If you are an avid reader of our lovely CryptoArticles website, you should have noticed I mentioned a project called “BlackHalo” a little while ago. We have received some more details about this project, which is not only of interest to the BlackCoin community, but to every Crypto enthusiast out there.
For those of you who don’t remember what BlackHalo is, or in case you haven’t heard of this project yet, I’ll do a quick recap. BlackHalo will be a smart contracting client.What this will do is eliminate the middle man, or the trust you have to put in total strangers, when it comes to transactions.
In order to achieve this, BlackHalo will offer “double deposit two-party escrow”, which is quite a mouthful. What this will do is allow a user to trust complete strangers from any country in the world to honor an agreement of any kind. I know this might sound a bit Utopian to you at this point, but hear me out first.
We all know once you negotiate a contract with another party, there’s a good chance either side will try to cheat the system. What if there was a system in place, like BlackHalo, that makes risk of cheating the contract higher than the reward of actually honoring it? Kind of like our Justice system, but one that actually works properly…
On top of that, thanks to a filtered messaging system, which is built into the BlackCoin client, there is no way for parties to extort each other! This is a major advancement for conducting business in any way, shape or form.
It’s features like these that make the world of Crypto such an exciting place to invest a lot of your time in; as this is true innovation we are witnessing, and we have the front row seats to it as well!
Now, in layman terms, anyone in the world can buy BlackCoin from any other person in the world without the usual risks involved. You won’t even have to meet face-to-face, but as a lot of people value their person-to-person transfers of Crypto, that’s still a viable option if you prefer to do so.
When we are talking about Crypto, or in this case BlackCoin, being decentralised, it doesn’t get much better than this. No central exchanges, as anyone in the world can be their own exchange. Employment contracts, paid in BlackCoin, are a very real possibility as well once BlackHalo launches.
BlackHalo also brings the financial freedom we are all craving for. If you create a contract through the service to sell BlackCoin, you can still accept non-Crypto payment methods such as Paypal, Western Union, MoneyGram,… Having the knowledge that the other party can’t break the contract is a key element in this process.
As amazing as all of that sounds, it’s not the only feature offered by BlackHalo. Through this service, you will also have the ability to work joint accounts. Sharing your joint account with a business partner, spouse or other relative will open up the door for many newcomers to the world of BlackCoin, and Crypto in general.
As with any self-respecting service, you can add several layers of security to your joint account. Password protection of your keys with an additional layer of encryption for example. Or how about “Two-Step sending”, where multiple parties have to come to an agreement before a transaction can be executed?
BlackHalo is, as of this writing, the only two-party electronic contracting system available anywhere in the world. If you have a contract, but the other party doesn’t fulfill their obligations, you can have the contract destroyed. The other party will not receive their money either, as the funds are being held in Escrow, and once the contract is destroyed, they will be returned to to sender.
Last but not least, I want to tell you about NightTrader, which is BlackCoin’s encrypted messaging system used for sending smart contracts. This allows clients to communicate and use the same risk and reward system for agreeing on messages and data without the use of centralized servers.
(NightTrader is built on top of BitMessage, for those of you who were wondering).
I know all of the above is a lot of information to take in. And yes, it all sounds absolutely amazing, and yes, a lot of you will still be skeptical. That’s okay, I would be worried if no one had second thoughts at this point. BlackHalo has the potential to be a game changer for the world of Crypto as we know it.
Original BlackHalo announcement : http://www.dailyblackcoin.com/blackcoin-community-introduces-blackhalo/
BlackCoin donations are welcome to : BLv7UfHK3zyoxREFYUW69V15QhbQ9kt1Lm