What makes Burstcoin unique?
Burstcoin is one of the most vibrant networks propelling the advancement of blockchain technology.
- The first cryptocurrency to use the Proof-of-capacity consensus algorithm
- The first cryptocurrency to implement Turing complete smart contracts
- The first to run a program on top of a blockchain
- The first to perform an Atomic Cross-Chain Transaction (ACCT) successfully
Burstcoin is a community based cryptocurrency and public block chain platform. It is decentralized in its organization, committed to environmental sustainability, and values sound fundamentals over short term market reaction.
What is Proof-of-Capacity?
An energy efficient alternative to the proof-of-work model, and a model that is more fair and decentralized than proof-of-stake. A unique consensus algorithm that secures the Burstcoin network with cryptographic hash functions that are computed in advance and are retrievable for reuse in the mining process indefinitely.
History, Development, Roadmap, White Papers
Burstcoin’s history has been eventful from its creation by an unknown developer through today. Its leadership is now provided by several groups, each of which was formed to advance a defined area of its development.
Development activities are guided by the Burstcoin Roadmap, a document which outlines accomplishments, current activities, near-term, and long-term goals. For more information, see Burstcoin Development. For insight into the early conceptual framework for Burstcoin, there are several constituent White Papers.
Burstcoin’s code base contains all of the features needed to run decentralized programs and services on its public blockchain. There are no design limitations when developing work flows and processes, online storefronts, messaging systems, creating NFTs (non-fungible tokens), etc.
All on-chain services are sustained by transaction fees that are paid to miners who run code and process transactions — fees that are only payable with Burstcoin, the native coin of the Burstcoin network.
- Alias System: Associate alphanumeric texts for purposes such as alternate account names, operating a decentralized DNS system, etc.
- Arbitrary Messages: Send up to 1,000 bytes of data on-chain to interact with decentralized applications.
- Asset Exchange: Trade without trust points or third-party trading fees on the decentralized exchange that is built directly into Burstcoin’s software.
- Colored Coins: Assign a variety of digital and physical assets to digital tokens which can be traded or exchanged for what they represent on-chain.
- Crowdfunding: Raise project funding, generate interest, gauge levels of support, and receive valuable feedback.
- Dynamic Fees: Reduce operating costs. Slot-based transaction fees starts at .00735.
- Encrypted Messaging: Communicate on-chain with private key based military grade cryptography.
- Internal Escrow: An automated intermediary, neither sender nor receiver, that governs fulfillment of contract terms.
- Marketplace: Sell digitally transferrable products through a personal storefront in the built-in decentralized marketplace.
- Offline Signing: Protect private keys with single-use signatures that can be generated offline and transferred to online devices for signing transactions.
- Shabal 256: A provably secure cryptographic function with slower and heavier characteristics that make it well suited for precomputation and storage.
- Smart Contracts: Write code that will execute on-chain exactly as written and with no possibility of downtime or failure.
Why was Burstcoin created?
Burstcoin was created to solve functional problems that threaten the growth and success of blockchain based cryptocurrencies, including the overlooked environmental implications of using a proof-of-work consensus algorithm to secure networks. In additional to environmental concerns, Burstcoin solves the problem of centralization, scalability, usability, and equitable distribution.
- Environmental: Burstcoin uses proof-of-capacity to secure its network. The hashing algorithms used are precomputed and stored for retrieval and reuse in the mining process indefinitely. This eliminates the need to expend raw computational power continually repeating the same hashing procedures. As a result, Burstcoin uses very little power beyond what is necessary for initial setup.
- Centralization: The proof-of-work consensus algorithm is susceptible to application-specific integrated circuits (ASICs) which cause centralization in the mining process. This limits profitable participation to those who can pay the high equipment and energy costs. Burstcoin remains decentralized due to the ASIC resistant nature of its consensus algorithm and its minimal hardware requirements. Specialized hardware provides no significant advantage. Even a Raspberry Pi can be used to operate a public node.
- Scalability: Bitcoin continues to support only seven transactions per second. It has grown too large too quickly and no longer has the agility to make the sweeping structural changes that could address its scalability issues. Burstcoin is developing its technology toward automatic scaling in response to growth in its network base. A proposed solution is to deploy a lightning network based on its smart contract protocol.
- Usability: To participate in cryptocurrency, there are complex principals to understand, software to install, accounts to register, exchanges to join, fees to pay, and even personal details to verify in some cases. All of this to own a speculative asset with less utility than fiat currency. To address utility, Burstcoin includes an impressive set of extensible core features that include smart contracts, a decentralized marketplace, crowd funding, and an asset exchange.
- Equitable Distribution: Premined releases and ICOs consolidate coins in the hands of insiders and put at risk the investment of anyone who subsequently mines or purchases these coins under regular market conditions. Burstcoin’s position is that premined releases and ICOs do not conform to the ideal of a fair and equitable community-based coin. For this reason, it was released with advance public notice, and every coin in existence was subsequently mined beginning with the Genesis block.
Burstcoin, as a cryptocurrency, has weathered the turbulent cryptocurrency market while being continually refined throughout its eventful existence. Recently, development has turned toward its public block chain platform, with projects aimed at enhancing the accessibility of its core features and to provide a platform for initiatives in block chain development education.
A recent focus was to make Burstcoin’s smart contract functionality more accessible to developers by creating a code library as an abstraction level above the underlying byte code. This was achieved with BlockTalk, a library based on Java that allows users to write, debug, and deploy smart contracts with text editor simplicity. Prior to BlockTalk, the creation and deployment of smart contracts required writing in assembler-like bytecode and testing contracts on-chain.
BlockTalk demonstrated its utility with the creation of BTDEX, a decentralized peer-to-peer cryptocurrency exchange (DEX) that provides buyers and sellers access to several cryptocurrency pairs. With this success demonstrating the power of the Burstcoin public blockchain, additional projects have moved into active development and the pace of new projects is accelerating. The strength of the Burstcoin project is evidenced by the level of development it has sustained through recent periods of market volatility. Because its core community has always focused on developing its technology rather than marketing, there exists a nearly ground floor level for investing in the project through regular market rate purchases.
The Burstcoin Community Website & Documentation Project's recent international visitors include:
The United States, Canada, Switzerland, Brazil, Germany, Slovakia, Russia, Vietnam, Malaysia, India, Italy, Argentina, Sweden, Macedonia, South Korea, Taiwan, Philippines, Australia, Iran, Hong Kong, Bulgaria, China, Japan, Singapore, Norway, Venezuela, Denmark, Croatia, Latvia, Cuba, Qatar, and Macau.
Thank you for your interest in this project.
To contact the development team or request assistance with anything related to this project, please visit the Burstcoin Discord Channel. A member of the community will enthusiastically welcome you and provide whatever assistance is needed.