What is Burst Coin? know more about this crypto coin
Talking about crypto coins, there will be no end, because now more and more new coins are created with promising offers, one of which is Burst coin, what is Burst coin then?
Maybe this one coin is not as popular as Bitcoin, Ethereum or Litecoin, but it would not hurt if we find out about Burst coins.
The concept of Burst coins is, providing services to be able to mine at a lower cost, they call it by using proof of the capacity.
It utilizes the free space of the hard drive to mine, with a regular hard drive for more efficient and low-cost mining performance.
Making it possible to mine with an android phone and Raspberry Pi.
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What is Burst and how it works?
In general, Burst is powered by burst-coin.org similar to Bitcoin which can be used as an instant payment method.
Burst coin supports smart contracts based on blockchain technology.
For consumers, Burst offers security for controlling money, fast payments worldwide, easy mobile payments, and identity protection because there are no linked credit cards.
To receive Burst there is no fee, and users can adjust the fee with the lowest fee of 0.00735 BURST.
The higher the fee is made, the more priority is to get transaction confirmation.
Fees do not relate to the number of funds sent, so, for example, sending 100,000 BURST can use only 1 BURST.
For businesses, BURST supports sending with encrypted messages up to 1000 characters, and no PCI compliance required.
BURST offers an amazing way to overcome a number of problems, a simple way to send and receive money using only QR codes.
It also offers many third-party APIs that make it possible to exchange local currency. and you don’t need to save it on your server.
If you don’t use a third-party API, you can integrate with the BURST application and become your own bank, which builds any payment system you want.
How does BURST work?
BURST uses the consensus proof of the capacity (PoC) in the BURST blockchain algorithm, which allows mining through hard drive space.
You only need to plug in the hard drive, then plot and leave the computer, then it will mine coins periodically, the more space available the more likely the reward.
In contrast to Proof of Work, which requires ASIC mining equipment which requires expensive electricity costs, but not with Burst coins, which can do mining at a lower cost, and can do even with an android phone.
For miners, in addition to not burdening electricity costs, it also supports almost all computers even though it is an old computer, all it takes is disk space to plot files, to continue mining.
History of Burst coin
An anonymous user introduced Burst on the bitcointalk.org forum in 2014.
This platform is the development of NXT with almost the same features.
After the creator disappeared, then the crypto community developed a coin, they called it the Proof of capacity consortium.
The PoC Consortium released a white paper called Burst Dymaxion on 2017 27th day, the developer hopes to create a lightning network in Burst that refers to the tangle.
This network adds a new layer to improve transaction scalability.
Developers also expect to use dynamic fees to remove the minimum fee of 1 Burst.
They expect fees to depend on the level of traffic.
Then in 2018, they do hard fork to create dynamic block size and transaction fees, to adjust fees and block sizes to traffic levels.
Burst coins are more well-known for using proof of capacity.
But they are also the first to use a touring complete smart contract.
In 2015 the BURST team successfully achieved an atomic swap, which allows trading of Burst coins and Qora without the use of exchangers.
The Burst team 2020 has three categories with different coverage areas.
BAT (Burst Application Team)
This team was discovered early in 2019 which was the core of BURST software development.
This team has made easier use of software wallets such as phoenix and hot wallet.
The latest achievement is the release of block talk, java framework to create smart contracts and free license pool software.
The developer’s names behind the BAT team are
- John Jos
BMF (Burst Marketing Fund)
The BMF team was discovered in 2018 and focused on marketing BURST.
By adapting topics about Burst coins, they also introduced bounties for developing BURST coins.
The names behind the BMF team are
- Frank as Founder
- Rado in Project-Management
- Ryan in Community Development & PR
- Algirdas Community activist
- Jello Server admin
- Andy Marketing Manager.
BCT (Burst Creative Team)
This team was discovered in 2019 and has the task to find ideas for making graphics, logo designs, and also web design, in this team related to multimedia design.
The names behind the BCT team are
- Skipper (Burst Creative Director/Founder)
The BCT team only has one name, but he is a smart personality and has a good creativity.
Burstcoin Average Block Time
Burst loads the block control time in the expectation of 4-minute blocks on average.
It is a feedback algorithm that reacts to new blocks based on past blocks, by using heuristic rules to avoid instability.
It could say the difficulty is adjusted to absorb network changes because miners come and go.
They consider this method more efficient to make an average of 4 minutes.
The block time control algorithm is very powerful making the average block time very close to the target of 4 minutes.
With deviations no more than 10 seconds from the average, meaning that deviations occur less than 5%.
The efficiency of the block time control algorithm is clearer if we compare the average block time of Burstcoin with that of Bitcoin for the same time period (having an average target of 10 minutes).
Coin Supply and Sustainability
Block prizes for miners start at 10,000 per block but are reduced by 55 every 10,400 blocks.
Burstcoin dynamically adjusts mining difficulties to have an average block time of four minutes.
Individual miners have a lower chance, so they need to plot more files.
With the current network size, individual miners require multiple terabytes of storage capacity.
A mining pool is an alternative for individual miners, because the benefits of the mining pool will be distributed to all miners, so this is more preferred by miners because they get regular profits.
Burst crypto token
Bursts are distributed fairly.
Burstcoin blockchain action with a block time of 4 minutes, the size of the prize block is reduced at the rate of 5 percent every month and with a limited token inventory of 2,158,812,800 Burst crypto tokens.
Burst provides a special digital wallet called the Burst Wallet.
As already mentioned that Burst was originally created based on the Nxt platform which allows the addition of additional services built on the blockchain network.
Burst comes by offering several types of wallets to the needs of users.
With an online wallet, users don’t need to install the wallet and can access it anywhere and anytime, and offer high security, but it is better to keep it in the local wallet to be more secure.
If you prefer to use an online wallet with two choices
Desktop wallet and mobile wallet
You can also use the desktop and mobile versions of the wallet to manage your wallet, this needs to install the wallet on the selected device, where Burst supports applications for Windows and Android and iOS.
You can download desktop and mobile version on their download page.
What is a feature of Burst coin?
Burst offers features for its users.
Burst Asset Exchange is a default peer 2 peer exchange integrated into Burst Wallet.
Enables fast, secure and decentralized Burst trading.
And there is no need for outside organizations or institutions to interfere in their affairs, resulting in increased efficiency and reduced costs.
Burst has a messaging system that allows us to send and receive data directly on the Burst Blockchain platform.
So that every Burst account holder can communicate directly with other users.
Encrypted messages can be attached to each Burst transaction, so bookkeeping is easy because you can mark all your transactions with a description.
This feature allows users to raise funds within the Burst community to create projects in a decentralized way.
Automatic transactions (Smart Contracts)
Smart Contracts are contract statuses that run on their own and are on the blockchain burst network.
Simply put, an automatic transaction of a byte code instruction that will be implemented by a byte code translator built into its host.
Burstcoin Wallet also has an inbuilt escrow service.
Which with this feature allows a number of Burstcoins to be held by third parties on behalf of the parties to the transaction.
The Burstcoin wallet includes a fully decentralized market.
And Burstcoin users can see other users’ goods being sold by referring to their account id.
This will display all items sold to the designated account holder.
Burst in Coinmarketcap
The Burst Ranking is currently at 349 with a market capitalization of $ 9,453.86 1 USD, 983,39945711 BTC, and circulating supply of 2,083,647,145 BURST.
The price at the time of writing is $ 0.004537 USD/0,00000047 BTC.
And if this coin grows well, the price may go up higher.
FAQ about Burst
1. What is Burst coin mining?
Burstcoin mining is mining that utilizes free space on your hard drive to mine.
Burstcoin mining uses a different process than Proof of Work.
But it uses a Proof of Capacity process with a normal hard drive that allows mining to be more energy-intensive than Proof of Work.
Mining is very efficient and can do mining using an android phone.
2. How much is Burstcoin worth?
At the moment on 25 February 2020, the price of a Burst on Coinmarketcap is $ 0.004537 USD / 0.000047 BTC.
24-hour volume $ 13,004.76 USD / 1.35276720 BTC, and is rank 349.
3. Who created Burstcoin?
The current developer of Burst is PoCC or Proof of Capacity Consortium, since 27 December 2017, PoCC released a whitepaper with the title Burst Dymaxion.
4. What is hard drive mining?
Hard Disk Drive Mining is a cryptocurrency mining method based on hard disk drive space.
In contrast to general mining based on graphics processing units, or GPU mining.
HDD Miners use a set of hard disk drives to generate new blocks in the distributed ledgers.
5. Is hard drive mining profitable?
After the hard drive reads the plot, it will remain silent until the block can be finished.
HDD mining like this is very power efficient and can be done safely on a laptop, unlike mining Proof of Work.
Mining HDDs of less than 1 TB at this time may not be worth it.
6. What is proof of capacity?
Proof of capacity (POC) is an algorithmic consensus in blockchains that enables mining devices in the network to use available hard drive space to determine mining rights.
7. Where can I buy Burst?
To buy Burst the first step is to buy BTC or ETH at Coinbase or Cex.io
Step two of buying Burst through exchangers that support Burst like Poloniex, Livecoin, Bittrex, C-cex, or Coinroom.
Burst is one crypto coin that may be less well known, but the journey of this coin may become one of the crypto coins whose value is getting higher.
Because this coin offers a unique and low-cost method of mining, this adds value to the Burst.
But Burst’s journey was also not smooth, at the end of December 2019 the ranking of Burst was at 304, but now it fell at 349.
Will this coin be more valuable in the future? only time will answer it.