Getting Started

Welcome!  You are taking an extraordinary step toward realizing the potential of blockchain cryptocurrency in its most environmentally friendly manifestation.  To set up your first wallet, visit the Burstcoin new user guide.  We will give you some important points about security and direct you to the latest Burstcoin wallet software.

Software

A great deal of technical knowledge is not required to use the Burstcoin network’s collection of highly developed open source software.  The definitive collection, including wallet software, is located in the Burstcoin Software Library.

Documentation

For more information on any of the topics listed below, or technical documents, visit the Burstcoin Documentation Project.  Here you will find everything there is to know about Burstcoin.  You can even contribute new documentation to the project, or recommend improvements.

Faucet

To activate a new wallet for Burstcoin mining or to receive a transfer from the Bittrex exchange, visit the Burstcoin Community Faucet.

FAQs

To assist with supporting new users of Burstcoin, this section contains frequently asked questions.  You can help curate this section by visiting the documentation project section.

Burstcoin

Open-source decentralized cryptocurrency and blockchain platform that connects people, companies, and financial institutions. It allows you to move value – according to your own rules – within a scalable, green, and customizable ledger.

Trade Burstcoin on the following exchanges paired with the currencies listed:

NameCurrencies
BittrexBTC
PoloniexBTC
UPbitBTC
CoinroomUSD, EUR, PLN, GBP
LivecoinBTC
IndacoinUSD, EUR, RUB, (Visa & MasterCard)
BisqBTC
Xchange.meBTC, ETH

* Bittrex requires the target address to have a public key activated on the blockchain. 

 Exchanges that will list Burstcoin soon:

Applications submitted

Integration information for exchanges:

NameCurrencies
name:Burst
ticker:BURST
number of decimals:8
maximum supply:2,158,812,800
algorithm:Proof-of-Capacity
developers:Burst Alliance
release:no ICO, airdrop, or premine
Whitepaper

Burstcoin is a code fork of NXT, which is a fork of Bitcoin.  There are several constituent white papers.  The official whitepaper of Burstcoin is the Burst Dymaxion.

Roadmap

With recent accomplishments, current activities, near-term and long-term goals, the Burstcoin Roadmap is the high-level planning document guiding Burstcoin development.

Development

Burstcoin development is community-based.  Leadership is provided by several organizations that were formed to address specific areas of development.

History

From its creation by an unknown developer thru today, Burstcoin has had an eventful history.  Here you can read about the history of Burstcoin.

Online resources

The online resources section is a collection of hosted services that have been created by community members and organizations.

  • Network Explorers
  • Online Wallets
  • News
  • Forums
  • Branding Material 

Generally, these services do not require installation and are accessed online.

Alias system

Burstcoin has an alias system that translates / associates alphanumeric texts.  It can operate as a decentralized DNS (domain name system) and has many other real-world use cases made possible with access to its public blockchain.

Impenetrable security

Protect your private key, and Burstcoin can protect your assets with 128 or more bits of entropy.

Shabal 256

Provably secure cryptographic function selected due to its slower and heavier characteristics which make it well suited for pre-computation and storage.

Deflationary

The total number of coins that can ever be mined is 2,158,812,800.  The smallest denomination is 8 decimals (.00000001).

Internal escrow

An automated intermediary, neither sender nor receiver, governs fulfillment of contract terms.

Encrypted messaging

Secure on-blockchain peer-to-peer communication.  Communications are decrypted using the receiving accounts passphrase.

Proof-of-capacity

Hashing functions securing the network are pre-computed, written to storage, and are retrievable for reuse in the mining process indefinitely.

Asset exchange

Based on the concept of “colored coins”, the Burstcoin asset exchange is a peer-to-peer exchange built directly into Burstcoin’s software.  It allows for decentralized trading while eliminating trust points and third-party trading fees.

Fair release

Released publicly with advance notice, without pre-mine, without airdrops, and without an ICO (Initial Coin Offering).

Crowdfunding

Anyone can create a crowdfunding campaign on the Burstcoin platform.

Smart contracts

Burstcoin was the first cryptocurrency to implement Turing complete smart contracts (automated transactions).

Smart contracts run precisely as programmed without any possibility of downtime, censorship, fraud, or third-party interference.

Arbitrary messages

This feature of Burstcoin allows for sending up to 1,000 bytes of data, encrypted or as plain text, through the decentralized Burstcoin blockchain.  This architecture forms a foundation on which to build decentralized applications, distributed file sharing, as well as higher level Burstcoin services.

Decentralized

Naturally ASIC proof.  Hardware requirements are minimal, inexpensive, and readily available in all parts of the world.

Offline signing

A Burstcoin account’s private key (passphrase) can be held offline and never exposed to the internet. This security feature allows individual transactions to be signed on a disconnected device.  A single-use signature is generated which can be transferred to a connected device and broadcast to the network for processing.

Colored coins

Individual Burstcoins can be set aside and conserved, allowing parties to acknowledge them in various ways.  They can be used to represent arbitrary digital tokens, stocks, bonds, property, etc.  They can even represent real-world objects.  Colored coins can be traded on the Burstcoin network and exchanged for whatever the colored coin represents.

Marketplace

This feature provides each account with a decentralized storefront, an ideal market for selling digitally transferrable products.

Global infrastructure

Payments and transfers are instant and anonymous over a powerful shared worldwide infrastructure.

Dynamic transaction fees

Transactions, including multi-out transactions, can be made for a single minimum transaction fee when network activity is low. The minimum fee is currently .00735.  Burstcoin uses a slot-based transaction fee schedule.

Atomic Cross-Chain Trading

A fundamental concept of decentralized exchanges pioneered by Burstcoin and a significant focus for its future development.

Direct Acrylic Graph (DAG)

This computational data structure features finite directed graphs with no directed cycles.

Byzantine fault-tolerance technology

To help in building dependable protocols. The focus is on identifying honest nodes by putting an upper boundary for maximum tolerance.

What makes Burstcoin unique?

Burstcoin is one of the most vibrant networks propelling the advancement of blockchain technology. It is the first and only cryptocurrency to use the Proof-of-capacity consensus algorithm. With proof-of-capacity, the hashing functions that are used to secure the network are pre-computed, written to storage, and are retrievable for reuse in the mining process indefinitely.

Burstcoin was the first cryptocurrency to implement Turing complete smart contracts, and the first to run a program on top of a blockchain. It also has the distinction of being the first to perform an Atomic Cross-Chain Transaction (ACCT) successfully.

Burstcoin is fueled by its community in the most decentralized and organic fashion, providing a foundation for stability.  Valuing sound fundamentals over short term gain and taking a long view of the markets, development has remained unaffected by volatility.

Running publicly since its creation on August 14th, 2014, Burstcoin has weathered the turbulent cryptocurrency environment while being continually refined throughout its short and eventful existence.

On December 27 of 2017, developers outlined the future of Burstcoin in a white paper, The Burst Dymaxion, which describes the implementation of a tangle-based lightning network on top of the Burstcoin blockchain.  This lightning network, when fully implemented, will allow Burstcoin to be infinitely scalable as new users are added to the user base.  The Burst Dymaxion also describes the implementation of a PoC3 protocol which will allow the Burstcoin blockchain to take a custodial and likely philanthropic role in globally distributed redundant storage for large scale projects of public interest.

Environmentally friendly!

Burstcoin is a green cryptocurrency.  Processing Burstcoin uses little power beyond that necessary for initial setup.  Once setup is complete, processing and using Burstcoin has little impact on utility costs.

No special equipment is needed to transact business using Burstcoin, to mine it, or to operate a public node.  Only regular inexpensive consumer grade equipment is required.  Even a Raspberry Pi can be used to run a full node.

Burstcoin’s energy efficiency stems from its use of storage space rather than raw computational power.  This level of efficiency is similar to Proof-of-Stake (PoS) systems, but achieves this with a low barrier to entry.  You do not need to acquire a significant stake of this currency in order to participate.

For these reasons, the Burstcoin community is proud to stand in particular contrast to Bitcoin, and distinct contrast to other proof-of-work and proof-of-stake systems.

What is Burstcoin?

Burstcoin is a cryptocurrency and an open-source, decentralized blockchain platform that connects people, companies, and financial institutions. It allows you to move value – according to your own rules – within a scalable, green, and customizable ledger.

Burstcoin is the first and only cryptocurrency to use the proof-of-capacity consensus algorithm, a sustainable alternative to the proof-of-work model used by Bitcoin and many other altcoins.  Proof-of-Capacity is more energy efficient than Proof-of-Work and more fair and decentralized than Proof-of-Stake. 

In addition to pioneering Proof-of-Capacity, Burstcoin was the first cryptocurrency to implement Turing complete smart contracts, and the first to run a program on top of a blockchain.  Burstcoin also has the distinction of being the first to perform an Atomic Cross-Chain Transaction (ACCT) successfully.

Burstcoin was created from an extensive modification of NXT’s code base.  It has multiple core level functions that facilitate running additional infrastructure on top of its blockchain. Running publicly since its creation on August 14th, 2014, Burstcoin has weathered the turbulent cryptocurrency environment while being continually refined throughout its short, eventful existence.

Burstcoin is fueled by its community in the most decentralized and organic fashion.  Because of this, development is unaffected by market volatility.  Burstcoin has built a foundation for stability by taking a long term view and valuing flawless fundamentals over short term gain.

Burstcoin is a deflationary currency. The total number of coins that can ever be mined is capped at 2,158,812,800. The mining period for Burstcoin will end in 2033 completing a gradual transition to fee supported transaction processing.

Burstcoin use cases
  • Paying fees on the Burstcoin network: Burstcoin is a public blockchain with many other services in addition to financial transactions.  These services generate transaction fees which can only be paid using Burstcoin.
  • Buying items on the Burstcoin marketplace: The Burstcoin marketplace allows users to make direct purchases.  Both buyers and sellers can benefit from lower prices as there are no third parties to charge fees or commissions in exchange for facilitating the transactions.  
  • Paying exchange trading fees:  If you decide to trade Burstcoin on an exchange such as Bittrex and Poloniex, the trading fees are payable with Burstcoin.
  • Paying taxes: For people subject to taxes in jurisdictions that accept cryptocurrency, Burstcoin will be an excellent option.  Singapore, Venezuela, and the American state of Arizona currently accept cryptocurrency.  
  • Savings and investment: Cryptocurrencies such as Burstcoin have become a reliable form of savings and investment.  Many investors expect the value of Burstcoin to grow exponentially and deliver a high return on investment (ROI) over time.
  • Making direct purchases:  As adoption increases, it becomes easier to make direct purchases for goods and services.  If not an acceptable form of payment for a particular transaction, Burstcoin is easily exchanged for other currencies which can be used to purchase a needed item.
Why was Burstcoin created?

With the growth rate of blockchain based cryptocurrencies, mass adoption has faced serious hurdles that threaten the growth and success of the entire blockchain niche.   Between 2009 and 2018, over 1600 cryptocurrencies had entered the market.

Burstcoin was introduced with the goal of solving cryptocurrencies’ most difficult problems.

  • Poor scalability – Bitcoin can only support seven transactions per second, Ethereum 20 transactions per second, and Ripple 1,500 transactions per second.  This is far lower than the transaction capacity of traditional processing leaders.  For example, Visa can process up to 24,000 transactions per second.  Burstcoin’s transactional capacity exceeds that of most cryptocurrencies and increasing that capacity is a focus for future development.
  • Low usability – Cryptocurrency is undeniably popular, but adoption is hesitant.  The root cause is difficulty with access.  Potential new users are required to join an exchange, register an account, and verify it with government recognized details.  It is a lengthy procedure coupled with multiple transaction fees which increase the cost of adoption.  It is quite similar to the expense realized when exchanging currency among the world’s fiat currencies.  The difference is that while the expense is incurred, it does not solve the problem of usability or lead to universal acceptance.
  • Lack of decentralization – The use of Application-Specific Integrated Circuits (ASICs) has resulted in the centralization of mining. Because of the high cost of ASICs, and the amount of energy required for their operation, only those who are well funded can afford to mine coins such as Bitcoin.  There is a risk that too many coins fall into the hands of only a few miners which raises the risk of a 51% attack.  At a minimum, it centralizes the economic benefits with large mining corporations and corporate interests.
  • Unsustainable waste of energy – Most coins use a consensus algorithm called proof-of-work.  At its core is a gross misapplication of the “nothing-at-stake” principle which maintains that for anything to have value, it must be procured with great effort and with large amounts of resources.  The value of Burstcoin is in its utility, in its security, in its fitness as a solution for the problems it was created to resolve.  An example of the proof-of-work concept being applied sensibly is captchas, simple puzzles that require just enough time and effort to discourage a denial of service attack. The consensus algorithm in cryptocurrency stands in a similar place to the captcha.  It exists not to process transactions in the traditional sense, but to deter attacks on the network or fraudulent modification of the blockchain.  Just as the common captcha is a right-sized solution to solve the nothing at stake problem for computer networks, the proof-of-capacity algorithm was selected by Burstcoin as a right-sized solution for securing its blockchain.   
  • Unfair premined releases and ICOs – premines consolidate coins in the hands of insiders and can lead to market manipulation.  So much in the hands of so few puts the stake of everyone at risk who has mined or purchased coins under regular market conditions.  Premining is the antithesis of a fair and equitable community-based coin.
How does Burstcoin address the difficult problems with cryptocurrency?
  • Poor scalability – Burstcoin already exceeds the transaction capacity of Bitcoin and many other cryptocurrencies and with the current state of blockchain technology, itself is unable to sustain the global load of all non-cash transactions.  In addition to Burstcoin’s focus on refining its fundamentals, it is also developing its technology in the direction of infinite scalability.  The Burstcoin network of the future will scale automatically in response to growth in the network’s user base.  To do this, a lightning network is being researched and developed to scale up transactions and speed block generation using smart contracts, already one of Burstcoin core features.  A Lightning Network involves creating a 2-party payment channel, entirely free of counterparty risk, as a layer on top of the main blockchain. 
  • Low usability –  To help users get more value from their Burstcoin, beyond using it only as a store of value, Burstcoin features an easy to use marketplace where users can make direct purchases with Burstcoin. Unlike common e-commerce sites, the Burstcoin marketplace allows users to list items that they have for sale directly.  This is an opportunity for business as participation in the market is expanding rapidly along with the Burstcoin network.
  • Lack of decentralization – The principle hardware requirements for Burstcoin are regular off-the-shelf computer and storage components, including low power devices such as smartphones or project boards such as the Rasberry Pi.  For the vast majority of users, the computer hardware that they already own is sufficient to participate effectively.  With Burstcoin, a larger mining operation is just a more extensive collection of conventional components.  No specialized hardware can give well-funded individuals an advantage.  Burstcoin is ASIC proof by design.  With the expansion of internet service throughout the world, Burstcoin naturally becomes more decentralized over time.
  • Unsustainable waste of energy – Burstcoin uses a consensus algorithm specifically designed to secure its network in an environmentally responsible way.  The algorithm used is proof-of-capacity (PoC). This algorithm concentrates the “work” from “proof-of-work” into the initial setup by pre-computing the hashing algorithms that secure the network and storing them for retrieval and reuse in the mining process indefinitely.   This moves the focus from computational power devoted to needlessly repeating the same procedure over and over.
Burstcoin's future

As an early cryptocurrency, Burstcoin has weathered the ups and downs of the cryptocurrency market.  It has emerged enjoying a great deal of trust in its systems, thought to be stronger and more reliable than other networks.  Burstcoin development aims to build on this history.

At the beginning of 2018, developers released a roadmap and white paper describing the direction that Burstcoin would be taking.  Although it will require much time and effort, and genuinely stunning innovation, the direction is to scale Burstcoin’s transactional capacity to a level capable of handling the total of the world’s non-cash transactions.  Along the way to that goal, the developers will craft more creative features, grow the community, and raise awareness of the project with a goal of increasing value and utility for everyone involved.

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