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 ResolutionBits 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 StorageBits 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 ContractsCreate 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 StorefrontsBits 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 ExchangeBits 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 SensingBits 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 NetworkingBits 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 APIThe 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/
