BlackCoin was launched back in 2014 and initially made some waves. Mainly developed as an upgrade to the Bitcoin protocol, it offered people an alternative to Bitcoin. Unfortunately, it was too similar to Bitcoin for some people’s tastes. The result is BlackCoin is not as popular as it once was. However, it does have a solid following and, for interested cryptocoin investors, this is often enough. Here’s how you can go about getting more of this cryptocurrency.
Mining and minting
BlackCoin mining is not happening anymore. This is actually part of the plan. The main reason for BlackCoin’s creation was to prove the reliability of the proof-of-stake system for mining and confirming transactions.
Proof-of-work has become the standard for transaction confirmations but it is slow and the network can get overloaded. Proof-of-stake allows everyone to participate and is faster. This is why proof-of-work mining only happened for BlackCoin in its first week. When the 10,000th block was processed, mining was stopped and the system went into proof-of-stake.
The way that proof of stake works is that users stake coins from their wallets on the right to verify the next transaction, instead of trying to compete with other people making calculations. Those who have staked the most coins will win the right to verify the next transaction.
Proof-of-stake systems do not have processors compete with other people who solved the block first so there is less demand on processing power. Additionally, the transactions are done more quickly since there is less waiting. The process of creating more BlackCoins via proof-of-stake is called minting. There are still vulnerabilities, though, but BlackCoin is supposed to have solved a lot of the security problems involved in using a proof-of-stake system with its proof-of-stake 3.0.
The BlackCoin minting process
Instead of BlackCoin mining, minting new BlackCoins will earn you 1% of your total amount of coins held in your wallet over the period of a year. This will start as soon as you have unlocked your wallet after a period of eight hours. The moment you lock your wallet, the minting stops. Unlocking your wallet is pretty simple.
There are two ways to do this. The first way is to simply go to the Settings of your wallet and choose to “Unlock Wallet” and that’s it. There is a more secure way, though. Go to the Debug Window and type the following at the bottom:
walletpassphrase YourPassphrase 9999999 true
This will encrypt your wallet and protect it from being stolen. When staking, remember that the more you have, the bigger your chances to be part of the minting process. With such a simple process, you can start minting Blackcoins.