If you put live rock (thats been in the ocean or an established system for a while) you dont need live sand. Theres also bottled bacteria but I personally dont like the idea of it because you are never gonna get the same level of biodiversity out of a bottle and in my opinion leaving holes in a biome is asking for trouble.
Ive also heard the black sand is magnetic, and will seriously scratch the tank if picked up in an algae brush and it would make sense since it is volcanic in origin. Also, all the posts that Ive seen of people using it were young tanks I havent seen anyone posting about a tank with black sand thats been running for more than 6 months. Maybe it doesnt work out as intended long term? I dont know for sure but something to think about.