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









