Most of the "alternative" cryptocurrencies that exist today are copycats of either Bitcoin or Litecoin with a few exceptions. Bitcoin and Litecoin are POW(proof of work) cryptocurrencies that require miners to do work with their mining equipment in exchange for getting coin rewards. Blackoin is a POS (proof of stake) cryptocurrency with a built in 1% annual inflation rate. What this means is that there are no miners who do any mining like in Bitcoin, instead new coins are generated by everyone who has Blackcoins in his/her wallet that are "staked". "Staking" is when you leave the coins sitting in your wallet and let them accumulate interest that is paid out every few days depending on several factors. The 1% annual inflation model was chosen because it does not encourage hoarding, and is enough to provide a steady supply of minting that is not too inflationary which is very important for stability. The whole point of Blackcoin's POS structure is that miners are not required to purchase mining equipment and spend lots of money on maintenance and electricity costs. This makes Blackcoin a very efficient and most importantly, a "Green" cryptocurrency. I tried sending some BC to and from several wallets to test the speed of the transfers and I was absolutely blown away by how quickly the network confirmed my transactions. The Blackcoin network requires 10 confirmations, but those 10 confirmations were done in almost under a minute. I had become frustrated with how slow Bitcoin had become in the recent weeks, sometimes waiting for up to 1 hour for my transfers to complete. When I saw how quickly the Blackcoin network sent my payments I knew this is exactly what I had been looking for. If you are a long time user of Bitcoin or any other cryptocoin you will be very pleasantly surprised with the lightning fast transfers that BC is offering.
The other very interesting thing about Blackcoin is the introduction of the "multipool". Because Blackcoin is a "proof of stake" coin, there is no mining directly taking place on the network. The multipool allows traditional Bitcoin and Litecoin miners to mine other crypoticurrencues and get paid in BC. The multipool takes the coins that are mined by the miners and automatically buys BC before paying out to the miners. This results in a very steady stream of new Blackcoin buying every single day, I don't have to tell you what this means for the future price of Blackcoin. The multipool is already sporting north of 6000 Mh/s on scrypt and 50 TH/s on SHA256 cryptocoins. If the pool continues to grow or at least maintains it's current mining power, this could be a very stabilizing force for the value of Blackcoin and will ensure adoption by merchants. Other cryptocurrencies do not have this stabilizing force that dampens the effect of speculators cashing out of the market. The multipool is a very reassuring thing to those merchants who wish to accept Blackcoin because it gives them a sense of security that the BC they receive in exchange for good and services will not be devalued overnight. There have already been several online point-of-sale portals like Coinkite that have accepted BC and I am sure many more will join in very soon. I see a bright future for Blackcoin because many online and offline merchants will be just as amazed as I was at how quickly transaction are confirmed on the Blackcoin payment network.
When I first started researching BC the exchange rate for BC/BTC was 0.00004. In the past week the exchange rate for Blackcoin has exploded to 0.0004 as of the writing of this article. What is even more impressive was the amount of volume on which this rise happened. I have been around cryptocurrencies for about 2 years now and I have seldom seen 2000-3000 Bitcoin daily trading volumes on any alternative cryptocurrency. Whether this trend continues or not I have no idea, but so far the support and vote of confidence from the cryptocurrency community has been nothing short of stellar.