BlackCoin community introduces BlackHalo

With the BlackCoin’s community push to be globally recognized and adopted, new technologies and innovations are pouring out of its community. Dzimbeck, a known digital currency enthusiast and programmer, spent the last several months creating what he calls “BlackHalo” and “BitHalo” which are the worlds first functional smart contracting clients. He believes that it will solve many real world problems like trusting strangers and eliminating middle men. Using a technique called double deposit two party escrow, a person can trust a stranger from anywhere in the world to honor an agreement of any kind. This is not limited to Bitcoin. The secret was making the risk of cheating the contract higher than the reward of honoring it. Parties will not be able to extort from each other because of a filtered messaging system built right into the Blackcoin client. So now, anyone can buy Blackcoin from anywhere in the world peer-to-peer with complete strangers. This allows for decentralized exchanges, derivatives, guarantors, bartering, backing of Bitcoin cash, good faith employment contracts, elimination of malleability and basically any agreement imaginable.

The biggest innovation BlackHalo announces which directly affects countries such as China is person to person international transfers with untrustworthy parties. No longer do you have to worry about your favorite Bitcoin exchange being closed down or the person in charge running away with their pockets full of your money. You can initiate transfers straight from yourself to someone else right from the wallet without the need of a company or person in the middle. They can be from anywhere in the world. Payment options can include Western Unions, Paypal, Moneygram, Bank Wire, cash or whatever the counter-party is willing to accept. You can pay them knowing they can’t break the contract due to the advanced deposit each party made to insure the deal. The contracts are unbreakable. This will ensure your BlackCoins are safe in your pocket without the worry of losing them due to someone’s negligence or corruption. Additionally, large deals can take place with small deposits using micro-funding where coins are continuously sent under the security of the same contract. The contract works like a bridge and unlimited transactions can take place on top of it.

Another technology that BlackHalo brings to light is the announcement of working joint accounts. This is beneficial to you if you are a business man or a family man. What this allows is for you to share your joint account to your business partners or your spouse while also added an extra layer of security to ensure that your money is completely hack-proof. If needed you can take this a step further and password protect your keys with an added layer of encryption. This new innovation resembles many of the day to day banking solutions that bank accounts already provide. With BlackHalo you can also set up a Two-Step send. This is an option for joint accounts and maximizes your security. For example, if you have a business partner and you want to agree on all purchases together, then you can both control a key, giving 50% control of the account. If one person disagrees, then the transaction does not go through.

How does this magic happen? Through BlackHalo’s contract system. It is now possible to construct contracts within the wallet between you and a contractor. To our knowledge, BlackHalo is the only two-party electronic contracting system anywhere in the world. What this allows is for the client to automatically destroy a contract if the needs are not met. This is important in the daily business world where if the contract is not fulfilled, that person does not receive the funds in escrow.

The smart contracts can be sent in the BlackHalo encrypted messaging system named NightTrader which builds on top of Bitmessage. NightTrader will build decentralized exchanges, servers, message filtering and python contracts. It creates a totally new system of client networks which use what Dzimbeck is calling “naive communication protcols.” This allows clients to communicate and use the same risk and reward system for agreeing on messages and data without the use of centralized servers. This prevents threats and extortion since clients can filter the messages and allows for all kinds of wonderful products to be created from the platform itself.

Joshua J. Bouw
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