BlackCoin - Definition from the Hotspot Shield Encyclopedia
BlackCoin is a cryptocurrency that uses a peer to peer system and a proof-of-stake authentication method. The system is open source and was initially developed in 2014. Other cryptocurrencies use a proof-of-work method and mining, and this has been seen as an expensive and energy-intensive process.
For example, Bitcoin confirmation times can take anywhere up to 10 minutes, whereas Blackcoin's confirmation takes no more than 64 seconds in the minting process. The BlackCoin currency has been implemented into several exchanges, including the Coinkite exchange. Blackcoin's proof-of-stake method and its extremely quick transaction speeds have given it a great following and it is used by many as a direct alternative to Bitcoin.