Zcash Fork Update
The zcash (ZEC) fork to ycash (YEC) is coming up in two days. As a reminder, this will give ZEC holders 1:1 ycash.
Everyone who holds ZEC has a chance to get an equal amount of ycash.
In this alert, I’ll discuss details about the fork, and what we recommend you do.What is Ycash?
Ycash is a new crypto based on zcash’s code.
That said, it does have some differences from zcash. Ycash can be mined with computers and doesn’t have the same structure for the “founder’s reward.”
When new ZEC is mined, some goes to miners, and some is distributed to founders, employees, and early investors ― the founder’s reward.
Some people have criticized the founder’s reward, believing that all of the mined ZEC belongs to the miners. But this funding is what allowed zcash to be built and what pays developers and people to keep it secure.
When zcash uncovered a flaw in its system early in the year, it was fixed before most people even knew it existed ― only because the team had the funds to do so.
Other cryptos that only have volunteer developers aren’t able to do that.
Ycash is a difference in philosophy, in that it reduces the founder’s reward from 20% to a perpetual 5%. Still, the ycash team stands to make a ton of money if it’s successful.
We don’t know yet which exchanges will support ycash, if any.
We’ve been in contact with the founders of zcash about this for the past month, and they didn’t know any other details about this – until today.
Today, the ycash team released their “how to” guide, which you can find here
Now, before we go any further, I want to make you aware that we don’t recommend that you try to access ycash through this fork.
Why? It’s high risk.
Here’s what the ycash team has to say:
Important Note: There is no 100% risk-free way to access your YEC, so if you decide to do so, you do so at your own risk of losing both your YEC and your ZEC.
As much as we love free money, the risk of losing your ZEC to get your YEC is too high. Remember, this is crypto and if you lose your ZEC, you can't get it back.
We recommend that you sit tight on your ZEC and don't do anything.
If you possess the technical skills to pull this off and do want ycash, I’ll still provide you with that information now.Two Ways to Access YEC
The Easy Way: According to the ycash “how to” guide, there are three wallets that will issue ycash. Using one of the three wallets that have offered to support this fork would be your easiest option to get access. That said, none are wallets we use or have yet recommended. So there are risks. If you choose to do that, you will need to move your ZEC to that wallet and wait until after the fork to move it back to your Ledger.
The Hard Way: This involves knowing how to access your ZEC private keys. Exodus Wallet, which we’ve used for our EOS swap in the past, is one place where you control your private keys and export them to receive your YEC. You also need to run a ycash node (keep a copy of the entire blockchain).
Within the ycash “how to” guide, you’ll find the exact set of instructions for claiming ycash using either one of those methods we just discussed. Do this only if you have the technical skills and risk level to do this.FAQ’s about the ZEC-YEC Fork
What happens to our ZEC during the fork?
: Nothing. It is perfectly safe.Which exchanges will be supporting the YEC fork?
: None that we know of. The ycash team said they are working on listings but their priority is the fork. Each exchange will decide for themselves whether to issue the equivalent YEC to ZEC holders. How do I get my YEC if my ZEC is stored on a Ledger or other hardware wallet?
: You have to move your ZEC. According to the ycash “how to” guide, there are three wallets that will issue ycash. However, none are wallets we use. This is risky.