Blakecoin (BLC) is an open-source initiative and an exploratory cryptographic digital currency that seeks to allow payments to be made to anyone anywhere in the world. Blakecoin employs peer-to-peer technology to function without a central authority, and the network manages transactions and issues coins collectively. The initiative also aims to make Blakecoin (BLC) a currency ecosystem for online gaming, yet to be launched.
According to the whitepaper, Blakecoin is a coin that aligns transaction speed with network security and performance. The source code of this coin is forked from Bitcoin 0.8.6 and offers an improvement in the hashing algorithm or computing function of a blockchain. A cryptographic hash function connects each new block to the preceding block in a blockchain. This hash function transforms a block’s transaction data into a distinct string of text (called a hash) that cannot be changed without simultaneously changing the preceding block’s hash value and the blockchain’s complete history. Referred to as Blake-256, Blakecoin’s hashing algorithm seeks to improve on the difficulty adjustment and block reward generation. The Blake-256 algorithm utilizes the proof-of-work (PoW) consensus but seeks to be energy-efficient. Consequently, Blakecoin utilizes less electricity.
Further, the platform states that Blake-256 generates more hashes per second than most other hashing algorithms. Simply said, the more hashes there are per block, the more probable the block will be discovered close to the desired block time. It also seeks to allow pools to reward miners correctly according to their share proportion.
The Blakecoin, represented by BLC, aims to provide a block reward of 25 coins together with an inflation rate, taking into account the mining difficulty. Users can create BLC through the mining process. Further, the block target time is three minutes, with retargeting every 20 blocks, approximately in an hour.
