Mining with your Hard Disk (Proof-Of-Capacity)
Mining with your CPU or GPU is now outdated. Now, you can use your hard drive to mine or so it seems to be the case with BURST, a new digital currency that employs a new algorithm for proof-of-capacity (P.O.C) mining that uses your HDD to mine. Miners pre-create chunks of information recognized as plots which are saved on your disk. The size of your plots determines your mining efficiency. Every block the miner will skim through the saved plots, and come up with an amount of time until it is able to mine a block if another block hasn’t yet been found. After reading through the plots is complete, your hardware can idle until the next block. It seems really fascinating and that is why we want to take this crypto currency under our consideration.
Smart Contracts & Atomic Cross-Chain Transfer
BURST is not only the first Proof of Capacity coin, using power efficient hard disk drives for mining; it has now also become the first coin to implement trustless Smart Contracts. You have probably heard of Smart Contracts. Ethereum became lauded for planning to implement Smart Contracts. However, for over a year now all we seen is planning and no implementation in fact they still do not estimate release to be ready for another several months.
Meanwhile, Smart Contracts are here! You can actually start writing customer ready Smart Contracts using BURST, sometimes referred to as Burst Coin, straight from its wallet today! If you require assistance you can always ask one of BURST programmers to write one for you!
What Makes Smart Contracts so Awesome ?
Smart Contracts enable many things to be run on the blockchain which would otherwise have to be individually planned in, or reviewed by, a core developer, and to meet maximum trustlessness, reviewed by all the miners as well. On the other hand, Smart Contract code can be modified to specifically to suit the needs of anyone who wants to run such contract. The reason for Smart Contract’s name is that they allow people to agree on a piece of code ahead of time and trustlessly know that if they submit the code to the network, then it will be completed as requested. The code’s arguments can be modified as desired, before its submission to the network.
Which contracts are already working?
- Atomic Cross Chain Transactions, which allow for true decentralized trading between cryptocurrencies. For example, trade your BURST with a coin that provides a mixing service for the purposes of privacy, then send it right back to a new BURST account.
- Auctions,where you can auction an item or a service off at a certain starting price. Participants send money to this Smart Contract, and anytime one sends more than the previous participant, the previous participant’s money is automatically refunded. ‘Buy Now’ option is also supported.
- Crowdfunding,where it is possible, similar to Kickstarter, to support a project by sending funds to an account. If the account receives enough funds by a certain block, then the project funds are released; otherwise the money is returned to the senders.
- Dormant Funds Transfer, where it is possible to get an account dormant for a specified period of time, to automatically forward the balance to another account. This could be useful as a Last Will and Testament and/or backup for your funds, in case you lose the password.
- Lottery, where you send coins to a Smart Contract programmed to randomly choose a winner and award that account with its winning BURST.
Which contracts can be added in the future?
- Autonomous Corporations, entities holding internal capital, autonomously acting on the market through sets of trustless rules Smart Contracts with the ability to, for example, automatically pay dividends to shareholders and basically trustlessly direct the capital around the corporation and the market through predetermined channels of your choosing.
- Gambling, such as sports betting, where people establish ahead of time the conditions that must be met in order to determine the winner, and the winner is automatically awarded his winnings.
- Selfmixing,it was shown to be possible to mix your balance directly using Smart Contracts; however, the exact level of anonymity achievable using this method is now under review.
- Smart Property, another potential area, allowing ownership of an object to be shared depending upon the state of the Contract. For example, a shared car that you automatically pay for but only while driving it.
The Lottery Case: A proof-of-concept
For the sake of simplicity, we have chosen a traditional Lottery case. During a fixed period of time, participants were allowed to send BurstCoins to the Lottery account. Using a Turing Complete system built into BURST’s blockchain, it became the first ever program to run on top of a blockchain in a trustless, decentralized manner. When participants submit coins to the AT (Automated Transaction) account, these transactions are processed to a random ticket. After a pre-programmed number of blocks the AT lottery pays the winners the total amount of the tickets purchased. This proof-of-concept will stay in history as the first of its kind. Even more advanced SC’s and AT’s will be implemented soon, such as crowdfunding, a Lottery like this can be created by every BURST user. We will, of course, report on further development of BURST.
Clearly, Smart Contracts can be used in many situations, but since this innovation is fresh, many possible uses have probably not even been thought up yet. You get all this in one single coin, BURST. They will not stop there though, they will continue to develop this amazing feature!
BURST – Truly a second generation cryptocurrency
Being an innovative fork of Nxt, BURST also offers an Asset Exchange as well as a Marketplace built directly into the wallet. Several other features such as escrow, which allow for a middleman who can approve or reject transactions as certain conditions are being met, or subscriptions where people can subscribe to in order to have a certain number of BURST automatically deducted from their account and forwarded to another one on a regular basis, are very useful and are built in as well.
For months of continuous development since its launch in August 2014, BURST has offered all the above, but now we add another feature to this exceptional coin. Once again BURST is the first, this time with Turing complete Smart Contracts, making BURST a true second generation cryptocurrency. Development continues unwaveringly, community grows, and network size is around 10 petabytes.
Total Coins : 2.158.812.800 Bursts
Proof-Of-Capacity : Active
Block Reward : 10.000 and decrease 5% each month
Official Website : burstcoin.info
Community : burstforum.com
Reddit /r/ : reddit.com/r/burstcoin/
IRC Channel : #burst-coin
Bitcointalk Thread : https://bitcointalk.org/index.php?topic=731923.0
Block Explorer : burst.cryptoport.io
In the end you should join them to revolutionize the digital currency world! Burst Network deserved our attention because they are doing it right , without requiring big IPO’s only their time to deliver what other coins like Etherum & Counterparty promised and didn’t deliver.