Proof of Stake
Original Bitcoin way of engaging quality and credibility is through Proof of Work. Each entity has to provide some kind of mathematically challenged work in order to provide security to the bitcoin protocol. This is this effort which provides the scarcity and value to the blockchain. So in that respect how would we compare the Proof of Stake introduced by the Blackcoin?
On the contrary Proof of Stake makes sure that the complexity of the Proof of Work way of providing value is under control. Proof of Work uses the computational power to value the coins, but Proof of Stake uses the scarcity of the coin itself to generate further value.
Due to the protocol of Proof of Stake, Blackcoin is inherently eco-friendly. Since we don’t need the computational energy in order to generate further value, hence eco-friendly.
Blackhalo is a piece of software that integrates many imported aspects of transactions and transaction management. Each contract represented in the Blackhalo is so authentic that these contracts are called unbreakable. There is a mechanism called double deposit that makes sure that it would be difficult to steal information and coins. This software provides execution for a decentralized marketplace mechanism. It is a multi-currency software and you can switch among bitcoin, blackcoin, and USD anytime with the same common mechanism provided in the software.
The makers of blackhalo are integrating a feature called NightTrader, which will allow the formation of decentralized exchanges. This means you don’t need to trust any external body who will be acting as your exchange point. Blackhalo wants to support all digital currencies through NightTrader. One of the objectives of blackhalo is to end the mechanisms of ‘pump and dump’.
Minting and Acceptance
There is a process called “minting”. Blackcoin secures itself using minting. As mentioned above the user has to stake coins in order to move forward with the next transaction and this is minting. Once a user wins the stake her transaction will be accepted. For this to work very securely, a user has to be online all the time during verification. When Blackcoin was launched, it was strong, and its sales pitch was impressive as well. Now very few businesses support it e.g. some yoga packages, landscaping, shaving products etc. It has really low value now. They have introduced version 3.0 of the Proof of Stake system (also the Blacknet messaging system), and it is hoped that the value will go high.
Getting in touch
You can visit their slack channel at https://slack-blackcoin.herokuapp.com/ where you can find rat4, the original developer of Blackcoin. rat4 user is currently calling himself DrDooLittle. You can also subscribe their subreddit here https://www.reddit.com/r/blackcoin
PoS is exciting and there is a possibility that Blackcoin will rise or get steady.