Hello there Cryptocurrency Enthusiasts!
As you may or may not know, my name is crowetic, and I’ve been a BURST miner since day one. I immediately fell in love with this coin for the mining style, then realized that it was MUCH more than just that. The technology behind this amazing coin is something that has the ability to take certain people’s jobs, and provide completely new and innovative software based on this tech that has almost limitless capabilities. I’m not only a proud member of the community, I feel honored to be part of something so awesome. I am going to give a little rundown of the coin and why it is so great, then in another post my friend and team member mczarnek will give a little bit more on the underlying tech behind the coin, and what it does. Let’s begin!
BURSTcoin is the very first, and still ONLY coin, to have implemented the algorithm called ‘PoC’ or ‘Proof of Capacity’. This algorithm allows people to take their unused extra hard disk space, and ‘plot’ it, Turning it into mineable power. Yes, that’s right, you can take your extra hard drive space, and make money with it now!
With BURST, one takes their hard disk space, and uses a program called a ‘plotter’ to ‘plot’ space (basically fill the space up with things called ‘nonces’ that are essentially your hashpower) on their drives, that is then read through each block, and ‘deadlines’ are submitted in shares. Every miner’s goal, is to read all of their plots, and submit all the shares for the current block that they can, in hopes they submit the winning share (lowest deadline.)
In BURST, each new block starts at 0 seconds, and a timer starts. The timer counts up, at which time BURST miners are reading their plots, and submitting their stored deadlines for each block. The lower the deadline submitted, the higher the likelihood of that miner finding the block and thus being rewarded handsomely! If the miner submitted a 30 second deadline, as soon as the timer hits 30 seconds, that deadline is recognized as the winning deadline, and that miner wins the block.
BURST mining is not only easy, but fun, and very energy efficient as well! The difference between hard drives running for a minute or so each block, and an ASIC or GPU running at full capacity constantly, is HUGE. Therefore BURST is absolutely the most energy efficient style of actual mining. (What I mean by ‘actual mining’ is anything that isn’t PoS, basically.) Myself personally, I used to run 17GPUs and then I switched over to BTC ASICs, and I was used to an astronomical power bill. But since I’ve switched over to BURST mining solely, my power bill is basically no different than if I were to just leave my computer on (which I do regardless.)
So it is clear, BURST is a coin for the home miners, it is a coin for decentralization.
But like I said, BURST isn’t just about the mining style, even though it is the only coin of its kind in that. BURST is also about the tech that our amazing developers have made possible. BURST is the first coin to implement Automated Transactions, it has decentralized asset exchange, marketplace, and trustless escrow built into it. These features are things that people have been asking for in other coins for ages, and BURST already has them.
I will let mczarnek explain Automated Transactions and what they are capable of, because I wouldn’t want to give any misinformation, but I do know that they have the potential to make things possible that have never been before. You’re able to put a script on the blockchain that activates when the creator (of the script) decides, and does what they have programmed it to do. It allows for trustless transactions that are decided upon between two people at the start, and is automatically executed at a specified time, carrying out those people’s wishes. It is something that will revolutionize the crypto world (which is saying a lot because the crypto world is revolutionary as it is.)
We are on the cutting edge of the cutting edge here, and with the fantastic team of developers we have on the project, and guidance of some bright minds in the community and team, BURST is destined for success! Thank you for reading.
I will post more on how to use BURST and what all is available, in the next couple days. This was more just a brief introduction, and a general idea of what BURST is, and why it is so awesome. I know that with the people we have, and the tech, we are going nowhere but up. We are doing things that haven’t ever been done, and breaking boundaries of what people thought possible. That is a task that takes a little time, but I know that in the future we will look back on this and smile.
Thank you. :)