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What Is Blackcoin?
BlackCoin is a peer-to-peer cryptocurrency. BlackCoin uses a proof-of-stake system and is open-source. BlackCoin was created by the developer Rat4, with the goal of proving that BlackCoin＊s way of disabling proof-of-work is stable and secure. BlackCoin secures its network through a process called "minting". Transactions in BlackCoin were called "significant" in a Citibank whitepaper.
The expected time for a confirmation is 64 seconds while Bitcoin's expected confirmation time is 10 minutes. BlackCoin＊s Proof of Stake system secures the protocol through an efficient, decentralized process called ※minting,§ while Bitcoin uses a mining process that has been well documented as expensive and energy-intensive.
In June 2014, BlackCoin was accepted onto Coinkite exchange and payment hardware terminals. The Coinkite terminal looks like the familiar handset device used in point of sale transactions. Coinkite＊s system uses these ordinary merchant terminals to accept Coinkite debit cards loaded with Bitcoin, Litecoin and BlackCoin.