The Privacy Coin ZCash got competition from its own ranks. Howard Loo, longtime ZCash supporter fears for the future of the project, has launched the Fork YCash. The Fork took place today, Friday 10th July.
Supporters of the anonymous cryptocurrency ZCash repeatedly highlight a feature of the Privacy Coin: We are talking about the so-called Founders’ Reward. This is a fee Miners must assign to the ZCash development team. According to a blog post by Howard Loo, who staged the Fork, a group of software developers fear word break from the core developers. Because originally it had been determined that of 21 million ZEC a maximum of 2.1 million units of private currency should go to the developers. However, developments in the past have shown that this promise can no longer be accepted at face value.
We’re also launching Ycash to keep a promise – that the Founders’ Reward for Zcash Founders will be forever limited to 2.1 million coins. We fear that this will come under increasing pressure until the end of the reward for founders in October 2020,
Howard Loo writes in the blog entry.
Free money for everyone
Launching new coins is a business that has certain economic enticements. Especially in hard forks, both investors and founders of new currencies are rubbing their hands. Finally, token holders are likely to be pleased about the payout of Fork Coins in 1-to-1 ratio. That’s what happened with ZCash. Anyone who has the private key of their ZEC holdings will receive fresh YCash coins in a 1 to 1 ratio.
For Loo, however, the coup is worth twice. Because as the entry shows, the Founders Rewards are soon to flow into the pocket of a single foundation, the so-called YCash Foundation. The one, you can imagine it at this point, Loo himself stands before. After all, the pay for the development team from previously 20 percent to five percent decline.
Furthermore, YCash plans to protect the Privacy Coin against ASICs. You want to keep an “open mining competition”, says Loo. In question would be proof of work algorithms such as RandomX, ProgPOW, Equihas and the like more. This will be evaluated in the coming time.
Since block 570,000 ZCash and YCash go their separate ways .
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