Bitcoin Forum

Bits (formerly Project BlackNode) is a custom wallet built on top of the existing Blackcoin protocol. Bits will focus on making Blackcoin simple enough for the technology-impaired to use cryptocurrency. You will be able to safely give cryptocurrency to your grandparents to buy goods in the real world without worrying about it being lost and unrecoverable.

Bits is the project that led to Blackwave Labs, not the other way around. Excoin and and Onyx serve two primary purposes: First, to bring stable, secure, and high quality services to Blackcoin, allowing it to flourish as a currency. Second, to fund the decentralized, open source wallet software that we have been developing.

To lead by example, and to prove the points we made above about wallet software, Bits will be an abstraction layer that sits on top of Blackcoin, or effectively any other cryptocurrency designed from the Bitcoin spec code. Bits will be compatible with the Satoshi wallet or other wallet software—users will be able to send and receive Blackcoins to and from any Blackcoin address.

Bits does not require a fork, it will not require its own blockchain. It will utilize the positive features of the proof-of-stake protocol and reap the very important benefits of receiving security improvements, checkpointing updates, and advances to proof-of-stake from Blackcoin developers while Blackwave Labs expands the features of the wallet.

 
Decentralized Address Resolution
Bits provides a way to associate a cryptocurrency address to an email address or other identifier stored in a secure decentralized database. Transferring money through Bits will only require you to know the recipient's identifier without needing to have previously contacted them.

Address resolution will work similar to domain names. A user will be able to register an identifier to a public address for a set time period, with the option to revoke the association upon request.

Multi-signature Storage
Bits is built around the concept of multi-signature wallets, which enables users to safely store and recover coins. The wallets are encrypted and backed up across trusted peers, or optionally in decentralized storage. In the event your device is lost or destroyed, select trusted personal contacts will be able to recover the encrypted wallet, and if your password is forgotten, your chosen family members or friends will together be able to decrypt the wallet.

Smart Contracts
Create secure contracts locally or with users around the world. Using Bits users can establish algorithmically self-enforceable contracts between two or more people to safely trade goods or services without the need for centralized services.

Geolocal Storefronts
Bits will make Blackcoin into the world's first decentralized geolocal cryptocurrency. Users are empowered to easily buy and sell goods in their local community using Blackcoin.

Using Bits, merchants will be able to create pop-up storefronts visible to users in their area. Customers can choose to search inventories of stores in their area and pay for goods or services with Blackcoin ahead of time, with or without a smart contract, or walk into a store to browse and shop in person like they could with cash. Blackcoin features 10 second transaction intervals and as it reaches greater distribution secure confirmation can happen as quickly or quicker than a credit card.

Decentralized encrypted geolocal chat will allow customers and merchants to communicate throughout the entire process.

Geolocal Exchange
Bits facilitates the negotiations and is capable of matching trades between cryptocurrency and national currencies. Users can search locally or world wide for trades that can be completed in person or through smart contracts.

In person exchange will allow quick payments facilliated by the incredible transaction speeds offered by Blackcoin. Tips, donation, and purchases will be easy and securely made to anyone in the geolocal area or worldwide.

Quorum Sensing
Bits is capable of detecting other Bits users in a geolocal area based on pre-existing trust relationships and user privacy settings. Upon reaching specific population density thresholds new features are enabled.


When two or more users are within range:
Private encrypted communication will be available.
Form joint accounts with with one or more users.

When three or more users are within range:
Private encrypted group chat will be available.
Users can start a key signing party to create a circle of trust or expand existing webs of trust.
Users can opt to send or receive encrypted one-to-many broadcasts if they are within a circle of trust.

When ten or more users are within range:
Users will have many tools available to facilitate organization of large groups of people:
Tools for protestors or other large groups of people to safely and securely organize.
Tools to raise funds and manage them transparently.
Tools to issue digital tickets confirmable through NFC enabled devices or QR code.
Tools to break up a Blackcoin and automatically send it to all participating users within a defined range or circle of trust to be used as ballots in a secure vote.

Mesh Networking
Bits is built on top of mesh networking tools that allow users to participate in trades, discussions, and voting—even in the absence of internet access—given enough users are within range.

Full Featured API
The Bits API will allow users to build plugins that leverage the Bits framework and quorum sensing tools for modular, expanded functionality.

 
While other cryptocurrency wallets have been following recent trends primarily focused around the idea of creating anonymous decentralized internet markets, Bits will instead empower Blackcoin to be seamlessly and safely usable in everyday life.

We want to work towards a future where the powerful effects of decentralized economics are felt on the street, at your local farmers market or coffee shop, and cryptocurrency can easily and safely be accepted by local businesses without reliance on a centralized service. Together as a community we can decide to value improvements to the underlying protocols that power our cryptocurrency, and stop supporting wallets built around unnecessary forks and redundant blockchains. Together we can support real advancements, open source wallets, and projects that benefit cryptocurrency as a whole.

You can read the announcement here: https://blackwavelabs.com/

its too tired that you type so many words.
if i post this thread ,  i just type 3 words ---> copy from blackcoin .


its easy....

It is BlackCoin. lol
A new wallet for BlackCoin.

You can read the full announcement on our website: https://blackwavelabs.com

Just included that into the ann =).

Nice work guys

this make you wanna stack more and more BC!! Blackgreed strikes again!  8)

Wow this sounds really good. I can't wait to see how it looks and how the userflow is :)

Great work BlackWaveLabs!! Now excuse me, I'm gonna go buy me some more BC :)

nice idea but i prefer some picture to describe it rather than pure text anyway

This will likely come with whitepaper is released once project Onyx hits open Beta.

BlackWaveLabs is certainly one of the crown jewels in the BlackCoin family, they show the continued commitment of the BlackCoin community to our coin. BlackWaveLabs is their own company building on the BlackCoin platform, there are others doing the same and we welcome more. CHEERS! To BlackWaveLabs for their vision and innovation! If you haven't yet, please visit their exco.in (http://exco.in) exchange, it's a sexy beast.  ;)

Solid development takes time and the Blackcoin community understands that. This announcement again proves the strong will behind Blackcoin to succeed, despite the loudmouth idiots that can only type "dead coin" or "scam".

This company is only announcing good things! Looking forward to it.

really good Job. Looks promising.

They are a valuable company to Blackcoin who is 100% focused on 3rd party Blackcoin development. Proves that not only Bitcoin has this type of economy.

I really respect the people who work for crypto regardless the price is high or low.

Another interesting story to provide coverage on, keep an eye on CryptoArticles tomorrow ;)

Went to contact you, thought you took a break from journalism. Thanks though =).

Holy cow this looks amazing! Just the bit on "Quorum Sensing" was amazing and that's only the tip of the iceberg. Will be following this very closely!

In that respect, BitCoin should be the example, it took quite some time before the price of btc took off. At some point the greater world will see the benefits of cryptos, and once they do, I think there's going to be few altcoins better situated to take advantage of it than BlackCoin is.

I better gobble up all the blk that I can!

This is pretty sweet! Black is beautiful! ;)

I did actually :) Just using my time more wisely atm & not dumping 12+ hours a day into that site anymore as it's not worth the trouble.

Any early screenshots/ teasers?

Gobbling all day long!

What's the relationship between this project and blackcoin?

It is a wallet only for Blackcoin. They wrote in their mission statement why they chose Blackcoin over Bitcoin and other digital currencies.

So this is probably the reason why the trend is going nicely up again. Very interesting project