Burstcoin: A proof of capacity coin rewarding miners for sharing their hard disk computing space

Burstcoin: A proof of capacity coin rewarding miners for sharing their hard disk computing space

By quintomudigo | cryptoforex street | 9 Sep 2019

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    burstcoin.png  

Burstcoin is a native cryptocurrency that results from the NXT hard-fork and is  created on Burstcoin blockchain  network platform whose transaction takes place from one peer to another without involvement by the government thus is being considered to be a decentralized asset. Burstcoin was mainly created to minimize the amount of energy consumed by the proof-of-work coins while trying to add new blocks of their respective coins to their own blockchain. By doing this, burstcoin was created to become a proof-of-capacity coin. As a proof-of-capacity coin, burstcoin was created to enable miners to be able to create new coins to the burstcoin blockchain by simply sharing their free hard-disk space. By sharing their hard-disk space, miners only need to fill their computer hard-disk-drive with plot files that prevent forging of the blocks and they are good to go. The idea of burstcoin is compatible to IPFLS. Therefore, we can consider it as a coin for retrieving data in form of an asset.

Burstcoin   transaction 

Burstcoin transaction takes place on the Burstcoin blockchain explorer based on block height and timestamp. To view how the transaction takes place at Burstcoin blockchain explorer, simply follow the link below;  https://explorer.burstcoin.network/

Date Launched

 Burstcoin was created in 2014 with the main objective of making it become a proof-of-capacity coin where users share their hard disk space to create new coin to the blockchain. Burstcoin was also created to create and issue new tokens on its bustcoin network.

Founder Of Burstcoin

Just like the way bitcoin was created by unanimous users, Burstcoin came to be without the creator identifying themselves. The creator released it on the bitcointalk.org thread.His/her main objective for releasing the coin was to minimize the amount of energy used in creating other proof-of-work cryptocurrencies. The creator of this coin wanted to ensure that users can share the idle hard-disk space to mine the coin to its blockchain

Process of creating Burstcoin

Unlike cryptocurrencies like bitcoin and Ethereum which are proof-of-work thus are created through the mining process in the presence of power and internet when the miners are sharing their CPU or GPU computing power to validate transaction taking place on respective blockchains,, for Burstcoin, that is not the case, instead,Burstcoin was created to become a proof-of-capacity coin.It was also created to be released to its blockchain by sharing hard disk drive computing space instead of CPU and GPU . During its launch, no ICO, airdrop or premine activity took place. Instead, the Burstcoin was fairly released to its community members so that they can download it and start sharing their hard disk drive space by plotting the file on it to prevent forging of the block reward.By sharing your hard disk drive computing space to validate transactions taking place on its blockchain, miners are being rewarded after every 4 minutes with block reward of 900 coins summing up to 324,000 Burstcoin per day. The algorithm used to mine this coin is Shabal256. The Burstcoin miners can either share their hard disk space as solo miners or can choose to join a mining pool. As a solo miner, the reward is very little compared to pool mining. I would therefore urge you to join pool mining to maximize on your reward since the more hard disk space you share the more your earning. Here is how the mining process looks like;  

burstcoin mining.png      

If you want to start sharing your computing hard disk space to validate transaction on the network thus in return you earn burstcoin, then you can join the mining pool from below;  

https://pool.burstcoin.ro/#    

  Maximum ciculation of Burstcoin

The maximum amount of Burstcoin that is expected to be circulating in its blockchain should be 2,158,812,800 coins upon completion of its proof-of-capacity mining process. Unlike other crypto projects where they conduct an ICO before the coin is being launched, for burstcoin, no ICO, airdrop or premine activity was conducted. Therefore, out of this amount 324,000 coins will be rewarded on a daily basis for miners sharing their hard-disk space drive to validate the transaction taking place on the burstcoin network. Out of this amount, there will be a deflation rate of 5% everyday. This will take place until all the 2,158,812,800 coins are being released by miners sharing their hard disk drive space.      

Burstcoin  Price

Currently, 1 Burstcoin is worth more than $0.0059 and its price is expected to increase over the next period of time.  Burstcoin is being abbreviated as BURST.  

Converting my Burstcoin to other cryptocurrencies

To convert your Burstcoin to other cryptocurrencies such as bitcoin and Ethereum, you need to have a cryptocurrency exchange account. If you don't own one then you can follow the link to open a cryptocurrency exchange account for easy conversion of your Burstcoin to bitcoin or Ethereum.Here is a list of exchanges where you can easily exchange your Burstcoin to your favorite cryptocurrencies;

  https://bittrex.com  

https://livecoin.net  

https://upbit.com  

https://www.myqbtc.com/    

Storing my Burstcoin

To store your Burstcoin, you need a  Burstcoincoin wallet. You can either store online or offline. To store your Burstcoin online you can download the wallet or can use other online wallet supporting Burstcoin such as . To secure your Burstcoin from being stolen by hackers, you can download  cold storage wallet like the Ledger Nano or the Burstcoin macintosh/windows/android wallet.   

Transferring my  Burstcoin to other Users

If you want to transfer your Burstcoin to another user, the two of you must have trust in each other. The trust should be the Burstcoin address provided for the receiver while the sender must have the Burstcoin balance in their account to send to the receiver. For the sender, a blank space to insert receiver address and another blank space to insert the amount to send to the receiver is indicated. Here is how it looks like;

    BURST SENDER.png

BURST RECEIVER.png    

  Knowing more About Burst coin

If you feel that you need to learn more about Burstcoin cryptocurrency, then you can follow them on their site. Here is the link redirecting you to Burstcoin platform website   

 https://www.burst-coin.org/

Now that you know, I think that it is time for you to start earning some Burstcoin cryptocurrency by sharing your computing hard-disk space. The more hard-disk space you share, the more more your earning . If you feel that I should also own some Burstcoin for helping you to know about it then here is my Burstcoin  address;  

message:b1ea7baca68c4606bb2abb859fc23f4ff7bb09bcd12645db8c9962dd75493e18

address:BURST-HK9D-P74Q-XDEJ-D6PGM


quintomudigo
quintomudigo

Trader, Blockchain Technologist and Contentpreneur. Also founder and CEO @ Teacher Forex School.


cryptoforex street
cryptoforex street

Cryptoforex street provides knowledge related to cryptocurrencies, tokens and blockchain technology. The knowledge consists of different cryptocurrencies with passive income, crypto mining, crypto staking and many more.

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