Cryptocurrency: Mining, Investing and Trading in Blockchain, including Bitcoin, Ethereum, Litecoin, Ripple, Dash, Dogecoin, Emercoin, Putincoin, Auroracoin and others (Fintech) [2nd Edition] by Abraham K White

Author:Abraham K White [White, Abraham K]
Language: eng
Format: epub
Published: 2017-10-15T22:00:00+00:00

THE BURST NATION

The Burst Nation is one of the most relevant Burstcoin forums on which issues concerning Burstcoins are constantly discussed.

Personnel from Bitcoinist (an online digital currency discussion platform) talked extensively with a member of the Burst team about BURST and what “decentralized file storage” is actually used for. The discussion went as follows:

The Bitcoinist asked about the differences between Burst and other cryptocurrencies. The Burst team said that BURST can easily be differentiated from other digital currencies. One respondent said that BURST was the world’s first proof-of-capacity altcoin. Also, at the time it was the only digital coin with working Turing complete smart contracts in a live surrounding. He also mentioned that the proof-of-capacity algorithm had been fully developed by the principal programmer known by the name “burstcoin” on forums such as BitcoinTalk.

He said that smart contracts ran on a technology referred to as Automated Transactions (AT), which had been developed by CIYAM developers led by Ian Knowles. Furthermore, he said that since BURST was an innovative fork of Nxt, it came with a complete component of other crypto 2.0 programs, including different types of advanced transactions like escrow, assets, messaging and subscription, to name a few. All the programs are straight from BURST’s wallet. The respondent maintained that the “unique amalgam” of available technological programs makes BURST different from other digital currencies.

The Bitcoinist agent then asked if the Burst team could describe the proof of capacity (POC).

A respondent said, “Proof of Capacity is an innovative algorithm that uses storage space to mine. In a nutshell, miners pre-generate chunks of data known as ‘plots’ which are saved to disk. The size of plot miners storage is effectively what is commonly referred to as hashrate, i.e. your mining ‘speed’. The miner will skim every block 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 by another miner. After reading through the plots is complete, the miners’ hardware can become idle until the next block. The plot reading process generally does not take long and varies according to the total size of plots a miner owns.”

Next, the agent asked if miners should begin considering the proof-of-capacity scheme to be a realistic venture as opposed to the proof-of-work scheme.

A member of the Burst nation said that it was obvious that the POC should be considered because the whole BURST mining procedure used “off-the-shelf hardware.” More importantly, the scheme itself resists ASIC.

He added that the mining process conserves a lot of energy because the modern disk drives are quiet and run on low power, which normally would consume no more than 10 watts during operations. He said that when such an advantage is compared to the heat, noise and power consumption of ASICs or graphic cards used in the process of mining other altcoins, BURST’s edge is clear. These features, according to the Burst personnel, enhance the network’s decentralization.

The Bitcoinist agent asked if the Burst

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