Burstcoin

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This article was considered for deletion at Wikipedia on March 17 2018. This is a backup of Wikipedia:Burstcoin. All of its AfDs can be found at Wikipedia:Special:PrefixIndex/Wikipedia:Articles_for_deletion/Burstcoin, the first at Wikipedia:Wikipedia:Articles_for_deletion/Burstcoin. Purge

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Burstcoin (also called Burst) is a digital cryptocurrency and payment system based on the blockchain technology. Burstcoin was introduced on the bitcointalk.org forum on 10 August 2014 as an Nxt-based currency. Burstcoins are mined using an algorithm called proof-of-capacity (PoC)[note 1] in which miners use computer storage instead of the more common energy-expensive method proof-of-work (PoW) which involves permanent computational operations.

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 energy requirement for Burstcoin mining is minimal compared to most other cryptocurrencies, making Burstcoin one of the most energy efficient within the field of proof-based cryptocurrencies.[1] Storage space is required however: as of March 2018, the estimated network size approached 341,000 terabytes.[2].

The Nxt blockchain platform allows for development flexibility, ensuring developers freedom to create their own applications. In this sense, Burstcoin can be considered as a next-generation cryptographic application project (often called 'cryptocurrency 2.0') in contrast to the first generation cryptocurrencies like bitcoin.[3]

Burstcoin is currently being developed by the PoCC (Proof of Capacity Consortium) since December 27th 2017. The PoC Consortium developers released a new white paper titled The Burst Dymaxion.[4] It describes the implementation of a tangle-based lightning network allowing for arbitrary scalability and anonymous transactions. The Dymaxion operates with payment channels opened using the directed acyclic graph (DAG) technology on top of the Burst blockchain functionning with the Proof-of-Capacity protocol.


History

Origin to community takeover

Burstcoin was released to the public on 10 August 2014 on bitcointalk.org by the original developer who is known under the alias "Burstcoin". Their real identity is still unknown today. The coin was launched without an initial coin offering (ICO) or premine.[note 2] The genesis block was published on August 11th 2014.[5] Approximately one year later, the main developer "Burstcoin" disappeared without any explanation.

Being an open source project, other members of community then took over the development of Burstcoin: on January 11th 2016, a new forum thread was created on Bitcointalk.org by a senior community member.

On July 22nd 2017 an attacker spammed the Burst network with messages, causing wallets to crash and splitting the network into multiple forks.[6] The network remained unstable for several days. On August 11th 2017, in the aftermath of the spam attack, a new development team called the PoC Consortium[7] introduced itself on Bitcointalk.org. They have been recognized by the former development team as the designated successors for the Burst Reference Software.[8]

Innovations

Burstcoin is the first cryptocurrency to use the proof-of-capacity algorithm. Proof-of-capacity was successfully implemented by the original developer, going by the name "Burstcoin" on bitcointalk.org forums.

Burstcoin was the first cryptocurrency to implement working, "Turing complete" smart contracts[note 3] in a live environment in the form of Automated Transactions (AT), this occurred before both Ethereum and Counterparty.[9][10][11] An application of these smart contracts was shown in the form of the world's first decentralized lottery.[12][13][note 4] 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.[14]

A more recent innovation by Burstcoin and Qora is the Atomic cross-chain transactions (ACCT),[15] 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 Burstcoin and Qora.[16][17]

On December 27th 2017, the PoC Consortium developers released a new white paper titled The Burst Dymaxion.[18] It describes the implementation of a tangle-based lightning network allowing for arbitrary scalability and anonymous transactions. The Dymaxion operates with payment channels opened using the directed acyclic graph (DAG) technology on top of the Burst blockchain functionning with the Proof-of-Capacity protocol.

Usage

The Burstcoin cryptocurrency wallet is implemented as a Java-based Web server, which users can either run themselves (as is done by the Windows client), or, for convenience, use on somebody else's server machine (for example one hosted by a Burstcoin mining pool), if they trust said machine not to be copying their passphrase via keystroke logging (mining pools have an obvious incentive to maintain their reputation by not compromising their convenience wallet servers).

The passphrase (typically 12 dictionary words) is all that is needed to transfer funds out of an account, and any wallet server can convert such a passphrase into a public address (a string of alphanumeric characters beginning BURST-) which is used for receiving Burstcoin, and an Account ID (an integer) which is needed to generate the "plot" files for mining (for example with the wplotgenerator tool).

Features

The core feature set of Burst is based on the Nxt platform, which allows the adding of external services to be built on top of the blockchain.

Android wallet

The first Android version of the Burst wallet was released in 2016[19] and was able to mine on Android devices. This app is now considered "outdated" by burst-coin.org[20] which instead recommends the POC Consortium wallet[21] or the BurstNation wallet.[22] These newer apps cannot mine on Android but do allow users to create wallets and to send and receive Burstcoin on any Android device.

Asset Exchange

File:Burst Asset Exchange 997x787.jpg
Screenshot of the Burstcoin Asset Exchange window

The Burst Asset Exchange is a peer-to-peer exchange platform integrated into the Burst wallet. It functions primarily as a secure decentralized trading platform for Burst assets. The popularity of the asset exchange is based upon the absence of any third party, allowing improved efficiency and reduced costs. A burst asset is basically a token to represent anything the asset issuer deems to be of value so that it can be traded, common examples of such assets include shares in the following: mining pools, retirement funds, crypto mining rigs, crypto gambling sites and silver investments.

Automated transactions (Smart Contracts)

Screenshot of First Smart Contract using Burstcoin

Smart Contracts are self-executing contractual states, stored on the blockchain.[note 5] In brief an Automated Transaction is a "Turing complete" set of byte code instructions which will be executed by a byte code interpreter built into its host. An AT supporting host platform automatically supports various applications ranging from games of chance to automated crowdfunding and ensuring that "long term savings" are not lost forever.[23]

Crowdfunding

The crowdfunding feature allows users within the Burst community to raise funds in Burst for project creators in a decentralized way. Funds are refunded if the project target is not met.

Escrow service

The Burstcoin Wallet has an inbuilt escrow service, which allows a quantity of Burstcoins to be held by a third party on behalf of transacting parties.

Marketplace

The Burstcoin Wallet includes a completely decentralized marketplace where Burstcoin users can view other users items for sale by referencing their account id. It will display all items for sale for the designated account holder.[24]

Notes

References

  1. "Can Cryptocoins Be Environmentally Friendly?". 2 January 2017. https://www.cryptocoinsnews.com/can-cryptocoins-environmentally-friendly/. 
  2. https://explore.burst.cryptoguru.org/chart/supply/network_size
  3. Brokaw, Alex (23 August 2014). "Crypto 2.0 Roundup: Bitcoin's Revolution Moves Beyond Currency". http://www.coindesk.com/crypto-2-0-roundup-bitcoins-revolution-moves-beyond-currency/. 
  4. "The Burst Dymaxion". 2017-12-27. https://dymaxion.burst.cryptoguru.org/The-Burst-Dymaxion-1.00.pdf. 
  5. "Exploration of the Genesis Block". 11 August 2014. http://burstcoin.biz/block/3444294670862540038. 
  6. @Lexicon (2017-07-20). "Burstcoin Network Large Scale Attack" (in en). https://steemit.com/news/@lexicon/burstcoin-network-large-scale-attack. 
  7. "PoC Consortium". https://github.com/PoC-Consortium. 
  8. "Burst-Team wallet readme". https://github.com/burst-team/burstcoin/blob/master/README.md. "Please visit https://github.com/PoC-Consortium/burstcoin for the designated successor and current development version." 
  9. Lombardo, Hans (12 February 2015). "Burstcoin Claims Already Offering Smart Contract Applications". http://allcoinsnews.com/2015/02/12/burstcoin-claims-already-offering-smart-contract-applications/. 
  10. Gillespie, Clay Michael (23 January 2015). "Alternative Cryptocurrency Claims to Have Won the Race to Smart Contracts". http://insidebitcoins.com/news/alternative-cryptocurrency-claims-to-have-won-the-race-to-smart-contracts/29152. 
  11. Maina, John Weru (27 January 2015). "Cryptocurrency BURST Makes Smart Contracts a Reality, What Happened to Ethereum?". https://www.cryptocoinsnews.com/cryptocurrency-burst-makes-smart-contracts-reality-happened-ethereum/. 
  12. Lombardo, Hans (26 January 2015). "BurstCoin Launches Lottery As Smart Contracts Use Case". http://allcoinsnews.com/2015/01/26/burstcoin-launches-lottery-case-along-as-smart-contracts-use-case/. 
  13. "Smart Contract Use Case : The Lottery code". CIYAM Developers. http://ciyam.org/at/at_lottery.html. 
  14. "Automated Transactions Documentation index". CIYAM Developers. http://ciyam.org/at/. 
  15. "Use Case: Atomic Cross-Chain Transfer code". CIYAM Developers. http://ciyam.org/at/at_atomic.html. 
  16. P.H., Madore (22 May 2016). "Qora and Burst Now Able to Make Cross-Chain Transactions". https://www.cryptocoinsnews.com/qora-burst-now-able-make-cross-chain-transactions. 
  17. "World's First "Atomic Cross-chain Transfer" Completed Between Burst & Qora Blockchains". 18 May 2015. http://cryptonewsday.com/worlds-first-atomic-cross-chain-transfer-completed-between-burst-qora-blockchains. 
  18. "The Burst Dymaxion". 2017-12-27. https://dymaxion.burst.cryptoguru.org/The-Burst-Dymaxion-1.00.pdf. 
  19. "Burstcoin Android wallet release". daWallet. 18 April 2016. https://forums.burst-team.us/topic/78/burst-wallet-1-0-5-android. 
  20. Download wallet "Burst-team Android wallet (outdated)"
  21. POC Consortium Android Wallet on Google Play Store
  22. BurstNation Android Wallet on Google Play Store
  23. "Automated Transactions Documentation index". CIYAM Developers. http://ciyam.org/at/. 
  24. Boluna, Xavi (15 April 2015). "BURST Opens Market Supported by Smart Contracts". http://www.coinbuzz.com/2015/04/15/burst-opens-market-supported-smart-contracts/. 
Yay. This is how Deletionpedia v2 got started. Guaka (talk) wanted to rescue some Wikipedia articles for Coinwiki.