Burstcoin logo-( Burstcoin algorithm)

Burstcoin and Burstcoin algorithm

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().Busrtcoin and the Burstcoin algorithm

Burstcoin was officially launched on  10th of August 2014, it has a Burstcoin algorithm that rivals that of Bitcoin.

Details of Burstcoin

According to the official portal, “Burst is solving Bitcoin’s biggest problems: very low energy usage per transaction, decentralized by design, mine-able by everybody”. That is why Burstcoin emerged with the element in the Burstcoin algorithm, to sort out this issue.

Burstcoin under Proof of Capacity algorithm( Burstcoin algorithm)

Burstcoin adopts the Proof of Capacity algorithm( Burstcoin algorithm). That has a significant distinction from  Proof of Work that most of us know. Burst’s Proof of Capacity has its own set on requirements- Burstcoin algorithm.

Such include, besides requiring more expensive, power-hungry processors and graphics cards, Burst relies on the use of inexpensive, low-power hard drives.

The Proof of Capacity is inherently more secure, and trimmed versions of the Blockchain are easier and more secure as well. The Proof of Capacity has an advantage with its mining.

It works like a built-in coin faucet in the form of hard drives that allow anyone to earn free coins in exchange for providing extra security for the network.

Burstcoin -mining requirements(Burstcoin algorithm)

For Bitcoin mining, I require specialized hardware (ASIC). That is a hindrance as  most efficient ones are private and expensive.
That rules out any casual and willing users. In a way, therefore, thus amounts to some form of Centralization. Contrary to what Crytptocurrencies envisage( Burstcoin algorithm), that is the decentralization.
Contrary to that also, normal hard drives are affordable and available to all.
The fact is that a  majority of people already own all the equipment necessary to mine a Proof of Capacity cryptocurrency. Because the coin is ASIC-proof, the profit per-dollar of mining equipment should be approximately the same for either large data centers or smaller casual users.

Data Center Costs…?

Large data centers also suffer from larger overheads, like staffing and  building costs, etc. That tips the profit balance more in the favor of the smaller miners. Individuals can mine using their existing computers.
Thus no extra outlay required, which encourages more smaller users to contribute to the network, hence improved decentralization.

burst coin logo

Burstcoin -Key features(Burstcoin algorithm)

  • The Burst Asset Exchange is a built-in peer-to-peer exchange. That is further integrated into the Burst Wallet.

It allows fast, secure, and decentralized trading of Burst Assets.

  • Because of its decentralized nature, there’s no need for outside organizations or agencies to meddle with its affairs.

That therefore results in improved efficiency and reduced costs.

  • The burst was the first ever cryptocurrency implementing working, “Turing-complete” smart contracts. Such are  (called Automated transactions or AT) running on a Blockchain in a live environment.

An application of these smart contracts was shown in the form of the world’s first decentralized lottery.

That lottery launched in 01-25-2015 that became the first-ever program to run on top of a Blockchain in a trustless decentralized manner.

Burst ans Smart Contracts

Burst paved the way by demonstrating that the Blockchain can effectively be used for smart contracts. And the possibilities for Burst are now endless.

  • The Burst marketplace feature allows you to list items for sale and make sales on the Blockchain. You do not need to rely on external market sites taking commissions to conduct your business.

Instead, transactions are done between seller and buyer directly.

Anyone can list anything on the marketplace in seconds. Buyers enter the seller’s account ID and can purchase any item for Burst coins. I believe the future of commerce will be  without need for intermediaries, no fees, and no delays.

  • Crowdfunding is the practice of funding a project or venture by raising monetary contributions from a large number of people.

The Burst crowdfunding feature allows you to create a decentralized crowdfund in a few clicks, and to donate just as easily.

Creating a crowdfunding is a child’s play; the next step is finding people willing to pay for it.

The crowdfund system is a nice and useful addition to the Burst ecosystem and emphasizes the community spirit that drives all Burst users. Successful crowdfunds have already been organized by Burst developers and users alike.

Crowdfunding also provides the producer with a number of non-financial benefits :

  • Profile: a compelling project can raise a producer’s profile and provide a boost to their reputation.
  • Marketing: project initiators can show there are an audience and market for their project.

In the case of an unsuccessful campaign, it provides good market feedback.

  • Audience engagement: crowdfunding can create a forum where project initiators can engage with their audiences.

 

An audience can engage in the production process by following progress and sharing feedback

  • The Burst messaging system allows you to send and receive data directly on the Burst Blockchain, thus allowing any Burst account holder to communicate directly with any other account holder.

    As you transact with Burst, it attaches messages to the transactions (like tagging with descriptions), making your  bookkeeping easy.

    When transacting, I can tagged transaction descriptions( securely encrypted by default).

    But I can also send  my extra text or data  unencrypted if I prefer.

    My recipient of an encrypted message can easily decrypt it by entering the passphrase of his account.

 How can One start with Burst?

It’s easy starting with Burst.

You just need to check out the (For free) how to & tutorials section. Start by downloading the official wallets for Windows, Mac, Linux or Android using the link: here.

Besides, there is a very helpful and friendly community on a Burst forum as well as the  Discord group. If you are an aspiring Miner, Burst’s meant to offer you an opportunity.

As opposed to locking them out via the expensive equipment for heavy mining as required by other Cryptocurrencies, like Bitcoin. Join in the new and encouraging Burstcoin algorithm that you can ride on and mine, even with your own PC.BURSTCOIN IN WORDS

 

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