BlackCoin, also referred to as BLK, is a type of crypto currency that utilizes a proof-of-stake foundation. The purpose of BlackCoin is to enable secure and anonymous trading amongst users of the network. It is open source, and anyone can audit it, which makes it entirely transparent.
In these ways, it's not unlike other blockchain-based digital currencies. However, BLK can set itself apart with a few critical, unique features that help it stand out from the crowd.
Just like other crypto currencies, BlackCoin runs on the blockchain network and, therefore, the basis of it isn't exactly easy to understand. Its infrastructure is quite technical.
With that said, BlackCoin has gone above and beyond to try and make it as accessible as possible, even to those with no real knowledge of blockchain or crypto.
It’s easy enough to make your way into the platform and figure out how to participate in transactions, and that’s good news since the technology usually has a high barrier to entry due to its sheer complexity.
The users manage every transaction in the BlackCoin network on the platform. Again, this is not unlike other blockchain-based currencies. Every year, each account generates a 1% stake interest to help support a secure system.
The key things that make BlackCoin different and, in the eyes of the founders, better are that it offers some features that other networks lack. It’s touted as being among the best digital currencies to be released in the past few years, and there are a few core reasons why people are encouraged to promote it as such.
First and foremost, the BlackCoin network has truly put safety and security at the top of the priority list. The NightTrader feature that’s integrated into the infrastructure helps to ward off hacking and exploitation attempts and also encourages privacy amongst the peer-to-peer traders.
Additionally, the BlackCoin network has chosen to set itself up on a proof-of-stake based system, and that means users who decide to secure the network with a stake will get a high-interest rate return, going up to 5%. This merely is unmatched by others both inside and outside of the crypto industry.
Of course, the main thing that BlackCoin focuses on is offering privacy to its users that much surpasses the privacy that other digital currencies can provide. It is well-known that Bitcoin and other crypto currencies were initially misconstrued as “anonymous” and completely untraceable.
In reality, Bitcoin and other crypto currencies are just the opposite. The public ledger and general transparent design of them make them wholly traceable and hardly anonymous, and BlackCoin looked to change that.
With the Legionnaire feature that has been built into the BlackCoin system, users can use stealth addresses that other coins require a third-party provider to utilize. This anonymity has encouraged trust and adoption for the platform and has spurred its quick growth.
Another difference? BlackCoin has its BlackHalo feature, which enables users to set up smart contracts. This is very enticing, and it has helped bring it to the forefront, breaking away from the hundreds of other projects that kick up every year in the world of crypto.
BlackCoin is the very first digital currency that has chosen to implement smart contracts directly into the system. BlackHalo was designed to make “digital theft” a thing of the past.
The team behind BlackCoin isn’t exactly well-known, but they aren’t keeping their identities secret either. Based out of Korea, CrunchBase lists the current BlackCoin team as having only one man, Un Lee.
Un Lee is the CEO, but surely has many unnamed developers working by his side to make BlackCoin a reality. The infrastructure is open-source, like most blockchain based projects.
On the FAQ section of the BlackCoin website, Un Lee and his team go into more detail about why they chose to design BlackCoin the way it is today.
For instance, they explain that although the proof-of-work system used by many other crypto currencies is very innovative, it becomes expensive to run when a platform grows past a certain point. This explains their reasoning for using the proof-of-stake system instead, and it also demonstrates that they had scalability in mind from the start.
Additionally, another FAQ titled “Blackcoin vs. Bitcoin” breaks down the key factors that have helped set BlackCoin apart from its notorious competitor that is acclaimed for having started it all back in 2008. The section breaks down multiple differences but highlights the team’s respect for Bitcoin.
In this particular section, the team compliments many facets of Bitcoin and states that BlackCoin was not designed to compete but to improve upon the platform. And, when looking at the BlackCoin infrastructure, it’s effortless to see that they already have improved upon it.
With the help of several community members, BlackCoin’s point-of-stake system was combined with a mining pool and that process helped to support a higher market price and volume for BlackCoin by putting upward pressure on the coin. The result? A vast increase in the popularity and recognition of BlackCoin.
This strategy that they explain demonstrates the team’s dedication and ingenuity to the network, and it also helps to highlight how BlackCoin is beginning to set itself apart from and grow beyond the popular Bitcoin platform that most people are very familiar with.
BlackCoin is not the only cryptocurrency that’s based on providing privacy and anonymity for users, but it is one of the most popular networks taking this approach.
To top everything off, BlackCoin is also benefitting through its low transaction fees. The minimum fee is 0.0001 BLK with a 0.95% inflation rate. With the proof-of-stake setup, there is also no need for people to mine BlackCoin. And, by design, each user has complete control of their account. Like all blockchain based currencies, no intermediary need to be brought in to manage users, accounts, or transactions.
These are all things that BlackCoin makes very clear on its website, and for a good reason. While BlackCoin is most certainly considered a sophisticated cryptocurrency, they are especially good at targeting people who are brand new to the crypto market and likely unfamiliar with the general benefits of the blockchain.
In this way, the founders of BlackCoin aren't just promoting BLK in itself. They're also helping to educate the general public about all the benefits of switching to a digital, decentralized currency. And, so far, their strategy does seem to be working.
Currently, BLK can be traded on multiple exchanges, including AnyCoin Direct, Bittrex, Bittylicious, Bleutrade, and Coinegg.
As of October 2018, the price of BLK is USD 0.072213 with a total market cap of USD 5,092,868.
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