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BlackCoin ( BLK )

59
Total Score 10
Design
10.0
Performance
10.0
Usability
10.0
Functions
10.0
Support
10.0

BlackCoin is a peer-to-peer digital currency with a distributed, decentralized public ledger, which unlike those of traditional banks is viewable and easily audited by anyone. BlackCoin was notably the first coin to use a Proof-of-Work creation cycle followed by transition to full Proof-of-stake. Proof-of-Stake is eco-friendly and efficient, and avoids the vast waste of energy and hardware overhead of Proof-of-Work based networks. Over time, BlackCoin’s core protocol has made industry-leading improvements to Proof-of-Stake security and general functionality (PoS 2.0 and PoS 3.0).

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BlackCoin ( BLK )
10 Total Score
1 reviews
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Design
10.0
Performance
10.0
Usability
10.0
Functions
10.0
Support
10.0
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  1. cryptopat
    cryptopat November 24, 2016 at 1:09 pm
    5
    Design
    100
    Performance
    100
    Usability
    100
    Functions
    100
    Support
    100

    I’ve personally held Blackcoin since the day it launched. Around that time, in February 2014 there were a lot of coins being launched every single day and it was increasingly hard to see which coins had good prospects and which were likely to be complete scams. BLK, announced just a few days before it launched (then called BC) had something different about it. I took notice and set my alarm specially to be one of the first to mine it.

    Firstly it promised to be free of pre-mining. Pre-mining a coin by the developer is a red-flag to a potential scam whereby the developers hype the coin’s development plans until the coin reaches a certain target in market value, then dump the entire premine on the exchanges, either in one go or little by little. They then disappear and leave people holding the bag. It was a good sign that Blackcoin was going to launch at block 1 with no prior distribution.

    Second it was to be a ‘fair’ launch, which in those days meant the developer would release the wallet, both as source code and compiled binaries for multiple platforms at the same time, and interested people could all have a fair chance of obtaining blocks of coins. This indeed happened at 6am on 24th February 2014 and the first block was mined at 06:00:25.

    The initial distribution of Blackcoin was by mining with the Scrypt algorithm, which at the time was an exclusive domain of CPU/GPUs (no ASICs). It lasted around a week and 75m coins were released to several thousand addresses.

    Since that first week, Blackcoin has been fully Proof of Stake. In fact, Blackcoin was the first ever coin to transition to fully Proof of Stake. The developer, rat4, saw developments with Peercoin and the first few implmentations of PoS and decided to improve upon them. At the time, other PoS coins also had a PoW element. Proof of Stake means that people who hold the coin help secure the network by locking away a portion of their coins and processing transactions in return for a potential reward (currently set at 1.5 BLK per block found). It is essentially a lottery but an excellently energy efficient way of securing the network at the same time – ‘staking’, as it is known can be done on a device as cheap as a Rasperry Pi.

    Along the way, Blackcoin has had a couple of protocol updates – the latest is referred to as PoS v3 and hundreds of altcoins have been forked from this codebase. That it, many many coins which have come and gone have been copied from Blackcoin because it is essentially a standard PoS implementation now. BLK processes a block every 64 seconds or so and has done so without fail for over 2 years. This means faster transactions than most PoW coins.

    What makes Blackcoin stand out amongst other coins is that it retains its roots as a truly decentralised platform upon which anyone can develop and be a part of the community. It does not have a big ICO or tenuous legal framework behind it. The coin is anyone’s for the taking and nurturing and building upon.

    Development continues with enthusiasts and professional groups alike. Whilst the noise generated by Blackcoin development is modest, everyone involved contributes to better the core facets that make up a great cryptocurrency, rather than create useless ‘features’. Whilst hype can happen naturally when goals are met, generally they are announced after the fact or when a good chunk of work has concluded. The Slack group, Reddit and official website (which has links to the former) are good places to start if anyone wants to join in.

    Recent developments include the bringing up to date of the background bitcoin core to 0.11 (soon to be 0.12 and newer) and a port of BitPay’s wallet/daemon implementation and associated javascript services which allow for easier on-boarding of developers, in the process creating a Blackcoin multisig and open sourced HD wallet which can run on all platforms, including Android and Apple.

    Other developments Blackcoin has been known to spawn include the first ever (at the time) smart contracting software called BlackHalo which used a method of conducting trustless transactions known as ‘Double Deposit Escrow’. This is still in active development along with ‘sister’ software NightTrader which will be a decentralised marketplace.

    Regardless of price, Blackcoin retains motivated purists to whom developing the coin is a labour of love and not a salaried duty. It is Bitcoin in the early days. That’s why I love it.

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