An Open Letter to Cryptocurrency Exchanges from the Ycash Foundation Regarding the Upcoming Ycash/Zcash Chain Fork
Dear Cryptocurrency Exchange:
Ycash is a chain fork of the Zcash blockchain. At block height 570,000 of the Zcash blockchain (approximately July 18, 2019), Ycash will fork away from Zcash. The proposed ticker symbol for Ycash is YEC.
As of the date of this letter (July 3), the chain fork is a little over two weeks away.
With today’s release of Version 1.0 of the Ycash software, the Ycash network is now live. We expect many users to join the network in these next two weeks leading up to the fork.
Ycash is forking away from Zcash to (1) restore the goal of mining on commodity hardware; and (2) uphold the promise that 90% of the money supply be allocated to users via the free market mining process. The motivations behind the fork are described in greater detail in both the Ycash launch announcement and the Ycash “about” page.
Development of Ycash is funded in part by the nonprofit Ycash Foundation. Note that the Ycash Foundation is completely independent from both the Electric Coin Company and the Zcash Foundation.
The Ycash Foundation announced the Ycash/Zcash fork back in April. Since the announcement, the Ycash Foundation has been hard at work implementing the Ycash-specific changes to the Zcash codebase, including changing the Proof of Work algorithm to encourage mining on commodity hardware. Since launching the Ycash testnet on June 5, community members have already made important contributions to the Ycash project, especially in the area of open source software related to mining Ycash.
The Ycash Foundation has put a lot of work in to ensuring that the forking event is smooth for both the Ycash network and the Zcash network. We have interfaced with Zcash developers and informed them about some of the measures Ycash implements to increase the likelihood of a smooth fork. We have also extensively tested the forking code by performing three practice forks of the Zcash testnet (the last one to form the Ycash testnet) and two practice forks of the Zcash mainnet.
Notably (especially from the perspective of exchanges), Ycash implements two-way replay protection via Zcash’s built-in network upgrade mechanism first introduced as part of Zcash’s Overwinter Upgrade. Thus, exchanges need not worry about replay attacks. We have also changed the address formats, so that it is impossible for exchange users to accidentally deposit or withdraw Zcash to a Ycash address (or Ycash to a Zcash address).
Your skepticism towards new coin projects, especially coin projects born from chain forks, is warranted. We hope to earn your trust over time.
If your exchange lists Zcash, we humbly ask that you consider taking a snapshot of your users’ ZEC balances at the time of the fork, to preserve the possibility of crediting your users with YEC at some point in the future.
Thank you so much for taking the time to read this letter.
Howard Loo, Ycash Foundation
For more information about Ycash, visit the Ycash Foundation website.