What is BlackCoin (BLK)?
Future of BLK Cryptocurrency and know how to buy BLK

#1 - What is BLK or BlackCoin?

BlackCoin: The Basics

  1. The Blackcoin cryptocurrency is based on entirely the concept of the Proof-of-Stake algorithm. The BLK tokens are generated by users who ‘stake’, or lock their coins on the network. Every time the tokens are minted, they generate a stake of 1% annually in order to keep the system secure.
  2. As it functions as a peer-to-peer and decentralised cryptocurrency, there is high transparency involved, much like other (but not all) cryptocurrencies.

BLK Development

  1. BlackCoin was launched in the February 2014 by founder is Joshua Bouw.
  2. It is operated by an organisation of the same name, led by director Sam Clare.
  3. The BlackCoin team promotes itself as the ‘original Proof-of-Stake coin’.

 

#2 - What are the benefits of BlackCoin?

BlackCoin Technology

  1. BlackCoin’s initial purpose was to prove the validity of the Proof-of-Stake mechanism. After accomplishing this objective while operating at a market cap of 15-20 million USD, Blackcoin has introduced a new framework in the form of the PoS Protocol v2.0. This new protocol adds on to the security and other features.
  2. According to its whitepaper, BlackCoin is the first cryptocurrency to make use of PoS based protocol. This protocol resolves many problems prevalent in the Proof-of-Work mechanism. At the outset, this PoS protocol eliminates the coin age system by keeping as many nodes online as possible. By doing so, it removes the security threats like 51% attacks. On top of improving the blockchain’s security, it also increases the network speed for making transactions.
  3. The protocol also changes the stake modifier at every interval to reduce the probability of a pre-computation attack. This does not allow any individual to calculate the time for the next interval, thereby, removing the possibility of an attack on the network.
  4. It has significantly improved upon the block timestamping process. It has increased the expected block time from 60 to 64 seconds. This will increase the probability for forking blocks from the past and reduce the hacking potential.
  5. After adapting the PoS protocol, BlackCoin has changed its algorithm to SHA256d with block version 7. This will provide more efficiency in comparison to the earlier Scrypt protocol. Furthermore, the staking mechanism offers 1% to 8% annual rewards to the users.
  6. On the Blackcoin blockchain, the transactions, as well as the issuance of BLK tokens is handled by its users on the network. In a way, this makes the users the bankers. They have control over the network. As it is run by a network of users, they get 1% interest on their holdings generated through a process called staking.
  7. The staking rewards from BlockCoin’s PoS mechanism depend on the amount of coins you stake and the amount of time you devote to staking. The more of both these, the higher block rewards you will receive.
  8. User accounts consist of private and public keys. These keys are unique and so it is impossible to forge the digital signature. This makes the blockchain secure against counterfeit.

Features

  1. Transparent Ledger: BlackCoin operates as the people’s bank. It has a public blockchain without any central authority that monitors the transactions. The absence of a third party makes it completely transparent in terms of maintaining bank history records and transactions.
  2. Eco-Friendly Platform: Since the platform operates on a Proof-of-Stake protocol, there is no need for power-consuming mining hardware. The coins are staked on the basis of the wallet amount and the users do not have to spend time on mining blocks.
  3. Open-Source Software: BlackCoin Wallet is an open-source software. Anyone in the world can use it from anywhere. Its safety can also be easily audited.
  4. User Privacy: The platform provides complete user anonymity. Transactions made through BlackCoin wallet do not require personal information. Therefore, it is not only transparent but also offers privacy.
  5. Iris: This is a multi-signature wallet feature that offers coloured coins support. Users can create their assets on the BlackCoin network using the Iris feature.
  6. Payblk: This is another multi-purpose wallet that BlackCoin offers. It is an open-source software that supports 7 different platforms. It has the multi-signature feature and is suitable for both individual users and organizations.
  7. BlackHalo: World first contracting software, this is BlackCoin’s solution to remove middlemen, agents, and all such third parties. It offers a unique double deposit system with an automated software that performs the role of the third party.
  8. BlackSight: This feature is currently under development. It is an open-source blockchain explorer. It comes with RESt and websocket APIs and enables the users to create apps and online wallets.

Usage

  1. Blackcoin has fairly standard uses as a cryptocurrency but with some important advantages.
  2. It can be used for making online remittances as it has very high transaction settlement speeds.
  3. It can also be used for paying for anything you order online, similar to other cryptocurrencies.
  4. Additionally, the low transaction fees and high security in the network work together to set it up for mass adoption.

 

#3 - How to buy and store BlackCoin?

  1. The BlackCoin cryptocurrency is not available directly for trading on any crypto exchange. Instead, it is available as a pair with Bitcoin.
  2. You can choose any cryptocurrency exchange to buy Bitcoins. Once you have Bitcoins in your wallet, you can buy BLK tokens against them.
  3. CoinSwitch, the largest cryptocurrency exchange, helps you choose the best deal for various cryptocurrency pairs. In case of Blackcoin, you can compare the real-time prices of the Blackcoin/Bitcoin pair on various crypto exchanges and then choose the best one.
  4. You can store the BLK tokens securely in their official wallet called the Blackcoin-qt wallet. It is compatible with both MacOS and Windows.
  5. You can also choose to store it in wallets that support Bitcoin, like the Ledger S Nano.

 

#4 - What is the future of BlackCoin?

Trends so far

With a market capitalization of $9.5 million as of June 2018, Blackcoin ranks at 411 in the list of cryptocurrencies. It has a total circulating supply of 76,923,824 BLK tokens. The BLK token has been added to several crypto exchanges like CoinEgg, Bittrex and CoinExchange.

Also Read: Complete Analysis of BlackCoin | Live BlackCoin (BLK) Price Charts And Predictions

Price History

Date

Open*

High

Low

Close**

Volume

Market Cap

Jun 01, 2018

0.211757

0.214857

0.204267

0.208137

172,974

16,278,400

May 01, 2018

0.312409

0.326302

0.301513

0.322303

141,701

23,997,000

Apr 01, 2018

0.198553

0.206512

0.181677

0.190949

153,042

15,239,800

Mar 01, 2018

0.343349

0.391807

0.323886

0.362408

1,328,610

26,333,000

Feb 01, 2018

0.414456

0.419928

0.324492

0.349388

747,462

31,764,100

Jan 01, 2018

0.853320

0.862647

0.778434

0.810778

2,638,000

65,347,600

Dec 01, 2017

0.295988

0.331153

0.273678

0.327738

288,580

22,649,100

Future Trends

  1. The block time target is just 64 seconds, which makes amongst the fastest cryptocurrencies in the world.
  2. As it is open sourced and ensures high security, the BLK cryptocurrency is likely to see an increase in its price if all goes well. BLK tokens cost about $0.12 USD as of June 2018.

 

#5 - How is BlackCoin different from other cryptocurrencies?

  • Proof-of-take consensus

Thanks to its usage of the Proof-of-Stake protocol, users who keep their wallet open in order to secure the BLK network gain around 1% to 8% in returns, according to the amount in their wallet. This process is called staking.

  • Open Source Software

The safety of your BLK wallet is pretty much ensured, as it is an open source software with its code available for all to see and critique

  • Eco-friendly

The Proof-of-Stake algorithm is a more power efficient protocol that does not require expensive and power-hungry mining hardware, or any hardware at all really. As a result, there is absolutely no need of mining hardware anymore, making the cryptocurrency a more eco-friendly one

 

#6 - Should you Invest in BlackCoin?

  1. Blackcoin has an interesting concept - the Proof-of-Stake algorithm as its basis, which is seeing increasing adoption amongst cryptocurrencies.
  2. The cryptocurrency is extremely fast in processing transactions, which gives it an advantage over other cryptocurrencies.
  3. The Blackcoin multipool is also under development, where its network users will be able to earn the Bitcoin using other altcoins and later exchanging those to BLK tokens.
  4. Keeping the wallet open in order to secure the network and earn from the staking process is an interesting process. Watching it develop and grow to become one of the best cryptocurrencies will also be quite interesting!
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