A Bitcoin alternative that moved to a proof-of-stake (POS) consensus mechanism, BlackCoin is providing a store of value that operates in a similar way to holding funds in a bank account, with BlackCoin token holders generating an average of 1% return per year for staking coins to the network. BLK token holders can return more interest, depending on the total number of coins being staked. This means, if only 20% of the total coin supply is being staked, annual interest would rise to 5%.
By utilizing POS, Blackcoin can complete transactions in less than 64 seconds. Additionally, the blockchain utilizes Legionnaire, which uses stealth wallet addresses to protect the privacy of users transacting on the network. Smart contracts are possible on the BlackCoin network through BlackHalo, which claims to be the first smart contract application for digital currency.
A few interesting facts about BlackCoin:
- The founder of BlackCoin chooses to remain anonymous, going by the pseudonym Rat4;
- The price of BLK rose over 3,300% from $0.027 to $0.93, during the period January 1, 2017 to December 31, 2017.