Privacy-focused digital currency Zcash has forked into new blockchain network Ycash, whose total supply amounts to a 21 million coins.
According to a tweet by the Ycash Foundation, the first block of Ycash was mined today, July 19, at 7:36:51 PM PDT. Ycash forked off Zcash blockchain at block height 570,000 and is independent from both the Electric Coin Company, the firm behind Zcash, and the Zcash Foundation.
The Ycash project was initially announced in April, when the Ycash team member Howard Loo revealed in a forum post that they are launching the first friendly fork of the Zcash blockchain. Per the post, the Ycash project is set to “restore a goal — mining on commodity hardware — that appears to have been largely abandoned on the Zcash blockchain.”
In a post published on its official website, the Ycash team explains that Ycash is built upon the Zcash codebase and has shared blockchain history similar to Zcash’s, which means that every user in control of Zcash private keys as of block height 570,000 is able to use those private keys to access the same number of Ycash.