BlackCoin

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BlackCoin
Date of introduction 24 Feb 2014[1]
User(s) International
Inflation Limited release plus 1% decentralized inflation due to its proof-of-stake system [2]
Subunit
 0.001 mBC (milliBC)
 0.000001 μBC (microBC)
 0.00000001 Smallest unit - 1 ratoshi
Symbol BC, BLK
Nickname BlackCoin, BLKCoin
Plural BLK, BlackCoins

BlackCoin is a peer-to-peer cryptocurrency. BlackCoin uses a proof-of-stake system and is open-source.[3] 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.[4] BlackCoin secures its network through a process called "minting". Transactions in BlackCoin were called "significant" in a Citibank whitepaper.[5]

Proof-of-Stake

The expected time for a confirmation is 64 seconds while Bitcoin's expected confirmation time is 10 minutes.[6] 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.[7][8]

Merchant adoption

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.[9]

See also

References

  1. Vasin, Pavel (2014-02-16). "[ANN] BlackCoin (BC) | PoS | No premine | No IPO". bitcointalk.org.<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>
  2. "BitBeat: Blackcoin Tries to Stake Its Proof as Legit Bitcoin Alternative". blogs.wsj.com. 2014-07-24.<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>
  3. "Bitcoin Is Put Under the Microscope by Its Supporters". PaymentsSource.com. 2014-07-22.<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>
  4. "Interview with the Creator of Blackcoin". Followthecoin.com. 2014-07-24.<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>
  5. "Citi GPS: Global Perspectives & Solutions. Distruptive Innovations II: Ten More Things to Stop and Think About". ir.citi.com. 2014-07-24.<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>
  6. "Bitcoin Is Put Under the Microscope by Its Supporters". PaymentsSource.com. 2014-07-22.<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>
  7. "BitBeat: Blackcoin Tries to Stake Its Proof as Legit Bitcoin Alternative". blogs.wsj.com. 2014-07-24.<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>
  8. "UK Telegraph: LXC Coin crowdfunds in challenge to Bitcoin". www.telegraph.co.uk. 2014-09-16.<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>
  9. "A Popularity Content Drives Coinkite's Digital Currency Decisions". PaymentsSource.com. 2014-07-24.<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>

External links