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BlackCoin

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BlackCoin
Denominations
Subunit
 0.001mBC (milliBC)
 0.000001μBC (microBC)
 0.00000001Smallest unit - 1 ratoshi
PluralBLK, BlackCoins
SymbolBC, BLK
NicknameBlackCoin, BLKCoin
Demographics
Date of introduction24 Feb 2014
User(s)International
Valuation
InflationLimited release plus 1% decentralized inflation due to its proof-of-stake system [1]

BlackCoin is a peer-to-peer cryptocurrency. BlackCoin uses a proof-of-stake system and is open-source.[2] 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.[3] BlackCoin secures its network through a process called "minting". Transactions in BlackCoin were called "significant" in a Citibank whitepaper.[4]

Proof-of-Stake[edit | edit source]

The expected time for a confirmation is 64 seconds while Bitcoin's expected confirmation time is 10 minutes.[5] 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.[6][7]

Merchant adoption[edit | edit source]

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.[8]

See also[edit | edit source]

References[edit | edit source]

  1. "BitBeat: Blackcoin Tries to Stake Its Proof as Legit Bitcoin Alternative". blogs.wsj.com. 2014-07-24.
  2. "Bitcoin Is Put Under the Microscope by Its Supporters". PaymentsSource.com. 2014-07-22.
  3. "Interview with the Creator of Blackcoin". Followthecoin.com. 2014-07-24. Archived from the original on 2014-08-15.
  4. "Citi GPS: Global Perspectives & Solutions. Distruptive Innovations II: Ten More Things to Stop and Think About". ir.citi.com. 2014-07-24.
  5. "Bitcoin Is Put Under the Microscope by Its Supporters". PaymentsSource.com. 2014-07-22.
  6. "BitBeat: Blackcoin Tries to Stake Its Proof as Legit Bitcoin Alternative". blogs.wsj.com. 2014-07-24.
  7. "UK Telegraph: LXC Coin crowdfunds in challenge to Bitcoin". www.telegraph.co.uk. 2014-09-16.
  8. "A Popularity Content Drives Coinkite's Digital Currency Decisions". PaymentsSource.com. 2014-07-24.

External links[edit | edit source]


This article "BlackCoin" is from Wikipedia. The list of its authors can be seen in its historical and/or the page Edithistory:BlackCoin. Articles copied from Draft Namespace on Wikipedia could be seen on the Draft Namespace of Wikipedia and not main one.


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