Review on BlackCoin by David Olayide
The BlackCoin Crypto.
Blackcoin (BLK) was created in early 2014 and is recognized as the first cryptocurrency to operate using the Proof of Stake algorithm. When the project started, it was very similar to the Bitcoin protocol but it has since changed significantly. BLK was also the first coin to have a fully functional smart contract client. Blackcoin is a peer-to-peer cryptocurrency and so, this means that the BLK allows the exchange of data and transaction between parties without the need for a central authority.
We cannot go further without saying or stating the fact that Blackcoin originated as a fork of Novacoin. Novacoin appears to be the first example of a hybrid altcoin that went from using the Proof of Work algorithm to switching to the Proof of Stake algorithm. Blackcoin was the first coin which went from PoW/PoS hybrid to full Proof of Stake. However, as soon as the algorithm switch was completed, it was no longer possible to mine Blackcoin.
There’s the provision of the Blackcoin Pool, that encourages the community to mine other profitable and probable altcoins, which are later used to buy Blackcoins. I see this shift as very beneficial for a lot of reasons. First of all, there is no longer a need for mining hardware that consumes a lot of power. Then, there is an improvement in terms of transaction speed too.
To be completely honest, Blackcoin has a lot of features that make it enticing. From it’s features you can easily see the benefits. BLK is secure, energy efficient, and also, decentralized. It offers high security for users funds, combined with fast and cheap transactions. Among many other benefits Blackcoin is really a great project that I will like to engage with sometime soon.
Pros
- The first cryptocurrency to operate with the PoS algorithm
- Total decentralization within the BlackCoin Network
- Improved transaction speeds
- Less power consuming mining hardware
Cons
- No mining for BLK
