If the coin creation method is changed, the ASIC owners have nothing to say.

Hello Stephan
I conceived a method for how a digital PoS currency could possibly have a 10 second average transaction time, if it had a block time of 1 minute. I wrote about this on r/BlackCoin before you published your whitepaper. Adam Kryskow of the BlackCoin Foundation has since told me that my method is essentially the same is your. From what I understand of yours, that is the case. However, I envisioned a much simpler and mush less powerful implementation than your sub-second proposal.

This is a working draft of a press release intended to be distributed by the Blackcoin Community. It has already been edited based on some proofreading comments as well a new information that has become available, which may have introduced new proofreading error.

Blackcoin has two outstanding features.

Blackcoin is 6 times faster than Bitcoin and requires at least an order of magnitude less additional electricity to run. Its blazing speed makes it more suitable for brick and mortar merchant. Its cooperatively produced blockchain ledger pages make it the environmentally friendly alternative to the renewable energy gobbling Bitcoin.

Blackcoin has 1 minute block times with 10 confirmations recommended for certainty resulting in a 10 minute maximum waiting time for large transactions. In contrast, Bitcoin has 10 minute block times with 6 confirmations recommended resulting in a 1 hour waiting time. This makes Blackcoin 6 times faster than Bitcoin. As more brick and mortar merchants throughout the worlds develop confidence in crypto currencies, the fear of a massive worldwide crypto scams will hopefully fade and these technical details will become less relevant.

However, what is important to brick and mortar merchants as well as restaurants is the actual transaction time experienced in cryptospace. These are compared among the top ranking coins and reported graphically over time on bitinfocharts.com. The Blackcoin average rate has now dropped down to near the theoretical minimum of 30 seconds with a 1 minute block time target. Of course, the actual average block time does not necessarily track the design value. This also has to be actually be measured in practice. Based on these results, some will experience a transaction time around 1 second and others will be delayed 1 minute or more. The chance of experiencing any one time between 0 and 60 seconds should be equal for any one transaction. 

The electrical consumption required to maintain Bitcoin’s current security is gobbling up irreplaceable, renewable-energy resources in areas where they provide the less expensive options bar none. A recent study cited in the Wall Street Journal shows that the hash rate required for Bitcoin’s security last fall was one sixtieth (1 / 60) of what it is now. This hash rate inflation has been fueled by the tremendous profitability of large scale corporate mining operations and the mining technology explosion.

The largest known corporate Bitcoin mining operation is reported to be housed in a warehouse in Central Washington State where it can take advantage of the US’s lowest electricity rates bar none. The Spokane Review recently reported that a handful of additional competitors are about to pop up.

The New York Times reported on a similar setup in Iceland, which may have the least expensive electricity of any country in the world. It is powered by hydro and geothermal resources. This trend will continue as the Bitcoin mining technology improves at breakneck speed driven by the profitability resulting from the squandering of these irreplaceable resources. This will continue until the environmental community wakes up and learns about Blackcoin, the green coin, after it makes its Wall Street debut.  

These corporate mining operations compete against each other for the right to enter the next ledger page into the blockchain about every 10 minutes. The startups that produce the otherwise useless mining equipment are forced to make outrageous claims for their latest drawing board designs to get preorder payments to finance their production as has been well documented by CoinDesk in numerous articles. Are we about to repeat the environmental disasters that followed the 1849 California Gold Rush and the Spindletop oil gusher?

Blackcoin was formed by the marriage of Satoshi Nakamoto’s blockchain with Sunny King’s proven Proof of Stake (PoS) source code. This allows existing, multitasking computers like desktops and even laptop owned by Blackcoin stakeholders to cooperatively produce the next ledger page for its blockchain about every 1 minute. Thus, the additional amount of electricity required to maintain Blackcoin consists of what is required to run those computers that are online at any one time to maintain the blockchain when they would otherwise be off the grid.

Sunny King produced Peercoin as the first hybrid PoW/PoS coin in 2011. Bitcoin exclusively uses the PoW (Proof of Work) system, while Blackcoin has already finished its initial PoW phase. Since Peercoin was launched many exclusive PoS coins have successfully tested Sunny King’s source code.  

What these other PoS coins all lack is the killer application recently featured on CoinDesk that will facilitate the wider adoption of crypto currencies.by the less digitally informed. This invention puts everything needed onto a plug and play Black Card Wallet implemented on a USB stick. Plug it in and everything pops up on your screen, and off you go into cryptospace. It is the best advancement in cryptospace since the launch of Dogecoin.    

The Black Card Wallet will make its Wall Street debut in late May when 50 beautiful ladies will parade through the financial district giving out Black Card Wallets and a fact sheets.

More information on Blackcoin can be found on its official website, the Blackcoin Forum, and especially on its subreddit, where informed members of the our community will answer your written question