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Solving privacy concerns in the crypto ecosystem with BlackHat

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The concern for one’s privacy online is one of the core reasons for the creation and subsequent growth in the crypto industry around the world.

While privacy coins have been gaining popularity among users as they help people protect their identities and also becoming a part of the crypto ecosystem. The problem lies in the accessibility of these coins, which is difficult for inexperienced users.

BlackHat Coin is a project, aimed at providing people with a chance to maintain their privacy online and building a strong decentralized self-governed community. The platform aims to make crypto accessible for all users alike with a strong focus on privacy.

What is BlackHat?

The BlackHat Coin project was launched in April 2021 as a community-driven decentralized blockchain focused on privacy and security. It has been implemented on the zk-SNARK Sapling protocol by the 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 is working on to become more than just a trading asset and apply their utilities towards payment methods.

The platform’s ultimate goal is to facilitate mass adoption and provide users instant and secure transactions all over the world.

BLKC coin

The BLKC coin has a maximum supply of 21 million with a hot and cold PoS (Proof-of-Stake) consensus. BlackHat creates a new block every 60 seconds with 16 BLKC reward at the moment.  20% of reward reduction takes place once every 3 months. This has been planned to be continued till the minimum amount of 2 BLKC is reached.

Proof-of-stake

BlackHat uses the PoS method instead of the PoW (Proof-of-Work) in an attempt to conserve energy and do their part for the environment. While PoW uses a lot of energy, PoS assigns mining power depending on the percentage of coins that a miner holds.

Its structure is designed in a way that there is very little risk of miners attacking the network since the attack would not provide the miner with many advantages.

Another advantage of PoS is that it is available for everyone alike as there is no need for any specialized equipment to participate or validate the blocks.

Users get the benefit of getting rewarded while it also helps to strengthen the BlackHat network.

Cold Staking

BlackHat also allows its users to use their coins and transfer them to a hot wallet for staking. This hot wallet can stake coins on the user’s behalf but cannot access them. The rewards generated from the hot wallet go directly to the user’s wallet and they have complete control over all their coins.

The user can also choose to turn off their wallet which would keep their private key and coins safe. 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 to the Project were added Masternodes. 

By starting Masternodes, users can become a part of the decentralized governing system through voting for the proposals. The voting itself is anonymous and helps to decide which proposals should be funded.

As mentioned earlier, BlackHat has a decentralized system of governance and with the Masternodes playing a major role in deciding whether a project gets funding or not. This makes sure that only community-validated initiatives get funded.

Conclusion

While people are becoming more aware of the privacy and data concerns they face online, privacy coins such as BLKC have a lot to offer to its users.

The PoS algorithm used by BlackHat is easy to use and accessible for anyone. It is also energy-efficient and eco-friendly in comparison to PoW.

Community members have an opportunity to propose their questions to be voted by Masternodes owners. This helps the community to participate in the governance and have voting authority in the functioning of the platform.

With the help of its services and tools, BlackHat is bridging the distance between privacy coins and crypto users.

For more information about BlackHat, please check out their website.

Disclaimer: This is a paid post and should not be treated as news/advice.

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With Masters in Mass communication and journalism, Anjali's interests lie in blockchain technology adoption across emerging economies.
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