YEC coin blockchain, also referred to as Ycash (YEC), is a cryptocurrency that is derived from Zcash (ZEC). YEC shares some of Zcash’s block history, specifically the first 570,000 blocks, and both cryptocurrencies use the Bitcoin codebase to form their infrastructure.
However, YEC has an extra layer of privacy which allows users to conduct private transactions that only insiders are aware of. According to the Ycash Foundation, YEC aims to solve two primary issues that Bitcoin is facing: the privacy problem and the distribution problem. Bitcoin lacks privacy, as all transactions on a wallet are visible to the world, whereas YEC offers enhanced privacy features.
Additionally, Bitcoin’s ongoing initial distribution through mining is dominated by specialized computer hardware manufacturers and their business partners. YEC aims to solve this by using a light-weight PoW mining algorithm that allows regular hardware with medium specs to participate in the mining process and secure the network. This reduces the centralization of power and manipulation from hardware manufacturers and industrial mining farms.
From a technical standpoint, YEC is a non-EVM chain that focuses on resource distribution rather than an open environment for developers to build on. Overall, it offers enhanced privacy features and a competitive edge in its mining algorithm, making it a promising cryptocurrency.
YEC Coin Blockchain Features
YEC Coin blockchain offers a range of features that make it a popular choice for those looking to transact in cryptocurrency. Some of these key features include:
- Smart contracts: It supports the creation and execution of smart contracts, which are self-executing contracts that can automate various aspects of a transaction. This allows for more complex transactions and can reduce the need for intermediaries.
- Decentralized applications: It allows for the development and deployment of decentralized applications (dapps), which are programs that run on a distributed network rather than a single server. This makes them more secure and less susceptible to downtime or censorship.
- YEC Coin wallets: YEC Coin blockchain supports the creation of digital wallets that allow users to securely store and manage their YEC Coin holdings. You can access these wallets from anywhere in the world, making YEC Coin a popular choice for international transactions.
- Anonymous transactions: YEC Coin blockchain offers privacy features that allow for anonymous transactions, meaning that users can transact without revealing their identity.
- Low transaction fees: It offers low transaction fees compared to traditional payment systems, making it an attractive option for those looking to save money on transaction fees.
What is YCash (YEC) Coin?
YEC, or Ycash, is the native token of the Ycash blockchain and was designed specifically as a means of payment for transactions within the system. Its sole purpose is to provide a private method of conducting transactions. YEC has a total supply of 21,000,000 tokens, with a circulating supply of 12,991,696 as of October 2022. The block size limit for YEC is 2MB, with a block reward of 3.125 YEC and a target block spacing of 1.25 minutes.
In terms of tokenomics, YEC has a non-inflationary model with a maximum total supply of 21,000,000 tokens. During the mining process, up to 95% of the total supply will be distributed to the Ycash community in a regressive manner, with 5% of the supply being allocated to the Ycash Development Fund, a non-profit fund. Overall, YEC serves as a reliable store of value and a means of payment for private transactions within the Ycash blockchain.
YEC Coin Blockchain Explorer
The YEC Coin Blockchain features a variety of tools and resources for users to explore and interact with the network. One such resource is the YEC Coin Blockchain Explorer, which allows users to read block data and gain insights into the network’s activity. To access the YEC explorer, simply visit yecblockexplorer.com.
YEC Coin Blockchain Wallet
In addition to the explorer, YEC offers several wallet options for users to securely store and manage their YEC tokens. YecLite is a lightweight desktop wallet available for MacOS, Linux, and Windows. YecWallet, on the other hand, is a full node Ycash wallet (ycashd). Users can also store YEC on a piece of paper with YecPaperWallet.
For those who prefer third-party wallets, YEC is compatible with several popular options, including Guarda, Cobo, Hebe, Bitpie, SafePay, and Atomic. Overall, YEC provides a range of wallet options and resources to ensure users can easily manage their YEC tokens and interact with the network.
Where To Buy YEC?
Since its launch in July 2019, the price of YEC coin has been steadily decreasing. The token’s value has dropped from a high of $6.1 USD to its current price of around $0.1 USD per token. The privacy coin sector is currently facing challenges, with various government officials expressing concerns about its unmanageable nature. Therefore, it is unlikely that we will see a rally in the price of YEC coin in the near future.
YEC Coin Use Cases
YEC Coin blockchain has a range of use cases, with its fast and secure transaction processing making it a popular option for those looking to transact in cryptocurrency. As the technology continues to develop, it is likely that new use cases will emerge, making it an even more versatile and valuable tool. Here are some use cases:
- Means of payment: YEC Coin blockchain can be used as a means of payment for goods and services. As more merchants begin to accept YEC Coin, it is becoming an increasingly popular option for online purchases.
- Investment: You can use YEC Coin blockchain as an investment, with users buying and holding YEC Coins in the hopes of profiting from future price increases.
- Remittances: You can use it to send and receive money internationally, with transactions processed quickly and at low cost compared to traditional payment systems.
- Micropayments: Use it for micropayments, allowing for small transactions to be processed quickly and easily.
YEC Coin blockchain is a promising cryptocurrency that offers fast, secure, and low-cost transactions. Its decentralized architecture, smart contract capabilities, and support for decentralized applications make it a versatile tool for a wide range of use cases, from online purchases to international remittances. YEC Coin’s privacy features and low transaction fees also make it an attractive option for those looking to transact in cryptocurrency.
As the technology behind YEC Coin blockchain continues to evolve and new use cases emerge, it is likely that it will become an even more valuable tool for individuals and businesses alike. Whether you are looking to transact in cryptocurrency, invest in a promising asset, or support a charitable cause, YEC Coin blockchain offers a range of features and benefits that make it an attractive option.