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Category Archive: blackcoin

HolyTransaction add-on for cryptocurrencies exchange rates

Recently we at HolyTransaction created a new add-on for the Firefox browser only to see the exchange rates for cryptocurrency pairs.

This add-on allows you to see the exchange rates between the most popular currencies using only a couple of clicks. 
Exchange rates are available between dollar, euro, bitcoin, litecoin, peercoin, dogecoin, dash, blackcoin and gridcoin. 
The add-on’s simplicity provides you an easy way to have all the information you need before selling or buying your favorite cryptocurrencies.
The price is shown on your browser, according to your specific preferences. You can change the displayed number of decimal places in the user settings.

How to dowload the add-on

To download this HolyTransaction add-on, you just have to follow this step-by step guide:
  • Click on the Firefox Menu at the top right of the toolbar;
  • Click on “Add-on”;
  • Write “HolyTransaction” in the search at the top right of the page;
  • Click on “Add-on” on the left menu;
  • Click the “Download” button next to the HolyTransaction add-on. 
  • You will find the exchage rates window at the top right of your toolbar.
You just need to click on the HT logo of HolyTransaction. 

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio

Infographic: Comparing Altcoins

 Comparing Altcoins: what features make each altcoin different?

Open your free digital wallet here to store your cryptocurrencies in a safe place.

jorge

HolyTransaction releases Telegram Bot with Instant Cryptocurrency Conversion


We are excited to announce several new developments that have recently launched at HolyTransaction, in our continued effort to make digital currency easy and accessible for all.
Firstly, full conversion between Tether and our other supported cryptocurrencies is now available. Tether is blockchain-based smart property built on top of Omni Layer that is backed backed 1-to-1, by traditional currency held in Tether reserves. One TetherUST, for instance, equals one dollar. The value of each Tether never changes, meaning that there is no fear of volatility. Tethers can also be withdrawn and held in any Bitcoin wallet where you control the private key.
Secondly, we are pleased to introduce our new HolyTransaction Bot, available to users on both the Telegram and GetGems messaging platforms. The HolyTransaction Bot allows users to complete trades, view up-to-date exchange rates, and get the most recent cryptocurrency news, without ever leaving their chat client. In many countries, a strong and reliable internet connection is not always available. Our bot will allow users to conduct transactions and inquire about their favorite currencies quickly and without difficulty, all from a single chat. The HolyTransaction bot is available to users on both desktop and mobile platforms. Simply send a message to @HolyTransactionBot via either Telegram or GetGems to begin.

Bot Commands: 
          /exchange

  • ●  Conduct a trade between any of our supported currencies on the HolyTransaction platform.
    /getnews
  • ●  View the most recent cryptocurrency news.
    /rate
  • ●  Receive details on the current price of any of our supported currencies.
    /currencies
  • ●  List currencies available on the platform.        
      /help
            ●  List of BOT commands
Lastly, as part of the technology behind the HolyTransaction Bot, we have released a custom HolyTransaction API. Developers around the world are invited to use this new API to integrate the functionality of the HolyTransaction platform into their own projects. You will find more info to start developing here.

HolyTransaction is a multi cryptocurrency wallet that allows you to use Bitcoin, Litecoin, Dogecoin, Dash, Blackcoin, Tether, Omni Layer and RibbitRewards. We are committed to our users both near and far. Cryptocurrency is international, and so are we. Stay tuned for more news from HolyTransaction!

Open your free digital wallet here to store your cryptocurrencies in a safe place.

admin

“The current proof of work system that is in place incentivizes centralization,” says BlackCoin Foundation

As Bitcoin’s first-mover momentum spreads the digital
currency’s adoption, the “proof of work” model it uses to confirm
transactions is coming under scrutiny within the crypto-community.

https://upload.wikimedia.org/wikipedia/commons/7/78/Decentralization.jpg
(PaymentSource) The
proof of work algorithm rewards the individuals, called miners, who
confirm blocks of transactions in exchange for an amount of the digital
currency. Individual miners join pools to mine collectively as a group,
increasing the computing power available to confirm Bitcoin
transactions.
This model seems to benefit by encouraging a large
number of participants, but it is vulnerable to what is called a 51%
attack. A miner or pool that holds 51% of the total computing power
could in theory control the blockchain, which is the public ledger of
Bitcoin transactions. This control could enable double-spending bitcoins
as well as blacklisting certain users or computing equipment.
Until recently, the 51% attack was widely considered an unrealistic threat.
“The
proof of work algorithm is robust and has been resilient in the face of
continuous attacks for the past five years,” says Andreas Antonopoulos,
a technologist and entrepreneur who is active in the Bitcoin community.
But a mining pool called Ghash.io gave the community a scare when it took over 51% of the network for 12 hours on June 13.
If
a pool used its control for nefarious purposes it would only hurt
Bitcoin’s use and, in turn, its price. This result would hurt any miners
who become attackers, since they are rewarded for their mining efforts
in Bitcoin and likely hold a generous amount of the digital currency.
Since the incident, Ghash control has decreased substantially, hovering now at around 35%.
“Certainly
miners didn’t sign up for unfair play and they would abandon that
pool,” lowering the percentage of its control, Antonopoulos says. The
51% attack “is a theoretical attack that’s narrow in scope and goes
against the incentives for the miners and owners of the pool.”
Last
year, Ghash said it would try to prevent itself from capturing 51% of
the network power and that it would not do any damage even if it did
reach this level of control. And since the power is split over the many
individuals who mine in the Ghash pool, it’s unlikely the pool could
reach a consensus among its members to damage the network
Nevertheless, some in the Bitcoin community are calling for a splintering, or “fork,” in the Bitcoin blockchain, and the forked version of Bitcoin would add features that discourage pooled mining.
Others
are talking about the benefits of a “proof of stake” algorithm, which
secures cryptocurrency networks by asking users to show ownership of a
certain amount of the currency.
Image: FollowTheCoin

BlackCoin is an alternative
digital currency that uses a pure proof of stake model. It was created about five months ago and has generated enough support to be integrated into CoinKite’s merchant point of sale system.

“A
user chooses to ‘stake’ his coins to generate the next block in the
chain, and his chance of doing so is proportional to the weight of his
own coins,” says Adam Kryskow, U.S. representative for the BlackCoin
Foundation.
Proof-of-stake algorithms enable faster payments.
BlackCoin transactions confirm in under a minute, whereas Bitcoin
transactions usually take about 10 minutes. And proof of stake is also
more eco-friendly, consuming far less energy than proof of work
algorithms.
Image: Peercointalk.org

Peercoin is one of the most recognized altcoins that
uses a hybrid proof of stake/proof of work model. New coins are awarded
to miners who do work to authenticate transactions, but are also given
to users who hold a higher stake in the system.

“The current proof
of work system that is in place incentivizes centralization,” says
Kryskow. “Specifically as mining payouts decrease, small mining
operations will be forced to close up shop. With little to no incentive
to continue mining, network power will fall dangerously low and security
will be severely threatened.”
But proof of stake has its own
vulnerabilities. Kryskow admits that since proof of stake algorithms are
not completely decentralized, they are susceptible to a “nothing at
stake” attack, where older coins could be used to fork the blockchain to
create a competing one.
The proof of stake model hasn’t been
stress-tested enough over a long period of time, and it worries
Antonopoulos when proponents argue that the nascent mining algorithm is
better than Bitcoin’s proof of work.
Bitcoin has survived a number
of attacks over the years, says Antonopoulos. “There is much better
monitoring and tracking [of the network]…a lot of DDoS protections and
countermeasures built into the core client because of Bitcoin’s
experience with widespread attacks over the years,” he says.
Proof
of stake was created in 2011 with the launch of Peercoin. “It was
attacked and beaten; bugs were found, security issues were rampant and
countless vulnerabilities were exposed,” Kryskow says.
That’s when Peercoin moved to the hybrid proof of stake/proof of work model.
Image: Bitcoinexaminer.org

BlackCoin’s
developer argues that, like Bitcoin’s proof of work, proof of stake
will be stress-tested in real-world use. BlackCoin “is a great proof of
stake experiment,” Kryskow says.

Antonopoulos agrees that the development of new proof models is advantageous.
“I
don’t think we’ve found the perfect solution yet,” he says. “Everything
comes with compromises…so you just have to identify which ones are the
good compromises to make.”
Other algorithms include “proof of
burn,” in which a small portion of a cryptocurrency is destroyed to
create value through scarcity; and “proof of resource,” which takes a
resource, such as bandwidth, and assigns it a certain value for sharing.
“The
real issue, though, is until we see a problem in Bitcoin that impacts
the price, knowledge of Bitcoin is so much higher than [all other
altcoins] that any other solution out there will be irrelevant,” says
Tim Sloane, vice president of payments innovation at Mercator Advisory
Group.
Sloane doesn’t expect everyone using the Bitcoin protocol
to switch over to another digital currency just because there’s a threat
of disaster. But it may happen if a disaster actually strikes.
“As Bitcoin gets bigger and bigger, the problem gets bigger and bigger,” he says.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

admin

Blackcoin Announces Proof-of-Stake Protocol v2

The Blackcoin Developers have
announced that their coin is adopting what they are calling
proof-of-stake protocol v2 in response to concerns from critics that say
Proof-of-stake coins aren’t secure.
 

(CoinDesk) Blackcoin is one of the most
exciting altcoins in the cryptospace right now. It has a 30 second
confirmation time, large market cap, their BlackHalo project is keeping
it in the forefront of the Bitcoin 2.0 space and they seem to be the
only team to get altmining pools done in a responsible way that doesn’t
harm other coins.

It is also proof-of-stake based, with its proof-of-work mining period long over. While, as the team and the white paper is quick to point out,
proof-of-stake has been secure enough to prevent any serious security
breaches to its 15 – 20 million dollar market (not to mention the
markets of other proof-of-stake coins like NXTCoin, Peercoin and
Novacoin) there have been some concerns voiced by the community.

Rather than waiting to see if their coin can withstand a serious
attack when potentially hundreds of millions of dollars are on the line
(assuming Blackcoin continues to grow) the developers are taking a
proactive approach and plugging up those potential vulnerabilities now.

Proof-of-stake protocol v2 ditches the somewhat controversial Coinage
system completely. Coinage is a system that has only coins, which have
been moved into a wallet recently (after thirty days but less than
ninety days), accruing interest in the minting process. This system was
designed to encourage transactions and therefore spending. However, it
resulted in a less secure system as nodes were able to gain enough
influence over the system to perform a double spend. There was also an
issue where honest nodes would only remain on while their coins were
gaining interest. More nodes equates to a more secure network, so the
new system is designed to encourage nodes to participate at all times by
not deactivating minting on coins.

Adjustments have also been made to stop pre-computations of
proof-of-stake. Proof-of-stake pre-computations had attackers matching
or exceeding the network hashrates for short amount of times and
rewriting the blockchain to double spend coins they do not yet have.
Blackcoin’s new system addresses this by changing the stake modifier at
every modifier interval.

Blackcoin will also be switching from Scrypt to SHA256d because
Scrypt doesn’t offer any advantages in a proof-of-stake system and since
Blackcoin’s proof-of-work phase is over, it is no longer needed.

The team behind Blackcoin is dedicated, talented and apparently has a
real knack for solving problems.  Steve McKie, Project Manager for the
Blackcoin Development team and representative of the Blackcoin
Foundation stated:

 “With PoS Protocol V2.0, we wanted to plug any searing
vulnerabilities that may have existed in the protocols previous version
that were left over from previous attempts at PoS (Peercoin, NovaCoin).
The main developer of the protocol, Rat 4 (Pavel Vasin) has been hard at
work making sure that BlackCoin users and merchants are as protected as
possible from malicious attacks on the network”

In the same vein, Blackcoin is switching its Timestamp rules from
ones that mirrored Bitcoin’s to one that is designed to take advantage
of the proof-of-stake system. You can see the differences below:

Bitcoin
Past limit: median time of last 11 blocks
Future limit: +2 hours
Granularity: 1 second
Expected block time: 10 minutes
Blackcoin (New rules)
Past limit: time of last block
Future limit: +15 seconds
Granularity: 16 seconds
Expected block time: 64 seconds

McKie and the team have big aspirations for Blackcoin and believe
that the proof-of-stake system will prove to be more effective.
“Proof-of-stake, we believe, will be the leading protocol going forward
in regards to security and overall energy efficiency,” they said.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

admin

BlackCoin Team developer creates true smart contracts and a decentralized exchange for Bitcoin and BlackCoin

A
member of the BlackCoin development team has created a new method for
eliminating risk during peer-to-peer transfers. This revolutionary
protocol, called BitHalo for Bitcoin and BlackHalo for BlackCoin, will
be not only the world’s first “smart contracts” client, but also make
contracts unbreakable.

 

(YahooFinance) BlackCoin, a top 10 digital
currency by market cap that secures its network entirely through proof
of stake, announced today that a member of the BlackCoin development
team has created a new method for eliminating risk during peer-to-peer
transfers. This revolutionary protocol, called BitHalo for Bitcoin and
BlackHalo for BlackCoin, will be not only the world’s first “smart
contracts” client, but also make contracts unbreakable. 

Unbreakable
contracts will protect Bitcoin users from future Mt.Gox-type
collapses. They will also provide a number of other benefits in the
financial world including eliminating derivative markets volatility, the
creation of decentralized exchanges that do not depend on a “middle”
coin, unhackable wallets, good faith employment contracts, real world
bartering, backing of commodities such as Bitcoin cash, and two party
escrow. 
BitHalo and
BlackHalo will make Bitcoin and BlackCoin the first digital currencies
to feature smart contracts. The protocols do not require the use of any
central server or host to organize the transactions. The protocol itself
takes advantage of BlackCoin’s scripting system, meaning no changes are
required to the Bitcoin network for it to run, and that immediate
adoption is possible. The program uses “Double Deposit Escrow,” which
encourages parties to complete real world deals in good faith by making
the reward lower than the value of default. This process allows contract
bridges to form, as well as micropayment channels, allowing for
potentially unlimited transactions under the same contract. Once the
deposits are set up, the actual exchange begins. 
BitHalo/BlackHalo
developer David Zimbeck said, “The protocol uses risk, reward and
agreement to circumvent malleability, which was ironically once thought
to prevent these types of protocols. Almost every sector of the economy
that involves third parties runs the risk of loss to the consumer. This
protocol now gives individuals full control over who they decide to
trust and how they decide to structure that trust.”
Zimbeck
continued: “I chose BlackCoin because of its fast transaction times, a
massive advantage when engaged in contracting. Bitcoin transactions can
take well over ten minutes for their first confirmation, while BlackCoin
normally confirms in well under a minute. Trust and agreement are the
basis of society so this technology affects everyone.”
The
BitHalo and BlackHalo applications will become the basis for an
umbrella app called NightTrader. NightTrader builds on top of BitMessage
and allows for decentralized order books, servers and native
communication protocols. NightTrader focuses on “agreement” between
computers by filtering messages. Peer-to-peer U.S. Dollar and Chinese
Yuan exchanges will be an immediate feature in the client. 
https://holytransaction.com
BlackCoin
is a transparent and accessible digital currency that operates entirely
through proof of stake. Proof of stake offers a number of advantages
over proof of work systems including much faster confirmation times,
less selling pressure due to its unminable protocol, and independence
from expensive and energy-intensive mining. The digital currency is
supported by the BlackCoin multipool, which pays out in BlackCoin. The
BlackCoin Foundation consists of a worldwide network of brand
ambassadors, who lead a vibrant international community of BlackCoin
advocates.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

admin