Getting Started

Welcome!  You are taking a great 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

Form 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.

Burstcoin can be traded on the following exchanges paired with the listed currencies:

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

The following exchanges have indicated that they 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 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.

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 Burst 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 capped at 2,158,812,800.

Internal escrow

An internal intermediary, neither sender nor receiver, that 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

A peer-to-peer exchange is built into Burstcoin’s software which allows for decentralized trading, eliminating the trust points as well as third-party trading fees.  The asset exchange is based on the concept of “colored coins”

Fair release

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

Crowdfunding

Anyone can set up a crowdfunding campaign based on Burstcoin’s blockchain platform.

Smart contracts

Create contracts that run exactly 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 basis 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 and for the generated single-use signature to be entered into a connected device for network broadcast and 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 marketplace for selling goods that can be transferred digitally.

Global infrastructure

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

Smart contracts

1st cryptocurrency to implement Turing complete smart contracts (automated transactions).

Dynamic transaction fees

One to One and One to Many transactions can be made with a single minimum network transaction fee when network activity is low.  The structure is based on the concept of slot-based transaction fees.  The minimum fee is just .00735.

Atomic Cross-Chain Trading

A basic concept of decentralized exchanges pioneered by Burstcoin and a major focus of Burstcoin’s developmental future.

Direct Acrylic Graph (DAG)

A computational data structure that 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 whereby hashing functions securing 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 successfully perform an Atomic Cross-Chain Transaction (ACCT).

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

Burstcoin was created from an extensive modification of NXT’s code base (code fork).  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.

On December 27 of 2017, the future of Burstcoin was outlined in a white paper, The Burst Dymaxion, which describes the implementation of a tangle-based lightning network on top of the Burstcoin blockchain making Burstcoin infinitely scalable, energy efficient, and anonymous. It also describes the implementation of a PoC3 protocol that allows 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.  Regular inexpensive consumer grade equipment is all that is needed.  Even a full node can be operated on something as lite as a Raspberry Pi.

The Burstcoin community is proud to stand in particular contrast to Bitcoin, and to all proof-of-work coins.

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 successfully perform an Atomic Cross-Chain Transaction (ACCT).

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
  • Burstcoin can be used to pay transaction costs at Burst network: To run transactions on the Burst network, users are required to pay a transaction fee. You can only pay this transaction fee using Burstcoin.
  • Buying items at the Burt marketplace: The Burst marketplace allows users to make direct purchases for listed items. Because there are no third party dealers such as Amazon or eBay, buyers are able to enjoy lower prices.
  • Paying transaction fee when trading Burstcoin in the exchanges: If you decide to trade Burstcoin in the exchanges such as Bittrex and Poloniex, the transaction charges can be paid in Burstcoin.
  • Paying taxes in jurisdictions that accept cryptocurrencies: For people in jurisdictions that allow users to pay taxes in cryptocurrencies, Burstcoin will be a great option. In Arizona, the State parliament passed bill HB 1091 that opened the door for citizens to pay taxes using cryptocurrencies. Other countries that allow payments to be done using cryptocurrencies include Singapore and Venezuela.
  • Saving and investment: Cryptocurrencies such as Burstcoin and Bitcoin among others have become a reliable form of saving and investment. As decentralized and anonymous networks, many people are opting to use cryptocurrencies for saving and investment because they are free from third-party seizures. Investors are expecting the Burstcoin value to grow exponentially and deliver high ROI (return on investment) over time.
  • Like other cryptocurrencies, Burstcoin can be used for direct purchases. As more people and traders embrace the concept of cryptocurrencies, it is becoming easier to make direct purchases for goods and services. Remember that even when a store only accepts other coins, you can easily convert Burst and buy the targeted 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 – a serious problem.  Bitcoin can only support seven transactions per second, Ethereum 20 transactions per second, and Ripple 1,500 transactions per second.  The transaction per second rate of cryptocurrencies is dwarfed by the traditional transaction processing leaders.  Visa has the capacity to process up to 24,000 transactions every second.
  • Low usability – cryptocurrency is undeniability 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 costs realized when exchanging currency among the world’s fiat currencies.  The difference is that while the costs are incurred, they do not solve the problem of usability and 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 equipment and energy requirements, only those who can afford the equipment can mine various coins such as Bitcoin. This opens the danger of more tokens falling in the hands of a few miners and raises the risk of a 51% attack.  At a minimum, it centralizes the economic benefits with large mining corporations and corporate interests.  Considering this, It can be said, as it is said about many things, the more things change, the more they stay the same. 
  • Unsustainable waste of energy – Most coins use a consensus algorithm called proof-of-work.  At the core of this algorithm is the mistaken concept that for anything to have value, it must be procured with great effort and with the expenditure of large amounts of resources.  The concept is sometimes referred to in terms of “nothing at stake”.  We say that proof-of-work coins are mistaken; not in the inherent validity of the principle, but in the misdirected application.  The price of diamonds may be supported by the amount of resources needed to locate and extract them, but cryptocurrencies are not diamonds.  The value of cryptocurrency is in its utility, in its security, in its fitness as a solution for the problems it was created to resolve.  “Nothing at stake” is a legitimate concern, but doesn’t have to mean “everything at stake” including the environment.  It doesn’t require artificially supporting the price with sheer waste.  A sensible application of the proof-of-work concept can be seen in the common captcha presented when filling out an online form or requesting an online resource.  Completing these simple puzzles requires a small amount of time and effort.  Not a lot, just enough to discourage a denial of service attack on a hosting network or to prevent other malicious disruption.  The captcha makes the costs of a denial of service attack very unattractive.  With cryptocurrency, the consensus algorithm stands in a similar place to the captcha.  It exists not to process transactions in the traditional sense, but to serve as a deterrent to anyone desiring to attack the network in order to rewrite the blockchain in terms favoring their account.  Though an important function, this is not the place to artificially incorporate waste, particularly an extremely wasteful form of waste that contributes to further scarcity of the wasted resource.  There is no need to create new problems trying to solve old problems.  Just as the common captcha is the right size solution to solve the nothing at stake problem that affects computer networks, the proof-of-capacity algorithm was selected by Burstcoin as the right sized solution for securing a blockchain based cryptocurrency. 
  • 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?

Unsustainable waste of energy – Burstcoin utilizes the same blockchain technology as other coins, but 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 used in proof-of-work, 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, to storing the same results in records that can be used indefinitely.

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 great majority of users, the computer hardware that they already own is sufficient to participate effectively.  With Burstcoin, a larger mining operation just means that more regular components have been added to a basic setup.  There simply is no specialized hardware that can give more 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 rather than less.

Poor scalability – Burstcoin already exceeds the transaction carrying capacity of Bitcoin and 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 also is rapidly 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 the transactions and speed block generation.  A Lightning Network involves creating a 2-party payment channel as a layer on the main blockchain. Burstcoin is using smart contracts to implement a lightning network that is completely free of counterparty risk.

Low usability –  To help users get more value from their Burstcoin, beyond just being a store of value, Burstcoin features an easy to use marketplace. This is meant to help users make direct purchases using Burstcoin. Unlike the common e-commerce sites, the Burstcoin marketplace also allows users to directly list the items that they have for sale.  This is a great opportunity for business as the marketplace is growing rapidly along with the Burstcoin network.

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 truly 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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