FAQ

GENERAL

MORE ABOUT BLACKCOIN

Think of it like a peoples bank. Your accounts cant be frozen, it is completely and always free, it is anonymous, much more secure than traditional banking and payments can be sent to anyone in the world within seconds.
Anyone can create an account just by downloading the software. This bank has no owners and cannot be shut down. Because it is peer to peer, it is completely transparent. There is a limited supply of coins making it valuable and a great store of wealth like gold. New coins can only be generated by the networks 1% interest rate. Everyones account generates 1% interest per year to help keep the system secure.

So welcome to the future of currency!

Safe, fast, secure, anonymous, exciting and most of all fun!

Here are some other accomplishments or honorable mentions:

-Blackcoin was the first coin to go full proof of stake.
-It is also the worlds first coin to have working smart contracts.
-In early 2014 Blackcoin was the first coin to combine POS with a multipool. It was so powerful it was nicknamed the "Blackhole".
-Blackcoin was the first coin to crowdfund and hire an advertising/PR agency Max Bourges!
-Blackcoin is known for having an outstanding community. Everyone is a star here at Blackcoin. They have all worked tirelessly to make this coin one of actions instead of words. It is one of the most active communities next to Dogecoin.

HOW DOES IT WORK?

Did you know that in the United States that cryptocurrency is considered a commodity? So this means you get incredible tax breaks! Also many countries do not even tax it. Many people think smart contracts are the future! This is like the dawn of the internet.
Money will never be the same again. So how does this work?

The ability to manage transactions and issue additional BlackCoins is all handled by the network of users utilizing BlackCoin.
So this means YOU are the banker. Because the BlackCoin network is run by the people, holders of BlackCoin, who receive a 1% yearly interest through a process called staking.
BlackCoin is open-source too, meaning that the software that makes it function is completely available for public scrutiny giving you peace of mind. No one owns BlackCoin, it is not a single entity; anyone can be a part of it. The bank history is also called a "Blockchain". This history is shared by everyone. So when you download the program you save a copy of the history and share it! In addition you will stake while the software is running and make sure the bank history is secure. So it is impossible to counterfeit. Your account is a collection of keys. You can use those keys to sign transactions and evencontracts! Nobody else in the world has a copy of those keys, only you. So it is impossible to forge your digital signature. Thanks to the brilliant combination of digital signatures and torrents, cryptocurrency has risen to popularity.

So to summarize:

Everyone gets paid to keep the network secure
-Everyone shares the bank history, so its transparent
-The software is open source so you know its safe
It is anonymous and anyone can open an account
It is extremely fast, you can send money to anyone in the world within minutes
It is and will always BE FREE.

BLACKCOIN VS BITCOIN

So what makes Blackcoin so different from Bitcoin?

We love Bitcoin however we also seek to improve on it. Because Bitcoin is so big, it takes too much time for people to agree on innovative changes. This is why there was a huge surge in alternative currencies last few years. This has paved the way for Blackcoin.
Blackcoin has continued to lead the way in blockchain innovation.
The coin itself has been forked from Github more than any other coin in the world! It was started by Rat4 who worked on mostly POS(Proof of Stake) innovations. Rat4 wanted to prove that staking could be secure and more efficient than Bitcoins old fashioned and expensive Proof of Work.

Several members of the community combined the fast POS with a mining pool to help support the market price and volume by applying upward pressure and this resulted in a huge rise in Blackcoins popularity. Later Rat4 was joined by David Zimbeck the sole creator of BlackHalo who was an active community member. David who was previously well known in other fields such as Chess and Entertainment taught himself Python and coded a 'Smart Contracting' platform called BitHalo. Because he believed in Rat4 and agreed with the security of Blackcoin and the Multipool innovations, David chose to debut Halo in Blackcoin. Because of this, Blackcoin was an entire year ahead of other Smart Contracting proposals such as Etherium. Rat4 then took to making proof of stake more secure by forcing users to interact more with the network and to eliminate some of the security flaws. So he created Proof of Stake 2.0. In 2015, Rat4 has started working on a 3.0 protocol to finally master the protocol. In the meantime, David released a Decentralized Marketplace and Decentralized Servers and greatly improved BlackHalo giving it tons of new and exciting features focused on user friendliness. All of this was to prepare the coin for the arrival of a Decentralized Exchange built solely on Blackcoin. Since then, many other developers have contributed. Drunkonsound, a community member, built and sponsored the exco.in exchange as well as several other Blackcoin projects. The exco.in exchange was the first exchange to have live, high frequency trading and built with lots of great charting and features for trading. Again Blackcoin grew and a new project, Legionairre was also started by a community member, btclaw. Legionairre gives people the ability to have Stealth Addresses. Their primary focus is your privacy. The momentum in Blackcoin has been continuing and every year more new and exciting features are being added.

The best part is, if you get involved you can be part of all of the excitement of the future of the internet.

PROOF OF STAKE VS PROOF OF WORK

Proof-of-Work was a fantastic innovation that formed the backbone of the original Bitcoin protocol. The idea is that by solving a computationally intensive math problem, one can prove the effort they've done to secure the protocol. This is how a blockchain is generated, and the effort that is required to perform this computations contribute to a coin's scarcity and value.

However, Proof-of-Work eventually becomes an extraordinarily expensive system.

Proof of Stake solves this issue in a very elegant way. Rather than using computer power as a scarce resource to generate security, Proof of Stake uses the scarcity of the coin itself. A user may choose to "stake" his coins to generate the next block in the chain, and his chance of doing so is basically proportional to the weight of his own coins.

BlackCoin was notably the first coin to use a Proof-of-Work creation cycle followed by transition to full Proof-of-stake.
Proof-of-Stake is eco-friendly and efficient, and avoids the vast waste of energy and hardware overhead of Proof-of-Work based networks.
Over time, BlackCoin's core protocol has made industry-leading improvements to Proof-of-Stake security and general functionality (PoS 2.0 and PoS 3.0).

THE ANNUAL INFLATION OF BLACKCOIN

It is a fixed amount of BLK due to static block reward, and a slightly less inflation rate year on year because of that.

The block time target is 64 seconds, so working that out per year (60/64 x 60) x 24 x 365 is 492750 1.5BLK block rewards in a year which is 739,125 new BLK per year roughly. As of right now, 739,125 is 0.972% of the total supply of 76,034,138BLK.

This 0.972% is distributed to only fraction of the shareholders, the ones who stake. The reward rate is above 1%, average 4-8% annual depend on time and amount of BLK staked.

That means if only 20% of coins were being actively staked, you could actually get around 5%/year for continually staking, since 80% of people (avg) weren't staking and get nothing.

WHERE CAN I CHECK THE NETWORK WEIGHT?

You can check the network weight on the bottom left of your wallet.
Network weight is computed from the last 72 blocks.

WHERE CAN I BUY BLACKCOINS?

You can purchase BlackCoins on different online exchanges.

You could find exchanges with the biggest volumes at Blackcoin.co/Buy or at Coinmarketcap.com/Markets

STAKING

Blackcoin is a pure PoS (Proof-of-Stake) coin and can no longer be mined in the usual way. However, you can still mine by what is called Staking. This also serves to secure the network and aid in the various transactions made for all Blackcoin users. Staking will earn you from 1% to 8% (depend on the network weight) of your total amount of coins held in your wallet over the period of a year, and will start as soon as you have unlocked your wallet.

Once you start to Stake, you will notice that a certain amount of coins will be placed into your Stake balance (you can see this under the Overview tab on your wallet) and those coins will begin to stake. The more coins you have, the more coins you will earn by Staking.

WHAT KIND OF COMPUTING POWER IS REQUIRED FOR STAKING?

Staking doesn't need to do a lot of work, so the requirements are incredibly small.
You would have a hard time to find a computer today that is NOT able to stake.

HOW BIG ARE BLOCK REWARDS?

You get 1.5 BLK reward + any tx fees in that block.

HOW OFTEN WOULD I RECEIVE A BLOCK REWARD?

With 10000 BLK you can expect to stake around once a day (1.5BLK).

There's no predicting exactly how many stakes you will get. However, if you stake with more coins, you get more blocks and you more likely to find a reward. Someone staking 24 hours a day, 365 days a year would get more (~24x) than someone staking the same amount of coins an hour a day.

Staking is a kind of lottery. Some days you'll get more than usual, some days less. It's just an estimate.

WHAT ARE THE OFFICIAL BLACKCOIN WEBSITES?

https://Blackcoin.co is the only official BlackCoin website.

DO NOT DOWNLOAD FROM OR SIGN UP TO ANY OTHER BLACKOIN LOOK WEBSITE!

WALLET

HOW LONG DOES THE WALLET TAKE TO SYNC?

The current bootstrap is around 1.4 GB. It can take up to 2 days to download (depending on your internet speed and available peers).

Downloading the bootstrap is a good way to speed up your first syncing.
You can find BLK Bootstrap at the bottom of the page (FAQ/OTHER/BOOTSTRAP).

WHY WALLET IS NOT SYNCING?

1. Make sure you have the latest wallet version.

2. Make sure your Firewall or Anti Virus software do not block wallet connections.

3. Make sure your system's clock is accurate.

4. Coins take around 8 hours (~501 Blocks) to mature.

5. Wallet will create his own peer circle. It takes time.

However you can help the wallet with giving it a list of nodes:

To apply addnode, you have to find your blackoin.conf. It should be here:

Windows: %APPDATA%\Blackcoin\
Linux: $HOME/.bitcoin/
Mac OSX: $HOME/Library/Application Support/Blackcoin/

Then go to https://chainz.cryptoid.info/blk/#!network
Click on "node list"
Copy the whole list to the end of blackcoin.conf
Start Blackcoin-Qt

* Sometimes OS hides file extensions so check if a .conf is not actually .conf.txt

If you still receiving problems, check your debug.log, look for errors and ask on BlackCoin Slack (https://slack-blackcoin.herokuapp.com/)

WHATEVER YOU DO, BACKUP YOUR WALLET.DAT!

HOW TO SEND BLACKCOINS?

To send coins is very straight forward.
If you are sending these coins to a friend, exchange or business, then all you will need is their Receive address (known as a deposit address on exchanges).
If your wallet is encrypted, which hopefully it is, you will also need to have your passphrase (encryption phrase) ready as this is required every time you want to send coins out of your wallet.

Pay To: Enter the Blackcoin address of your friend/exchange or business. (These addresses will also be stored in your built-in address book, where you can label or re-label whenever you wish)

Label: This makes it easier for you to remember who the address belong to, so if you send to an exchange like say Poloniex, type in Poloniex exchange.

Amount: How much you want to send.

Please note that if you are sending coins to an address, make sure that you copy and paste the address in to the Pay To area instead of typing it in.
This will hopefully prevent you from entering an incorrect address.

HOW TO RECEIVE BLACKCOINS?

Like sending coins, receiving them is just as simple.
If you have just bought some BlackCoins from an exchange, or are being paid in BLK then you will need to have a Receive Address so that the coins can be sent straight to your wallet.
By default you will only have one Receive Address, so just right-click on it and select Copy Address. This prevents from trying to manually type it out and making errors.
Now give that address to whoever wishes to pay you (or exchange).

You dont have to use the same address to receive coins for every transaction as creating a new address is very simple.
Just click New Address at the bottom and then label it whatever you wish (eg. Donation from site) so you can view individual transaction made to you easier over time.

HOW TO OPEN YOUR WALLET FOR STAKING?

Wallet Settings > Unlock Wallet

WHAT IS THE MAX AMMOUNT OF NETWORK CONNECTIONS?

The outbound connection is cap at 16 max.
If you want more connections, you need to accept inbound connections.
The wallet listen on port 15714. Just check if that port is not blocked. Also, It takes time for other peers to discover your nodes and connect to it.

UPGRADING WALLET

Just replace the old binary with the new one.
Before upgrading, make sure that you have the lastest backup of your wallet.dat file.

CHANGING WALLET LOCATION

Create a shortcut that runs blackcoin-qt.exe -datadir=NEW LOCATION

HOW OFTEN DO I NEED TO BACKUP MY WALLET?

If you send coins from the wallet to other addresses, then you should back it up, since sending can create a new change addresses.
If you are not doing anything other than staking and receiving coins to the same address, then you probably don't need to create additional backups.

HOW TO STOP STAKING TO BE ABLE TO SEND COINS?

Your balance which is staking will be freed after 501 confirmations.
You can track progress in the Transactions tab.

SENDING BLACKCOINS FROM CERTAIN ADDRESS

If you generated few addresses in your wallet, but you would like to choose certain one to send BlackCoins from:
Settings >> options >> display >> "check" display coin control features(experts only) >> apply;
Send >> inputs >> "check" the address you would like to send from.

ARE THERE A WEB OR MOBILE BLACKCOIN WALLETS?

Yes, PayBLK is easy-to-use, open-source, multiplatform (supporting 7 platforms), multisignature, secure blackcoin wallet platform for both individuals and companies.

Web: PayBLK.BlackCoin.io
Mobile: PayBLK on Google Play

OTHER

BLACKOIN FAUCETS

BOOTSTRAP

Bootstrap: 14 May 2017
Bootstrap: 5 December 2015

Using the bootstrap: Start the client with the loadblock method:
Windows: blackcoin-qt.exe -loadblock=C:..\bootstrap.dat
Linux: ./blackcoin-qt -loadblock=/home/../bootstrap.dat
In bottom left of the wallet, it will say "Importing blocks..."