Getting Started

GFrom understanding Burstcoin security to selecting a wallet, the Getting Started guide provides the imformation needed to succeed with Burstcoin.

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.

Introducing the new Burstcoin wallet:  Phoenix!  After many years of service, the familiar BRS wallet is finally being retired.  The first thing to be noticed about the new wallet is its striking good looks, but Phoenix is so much more than a cosmetic overhaul.  It is built on completely new cross-platform architecture.  Best of all, its single click installation.

Phoenix is currently in Beta and will be for some time as there are remaining BRS features to ported over.  So, unless you want to run a full node, or need a specific feature . . .  Its a go!   

To install Phoenix, select your operating system above.

For a Windows installation, choose the installed version, or the portable (stand alone) version.

For a Mac OS installation, choose the .dmg image version (unzipped), or the zipped version.

For a Linux installation, choose phoenix-1.0.0-beta.6-x86_64.AppImage.

Trade Burstcoin on the following exchanges:

NameTrading Pairs
BittrexBTC
UPbitBTC
CoinroomUSD, EUR, PLN, GBP
LivecoinBTC
BisqBTC
Xchange.meBTC, ETH
C-CEXBTC, USD
IndacoinUSD, EUR, RUB, (Visa & MasterCard)

* 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
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.

Sustainable

Burstcoin is a green cryptocurrency which uses little power beyond that necessary for initial setup.

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 a significant stake of this currency is not required in order to participate.

Naturally decentralized

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

No special equipment is needed to mine Burstcoin, to operate a public node, or to execute transactions.

Even a Raspberry Pi can run a full node.

Equitably distributed

Released publicly with advance notice, without pre-mine, without airdrops, and without an ICO (initial coin offering).

Every Burstcoin in existence was mined beginning with the Genesis block.

Deflationary

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

Impenetrable security

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

Global infrastructure

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

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.

Shabal 256

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

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.

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.

Offline transaction 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.

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.

Directed Acyclic Graphs (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 was the first cryptocurrency to use the Proof-of-capacity consensus algorithm,  a sustainable alternative to the proof-of-work model.  It is more energy efficient than proof-of-work and more fair and decentralized than proof-of-stake.

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 successfully 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.

Burstcoin's future

As an early cryptocurrency, Burstcoin has weathered the turbulent cryptocurrency market while being continually refined throughout its eventful existence.  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.

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.

Many details of this ambitious plan have already been implemented successfully. Completion will require a great deal of time and effort, but this genuinely stunning innovation remains Burstcoin’s direction — nothing less than a transactional capacity capable of handling the total of the world’s non-cash transactions.

Along the way to completion, Burstcoin’s developers will craft more creative features, grow the community, and raise awareness for the project with a goal of increasing value and utility for everyone involved.

Why was Burstcoin created?

Burstcoin was created with the goal of solving the most difficult problems faced by blockchain based cryptocurrencies, functional problems that threaten the growth and success of the entire blockchain niche, and the often overlooked environmental implications.

Scalability – Bitcoin can support seven transactions per second, Ethereum 20 transactions per second, and Ripple 1,500 transactions per second.  This is far lower than the transaction processing capacity of traditional leaders such as Visa or Mastercard which can process up to 24,000 transactions per second.  Scalability is a common problem with all cryptocurrencies, particularly those which have grown too large too quickly and no longer have the agility to make necessary changes.  

Burstcoin already exceeds the transaction processing capacity of Bitcoin and many other cryptocurrencies.  As it continues to refine 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.  Burstcoin’s solution to scale its transaction processing capacity, as outlined in its whitepaper entitled The Burst Dymaxion, is to employ Lightning Networks based on the native smart contract protocol that is already part of Burstcoin’s core feature set.  Lightning Networks function by creating 2-party payment channels, entirely free of counterparty risk, as layers on top of a main blockchain. 

Usability – Cryptocurrency is undeniably popular, but difficulties with access have caused its mass adoption to be hesitant.  Users must comprehend somewhat complex principals, install unfamiliar software, register accounts, join exchanges, pay multiple transaction fees, and even verify personal details in some case in order to participate.  After the gauntlet of procedures necessary just to participate, the end product still possesses less utility and liquidity than fiat currencies, perhaps with the exception of investment potential.

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 direct purchases can be made with Burstcoin. Unlike common e-commerce sites, the Burstcoin marketplace allows users to sell items directly.  This is an emerging opportunity for business as participation in the market is expanding rapidly along with the Burstcoin network.

Centralization – Application-Specific Integrated Circuits (ASICs) have resulted in the centralization of mining processes. Their energy requirements and high cost allow only the well funded to mine profitably.  The economic benefits have become centralized with large mining corporations and corporate interests.

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 Raspberry Pi.  For the vast majority of users, computer hardware already owned 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 energy consumption – The proof-of-work consensus algorithm on which most coins are based is a gross misapplication of the “nothing-at-stake” principle.  Proof-of-work has a place, but not as a competitive consensus algorithm.  An example of proof-of-work being applied sensibly is the simple task that must be complete before using certain online services.  Just enough time and effort is required in order to discourage denial of service attacks and other abuses.  In a simplistic analogy, the consensus algorithm in cryptocurrency stands in a similar place.  It exists not to process transactions in the traditional sense, but to deter attacks on the network and fraudulent modification of the blockchain.

Burstcoin uses the energy efficient proof-of-capacity algorithm, a consensus algorithm specifically designed to secure its network in an environmentally responsible way.  This algorithm concentrates the “work” from “proof-of-work” into initial setup.  It is a right-sized solution for securing a blockchain.  The hashing algorithms that secure the Burstcoin network are pre-computed and stored for retrieval and reuse in the mining process indefinitely.  This moves the focus away from raw computational power being needlessly devoted to repeating the same procedure over and over.

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.  Its value is not artificially inflated by an endless cycle of energy waste.

Inequitable distributionsPremined releases and ICOs have dominated the cryptocurrency space.  This consolidates coins in the hands of insiders puts at risk the the stake of everyone who subsequently mines or purchases coins under regular market conditions.  It is the Burstcoin postion that premined releases and ICOs are the antithesis of fair and equitable community-based coins.  Burstcoin’s solution was simple.  It was release with advance public notice and every Burstcoin in existence was mined beginning with the Genesis block.  

What are the Burstcoin use cases?

Network fees Far more than a simple cryptocurrency, Burstcoin is one of the earliest of the 2nd generation coins referred to as cryptocurrency 2.0.  It is best described as the native coin of the Burstcoin network.  This sophisticated API network and its public blockchain have all of the core features necessary to run decentralized services and programs.  The operation of these services are sustained by payment of transaction fees to Burstcoin miners who run the code and process the transactions.  These transactions fees are only payable with Burstcoin.

Marketplace purchases:  The Burstcoin Marketplace facilitates direct sales and purchases without third party entanglement.  Buyers and sellers benefit from lower prices as there are no third party fees or commissions.

Taxes:  Cryptocurrency is increasingly an acceptable form of payment for taxes.  Among the expanding group of jurisdictions that accept cryptocurrency are Singapore, Venezuela, and several American states.  

Investment and savings:  Burstcoin is a reliable form of savings and investment.  The value of Burstcoin is expected to deliver a high return on investment (ROI) over time.  Historically, Burstcoin has focused on developing its technology rather than marketing.  As a result, there exists a nearly ground floor level for an initial investment.  Immediately prior to the cryptocurrency market crash of 2018, Burstcoin was valued at nearly 12 cents USD.  Since that time, development has accelerated exponentially and Burstcoin is now preparing to raise awareness of Burstcoin through a traditional large scale campaign.  

Direct purchases:  If Burstcoin is not accepted as a form of payment for a specific good or service, Burstcoin can be easily exchanged for fiat currency or other cryptocurrency according to the vendor’s choice.

Trading fees:  When trading Burstcoin on an exchange such as Bittrex, trading fees are payable with Burstcoin.