Every Burstcoin wallet acts as a node supporting transaction processing when connected to the network.
Ordinary fund transfers and messaging are just two of the many types of transactions that can be made using Burstcoin.
Burstcoin uses a slot-based transaction fee structure. The lowest fee is just .00735.
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Burstcoin transaction types
Burstcoin supports sending Burstcoin from one account to multiple recipients in a single transaction for a single minimum fee. This new transaction type, referred to as a multi-out transaction, as well as ordinary transactions and advanced transaction types, are documented below.
Note: All transaction types use the same slot-based transaction fee schedule. For more information, see “Transaction Fees” which can be accessed from the menu item above.
Transaction types are as follows:
- send money
- create alias
- transmit message
- issue asset
- order asset
Each transaction type has a unique set of required details. However, the following details are common to all transaction types:
- sending account’s secret passphrase (required)
- specified transaction fee (required)
- transaction deadline (required, default is 24 hours))
- “referenced” transaction (optional)
Ordinary Burstcoin transactions are one-to-one transactions where one account sends Burstcoin to one recipient. Ordinary transactions can be initiated from both local or web-based wallets.
To issue an ordinary transaction, specify a Burstcoin account as the recipient, the amount of the transaction, and a transaction fee.
An optional message can be added. The sender can elect to encrypt the message so that it only visible to the recipient, or send the message in plain text.
The transaction is issued when the “Send BURST” button is clicked.
Advanced options for ordinary transactions
- custom deadlines
- conditional execution
- offline transaction signing
Deadlines set the duration of transaction’s pre-confirmation validity. The default deadline is the maximum allowed deadline of 24 hours. If a transaction is not confirmed within the configured deadline, it will be deleted from the mempool. Transactions deleted due to deadline expiration can of course be reissued.
Referenced transaction hash represents a condition that has to be met before the transaction that is being issued can be confirmed. This mechanism works as follows: a transaction with hash txhash1 has been issued. The user is currently creating transaction tx2. If the txhash1 is provided as the “References Transaction Hash”, transaction tx2 will be executed only after the transaction with txhash1 has been confirmed.
Do not broadcast option
The “Do Not Broadcast” option prevents a signed but unconfirmed transaction fom being broadcast to the network. After signing a transaction offline, it can be broadcast to the network at a later time. When the “Do Not Broadcast” option is checked, the user can see the raw transaction details, as shown in the example image: Raw transaction details. To broadcast the signed transaction later, the user has to save the raw transaction details in a separate file.
Add note to self
This option allows entry of an encrypted note for the transaction.
Offline transaction signing
To broadcast a transaction that has been previously signed offline, access “Transaction Operations”.
“Advanced Transaction Operations” allows for the signed transaction bytes to be broadcast to the network:
If the amount to be sent to each recipient is the same, the “Same amount” option should be checked. The number of recipients in Multi-out Same transaction can be up to 128.
Multi-out transactions allow the sender to send Burstcoin to up to 64 unique recipient accounts as a single transaction with a considerably lower fee than would be required if sending the same amount using 64 ordinary transactions.
Multi-out transactions can be issued from both local and web-based wallets.
Multi-out transactions lookup – multi-out reverse
Due to design optimizations, recipients of multi-out and multi-out same transactions do not see transaction details in their transaction record. Their account balance are increased by the correct amount however.
To see the details of multi-out transactions, recipients use the block explorer, available at https://explore.burst.cryptoguru.org/. Enter a Burstcoin account into the search box and then access the “Multi-out Reverse” tab. All of the multi-out transaction details will be displayed.
Note: Due to the less than optimal procedure for accessing multi-out transaction details, multi-out transactions may not be ideal for certain situations. They are currently used mostly for the distribution of mining pool proceeds. An effort is being made to develop this transaction type further so that its transaction details will appear in the receiving wallet automatically.