Author Topic: Blackcoin's & Nxt Cryptocurrency 2.0 Features. Also Know As "Bitcoin 2.0"  (Read 1078 times)

mouseman

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Disclaimer: I have never owned any Blackcoin or NXT coins at the time of this article or previously.

http://www.cointelegraph.com/news/112052/the-race-to-the-moon-blackcoin-and-nxt-compete-for-crypto-20-crown

This is perhaps one of the longest articles I have ever read over at cointelegraph. It does also include some hands on and discussion with the devs of each coin possibly. My focus is more on Blackoin's new technology as well as their Proof Of Stake 2.0 technology. Still waiting on more info about that but here is a peek:
 
http://bitcoinagile.com/196CDF/blackcoin-to-switch-to-posv-20-bitcoin
http://www.dailyblackcoin.com/big-news-blackcoin-new-developments/

The following text is merely what I quotes as relevant from the cointelegraph article/interview/hands on specifically discussion Blackcoin's new "BlackHalo" "Smart Contracts" and MultiSig Wallet features.

BLACKCOIN'S BLACKHALO "SMART CONTRACTS"

If the market takes advantage of it, this would instantly make Blackcoin the most secure coin for freelance workers

If a worker enters into a Blackcoin backed smart contract, he or she will know that the owner has a vested interest in coming to a satisfactory conclusion to the contract. If, for an example, a web designer and website owner entered into a Blackcoin contract, then after the designer made the website, the owner decided he or she didn't like it, both sides would have reason to revise it until it is satisfactory. This is a far better position to be in than normal freelance situations where only the designer, who had put in the work, has anything laying on the line.

The potential goes beyond work on the internet as well. A decentralized eBay is possible with this technology. If you send a physical good through the mail, you don't have to worry as much about the buyer claiming he or she didn't receive it and trying to get the escrow back. With a substantial deposit on both sides, those kinds of scams will no longer be profitable.

BlackHalo just went public days ago, so as you would expect, there isn't much of a marketplace at this point. If that can be curated, it could be the go to method for selling physical goods using cryptocurrencies.

Rather than looking for a pure technological solution, Blackcoin simply decided to make a system that makes phishing attempts using smart contacts unprofitable using a new double deposit system. If two people enter into a contract, the one paying would put their coins into an escrow system as normal. However, both sides could also be required to put down a separate and smaller deposit.

If both parties agree that the transaction went well, then the money goes from escrow to the seller, and both deposits are returned to their users. If both parties agree to cancel the order, then the money will go back to the buyer and both parties will get their deposit back. However, if the parties can't agree on if a contract was completed or not, the buyer will get the contract's coins back, but both the buyer and seller will lose their deposit.

BLACKCON's "BLACKHALO'S" MULTISIGNATURE ACCOUNTS.

Also of particular note is BlackHalo's multisignature accounts. Every BlackHalo wallet is multisignature. The program will generate two key files, both of which are needed to unlock the wallet (one key can be used to track the wallet, but both must be used to enter into smart contracts or withdraw money). Ideally, users will keep one key on their computer and the other in a safe spot like a USB thumb drive. This isn't an online generated wallet where you have to trust the provider to delete your keys, this is a locally created and locally stored, full feature multisignature wallet.

Blackcoin is working on an asset exchange and a physical / digital goods store.



These two coins are rushing us forward into Bitcoin 2.0. Even if they fail, they will be remembered in crypto history for pushing Bitcoin developers to keep up. However, there is certainly room for more than one cryptocurrency, and both coins have more to offer than Litecoin or any of the other popular altcoins out there.

I don't know which coin will have all of the cryptocurrency 2.0 features implemented first, I'm not even sure if it matters. The important thing is that they are building the crypto paradise we were all promised when we first heard about Bitcoin and it is up to us to take advantage.
« Last Edit: July 15, 2014, 04:31:14 PM by mouseman »

Crestington

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This is exciting stuff, smart contracts offer a near unlimited potential to script how your money will function. With it you can secure funds, elect contracts with people over time periods and involve multiple parties.
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great articles, mouseman
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