At the end of 2020 and beginning of 2021, crypto exchanges will take action against privacy coins. This resulted in Monero, Zcash, Dash and others being deleted from these platforms. Regulators from around the world put pressure on these companies to “reduce risk” and “protect” consumers from the alleged dangers of these cryptocurrencies.
This is the usual argumentation of institutions and authorities, protection, order, fight against crime. User access to tools to protect their identity and financial information has been restricted. The supervisory authorities deliberately fail to state that privacy is a fundamental human right.
Despite their safeguards, governments and private companies use their citizens and consumers’ data for their interest, surveillance, or gain, and seldom leave them a choice. People are aware of this problem. Hence, the demand for privacy has led encrypted messaging apps like Signals and Privacy Coins to continue to thrive.
The BlackHat Coin (BLKC) Project, launched in April 2021 by a community-run and self-funded initiative, is one of the solutions created to meet user demand for privacy. This project aims to restore control and power to users by running a privacy token on a stable, decentralized and resilient node infrastructure.
BlackHat Coin Features and Benefits, Use with Privacy?
BlackHat Coin is provided on the zk-SNARK Sapling protocol developed by the Electric Coin Company, the company behind Zcash, and uses untraceable transactions with zero-knowledge evidence and a user-friendly approach designed to increase adoption. This Privacy Coin uses a Proof-Of-Stake (PoS) consensus algorithm and has a limited supply of 21 million BLKC with 1 million premines.
In contrast to Bitcoin and other privacy coins, the PoS algorithm BlackHat Coin enables it to develop its strengths without restrictions. This project is more energy efficient and users don’t need expensive equipment to join its network.
Thus, it offers a secure and anonymous payment system with the ability to earn rewards simply by running a personal wallet with BLKC. A home computer, laptop, or even an ARM-based microcomputer is more than sufficient to participate, receive the rewards, and bring more security to the network.
Another unique feature of BlackHat Coin is the ability to wager money and receive additional rewards. This process uses a hot and cold staking mechanism that allows users to be rewarded by delegating their funds without losing control of their coins.
In addition to the zk-SNARK Sapling protocol, BlackHat Coin has a second network security level, which is formed by masternodes. These entities provide more security to the network and allow transactions to be more validated. Users who operate their own masternode can participate in the decentralized governance model via a voting process.
The BlackHat Coin Governance model works with the same level of data protection as the network and allows users to submit proposals and vote for them. The outcome of the vote will determine whether a proposal will receive community and financial support. The proposal is funded by the BlackHat Community Treasury Department and will add to the sustainability and future development of the network.
2021 could be a year that will bring more eyes to the crypto industry. The demand for solutions like BlackHat Coin will most likely continue to grow and have a positive impact on the price as more users enter the network.
Fortunately, regulators and government agencies will not be able to violate the rights of BLKC holders. In addition to the benefits for consensus and infrastructure, this coin’s transaction history cannot be traced, and its offering cannot be analyzed to identify users.
When it comes to privacy and confidence, there can be no middle ground. Your information, data, and identity are either secure or compromised. BlackHat Coin prevents the latter as it moves into a future where BLKC is easier to use in everyday life and supports an ecosystem in which users can feel safe.
Image by Sammy-Williams from Pixabay