A self-funded, community-run decentralized blockchain wants to create an ecosystem of privacy coins that doesn’t consume large amounts of power.
This platform, called BlackHat Coin, will use Proof of Stake (PoS) consensus mining in addition to implementing its privacy layer over the zk-SNARK sapling protocol to provide fast, anonymous, and untraceable payments.
“Today, it is no secret that artificial intelligence-based systems for analyzing cryptocurrency transactions have been developed, the conditions for the use of tokens have been tightened, the interests of various projects centralized have been called upon in every way possible, ”the project said. in his white paper.
According to them, despite the fact that regulators around the world approach the issue of de-anonymization differently, the essence of their approach remains “full control in its own right.”
The BlackHat project team wants to remedy this “arbitrary interference” with privacy by creating a coin ecosystem with a solid infrastructure around it. The goal is to create a BlackHat wallet that will allow users to pay for goods and services as easily as they would with a traditional bank card.
To achieve this, they will build a set of services that will manage finances through PC mobile and web apps, while using the greenest, most cost-effective alternative to coin mining.
Cold staking and masternodes
BlackHat’s proof of stake consensus mechanism will feature a combination of hot and cold staking. This means that users will be able to delegate their staking coins to a hot wallet, which operates 24/7, while their staking rewards will be paid directly to their offline wallets.
They will also have the option to delegate coins from multiple offline wallets to a hot wallet that will stake coins on their behalf.
BlackHat Coin relies on both stakes and masternodes to decentralize, govern and secure its network. Block rewards will be split between stakes and masternodes on a 40/60 basis.
Masternodes will add a second layer of security to the network while providing the staking community with a more lucrative source of passive income.
In order to set up a masternode, a user will need to delegate 5,000 BLKC – the network’s native token – as proof of blockchain loyalty. Masternode operators will also be eligible to participate in BlackHat’s decentralized governance votes.
The road to privacy
Over the next few months, BlackHat Coin will showcase its mobile wallet. The mobile wallet will tie together most of the existing elements by enabling cold staking and laying the groundwork for a future merchant system.
“This is a kind of payment processing system that could be easily integrated into any website, store, Telegram channel, etc.,” BlackHat explained in a blog post.
All wallets will be integrated in such a way that users can make purchases with BLKC with just a few clicks, or even simply scanning a QR code from the wallet itself.
More importantly, the emphasis on the confidentiality and anonymity of transactions will be reinforced by transactions that cannot be found. The zk-SNARK or “zero-knowledge proof” protocol hides all external data outside the time stamp, guaranteeing anonymity to the sender and recipient of a transaction.
“Compromise is impossible. The history of the coin’s origin cannot be traced, ”the project said.
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