Burstcoin Wallets

If you already familiar with the concept of a cryptocurrency wallet, and are just looking for the Burstcoin wallets, they are located in the Burstcoin software library.  However, if you are new to cryptocurrency in general, it is recommended that you continue reading to gain a bit of understanding first.  It is also recommended that you review the following article:  Getting started with Burstcoin.  This article will direct you to important information related to Burstcoin security.

Burstcoin wallets do not contain Burstcoin.  This is a common misconception.  Burstcoins exist only on the Burstcoin Blockchain, the shared public ledger.  A Burstcoin wallet is just an interface for interacting with the coins on the ledger and for organizing details from the ledger in an easy to use format.  Transactions, which move burstcoin from account to account, are initiated by account holders through Burstcoin wallets. 

Each Burstcoin account has a public address.  The Burstcoin wallet holds this public address as a key to determine what information from the ledger and mempool to display in the wallet.  There are no records that relate a public address to a particular account holder in a personally identifiable way.  Personally identifiable information can be disclosed in the normal course of business, such as when ordering a product and providing a shipping address.  However, unless an account holder initiates such a disclosure, there are no other ways to identify an account holder for a particular public address.  This is the similar to what occurs when writing a personal check.  If you write a check to purchase a product, you provide personally identifiable information, such as your name, connecting you to the account on which the check is drawn.  For this reason, many choose to maintain several accounts, each for a particular purpose.  Another reason to maintain multiple accounts is to enhance security by keeping larger amounts in “cold storage” and smaller amounts in accounts that are used more frequently.  For the accounts with larger balances, an account holder will typically employ stronger procedures to protect the account’s passphrase from disclosure.  For accounts with smaller balances, there is less risk so a passphrase could be stored more conveniently.  A similar approach is taken when choosing between a software wallet and an online wallet.  Online wallets should only be used for relatively small amounts.  A few use cases for online wallets are a follows: 

  • Maintaining a small balance for daily purchases.
  • Using an online wallet to collect mining proceeds which are then transferred to a more secure software wallet.

Editors note:  There are risks associated with online wallets such as disclosing your account’s passphrase to the online wallet host.  In addition, if an online wallet does not employ SSL technology, there is a chance that your account’s passphrase could be intercepted by a third party.  For these reasons, online-wallets, while available, are not recommended.  If you choose to use an online wallet, only use wallets provided by reputable community members or organizations.

Each Burstcoin account has a passphrase that is known only to the account holder as long as it is not disclosed.  There is no record of this passphrase in the wallet.  The passphrase is entered into the wallet each time a transaction is authorized, but it is not retained by the wallet.  Transaction which are broadcast to the network also do not contain the passphrase.  When a transactions is broadcast, it contains a single-use digital signature.  Using cryptology, it can be derived from the signature that the transaction was created by the owner of the passphrase for the account which created the transaction.  The actual passphrase cannot be derived from the signature however.

Transactions move Burstcoin from account to account (on the blockchain) as directed by the transacting accounts’ owners. The Burstcoin wallet is the software program that allows an account holder to interact with their accounts held on the Burstcoin blockchain. If a wallet (software program) is loaded onto a computer and the computer is lost or destroyed, the Burstcoin in the owner’s account on the blockchain is not affected, it remains in the owners account. A new wallet can be installed and everything remains as it should be, provided that the account owner is still in possession of the account’s passphrase. Passphrases work in any wallet, new or old, local or online, or even in someone else’s wallet (although it would not be wise to share a wallet).

Far more important than the choice of wallet is the account passphrase used to login.  If this is forgotten, if the record of it is lost or destroyed, the coins associated with that passphrase will be irretrievably lost.

Burstcoin wallets are software programs used to interact with the Burstcoin blockchain. They read the blockchain data and display information that is relevant to account holders such as balance, transaction history, messages, products listed for sale on the asset exchange, etc.  Burstcoin wallets are simply programs that read and write data to the blockchain. You may think of them as the Burst blockchain’s user interface.

Wallets are continually upgraded to incorporate useful new features and to make the incredible power of the Burstcoin blockchain more fully accessible.

There are several types of Burstcoin wallets. Over time the selection of types will increase as well as combinations and collections of desired features. Currently, there are local wallets and online wallets.

Online wallets are centralized. That is to say that they are provided as a service by certain community members. As cryptocurrency is intended to be a trustless money system, this makes them less than the ideal, but convenient for certain situations. With an online wallet, you must enter your passphrase exposing it to the internet. There is also no way to verify that the operator has not made a record of your passphrase. Common use cases include receiving mining rewards from a pool operator before transferring them to a local wallet, or as a secondary wallet used to make small purchases. If you use an online wallet, it should be for a distinct account. Do not access your local wallet through an online wallet. This is possible, but strongly discouraged. Doing so reduces the security of your local wallet to that of an online wallet. An effective distinction between local and online wallets is in how you use the passphrase. A local wallet retains its higher level of security only if you do not enter the passphrase into an online wallet. Local wallets should reside on computers that are secure from intrusion. For particularly large balances, the local wallet can be maintained on an air-gapped computer so that the passphrase is never exposed to the internet. Burstcoin’s offline transaction signing makes this possible and more convenient ways to do this will be developed.

The choice of available wallets is governed by the operating system of the computer on which it is to be installed. Windows is by far the easiest for installation. There is an integrated installation package called Qbundle that will install the main Burstcoin wallet as well as related programs for plotting, mining, and other useful tools. Installation is easy as there is an installation wizard that guides you through the entire process.  Installation for the Linux, Android, and MacOS are also available. However, Installation is more difficult as users may not be familiar with using the command line to enter the installation and configuration instructions.

For Windows, it is recommended that users install Qbundle even if they only need the basic wallet simply for the ease of installation. Having the other included programs is helpful in understanding the entire Burstcoin landscape more fully.

All of the wallets for Burstcoin are located in the Burstcoin software library on the “wallets” tab.

For information on a new cross-platform wallet  that is in development,  see the development section.

 

Each Burstcoin wallet acts as a network node, a computer that runs the Burstcoin network by relaying information that it collects to other nodes.  The nodes are thus in a continual state of synchronizing.  All nodes support the network in this relay of information.  Others, at the election of the node’s owner, participate in a competitive process to group transactions and commit them to the blockchain.  The process involves locating a plot within their plot files that solves a complex problem related the comb desired range announces its victory to the rest of the network.   (research tag)  All the other miners immediately stop work on that block and start trying to figure out the mystery number for the next one. As a rewarined hashes of the current and previous hash (research tag)

 

 

 

 

 

 

 

 

 

 

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