Burst.. What is it?
Hi Guys,
thought i would do a detailed post on what is burst-coin and how people can get involved in this crypto that i've spend a good 6 months working on
Green Coin
Burst is a green coin meaning it doesn't cost that much electricity to mine and confirm transactions as it uses hard drive space to store hash's instead of generating them from a gpu. its done in a way where its incredibly inefficient to do it via any other method and each round the hash's are reused. below is an illustration of the power difference between burst-coin and bitcoin.
electricity comparison
Proof Of Capacity
Proof of Capacity is the Algorithm that burst-coin uses. and is what makes it unique to all other crypto coins on the market. in lamens terms its the steps it goes through to submit what we call nonce's to win blocks to earn burstcoin from the block.
a nonce is 256kb of data. these nonces are submitted to the wallet to return a deadline. the closest deadline to 0 wins. and you only win a block if the time since the last block passes the deadline you submitted.
the algorithm
Mining & Plotting
to mine you first need to plot your drives using a plotter. a simple way to do this is to download my AIO Wallet for Burst-coin that has built in plotting and mining features. guides to do this will be found on the forums but ill do a another post going into detail on how to get started.
https://forums.burst-team.us/topic/5424/lexicon-s-net-burst-all-in-one-wallet-chromium/1
below is the burstcoin block reward each month. mining reward's decrease by 5% each month with a total of 2,158,812,800 coins that can exist at one time of which theres about 17% left to mine.
block reward over time
coin left to mine
What Makes Burst Unique
Burst coin did smart contracts ages before ethereum implemented this feature and i currently have one running which is a decentralized lottery.
see below for an article on this
Vitalik Buterin didn't like the article much if you look at the comments. but it shows they had smart contracts long before ethereum.
burst coin uses its smart contract system for Escrow's, Crowdfunds and the market place.
Links:
Forums: https://www.burst-team.us/
Web Wallets: https://wallet.burst-team.us:8125/index.html
Here is an older article I wrote about "Why Burst over other alts". It provides some additional information:
https://steemit.com/burst/@iceburst/why-burst-over-other-alt-coins
Great explanation. But I've been researching and reading a bit on the PoC. That it's not economically that viable and might actually not be ASIC resistant. Love the coin none the less. Any insight from you on that?
Apparently its not been done yet plus the energy costs for an asic would make it not worth it.
The network is ever growing and the larger it gets the worse it gets on profitability.
Its probably next to impossible to generate as many hashs as you can have stored on a hdd. And getting that many hashs calculated in less than 4 minutes is quite a feat
Sure, this is true I suppose. What about the economic viability? What's Burst going for? Store of value? What's the end goal?
burst is going for the green approach the end goal is to be known as a eco friendly decentralized platform that gives similar functionality to most other coins out there. as well as provide investors with additional revenue streams through its asset exchange.
Thank you for the answers, much clearer now :)
No problem buddy any time 😀
Well put together article! Nice :)
Thanks for the info @lexicon, nice to see some info on Burstcoin. I try to keep myself updated on most altcoins but it's hard work lol :D
what is the purpose of the 5% monthly miner rewards reduction and why is it tied to an seemingly arbitrary time frame instead of to price or inflation or something? Why not allow mining to remain profitable for new and existing miners that weren't early adopters? the website doesn't explain the actual rationale specifics anywhere as far as i can tell. So far, i'm having trouble justifying buying any HDDs for this, even though it would have been nice given the GPU un-supply situation.
also, does mining optimized plots mine enough to justify the fact that optimization makes a large chunk of your space unusable, assuming that's an accurate assessment of the situation.
thanks