Burstcoin (BURST) - an energy-saving cryptocurrency

While the vast majority of cryptocurrencies have a problem with energy consumption and network load, Burstcoin does not have to struggle with this problem at all. Thanks to the solutions used here, the amount of energy required for both coin extraction and transaction processing is minimal.

We continue the cycle of the Forex Club portal in which we describe the most valuable, interesting, most controversial and future-oriented cryptocurrency projects around the world. Today it's time for Burstcoin - undoubtedly one of the most interesting solutions on the cryptocurrency market.

How Burstcoin works

The beginnings of BURST date back to August 10.08.2014, XNUMX, when the project was presented on the forum bitcointalk.org. Since then, it has been open source and developed by the community supporting it.

A novelty in its characteristics was the use of hard disk memory for calculations. It was Burstcoin, as the first cryptocurrency in the world, to apply this solution. As a result, it requires much less energy and does not burden the network even with a large number of transactions. The idea is somewhat similar to the peer-to-peer technology used in the NXT cryptocurrency chain, but much more advanced.   

Unusual Burstcoin mining

The method of extracting BURST is also attractive, because it is based on the Proof of Capacity algorithm, which uses disk space to extract new coins. How it's working? First, you need to collect all the data that you need to start mining on the disk. These are the so-called fences. Once they are on the disk, they are converted into a block time, counting everything using a special program. The calculation time is of the greatest importance, because this is the field of competition according to the principle of "first come, first served". The winner, i.e. the miner who is quickest to deal with the calculations (or rather his equipment is the fastest), solves the block and receives mining coins, as well as all fees for transactions made in the block he mined. So it pays off to have as much computing power as possible, i.e. disk space dedicated only to plotting to win as many "races" as possible.

The whole characteristic of Burstcoin is focused on energy efficiency. In addition to the fact that you do not need special excavators to mine it, consuming gigantic amounts of energy, the consumption of computers used for BURST mining is also limited. The computing power is used only when a new block appears. No power is needed between the extraction of the next block, while the disk space is still occupied by plots. All this makes all cryptocurrencies based on an algorithm Proof of Work, even the most "slimmed-down" ones cannot even match it in terms of energy efficiency.

Production is also limited. Every month, the reward for mining a block is reduced by 5%. Thanks to this, about 97% of the total supply of coins planned for 2 is in circulation today. Also due to the fact that the BURST excavator can be built based on hard drives, not specialized ASIC devices. This allows the Burstcoin network to be twice as fast as Bitcoin to confirm transactions.

BURST rate and quotes

As of 21.09.2020/0,003/7,4, each BURST token costs USD 06.01.2018, which translates into a capitalization of over USD 0,13 million. However, tokens can be traded on only four cryptocurrency exchanges, which certainly limits their popularity. On the other hand, we had the peak of trading on January XNUMX, XNUMX, when USD XNUMX was paid for each BURST coin.