Today, July 19, the so-called friendly hardfork will take place in the network of the privacy-oriented cryptocurrency ZCash, which will result in the Ycash network. This was announced by its creator Howard Lou on the ZCash community forum .

Lou spoke out against increasing funding for protocol developers. At the moment, Founder's Reward system assumes that 10% of the total emissions (2.1 million ZEC) will be aimed at supporting developers, but many require changing this parameter.

So, the main idea of Ycash will be to keep the volume of funding at the level of 5% of each award for the block. The development of the new blockchain will be done by the non-profit organization Ycash Foundation.

In addition, the project is focused on CPU and GPU miners, so changes will be made to the current Proof-Of-Work algorithm to combat ASIC devices. Also, the transition to PoS just will not take place before the second halving, said Lou.

At the same time, the developers will implement ZecWallet hardfork to implement Ycash support.

APDATE

Hardfork held.

The first #Ycash block was mined at 7:36:51 PM PDT. In addition to the coinbase transaction, there were 3 other transactions in the block, one of which was shielded. Congratulations again for Luxor Mining Pool ( @LuxorTechTeam ) for mining the first block! https://t.co/TObwkqFsn6

– Ycash Foundation (@YcashFoundation) July 19, 2019

Recall earlier ZCash developers announced the creation of a new version of the protocol with sharding support.

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