What Is Ycash (YEC)?

Ycash is a digital coin that aims to strengthen local and online networks worldwide. The Ycash software is built on the Zcash software. Zcash software is based on Bitcoin software. Ycash offers several features, one of which is Shielded transactions. A shielded blockchain transaction does not reveal the sender's or recipient's address or the transaction value to anyone. Ycash is considered a speedier, more efficient, dependable, and long-lasting coin and is available 24/7. The coin is also borderless and free of inflation.

The Ycash platform works to maintain the objective of mining on commodity hardware while also hoping that consumers can receive 90% of the money supply through the free market mining process. Ycash overcame ASIC (application-specific integrated circuit) mining by adopting Equihash (192,7), a proof-of-work method that ASICs cannot presently mine.

YEC (Your Electronic Cash) is the standard token of Ycash, a transparent, open, and egalitarian blockchain. YEC employs zero-knowledge proofs to keep the public blockchain's financial accounts, history, and transaction records private. YEC, like bitcoin UTXOs, strives to implement a cash-based record-keeping approach. The network uses offline paper wallets to store coins, because paper wallets help securely retain large amounts of YEC.

Ycash seeks to maintain its 90% commitment by assigning 95% of all block rewards to users via the permissionless, free-market mining process, available to anyone globally. Ycash aims to send the remaining 5% to the Ycash Development Fund, maintained by the Ycash Foundation. The Ycash Foundation is a non-profit organization dedicated to making Ycash a fair and open medium of exchange. The Foundation creates Ycash-related software and makes Ycash accessible to the users for open distribution and usage.

History of Ycash (YEC)

On April 11, 2019, the Ycash project was initiated. Howard Loo is the founder of the Ycash Foundation and a software engineer. Ycash's total supply is fixed to 21 million coins.