What is Balkancoin?
Balkancoin is an open decentralized cryptocurrency. Anyone interested can join Balkancoin network and take part in currency development. As well as the Internet, Balkancoin is international by its nature.
Balkancoin allows safe and secure transactions around the globe and offers the convenience of instant fee-free money transactions.
In order to distinguish Balkancoin network from Balkancoin currency, the latter is referred to as BKC. For instance, current Balkancoin emission rate is approx. 82 BKC each 30 seconds.
Fungibility and privacy of Balkancoin
Anonymity is implemented by ring signatures to hide the sender and one-time addresses that are hiding the recipient.
Transactions in Balkancoin are untraceable and unlinkable. Balkancoin provides complete anonymity and privacy using cryptographic technology ring signatures. All transactions signed on behalf of a group so that it is impossible to determine who exactly from the group signed the transaction and, accordingly, one can not say with certainty who carried out the payment. The more participants in the group, the more confidential operation is. In addition, the transactions cannot be associated, – even if outgoing transactions are untraceable, everyone may still be able to see the transactions you have received. However, by using a variation of the Diffie-Hellman exchange protocol, a receiver has multiple unique one-time addresses derived from his single public key. After funds are sent to these addresses they can only be redeemed by the receiver and it would be impossible to cross-link these transactions.
Unique one-time addresses and ring signatures of transactions are providing resistance to blockchain analysis. Every transaction only increases entropy and creates additional obstacles for those who wish to dig into financial operations with Balkancoins.
Resistance to the analysis, in turn, provides a very important characteristic inherent in real money, – fungibility. Fungibility of money means that all units of one denomination have the same purchasing power.
Fungibility is the key difference and advantage over Bitcoin. All the Balkancoins are interchangeable and uniform, unlike bitcoins. It is because in Bitcoin everyone can at any time view all transactions on the accounts of any and all participants and see how many Bitcoins is at the balance of an address. This can lead to censorship of the assets of people. Using
Balkancoin you have enchanced privacy, independence, and freedom as if you used cash.
Safety and reliability
The reliability of Balkancoin is defined by total computational power of all the computers that take part in transactions processing. The greater the processing power, the more reliable the network.
In so doing all money stored in your wallet is already protected during the transaction processing and the safety doesn’t depend on network reliability. Your money is safe anyway.
Balkancoin is an open cyptocurrency. Therefore anyone willing can become a user of the currency and voluntarily take part in operation of the network. The only thing you need to do is to download a special software that will create a wallet for you. With the help of this software you will be able to send money to other users and receive payments from them.
Balkancoin algorithms don’t allow other users to know your wallet balance, to whom you send money and where you receive your funds from.
You can take part in operation of the network by allocating computing power of your computer. Due to this mechanism, transaction processing is decentralized, which allows a person to be not only a user, but also a participant.
How Balkancoin works
John has 200 BKC in his wallet. He wants to order pizza delivery to his place which costs 80 Balkancoins, taxes and delivery included.
John places an order on the website. Right after that he receives 80 BKC bill that contains the pizzeria Balkancoin wallet address. John broadcasts the following instruction to the Balkancoin network: send 80 BKC from John_address to pizzeria_address.
Once each computer in the network receives this instruction, it checks whether this BKC John wants to transfer actually belongs to him. However a computer can’t find out neither who transferred this BKC to John, nor his balance. A computer simply checks conformity of sender’s signature. It has no access to personal data.
Each computer in the network collects the transactions that need to be processed and packs them up in a block. Each block should comply with specific rules, which is a difficult task to solve. Hence, each computer in the network works on calculating suitable transaction block form. This is required to protect the network from transaction forgery.
At some point one of computers in the network may be lucky to find the correct block structure. Then this computer puts the block into its blockchain file, which represents the database for all performed transactions. Then this computer broadcasts the new block to all other computers in the network so that they could also update their blockchain files. The transaction is completed and the owner of the computer that was the first to find the correct block structure gets a reward.
After the transaction is done, 80 BKC belongs to pizzeria and no longer to John. The Balkancoin blockchain contains all data required for pizzeria owner to use this 80 BXC for his own goals.
This whole process takes about than 30 seconds, and the pizzeria owner will get paid before he even starts to cook John’s pizza. Moreover, in order to get paid with Balkancoins he only needs a computer/phone with the Internet access. No fees, no intermediaries.
You can easily convert Balkancoin into BTC and vice versa through the exchanges.
Balkancoins are gradually getting more expensive over time, since the emission is limited to ~690 million BKC. The number of Balkancoin emitted each 30 seconds is slightly decreasing. As a result BKC gains value and exchange rate increase.
Proof-of-work algorithm: CryptoNight
Block time: 30 seconds
Difficulty: Retarget each block
Divisible up to: Up to 8 decimal places
Emission: 690 million BKC.
Minimal block reward: 1 BKC.