Review by: angelinus (bitcointalk profile)
Started: August 2014
PoC Based (Proof-of-capacity)
4 minute block time
2,158,812,800 total supply
Block reward starts @ 10,000/Block
Block reward decrease: 5% each month
Note: Burst is based on another cryptocurrency named NXT
Technology Rating: 3/5
Innovation Rating: 3.5/5
Trustworthy? Safe to invest? – At your own risk (3/5)
WHY IS THIS?
The market price for BURST has been *VOLATILE* over the past period of 1 month. Despite its innovative technology and goals, altcoins are vulnerable to PUMP&DUMP schemes. It is recommended that you invest at your own risk with BURST coins for now.
Miners generate and cache chunks of data known as ‘plots’, which are divided into 4096 portions known as ‘scoops’. Plots are generated by taking a public address and a nonce, then hashing it, pre-appending the resulting hash, repeating the hash-pre-append cycle many times, and then hashing the whole thing and xor’ing the last hash with the whole thing.
Plots are staggered together so chunks of the same scoop number are together, then written to disk.
Each block has a generation signature which is derived only from the previous block’s generation signature and miner, so it is difficult to manipulate.
When mining, the scoop number to be used for a block is derived from the generation signature and the block height, so the miner reads all relevant scoops(each plot will have 1 relevant scoop, and staggering allows for larger sequential read with less seeking) Only 0.024% of the stored data will need to be read each block.
The generation signature is hashed with each scoop. 8 bytes are taken from the hash, then divided by a scaling factor (inverse difficulty). The resulting number is a number of seconds. If that many seconds passes since the last block without a new one, the address/nonce combination used to generate that plot/scoop is eligible to announce a new block.
The miner’s hardware can just sit idle until either that time or a new block.The address/nonce is included in the block as proof of eligibility, and the block is signed by that address.
Technically, this mining process can be mined POW-style, however mining it as intended will yield thousands of times the hashrate, and your hardware will sit idle most of the time. Continuously hashing until a block is found is unnecessary, as waiting long enough will cause any nonce to eventually become valid.
Okay, let’s cut the crap and let me explain everything in simple words for you.
BURST is based on another cryptocurrency named NXT.
NXT is a 100% proof-of-stake coin base written in Java.
We will cover that some other time, and now back to BURST.
BURST is innovative in the sense that it wants to be different.
Yes. Innovation comes from its ‘desire’ to be different from others.
It is a PoC coin rather than PoW(Proof-of-work) or PoS(Proof-of-stake).
To simply put,
When a coin is known to be PoW, it means the more you mine the coins, the more rewards you will get.
Literally, the more work you put in, the more rewards you get.
When a coin is known to be PoS, it means the more you have the coins, the more rewards you get.
Literally, the more you hold onto the coins, the more it stakes (hence, proof of stake).
So what the hell is PoC??
You see BURST, in this sense, is innovative.
It’s similar to PoW(Proof-of-work) but the word ‘work’ has been changed to ‘capacity’ because of the way it is mined.
How is it mined?
Well, with your hard drives sir!
Hence, it’s original post in BitcoinTalk forum states that it is:
“An innovative coin that you will never need to use your ‘CPU’ or ‘GPU’ to mine ever again.”
So why the word change to ‘capacity’ instead of ‘work’ in its ‘proof-of-xx’?
When you mine BURST coins, miners pre-generate chunks of data known as ‘plots’ which are saved to disks. The number of plots you store = your mining speed.
Hence, ‘CAPACITY’ because ‘STORING’ data = MINING SPEED
Mining speed = What you get
Still don’t understand why it is innovative?
I mean, Kudos to trying to be innovative.
Reasonable innovations > innovation
Besides, the price of BURST coins have declined massively.
Over the period of two months, from July 2015 – Sept 2015,
price of 1 BURST have declined over 50%.
Sorry, but do I just smell another coin, in the failing?
We’ll have to see.
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