Hello. I am glad to see more coins trying Proof of Stake, but I do not believe that Blackcoin offers any advantages over Peercoin. I think it actually introduces several disadvantages.
[quote=“virtualfaqs, post:1, topic:2300”]Proof of Stake
BlackCoin is the first hybrid PoW/PoS altcoin to hit the Proof of Stake only stage. This means BlackCoin is unmineable and new coins will only be created by the Proof of Stake algorithm.[/quote]
I see this as a negative. It means that Blackcoin has a very concentrated distribution of wealth. This is especially worrying considering that it is a Proof of Stake coin. Large holders have a dangerous level of control over the security.
[quote=“virtualfaqs, post:1, topic:2300”]Quick Transactions
Thanks to the Proof of Stake system transactions get confirmed super quick. While other coins take up to ten minutes for their first confirmations, Blackcoin regularly has a first confirmation in ten seconds flat.[/quote]
This is also a negative. While faster transactions might appear at first to be a good thing, they actually just bloat up the blockchain, which discourages people from running nodes. They also do not mean much from a security point of view…to ensure the same level of confidence in a transaction the receiver simply needs to wait for more confirmations than other coins i.e. one confirmation in Blackcoin is not as significant as one transaction in Peercoin.
[quote=“virtualfaqs, post:1, topic:2300”]Energy Efficient
Since BlackCoin does not accept Proof of Work after the 10,000th block mining is not possible anymore. This makes BlackCoin highly energy efficient.[/quote]
It is not worth sacrificing a wide distribution for a short-lived energy efficiency advantage. Peercoin is already ~80% PoS, in the long-term it will be just as energy-efficient.
[quote=“virtualfaqs, post:1, topic:2300”]Extremely Low Inflation
1% compound interest on a yearly basis on the coins you hold. Due to the low 1% interest on BlackCoin, inflation is extremely low.[/quote]
This is the same as Peercoin.
So in summary, I think that any advantages Blackcoin claims to have are focused solely on the short-term, and they actually become significant disadvantages in the long-term.
I also think that there is much more development occuring in the Peercoin community. I haven’t seen anything from Blackcoin that is on the same level as Peershares or Peerunity. I can’t even find a whitepaper on their website. The endless advertizing and hype also makes it hard to take them seriously.
Disclaimer: I have a lot of Peercoin and no Blackcoin.
If you have any questions about Peercoin, feel free to ask.
[quote=“mr_random, post:2, topic:2300”]I’m mr_random from Bitcointalk and a long time Peercoin supporter. I remember messaging Sunny King back when peercoin was just a humble half a cent in value.
I think the Peercoin community should take an interest in Blackcoin as it’s currently in the phase Peercoin ultimately aims to be in - 100% proof of stake.[/quote]
Like I said before, reaching that phase too quickly is actually a bad thing as it just makes the distribution unacceptably concentrated.