Review on BlackCoin by Toprak Dere
About BlackCoin
Blackcoin cryptocurrency is based entirely on the concept of the Proof-of-Stake algorithm. BLK tokens are created by users who "bet" or lock their tokens on the network. Each time the tokens are minted, they create a 1% share per year to keep the system safe.
Because it functions as a peer-to-peer and decentralized cryptocurrency, like other cryptocurrencies, there is high transparency.
BlackCoin is the first cryptocurrency to use the PoS-based protocol. This protocol solves many of the problems common to the Proof-of-Work mechanism. Initially, this PoS protocol eliminates the cryptocurrency age system by keeping as many nodes online as possible. It also removes security threats such as 51% attacks by doing this again. In addition to improving the security of the blockchain, it also increases the network speed for making transactions.
Pros
- There is absolutely no need for mining hardware, making the cryptocurrency more environmentally friendly.
- The security of your BLK wallet is almost ensured as it is an open source software with code that anyone can see and criticize.
Cons
- the project should be developed and promoted more
- not listed on most exchanges
