In late 2020 and early 2021, crypto exchanges crack down on privacy coins. This resulted in the delisting of Monero, Zcash, Dash and others from these platforms. Regulators around the world have pressured these entities to “reduce risk” and “protect” consumers from the alleged dangers of these cryptocurrencies.
This is the argument usually used by government institutions and agencies, protection, order, the fight against crime. User access to tools that protect their identity and financial information has been limited. Regulators deliberately omit that privacy is a basic human right.
Despite their safeguards, governments and private companies use the data of their citizens and consumers for their own benefit, surveillance or profit and rarely give them a choice. People are aware of this problem. Thus, the demand for privacy has led to the rise of encrypted messaging applications such as privacy signals and coins continue to thrive.
The BlackHat Coin (BLKC) project, launched in April 2021 by a community-based, self-funded initiative, is one of the solutions created to meet users’ demand for privacy. This project aims to give back control and power to users with a privacy coin running on a stable, decentralized and resilient node infrastructure.
Features and Benefits of BlackHat Coin, Privacy Stake?
Deployed on the zk-SNARK Sapling protocol developed by Electric Coin Company, the company behind Zcash, BlackHat Coin operates untraceable transactions with zero-knowledge proof and a user-friendly approach designed to increase adoption. This privacy coin uses a Proof-Of-Stake (PoS) consensus algorithm and has a limited supply of 21 million BLKCs with 1 million premines.
Unlike Bitcoin and other privacy coins, the PoS algorithm allows BlackHat Coin to have its strengths without limitations. This project is more energy efficient and users do not need expensive equipment to participate in its network.
Thus, it offers a secure and anonymous payment system with the ability to earn rewards just by running a personal wallet with BLKC. A personal computer, laptop, or even an ARM-based microcomputer is more than enough to participate, receive rewards, and provide more network security.
Another unique feature of BlackHat Coin is the ability to wager funds and receive additional rewards. This process uses a hot and cold mechanism that allows users to be rewarded by delegating their funds without losing control of their coins.
In addition to the zk-SNARK Sapling protocol, BlackHat Coin has a second layer of network security formed by masternodes. These entities provide the network with more security and allow transactions to have more validation. Users who manage their own masternode can participate in the decentralized governance model through a voting process.
Operating with the same level of privacy as the network, the BlackHat Coin governance model allows users to submit and vote for proposals. The outcome of the vote will determine whether a proposal receives community and financial support. The proposal is funded by the treasury of the BlackHat community and contributes to the self-sufficiency and future development of the network.
2021 could be a year that will attract more eyes to the crypto industry. The demand for solutions like BlackHat Coin will most likely continue to increase and have a positive impact on its price, as more and more users come to the network.
Fortunately, regulators and government agencies will be unable to violate the rights of BLKC holders. In addition to its consensus and infrastructure benefits, this coin’s transaction history cannot be traced and its offering cannot be analyzed to identify users.
When it comes to privacy and self-security, there can be no compromise. Your information, data and identity are either secure or compromised. BlackHat Coin prevents the latter as it moves towards a future where BLKC can be easier to apply in everyday life and support an ecosystem where users can feel secure.
Image by Sammy-Williams from Pixabay