How Does Burstcoin Work? (simplified)



  • Burstcoin is a decentralized crypto-currency that shares the same blockchain technology as bitcoin. Here I will explain the purpose and reason for each part of the coin that we know as burstcoin.

    Vocab

    Blockchain - a chain of blocks linked together, contains all the transaction ever created and starts with a genesis block
    Blocks - a file that contains all the transaction that are not in any other previous block and are ready to be added to a block
    Genesis Block - The first block in the blockchain, every block is linked to this block in the blockchain

    Wallet

    The burstcoin wallet gives a means of creating transactions that can be submitted to the burstcoin network. When you run a local wallet you are actually running a node on the network. Remember that the burstcoin system is decentralized so a local wallet is part of the network and it helps relay new transactions and new blocks to other local wallets in order to keep all of the local wallets updated with new transactions and new blocks. Lets say that you want to send 2000 burst to someone. When you enter the transaction details and click submit, your transaction's data is sent to other nodes on the network. It enter a category known as unconfirmed transactions. It has not been put into any blocks and need to be added to a block in order for it to be confirmed and solid in the blockchain (meaning that it can be agreed upon by every local wallet that is up to date with the latest blocks). When it is added to the blockchain it will then be spendable by the person you sent it to because other nodes can all agree that they have 2000 more burst.

    Mining

    Mining is the process in which blocks are added to the blockchain and how new burst is added to the ecosystem. It ensures that the system stays decentralized because anyone can mine and add blocks to the blockchain. In order for a block to be accepted by other nodes on the network it must have a mathematical proof to a math problem. To get a valid proof it takes a lot of work meaning that you can not figure it out easily but it needs raw power to get. If an individual wanted to mine more than half of the blocks they would need more than half of the mining power so it is unlikely that a single person could ever control the majority of the blockchain. But pools combine mining power of many miners and the pool chooses what block should be distributed. So a pool could control the majority of the blockchain very easily if it gets to big. This is why we as a community encourage miners to spread between the pools and pick the one that fits there setup best. When a valid mathematical proof is found for a new block, the local wallet creates a block based on the unconfirmed transactions that it has received, the mathematical proof that was found, and a connection to the block right before it which makes the blockchain a chain of "linked" blocks. It then distributes this new block to other nodes on the network.

    More will be added later
    By Stupendelious - Donations: BURST-YGPR-RXJ2-XLT3-BKBZP



  • very nice txt, its very good for promo purpose, are we free to use it? ;)
    thx for the work!



  • @overdozedCEO Yes you can use it for whatever you want. I will add more later though. Some of my ideas for topics: transactions, supply, assets



  • @stupendelious

    hey some points that would be nice to add to the text above:

    -greentech, how burst is the most eco-friendly mining choice.
    -the fact that your able to mine BURST beside any other coin, and that if you are mining ur gpu anyway its a complet waste of money to not add BURST and also mine your free HDD space.
    -assets, crowdfunding platform etc.

    i really dig that text, why not posting it on steemit? would be a good promo, i could maybe support you with some gfx if needed...



  • ...and that it is the FIRST POC coin, FIRST hdd-minable coin, the FIRST AT enabled coin, FIRST to do cross chain transfer.



  • Proof of Capacity:

    Burst uses a new algorithm for proof of HDD capacity (POC) mining, which means that Burst is the first crypto-currency mined using free space on your hard-drive!
    Instead of buying expensive mining equipment, like graphic cards, all you need to mine Burst is some free space on your device.
    Miners pre-generate chunks of data known as 'plots' which are then saved to their disk.
    The number of plots you store is effectively your mining speed.
    Every block the miner will skim through the saved plots, and come up with an amount of time until it is able to mine a block if another block hasn't yet been found.
    After reading through the plots is complete, your hardware can just sit idle until the newest block is found.
    And if you ever decide to stop mining Burst you can delete your plots at any time and use your HDD-space again.

    Greentech:

    The energy consuming part of mining is performing the calculations, but with Burst, the computer performs the calculations once,
    then all it does while mining is to read a few megabytes off of a hard drive every few minutes and checks every nonce it pulls off, instead of working through heavy calculations like Bitcoin.
    Burstcoin's transaction network only uses 10 kW compared with Bitcoin's 200 MW.
    Transaction costs therefore are 0.02 Cents for Burst and 5 Cents for Bitcoin.

    Android Client:

    The Burst Android client for now is simply an interface for the Burst official web wallet.
    It currently supports logging into and using your Bust wallet.
    In the future, the client will support official Burst Android Plotting and Mining.
    This means, that soon you’ll have the option to mine the coin on your mobile devices, something that isn’t available on any other PoW based coin.



  • i converted the two parts to one text, it was posted on steemit today, check it out:

    [https://steemit.com/burst/@blockkontrol/burstcoin-explained]0_1471119043240_upload-aecc6b4b-82ef-4424-9dc8-4a739212e458





  • @overdozedCEO said in How Does Burstcoin Work? (simplified):

    This means, that soon you’ll have the option to mine the coin on your mobile devices, something that isn’t available on any other PoW based coin.

    Technically, it is possible to mine PoW-based coins on Android, but it makes little sense because it produces too much heat and will likely destroy the phone's components... PoW miners already exist for that OS, but Burst will be the first 'component sustainable' coin to mine on Android because of its green profile. This is something to keep in mind for such explanations.



  • Thanks. I think I'll add this to my pool!



  • @Tate-A Awesome! Thanks!



  • @stupendelious said in How Does Burstcoin Work? (simplified):

    More will be added later
    By Stupendelious...

    A good read, where is the "MORE"?



  • @delords Im sorry lol I just never got around to doing it. But Ill try to add some more soon


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