BURST - Burstcoin - The green innovative cryptocurrency

valhalla-hash (37)in #cryptocurrency • 7 years ago

Hi Guys,

recently we have come back to steemit to show up more promising coins out there . Let me show you something about BURST.

Burst : the 'cryptocurrency 2.0'

Burst was officially introduced on the 10th of August 2014 with the goal of solving other cryptocurrencies’ biggest problems : lack of decentralization, waste of energy, unfair releases, supremacy of big miners and corporations. It is the first and only cryptocurrency secured by the Proof-of-Capacity algorithm.
The critical difference between Proof of Work and Burst’s Proof of Capacity is that instead of needing ever more expensive, power hungry processors and graphic cards, it uses inexpensive, low-power hard drives. Proof of Capacity is inherently more secure, and trimmed versions of the blockchain are easier and more secure as well.
The other biggest advantage that Proof of Capacity has going for it is its mining, working 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.

Energy efficient & green mining

A Blockchain-based cryptocurrency depends on its users securizing the network by following a complicated algorithm actively validating each transaction. This activity is called “mining” and because of that the entire Bitcoin network now consumes more energy than a number of countries. With Burst and its Proof-of-Capacity (PoC) algorithm using free disk space instead of energy consuming CPUs and GPUs, mining barely uses more energy than just leaving your computer on.

Proof of Capacity protocol

Burst is the first ever cryptocurrency using the Proof-of-Capacity algorithm that allows efficient mining with your unused HDD space. Proof-of-Capacity was successfully implemented in 2014 by the original developer, going by the name "Burstcoin" on bitcointalk forums.

Smart contracts

Burst was the first ever cryptocurrency to implement working, "turing complete" smart contracts in a live environment in the form of Automated Transactions (AT), this occurred before both Ethereum and Counterparty. An application of these smart contracts was shown in the form of the world's first decentralized lottery. It became the first ever program to run on top of a blockchain in a trustless decentralized manner. Other use cases of the Automated Transactions include decentralized crowdfunding.

Atomic Cross-Chain Transactions

A more recent innovation is the Atomic cross-chain transactions (ACCT): this allows for full decentralized trading between two cryptocurrencies without the need for any third-party, namely an online exchange. Cross-chain transactions have been successfully made between the blockchain of Burst and Qora.

The Dymaxion

The latest innovation, described in a dedicated white paper. It is the combination of many technologies: tangles, lightning network, Proof-of-Capacity, ring signatures, zk-SNARKs in order to create a truly global, scalable, green and anonymous cryptocurrency. With the Dymaxion, tangle-based fee-less payment channels can be opened on top of the Burst blockchain.

CALCULATOR

http://burstcoincalculator.com/