What is Burst? The Union of Blockchain and Tangle
Like other cryptocurrencies and payment systems in the market, Burst, too, is an open-source, decentralized, blockchain-based platform with a network of individuals, financial institutes, and business firms that allows one to move assets of value in an inexpensive and simple way.
However, when it comes to sharing similarities with other payment channels, that’s just about it.
True to the saying, “There’s always room for improvement.” Burst is radically different in the sense that it builds on the technological shortcomings and unsustainability of the cryptocurrency ecosystem. From energy wastage, concentrated control by a few miners, to bottlenecks leading to slower transaction speeds, and not to mention many scams along the way, Burst brings a platform that solves all these lingering issues in an innovative and refreshing way.
Thus, Burst is not only secure, scalable, and customizable, but environmentally friendly as well, coupled with having a lightning fast transaction speed.
Like Bitcoin’s Satoshi Nakamoto, the creator of Burst is also an unknown entity who developed the coin off the Nxt platform back in 2014. Ever since his disappearance, a team of skilled computer scientists and mathematicians called as the ‘Proof-of-Capacity Consortium’ (PoCC) have taken development of Burst under their wing.
Burst is literally a one-stop-shop, flooded with features. The in-built Asset Exchange allows users to create and trade tokens on the blockchain, which can then be used in a variety of ways such as setting up a retirement fund or dividing ownership of mining rigs. In addition to this, Burst also offers an encrypted messaging service to provide a secure method of communication between users, provides a crowdfunding service to gather funds for your project, has a Marketplace to buy and sell goods at the click of a button, and also has a wallet service. One can also create their own private payment channels according to their own requirements, or design their own smart contract applications to streamline tasks. [FYI: Burst was actually the first to incorporate smart contracts!] In recent news, Qora and Burst also joined hands to enable atomic swaps for direct trading without a third-party exchange being involved.
Burstcoin, the cryptocurrency on the Burst blockchain, was released without any ICO or premine, and has a total supply of 2,158,812,800 coins. It is handed out as block rewards to miners. The mining difficulty is adjusted to keep a four minute block generation time.
A very unique feature of Burst is the Proof-of-Capacity (PoC) algorithm. Unlike Proof-of-Work (PoW) requiring energy intensive equipment, or Proof-of-Stake (PoS) centralizing coin rewards, PoC is a much greener and fairer consensus protocol. Hence, ANYONE can mine, making it more decentralized in nature. The current PoC protocol requires no need for expensive hardware (such as CPUs, GPUs or ASICs) to compute complex mathematical problems, or stake more of their assets to be better remunerated. It utilizes the free disk space of low-power hard drives, and barely uses energy for mining purposes. PoC simply plots the solutions of the puzzles themselves into the free space of hard drives. Some solutions may take a shorter time period, while others take comparatively longer. The miner then only has to search for the faster solution to achieve the block reward. The more disk space you allocate for mining, the more the chances of finding the solution with the shortest time.
But, wait. The story gets even more interesting from here. In a whitepaper published in 2017, Burst introduced the concept of Dymaxion. It is the stage two of the Burst strategy, and consists of a synergistic union of both the blockchain and the Tangle technology, to combine their advantages and bring unparalleled benefits.
As Tom Freston so rightly said, “Innovation is taking two things that already exist and putting them together in a new way.”