Burstcoin Cryptocurrency Review
What is Burst?
Burst aims to save electric power by using ‘Proof of Capacity’ method. This method uses hard drive power rather than processors and graphics cards.
By doing so they claim that everyone will enjoy mining, decentralization, and security more easily.
Evolution is an ongoing phenomenon. Bitcoin is the first member of the crypto-world and then, a lot of cryptos have come up with more advanced features. Burst is one of those coins. Technically it is a bit different from bitcoin and to some extent more efficient.
Unlike other digital cryptocurrencies, miners use proof-of-capacity (PoC) algorithm to mine Burst. In this algorithm, storage space of the hard drives is given priority to the efficiency of the processing unit.
Burst was introduced on August 10th 2014 on bitcointalk.org by the core developer using the name “Burstcoin” who disappeared suddenly after one year of releasing the coin. It started its journey without any premise Initial Coin Offering (ICO).
After the disappearance of the founder developer, other senior members of the community took the responsibility of developing the structure and a new forum thread was formed on bitcointalk.org on 11 January 2016.
On 22 July 2017, burst faced an attack that caused a crash of the wallets and shattered the whole network into pieces. A fresh team called the PoC Consortium was handed over the responsibility and they were recognized by the previous development team as the valid authority of the Burst Reference Software.
The prime modification occurred to burst was the implementation of the Proof-of-Capacity algorithm. Then, first ever “Turing complete” smart contracts in the form of Automated Transactions was introduced before Counterparty and Ethereum. As an enactment of this smart contract protocol, first ever decentralized lottery was arranged; decentralized crowdfunding is another application of this protocol. They also have modern features like Atomic cross-chain transactions, shortly ACCT, that have made cryptocurrency exchange and cross-chain transaction lot easier without the interference of any middle party such as online exchanges.
The blockchain of burstcoin is fully decentralized and a public ledger that notes down the details of transactions. A computer network where each one is called node maintains the blockchain.
Coins issued to an address are in the possession of the owner of that address. A user needs to use the private key to conduct a transaction. Without knowledge of the private key, coins are not eligible to be spent whereas, the public key is used by the network to investigate the identity of the wallet holder. If any user loses the possession of the private key, whatever be the number of coins in the wallet, they are of no use.
The mining process of this coun is designed on the algorithm called proof-of-Capacity (PoC). To mine a good amount, a miner needs to have more and more hard disc storage space instead of a highly efficient processing unit. Miners need to calculate large datasets called plots and to save to the storage space. A miner reads through a small subset of self-created plots and returns a result in the form of a period of time expressed in seconds known as a deadline. The miner with least deadline snatches the block and gets rewarded with block rewards of burst which is continuously coming down and obviously with transaction fees.
Burstcoin released an Android version of the wallet in 2016 which has been announced outdated by burst-coin.org. and BurstNation wallet or POC Consortium wallet is recommended instead. Though the recent ones are unable to mine on android, they are appropriate to conduct transactions from any Android device.
They also ensure decentralized trading platform and an easier pathway to exchange other cryptocurrencies. Modern features like Automated Transactions, escrow service, crowdfunding, completely decentralized marketplace etc have made investors more curious about burst.