BlackCoin has been out for nearly a month now and slowly, but surely, is picking up steam within the crypto-community. The crypto currency BlackCoin, which is Proof of Stake only, has no pre-mine and a 1% per year inflation is something new and fresh within the community, as it is the first actual PoW/PoS hybrid coin to hit the PoS only stage. But what makes BlackCoin so attractive?
First off there is the coin itself. Thanks to the Proof of Stake system transactions are confirmed at a very rapid pace, sometimes even within 5 seconds from sending your coins to the other party. If you think the 1% inflation is not attractive at all then you probably don’t understand the economics of a crypto currency. To explain this in an easy way:
If the price is 5000 satoshi for one BlackCoin, the market would need an extra 0,1 BTC per day to ‘eat’ all the new coins generated through the Proof of Stake protocol. If we compare this to other popular coins, like Dogecoin and Litecoin you would need at least 500 or even over 4000 BTC per day to ‘eat’ all the new coins generated and keep the price stable. Thus, if 500 BTC enters the BlackCoin market in one day the price will rise.
While new people within the BlackCoin community slowly start to understand these economics the coin did have another problem. Due to the coin not being available for mining anymore a new issue arised: without mining the coin would be purely a speculative tool as long as merchants didn’t pick it up. To solve this issue the community of BlackCoin came together and came up with one of the most innovative ideas within the Crypto world this year: A multi pool that pays out in BlackCoin.
But BlackCoin can’t be mined anymore, right?
Yes, this is true, but there are many other coins that can be mined on a daily basis. The BlackCoin Multipool will mine other coins, exchange those to BTC and use the BTC to buy BlackCoins and then payout the miners directly in BlackCoin. This means that, as long as miners are pointed to the multipool, there will be daily buy pressure on the several exchanges that have BlackCoin available. This means that the price of BlackCoin has only one way to go: up.
The multipool was tested in an open beta last weekend and attracted over 700 miners with a peak speed of over 7 GH/s. This week the pool will launch it’s full version and besides Scrypt mining, the pool will also support SHA256 mining. This means you can use your old Antminers or USB ASICs once again to create a coin that will always rise in value, thanks to the miners.
Besides that, there will be several other features the pool will boost, like giving a percentage of your hash rate towards a buy wall. This means that the miners will create a buy wall with their hashes and thus support the market with it. And if the buy wall gets eaten one day the miners that put it there will receive more coins then they would on the automatic payout every day!
An awesome idea and a really innovative way to give new people a chance to enter the BlackCoin market. If you want to get into BlackCoin, we recommend you to do it before the multi pool has it’s official launch which will be before this weekend.