Thanks to digitization, we now have a wide range of digital currencies with Bitcoin dominating as the most popular digital currency. But Bitcoin is no
Thanks to digitization, we now have a wide range of digital currencies with Bitcoin dominating as the most popular digital currency. But Bitcoin is not the only coin that those making use of digital currencies are mining. Topping the list of renowned digital currencies also is Blakecoin (BLC). Blakecoin is a digital currency that integrates peer to peer technology so as to operate accordingly. Since its inception by BlueDragon747 Group, this crytocurrency has been widely used for trading purposes. In addition, it has been effectively used in crytocurrency markets for exchange with other types of digital currencies. Many people might wonder Blakecoin is gaining popularity. To understand more about Blakecoin, it is worth discussing its features and merits.
Features of Blakecoin
1. Algorithm used:Blake-256 hashing
Blakecoin suitability is greatly attributed to the algorithm it uses. Blakecoin uses Blake-256 hashing algorithm to serve as its Proof of Work (PoW) because it is more superior for use in the cryptocurrency industry than other types of algorithms. Below are several attributes that make Blake-256 hashing algorithm suitable for Blakecoin.
· Generates relatively more hashes per second in contrast to other algorithms. This ensures the block is realized almost in line with target block time.
· This algorithm has a design that is simple making it extremely efficient.
2. Target block time: 3 minute
It is a fact that many cryptocurrencies have approximately one minute target block times. As for Blakecoin, a 3 minute target block time applies. This target block time is used because it enhances merged mining and assures top security. It also eliminates network synchronization problems that individuals face with other cryptocurrencies whose target block time is 1 minute.
3. Merge mine friendly
Merged mining involves simultaneous mining of multiple block chains by a miner. The good thing about merged mining is that each single hash initiated by miners impact on the overall hash rate of the currencies at play. This increases the security of the currencies. When it comes to Blakecoin, it is merged mined with currencies including Lithium, Electron and Photon.
Merits linked to Blakecoin
1. Block reward does not decrease
The block reward that arises out of mined blakecoins does not reduce as time goes by. Instead it increases based on block height and difficulty.
2. A convenient type of digital currency
Blakecoin poses no real challenges to users since it is designed in an easy to understand approach. Simplicity of the algorithm incorporated simplifies Blakecoin use. Blakecoin is also used to make transactions and payments by users to people located in various parts of the globe at any time.
3. The small inflation rate helps miners to get rewards
It may seem odd that the inflation rate has a positive impact on miners yet it alludes a negative impact. Although the inflation rate exists, it is extremely small. It impacts positively on miners as it helps them to carry on with mining even when difficulty significantly escalates. In essence, it ensures miners get rewards for long term mining.
As a final point, Blakecoin has so much in store for individuals. With the idea to make Blakecoin a diverse cryptocurrency, it is clear that it will be beneficial to many people. For example, the proposal to make Blakecoin applicable in online video games as a currency ecosystem presents profitable gains for gamers. Other than the information provided in this article, current and prospective users of Blakecoin can check out more information at https:/blakecoin.org/.