Ycash, a new cryptocurrency "that aspires to empower local communities to take control over the money that they earn, spend, and save," has forked from Zcash's blockchain.
According to the official Twitter account of its developer, the first block was mined at 7:36:51 PM PDT.
The fork was initially scheduled to happen yesterday at block 570,000, however, it has been slightly delayed.
According to the crypto's official site, Ycash is a "friendly fork" of Zcash and has been developed by an independent team.
The fork has been supported by SafePay, Bitpie Wallet, Guarda Wallet, Atomic Wallet and Cobo Wallet Wallet, so the users of these services who owned Zcash tokens when the hard fork took place have received their corresponding new Ycash coins.
Non-profit organization Ycash Foundation is the developer of this new token.
The crypto's proof-of-work consensus algorithm has been modified in order to prevent ASIC devices from mining the cryptocurrency.
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