Transaction Processing

Every Burstcoin wallet acts as a node supporting transaction processing when connected to the network.

Transaction Types

Ordinary fund transfers and messaging are just two of the many types of transactions that can be made using Burstcoin.

Transaction Fees

Burstcoin uses a slot-based transaction fee structure.  The lowest fee is just .00735.

Offline Signing

Individual transaction can be signed on an offline device, transferred to a connected device and broadcast to the network using offline transaction signing.  This allows passphrases to be held offline and never exposed to the internet.

Documentation

To improve submit improve this document, provide updates, or recommend improvements, use the submission form at the bottom of this page or visit the documentation project.

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 transactions

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.

Image showing the fields for sending Burstcoin

Advanced options for ordinary transactions

 

 

  • custom deadlines
  • conditional execution
  • offline transaction signing

Custom deadlines

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.

Image showing an advanced transaction in the Burstcoin wallet

Conditional execution

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.

Image showing the raw text of an advanced transaction in the Burstcoin wallet

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:

 

 

Image showing the transaction operations menu item
Image showing the Broadcast button for finalizing an advanced transaction in the Burstcoin wallet

Multi-out

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

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.

Image showing the fields for multi-out transactions in the Burstcoin wallet

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.

Image showing a recipient's multi-out transactions in a Burstcoin block explorer

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