What is Blackcoin (BLK), the “currency”?
Like Bitcoin (BTC), Blackcoin (BLK) is traded as a commodity in the USA.
So, what exactly is traded?
First, you must understand that "Blackcoin" designates three different things:
- The Blackcoin Client == the original software that creates the blockchain.
- The Blockchain == a database [mostly] of Unspent Transaction Outputs ( UTXO ).
- The Commodity == BLK == some part of a UTXO.
Owning Blackcoin (BLK) means owning rights to a string of numbers and letters - a private key - which is like a password to "unlock" or "spend" UTXO.
A wallet is a collection of private keys.
If the wallet is "unlocked for staking" it will help secure the network by competing with other clients to produce a new block. Each new block contains 1.5 newly minted BLK as a reward, and clients will win at a rate proportionate to the amount of BLK staked.
When installed, a client will download a copy of the blockchain and share it to the network. Because every client has a copy of the blockchain, and all clients will agree upon every transaction within a few minutes, so it is impossible to counterfeit a transaction on the Blackcoin network with a few confirmations. Although large amounts should not be considered secure until it has been confirmed a couple of times one can be reasonably certain that a transaction will finalize within seconds of sending.
No one owns Blackcoin (the blockchain) or Blackcoin (the software), and owning Blackcoin (the commodity) is not like owning stock in a company.
There is no central authority or control.
The inital supply of BLK was created, like Bitcoin, with Proof of Work.
BLK has been sold in exchange for BTC since 2014 with a (dollar equivilant) All Time Low of $0.0029 on March 8th 2014 and an All Time High of $1.15 on January 6th 2018. (1)