Blackcoin was launched way back in 2014. Back then, all altcoins in the market were using the proof-of-work system. The problem was that it was both time-consuming and tended to require more powerful CPUs or GPUs as time progressed. Blackcoin was developed as a way to prove that an alternative way of processing the blockchain was available.
Proof-of-stake decided who could process the blockchain by the use of “staking,” rewarding those who staked the most. In the long run, proof-of-stake is much easier to than its counterpart. However, it does require the use of a “hot wallet,” a wallet that contains Blackcoin that is open to the Internet. This is why if you want to start using Blackcoin, you’ll need to know how to use your Blackcoin wallet.
The first step is to set up a Blackcoin wallet. The official Blackcoin wallet is available on the official site and is available for a variety of operating systems. Get one that matches yours and do an initial antivirus/malware scan of your computer. Using a wallet exposes a lot of valuable information and you don’t want that to happen.
After that, you will start installing. One of the important things to do is allow the Blackcoin wallet through the firewall. Firewalls can block a wallet from doing transactions so they need to be opened up. After that, you will need to synchronize the wallet with the network. This often requires downloading the blockchain. After synchronizing, you will need to encrypt the wallet. This will require creating a passphrase and inputting it to the system. This ensures hackers would not be able to access your data.
There are also other things you will need to do with your Blackcoin wallet to secure the cryptocoins inside it. One of these is to back it up. Regular backups of your wallet.dat file ensure that your coins won’t be lost. This file contains all of your transactions and current balances and addresses. To do this, you can either manually copy the wallet.dat file or to set your wallet to roaming. Making a manual copy is pretty simple since it only involves copy the physical file. Setting to roaming is just as easy since it is built-in for most wallets.
Now that you’ve got your Blackcoin wallet secure, you can start staking. It involves unlocking your wallet and opening it to the blockchain for eight hours. Note that the more coins you have in your wallet, the more likely you are going to be able to start staking. If you only have a small amount of coins in total, then it won’t be able to produce as much Blackcoins.