,000 (around July 18, 2019) will be able to use those private keys to access the same amount of Ycash. So, those that currently have a vested interest in the future of Zcash (by holding Zcash) automatically have a vested interest in the future of Ycash.