Blackcoin is a digital peer to peer currency which uses proof of stake consensus mechanism to secure the network. Blackcoin was developed by a Russian developer who uses a pseudonym rat4.
Blackcoin is very similar to bitcoin in terms of utility but is built on a Proof of stakes consensus system. Blackcoin proof of stakes secure the protocol through a process called Minting. Minting is different from bitcoin mining which requires large amount of computing and energy resources.
Proof of stake consensus puts the onus of securing the network on the stakeholders. So larger the coins you have larger will be your weight or stake in securing the network. The basic insight being people who have lot of stake will not want to bring the the network down which will adversely impact the value of their coins.
With proof of stakes as consensus mechanism the standard block time on Blackcoin is 64 seconds much faster than bitcoin
Blackcoin has a 1 % inflation every year so you earn 1% interest on your blackcoins every year. 1 % inflation is the incentive for you to stake your coins.
Key features of Blackcoin
- Security : Designed to be ultra secure.BIP66 implemented, Early ones to fix SSL heartbeat.
- Minimum transaction fee is 0.0001 BLK
- Block time target: 64 seconds
- Inflations : 1 %
- Maximum Reorganization depth :500 blocks
- Proof of Stake Block reward : 1.5 BLK +fees
Interesting new Features of Blackcoin
- Blackhalo: Black Halo is a central exchange and
- PayBLK: Open source Blackcoin wallet both desktop and mobile which provides a secure home for your blackcoins.
- Blacksight: Blacksight is a an open source explorer for blackcoin . It provides REST and web socket based APIs with which wallets can be written and you can query blackcoin blockchain for advanced queries.
Key Challenges for Blackcoin
- Blackcoin has been around for 3 years plus but has not progressed enough. In the same time Bitcoin has seen explosive growth. Payments as a use case will not have multiple winners so if you are left too far behind it can be an issue.
- Blackcoin since launch has been trying to too many things which can be distracting
Buying Blackcoin Exchanges which Support Blackcoin
Merchants which Support Blackcoin
- TorGuard VPN
- Open Bazaar
- Finna Tour & Travel
- Bitcoin Recarga
- Brie Host
- WROL.INFO - Survival Supplies
- Bitcoin Gift Cards
- PexPeppers Hot Sauces and More!
Blackcoin is supported by following wallets
- PayBlk Wallet
- Cointo pay web wallet
- Coinomi Android wallet
- QT Lore Wallet