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Author Topic: [ANN] Ycash, The First “Friendly Fork” of the Zcash Blockchain  (Read 3567 times)
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April 11, 2019, 05:45:43 PM
Last edit: May 15, 2019, 02:55:10 AM by YcashFoundation
 #1

Summary of Ycash

- Chain fork of Zcash Blockchain
- Launch at block height 570,000 (approximately July 18, 2019)
- Changing Proof of Work algorithm to an algorithm more conducive to mining on commodity hardware [UPDATE: Ycash will use Equihash(192,7) as its mining algorithm at launch. Get your GPUs ready!]
- Changing Founders Reward rate to a perpetual 5%
- Changing Founders Reward recipient to forthcoming nonprofit named the Ycash Foundation
- 21 million coin cap (inherited from Zcash)
- 2.1 million coin cap on Founders Reward (inherited from Zcash)
- 2.5 minute block interval (inherited from Zcash)


Introduction

[Important Note: The Ycash project is completely independent from both the Electric Coin Company and the Zcash Foundation.]

At block height 570,000 of the Zcash blockchain (approximately July 18, 2019), we will launch Ycash, the first “Friendly Fork” (https://z.cash/blog/future-friendly-fork/) of the Zcash blockchain. Because Ycash is a chain fork of Zcash, everyone holding Zcash at the time of the fork will receive the exact same amount of Ycash. (Note: To ensure that you get your Ycash, you must possess your Zcash private keys.)

Along with the blockchain fork, ZecWallet will also be forked to support Ycash, and official builds for all supported platforms will be provided.

The nonprofit Ycash Foundation is in the process of being formed and will be the owner and steward of the Ycash trademark. Trademark registration is currently pending in the United States, with registrations in additional jurisdictions to follow.

Restoring a Goal, and Upholding a Promise

We are launching Ycash to restore a goal—mining on commodity hardware—that appears to have been largely abandoned on the Zcash blockchain.

We are also launching Ycash to uphold a promise—that the Zcash Founders Reward would be forever capped at 2.1 million coins—that we fear will come under increasing pressure between now and the expiration of the Founders Reward in October 2020.

We believe that both mining on commodity hardware and maintaining the promised cap on the Founders Reward are essential to a fair distribution of coins. In turn, we believe that a fair distribution of coins is essential to ultimately achieving widespread adoption.

Key Changes at Launch (and Soon After Launch)

At launch, Ycash will implement the following two changes:

1. Ycash will reduce the Founders Reward rate from 20% to a perpetual 5%, which will exactly preserve the original 2.1 million coin cap on the Founders Reward.

2. Ycash will direct the remaining Founders Reward in its entirety to a newly formed nonprofit named the Ycash Foundation.

Furthermore, either at launch or sometime after launch (but hopefully no later than around the time of the Zcash Blossom upgrade at the end of October of this year) Ycash will implement a third change:

3. Ycash will change its Proof of Work algorithm to an algorithm more conducive to mining on commodity hardware (like CPUs or GPUs). (Approaches like RandomX, ProgPOW, and various flavors of Equihash are currently being evaluated.)

Going forward, Ycash plans to continually leverage the strengths of Zcash by incorporating most changes made to Zcash into Ycash as well, especially changes to the zero knowledge infrastructure. Only in areas where there is substantial disagreement with Zcash’s approach will Ycash diverge. Additionally, we hope that the Ycash Foundation will successfully fund the development of novel features in Ycash that will be candidates for inclusion into Zcash.

Founding Principles

In addition to continuing Zcash’s strong commitment to privacy, we hereby commit in good faith to:

1. Preserve the 21 million coin cap on the total Ycash money supply.

2. Preserve the 2.1 million coin cap on the Ycash Founders Reward, which is hereby renamed the Ycash Development Fund (or YDF). (Note that since 1.4 million ZEC of the Zcash Founders Reward has already vested, the effective cap on the YDF is 700,000 YEC.)

3. Aggressively pursue technologies that enable mining on commodity hardware (like CPUs or GPUs), including implementing periodic Proof of Work changes to that end. (To be clear, our commitment is to commodity hardware in general, not to a specific type of commodity hardware, like GPUs.)

4. Utilize pure Proof of Work mining until at least the second block reward halving, at which point 75% of all Ycash will have been mined via Proof of Work. (Full or partial Proof of Stake will not be implemented, if at all, until after the second block reward halving.)

5. Never differentially timelock coins, such that some coins are timelocked for a different time period than other coins.

6. Keep transaction fees low by any means necessary, including increasing the block size limit or removing the limit completely.


The Numbers

At launch, the total circulating supply of Zcash will be exactly 7 million ZEC, 20% (1.4 million ZEC) of which was initially allocated to the recipients of the Zcash Founders Reward. With 1.4 million ZEC out of the 2.1 million ZEC Founders Reward already vested, that means that the Ycash Development Fund will have a cap of 700,000 YEC, exactly one-third of the total Zcash Founders Reward.

Because the YDF vesting rate is 5%, Ycash miners will always receive 95% of the Ycash block reward.

At the time of the first block reward halving in October 2020, 175,000 YEC will have vested to the YDF. Between the first block reward halving in October 2020 and the next block reward halving approximately four years later, an additional 262,500 YEC will have vested to the YDF. At the time of the second block reward halving, there will still be 262,500 YEC unvested and destined for the YDF in the future. We hope that the work on Ycash funded by the YDF will also be beneficial to Zcash too.

Immediately after launch, the recipients of the Zcash Founders Reward—including the Zcash Foundation—will hold significant amounts of Ycash (to the extent that those recipients still hold significant amounts of Zcash). We hope that this gives the Zcash Founders Reward recipients a vested interest in the future success of both Ycash and Zcash.

Next Steps, and an Invitation to Join Us

We will be working hard the next few months to prepare for launch. Well before launch, you will be able to review and discuss the source code changes on Github. Once the changes have been implemented, a testnet will be provided.

We will provide frequent updates on our progress, via the Zcash Community Forum (https://forum.zcashcommunity.com) and the Ycash Foundation’s Twitter account:

https://twitter.com/YcashFoundation

We invite you to join us. We need your help! Whether you are a developer, a miner, a holder, or a user, we hope that you consider supporting Ycash. Please reach out to us by email at info@ycash.xyz. You can also send encrypted memos to us via the following Zcash Sapling address:

zs1mymn2ar4wldwns5v7t239g6s0al3hpp40tlh5k64mn93ymfcuayqquz9jaxy32d33ch96e7usjy

We also invite you to join the discussion about this announcement on the Zcash Community Forum:

https://forum.zcashcommunity.com/t/announcing-ycash-the-first-friendly-fork-of-the-zcash-blockchain/33162

Thank you for reading this announcement, and we hope that you consider supporting Ycash!
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April 14, 2019, 06:57:21 PM
 #2

Whats algo?
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April 19, 2019, 12:29:03 AM
 #3

Wonder what POW will be chosen to this coin as flypoool, suprnova & 2miners will provide mining pools.
Any bounties for translation?
What about exchanges?

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April 20, 2019, 07:11:05 AM
 #4

Another worthless fork.  We don't need any more chains.  Hopefully this will die quickly. 
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April 20, 2019, 07:19:09 AM
 #5

forget forks,

hail the allmighty Spoon!
shouldnt take so long until the first
spooned sourcecodes and blockchains from
forked, forks from forks are getting released.



mark my word. !!

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April 21, 2019, 10:12:49 PM
 #6

i love the zCash tech, so may be interesting
but im not sure how much "we", the industry needs it
it does not bring any innovation to the space, and needs very good people behind it to really grow

are you planning to have a website?
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April 22, 2019, 12:10:49 AM
 #7

(Note: To ensure that you get your Ycash, you must possess your Zcash private keys.) <----not sure what this means. Will I be receiving my Ycash if I keep my Zcash in my Ledger Nano? If not where would I move them. Can someone elaborate?
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April 24, 2019, 09:49:14 AM
 #8

(Note: To ensure that you get your Ycash, you must possess your Zcash private keys.) <----not sure what this means. Will I be receiving my Ycash if I keep my Zcash in my Ledger Nano? If not where would I move them. Can someone elaborate?

It's complicated and not without risk.  I found two articles which explain what you need to know.

From someone on the YCASH team.

https://www.reddit.com/r/zec/comments/bdhzbn/how_to_get_zcash_friendly_fork_ycash_on_a_trezor/


From Ledger.  How to export your account and generate your private keys.

https://support.ledger.com/hc/en-us/articles/115005297709-Export-your-accounts


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May 05, 2019, 10:11:20 AM
 #9

When website?
When subreddit?
When marketing?
When moon?
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May 05, 2019, 07:43:41 PM
 #10

To answer some of the questions above:

1. A final decision on the POW algorithm will be made very soon. It will either be Equihash(192,7) or Equihash(150,5).

2. The Safe.Trade exchange (http://www.safe.trade) is the first exchange to announce that they will list Ycash. We are currently applying to several other exchanges.

3. We are a small team and we need to focus on the software development necessary to make the fork a reality. Don't expect a lot of marketing prior to the fork.

4. For questions about hardware wallets, see: https://www.reddit.com/r/zec/comments/bdhzbn/how_to_get_zcash_friendly_fork_ycash_on_a_trezor/.

5. Join the official Ycash Foundation Discord: https://discord.gg/pxA9JHn.

6. A subreddit is forthcoming.



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May 05, 2019, 08:53:53 PM
 #11

sooo, your NOT doing a gpu friendly algo, your doing an FPGA one... : / 
as equihash variants, BEAM's included, are long fpga'd, get with the times Tongue

well that ill make some happy i suppose, but so much for the greater community haha

oh well



 
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YcashFoundation
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May 05, 2019, 09:26:57 PM
 #12

sooo, your NOT doing a gpu friendly algo, your doing an FPGA one... : / 
as equihash variants, BEAM's included, are long fpga'd, get with the times Tongue

well that ill make some happy i suppose, but so much for the greater community haha

oh well




Our use of Equihash is only temporary (and necessitated by time and resource constraints). We plan on switching to ProgPOW or RandomX after the fork.
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May 05, 2019, 10:53:52 PM
 #13

Correct me if I'm wrong, but if I owned 100k ZCash, and proposed a fork like this, would I instantly have 100k YCash? 

So people could just keep forking chains to give themselves more coins?  Even if YCash was only valued at 30% the price of ZCash, that's basically an instant 30% profit?
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May 06, 2019, 12:21:47 PM
 #14

Correct me if I'm wrong, but if I owned 100k ZCash, and proposed a fork like this, would I instantly have 100k YCash? 

So people could just keep forking chains to give themselves more coins?  Even if YCash was only valued at 30% the price of ZCash, that's basically an instant 30% profit?

Are you just arriving in crypto country? 90% of the coins out there are either code- or chain-forks (and a whole lot of useless ERC-20 tokens too).

Ever heard of Bitcoin Cash, Bitcoin SV, Bitcoin Gold, Bitcoin Diamond, Ethereum Classic...? Airdrops?? Suit yourself, have a look at the top 25 on CMC.

You're most welcome to do your own coin if you want to and you have 5 minutes! https://forkgen.tech/  Grin

Anyway... It's unlikely that a "simple" fork reaches one third of the value of the original asset just like that. There just already to many with no added-value whatsoever. The market is essentially saturated.

That being said, whales can always make money out of it, for sure.
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May 06, 2019, 12:31:15 PM
 #15

To answer some of the questions above:

1. A final decision on the POW algorithm will be made very soon. It will either be Equihash(192,7) or Equihash(150,5).

2. The Safe.Trade exchange (http://www.safe.trade) is the first exchange to announce that they will list Ycash. We are currently applying to several other exchanges.

3. We are a small team and we need to focus on the software development necessary to make the fork a reality. Don't expect a lot of marketing prior to the fork.

4. For questions about hardware wallets, see: https://www.reddit.com/r/zec/comments/bdhzbn/how_to_get_zcash_friendly_fork_ycash_on_a_trezor/.

5. Join the official Ycash Foundation Discord: https://discord.gg/pxA9JHn.

6. A subreddit is forthcoming.

Thanks for the answers. Keep us posted!
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May 06, 2019, 02:32:14 PM
 #16

sooo, your NOT doing a gpu friendly algo, your doing an FPGA one... : / 
as equihash variants, BEAM's included, are long fpga'd, get with the times Tongue

well that ill make some happy i suppose, but so much for the greater community haha

oh well




Our use of Equihash is only temporary (and necessitated by time and resource constraints). We plan on switching to ProgPOW or RandomX after the fork.

That'd be great  Cool

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RandomX BENCHMARKS -> https://randomx.monerobenchmarks.info  ### Monero News-> https://news.monerobenchmarks.info
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May 08, 2019, 02:23:46 AM
 #17

Do we have to leave our Zcash under a shielded or transparent address? Or would it not matter? Sorry I know its early just trying to get a head start on all of this.
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May 08, 2019, 05:02:30 PM
 #18

Do we have to leave our Zcash under a shielded or transparent address? Or would it not matter? Sorry I know its early just trying to get a head start on all of this.

Sapling shielded addresses and transparent addresses are fine. Sprout shielded addresses will likely be supported too, but a final decision has not been made on that yet.

I repeat: There is no need to move your ZEC out of Zcash Sapling shielded addresses. If you have your ZEC stored in the Sapling shielded pool, you'll have the equivalent amount of YEC in the Ycash Sapling shielded pool.
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May 08, 2019, 05:25:25 PM
 #19

Zooko is this you? Are you trying to pump your dead coin with a fork? Cheesy
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May 08, 2019, 08:36:52 PM
 #20

A roadmap for this project would be helpful, guess that's coming when you have website.

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