Ycash’s first block was mined on July 19, at 7:36:51 PM PDT. The new blockchain forked off Zcash blockchain at block height 570,000, it is independent from both the Electric Coin Company, the firm behind Zcash, and the Zcash Foundation.
Initially announced in April by Ycash team member Howard Loo, who elaborated over the launch of the first friendly fork of the Zcash blockchain in a forum post. 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.”
As per the post, 90% of the total 21 million Ycash coins are distributed through the mining process. Though 5% of the coins starting at block height 570,000 are going to the Ycash Development Fund, managed by the Ycash Foundation. The Electric Coin Company announced about the new scalable Zcash blockchain in late June.
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Image Source – Luxor Tech Medium
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