BlackCoin

 

 

BlackCoin BLK price

BlackCoin is a peer-to-peer cryptocurrency. BlackCoin uses a proof-of-stake system and is open-source. BlackCoin was created by the developer Rat4, with the goal of proving that BlackCoin’s way of disabling proof-of-work is stable and secure. BlackCoin secures its network through a process called “minting”. Transactions in BlackCoin were called “significant” in a Citibank whitepaper.[1]

Contents

BlackCoin [2] is the first hybrid PoW/PoS altcoin to hit the Proof of Stake only stage. BlackCoin is a fork of Novacoin cryptocurrency that occurred at the end of winter 2014. Well, let’s talk a little more about the cryptocurrency Bitcoin – a decentralized cryptocurrency, which originally used the protection of Proof of Work, but over time they moved to the Proof of Stake. The developers of BlackCoin claim that they are the first who were able to apply a clean Proof of Stake in practice. Thanks to PoS V 3.0, all coin holders receive rewards in the form of dividends. The amount of dividends varies from 1% to 8% per annum.

Proof-of-Stake

The expected time for a confirmation is 64 seconds while Bitcoin’s expected confirmation time is 10 minutes. BlackCoin’s Proof of Stake system secures the protocol through an efficient, decentralized process called “minting”, while Bitcoin uses a mining process that has been well documented as expensive and energy-intensive.[3]

Blackcoin Mining

Proof of Work mining is not possible anymore. This coin is now pure PoS.

Blackcoin Pool [4] has been designed to support the long term growth, profitability, and value of Blackcoin. It is not possible to mine Blackcoin directly. Instead, this pool aggregates the hashing power of the community to mine other profitable altcoins, and then uses those proceeds to buy Blackcoin.

  • Only 2% fee
  • No registration needed
  • You get paid fairly, based on the shares you submit

Exchanges

According to CoinGecko, Blackcoin is currently tradable in 8 exchanges – CoinEgg, Upbit, Bittrex, Cryptopia, Litebit, Bleutrade, Coinexchange, Trade Satoshi with CoinEgg having the largest trading volume.

In June 2014, BlackCoin was accepted onto Coinkite exchange and payment hardware terminals. The Coinkite terminal looks like the familiar handset device used in point of sale transactions. Coinkite’s system uses these ordinary merchant terminals to accept Coinkite debit cards loaded with Bitcoin, Litecoin and BlackCoin.

 

Blackcoin price

Blackcoin’s price had achieved 1 dollar for a coin in January, but now it is remarkably lower. The market capitalisation was 75.5 millions of USD.

 
 

Features

What is BlackCoin?
  • Quick Transactions. Thanks to the Proof of Stake system transactions get confirmed super quick. While other coins take up to ten minutes for their first confirmations, Blackcoin regularly has a first confirmation in ten seconds flat
  • Energy Efficient. Since BlackCoin does not accept Proof of Work after the 10,000th block mining is not possible anymore. This makes BlackCoin highly energy efficient
  • Extremely Low Inflation. You will receive a 1% compound interest on a yearly basis on the coins you hold. Due to the low 1% interest on BlackCoin, inflation is extremely low
  • Only 2% fee
  • No registration needed
  • You get paid fairly, based on the shares you submit

Advantages/Disadvantages

Blackcoin cryptocurrency has 2 distinctive features that are at the same time its advantages. The first advantage is the ability to profit from simply holding coins. The second advantage is the transaction confirmation time. To confirm the transaction in the BlackCoin network you need only a little more than a minute. Just compare this figure, with the time of transaction confirmation in bitcoin.

The main disadvantage of cryptocurrency BlackCoin is undervalued and unpopular. Whether developers forgot that for high-quality advance of the product, the infopovod which will be able “to sell” goods to the buyer is necessary. Whether they have set aside this time, as they say, then. And if the second option happens, we are sure that the cost of BlackCoin will be several times higher than the current one.

See Also on BitcoinWiki

External links

References

  1. ↑ Citi GPS: Global Perspectives & Solutions. Distruptive Innovations II: Ten More Things to Stop and Think About
  2. ↑ BlackCoin website
  3. ↑ UK Telegraph: LXC Coin crowdfunds in challenge to Bitcoin
  4. ↑ Blackcoin Pool