BlackCoin Full Nodes, Wallets and Staking
|
|
Guides complete** (Lore wallet tor requires finalizing)
**Due to the nature of Staking coins and holding funds, I'm going to be extra careful about calling these guides complete.
I would really appreciate a second set of eyes to ensure there are no security issues outstanding before calling them finalized.
For feedback the best place to reach me is Reddit or @shermand100_gitlab on the blackcoin gitter
**Due to the nature of Staking coins and holding funds, I'm going to be extra careful about calling these guides complete.
I would really appreciate a second set of eyes to ensure there are no security issues outstanding before calling them finalized.
For feedback the best place to reach me is Reddit or @shermand100_gitlab on the blackcoin gitter
What is BlackCoin?
Blackcoin's end product is similar to that of other crypto-currencies in that it offers Peer to Peer value exchange in a decentralized and low fee manner. What sets BlackCoin apart from the others is that it is the original Proof of Stake coin.
How is it better than the others?
By contrast, traditionally Bitcoin and other currencies operate on a Proof of Work system, meaning a user's computer does work to secure the network.
A user is then rewarded for that work, and the more work a user does, the more resources he/she consumes in the form of electricity. This method was ok in the very early years of crypto-currencies, but with the huge surge in processing power coming from Asia and the enormous resources it is consuming this model of network security is immoral and expensive to replicate.
BlackCoin's solution to this new problem (simplified here) was by way of a lottery. It was deemed that a user holding Blackcoins to invest, was unlikely to act maliciously towards the network. So a user holding funds and proving ownership of currency held, known as "staking", allowed them to verify transactions themselves and claim a reward for doing so. The more funds a user holds, the more trustworthy they are deemed to be, and so they are more likely to be selected by the network to process the transactions of the block and claim the reward.
Think of coins held in a BlackCoin staking wallet like tickets to its lottery.
What do I get?
It is expected that a holder of BlackCoins would receive between 1% and 8% of what they are staking per year in rewards.
With Proof of Stake at it's core, BlackCoin also offers:
This page contains an index of guides for you to make your own BlackCoin staking wallets to claim block rewards for yourself.
The BlackCoin wallet software needs to run on a computer 24/7 for your chance to receive the reward. With a typical desktop PC consuming 200W of power in this role it equates to around $175USD* per year in electricity costs! A laptop at 50W would cost around $44USD*!
There is a better way! What's offered here is the complete How-To, with all the commands, screenshots and explanations to run the software required on a credit card sized computer called a Raspberry Pi. They're used in all sorts of things these days so you may have heard of them. A Raspberry Pi consumes just 5W of power! Giving an estimated annual cost of just a little over $4USD*!
When you consider the reward for staking BlackCoin is between 1-8% it's the obvious way to do it!
*Calculations based on 10c per kW/h
Why are there so many different ones here?
BlackCoin is run and maintained by an online community and throughout the many years it's been updated and improved upon a lot.
Lore:
The newest stage in BlackCoins development is the Lore Node and Wallet in the first row below. It is the simplest to build, run and operate.
The Lore wallet keeps a full record of all the transactions ever made (the blockchain), enforces the rules of the network to ensure everyone is using it honestly, is a locked wallet for you to store your BlackCoin and also allows you to stake and earn rewards.
Other versions in the row allow you to add an LCD display to show coin price, news, family pics, whatever you want... To make your node a talking point at work or in at home. Or add the Tor network function to add more anonymity to your transactions.
Original:
This version is how it all started. It also keeps a record of the blockchain, enforces rules, functions as a wallet and allows you to stake. This row of guides is here for current users that want to upgrade their nodes with features like LCD displays or transact through the Tor network.
Blackcoin's end product is similar to that of other crypto-currencies in that it offers Peer to Peer value exchange in a decentralized and low fee manner. What sets BlackCoin apart from the others is that it is the original Proof of Stake coin.
How is it better than the others?
By contrast, traditionally Bitcoin and other currencies operate on a Proof of Work system, meaning a user's computer does work to secure the network.
A user is then rewarded for that work, and the more work a user does, the more resources he/she consumes in the form of electricity. This method was ok in the very early years of crypto-currencies, but with the huge surge in processing power coming from Asia and the enormous resources it is consuming this model of network security is immoral and expensive to replicate.
BlackCoin's solution to this new problem (simplified here) was by way of a lottery. It was deemed that a user holding Blackcoins to invest, was unlikely to act maliciously towards the network. So a user holding funds and proving ownership of currency held, known as "staking", allowed them to verify transactions themselves and claim a reward for doing so. The more funds a user holds, the more trustworthy they are deemed to be, and so they are more likely to be selected by the network to process the transactions of the block and claim the reward.
Think of coins held in a BlackCoin staking wallet like tickets to its lottery.
What do I get?
It is expected that a holder of BlackCoins would receive between 1% and 8% of what they are staking per year in rewards.
With Proof of Stake at it's core, BlackCoin also offers:
- A 64 second block time - (How fast a transaction is finalized) Approx 10 times faster than Bitcoin!
- Low fee - A typical transaction costs just 0.0002 BlackCoin ($0.000045USD at time of writing) to send
- Anonymous - No personal information is required to use BlackCoin.
- All opensource software - The code is available to everyone to audit and scrutinize
This page contains an index of guides for you to make your own BlackCoin staking wallets to claim block rewards for yourself.
The BlackCoin wallet software needs to run on a computer 24/7 for your chance to receive the reward. With a typical desktop PC consuming 200W of power in this role it equates to around $175USD* per year in electricity costs! A laptop at 50W would cost around $44USD*!
There is a better way! What's offered here is the complete How-To, with all the commands, screenshots and explanations to run the software required on a credit card sized computer called a Raspberry Pi. They're used in all sorts of things these days so you may have heard of them. A Raspberry Pi consumes just 5W of power! Giving an estimated annual cost of just a little over $4USD*!
When you consider the reward for staking BlackCoin is between 1-8% it's the obvious way to do it!
*Calculations based on 10c per kW/h
Why are there so many different ones here?
BlackCoin is run and maintained by an online community and throughout the many years it's been updated and improved upon a lot.
Lore:
The newest stage in BlackCoins development is the Lore Node and Wallet in the first row below. It is the simplest to build, run and operate.
The Lore wallet keeps a full record of all the transactions ever made (the blockchain), enforces the rules of the network to ensure everyone is using it honestly, is a locked wallet for you to store your BlackCoin and also allows you to stake and earn rewards.
Other versions in the row allow you to add an LCD display to show coin price, news, family pics, whatever you want... To make your node a talking point at work or in at home. Or add the Tor network function to add more anonymity to your transactions.
Original:
This version is how it all started. It also keeps a record of the blockchain, enforces rules, functions as a wallet and allows you to stake. This row of guides is here for current users that want to upgrade their nodes with features like LCD displays or transact through the Tor network.
So for new users I recommend starting with the Lore guide. A fully list of the hardware you need can be found within each guide too.
Enjoy and welcome to BlackCoin...
Enjoy and welcome to BlackCoin...
Lore BlackCoin Nodes, Staking Wallet - cli
BlackCoin Node (Lore), Staking+Wallet. USB HDD
|
BlackCoin Node (Lore), Staking+Wallet. USB HDD + LCD Display
|
BlackCoin Node (Lore), Staking+Wallet. USB HDD, Tor Network Enabled
|
Original BlackCoin Nodes, Staking Wallet - cli
BlackCoin Node, Staking+Wallet. USB HDD
|
BlackCoin Node, Staking+Wallet. USB HDD + LCD Display
|
BlackCoin Node, Staking+Wallet. USB HDD, Tor Network Enabled
|
