The concern for online privacy is one of the main reasons for the creation and subsequent growth of the crypto industry around the world.
While privacy coins have gained popularity among users as they help people protect their identity and become part of the crypto ecosystem as well. The problem lies in the accessibility of these parts, which is difficult for inexperienced users.
BlackHat Coin is a project to give people a chance to preserve their privacy online and to create a strong autonomous and decentralized community. The platform aims to make cryptography accessible to all users with a strong emphasis on privacy.
What is BlackHat?
The BlackHat Coin project was launched in April 2021 as a decentralized, community-driven blockchain focused on privacy and security. It was implemented on the zk-SNARK Sapling protocol by Electric Coin Company.
BlackHat aims to make crypto easy for everyone without any mining equipment. Users just need to have their computers, laptops, or even Raspberry Pi. BlackHat strives to become more than just a business asset and apply its utilities to payment methods.
The ultimate goal of the platform is to facilitate mass adoption and provide users with instant and secure transactions all over the world.
BLKC coin has a maximum supply of 21 million with hot and cold Proof-of-Stake (PoS) consensus. BlackHat creates a new block every 60 seconds with 16 BLKC rewards at the moment. 20% reward reduction takes place once every 3 months. It was planned to continue until the minimum amount of 2 BLKC is reached.
Proof of participation
BlackHat uses the PoS method instead of the PoW (Proof-of-Work) in order to save energy and do its part for the environment. While PoW uses a lot of energy, PoS allocates mining power based on the percentage of coins owned by a miner.
Its structure is designed in such a way that there is very little risk of miners attacking the network as the attack would not provide the miner with many benefits.
Another advantage of PoS is that it is accessible to everyone as no specialized equipment is required to participate or validate blocks.
Users enjoy a reward while helping to strengthen the BlackHat network.
BlackHat also allows its users to redeem their coins and transfer them to a hot wallet for staking. This hot wallet can wager coins on behalf of the user but cannot access it. The rewards generated by the hot wallet go directly to the user’s wallet and the user has full control over all of their coins.
The user can also choose to deactivate their wallet, which would protect their private key and coins. BlakHat also allows its users to delegate coins from multiple wallets to a single hot wallet for cold staking.
Governance and Masternodes
To provide a second layer of network security for the project, masternodes have been added.
By starting the Masternodes, users can be part of the decentralized governance system by voting for the proposals. The vote itself is anonymous and helps decide which proposals should be funded.
As mentioned earlier, BlackHat has a decentralized governance system and Masternodes play a major role in deciding whether a project gets funding or not. This ensures that only community validated initiatives are funded.
As people become more aware of the privacy and data issues they face online, privacy coins like BLKC have a lot to offer their users.
The PoS algorithm used by BlackHat is easy to use and accessible to everyone. It is also energy efficient and environmentally friendly compared to PoW.
Community members have the opportunity to put their questions to the vote of Masternode owners. This helps the community to participate in governance and have the right to vote in the operation of the platform.
With the help of its services and tools, BlackHat bridges the distance between privacy coins and crypto users.
For more information on BlackHat, please see their website.
Disclaimer: This is a paid article and should not be treated as news / advice.