BURSTCOIN Celebrates Birthday With Release Of New Energy Efficient HDD Mining Wallet

Founded August 10, 2014 , Burstcoin [BURST] uses a unique algorithm called Proof of Capacity or (PoC), which utilizes unused hard disk drive space instead of a processor or graphics card while mining for BURST. Miners can pre-generate chunks of data known as ‘plots’ which are then saved to the hard disk. The number of plots stored is effectively the mining speed. Every block a miner skims through saved plots and calculates an amount of time until it is able to mine a block if another block hasn’t yet been found. Plots only need be generated once with a computer processor unit (CPU) or graphic card (GPU) making BURST hardware and energy friendly.

BURST is for everyone, ASICS will never be more efficient than spare hard disk space running mining operations in the background while a PC is powered on.

The way BURST works is like this, 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.

Lots 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. Eight 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.

Then the miner’s hardware can just sit idle until a new block is announced. 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.

BURST is not only the first Proof of Capacity (PoC) currency additionally there are no clones are in existence as of yet,  but since the launch in mid-August 2014 the main developer has put immense effort on improving BURST. Often the coin is referred to as simply BURST, as that is the handle on the exchanges.

Recently, with the announcement of BURST being the first and only HDD-mining coin, they have also announced that it has now also become the first cryptocurrency to implement Smart Contracts within a live environment.

You have probably heard of Smart Contracts as Ethereum and Counterparty have been in the limelight with regards to implementing Smart Contracts which both are still in development. However, you can now start writing Smart Contracts with BURST today.

Users today are discovering that Bitcoin is not anonymous but pseudonymous, able to be tracked and traced by third parties with the right resources.

BURST has now also addressed this problem with a solution known as atomic cross chain transactions which is considered to be decentralized trading between different currency platforms. Users can trade BURST with a coin that provides a mixing service for the purposes of privacy, then sends it right back to a new BURST account with no third party interference. Recently this has been successfully achieved by both BURST and QORA another second generation cryptocurrency.

As BURST enters it’s second year it looks as if developers have big plans and are celebrating the 1 year anniversary of BURST by unveiling these new developments to start the new year off in the right direction.

As a community let’s all wish BURST a Happy 1st Birthday and give the new HDD wallets a spin and start cutting back on those high electric bills!!

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Poloniex a very popular U.S. based cryptocurrency trading exchange platform will block New York residents from services beginning August 8th 2015. Users of the site have been issued an email warning letting them know they must remove funds if they reside in NY.

“In accordance with the New York State Department of Financial Services, Poloniex will no longer be allowed to provide services to residents of the State of New York starting on August 8th, 2015. If you are a resident of New York, please take appropriate measures to withdraw your funds by 11:59pm Eastern Daylight Time on August 7th, 2015. For more information or for further assistance, please contact our support staff by going to poloniex.freshdesk.com.”
— Poloniex Bitcoin Exchange

On the 24 of June the BitLicense was adopted by New York legislation and is now recognized by The New York State Department of Financial Services (NYDFS).

Bitcoin and virtual currency businesses must apply for a license within 45 days from its initial announcement of which August 8th is the deadline for all virtual currency operations to comply.

“Any person engaged in virtual currency business activity that fails to submit an application for a license within 45 days of the effective date of this regulation shall be deemed to be conducting unlicensed virtual currency business activity.”
— BitLicense Transcript

Recently, Shapeshift another very popular cryptocurrency exchange based in Switzerland also blocked services in the State of New York in protest of the BitLicense.

Founder Erik Voorhees believes the license is unethical, and exposes personal user information creating Please Protect Consumers in protest against mass data collection and sharing of personal user information. ShapeShift was praised by many in the Bitcoin community for it’s stance against state regulation and data collection.

Andreas Antonopoulos tweeted to fans after this announcement and his perception of what Shapeshift accomplished:

“Kudos to ShapeShift for refusing to become a honeypot of PII just to satisfy NY regulators.”
— Andreas Antonopoulos

Data collection is believed by the community to be unethical after revelations recently revealed by Edward Snowden about the illegal surveilance of millions of America citizens by the NSA.

More companies are expected to follow Shapeshift and Poloniex in protest of unethical as well as unconstitutional and unreasonable regulation. Let this message speak loud and clear to other states such as California that these types of unwarranted regulations will only stifle innovation and most likely block your state from participating in the development of an amazing and phenomenal technology.

On July 21, 2015 a de-list order was issued against LTBcoin by Poloniex Exchange officials who stated that “Passionate pleas from the community have convinced us not to de-list LTBC”.

This news comes as a shock to the Let’s Talk Bitcoin community, the community has had a tremendous impact on spreading the word about bitcoin through a content platform that rewards it’s contributors in LTBCoin.

Research on LTBCoin in the markets show that LTBCoin has seen it’s ups and downs just like many other coins on the market. However, with LTBCoin the fluctuation in volatility has historically been very low, LTBCoin has been a fairly stable cryptocurrency so when the news broke about the coin being de-listed at Poloniex it took the community and many traders by surprise to say the least.

LTBcoin does not use computational mining like traditional altcoins.

Instead, LTBcoins are distributed to content creators, the community and the “Let’sTalkBitcoin” platform according to a fixed schedule.

After a period of 260 weeks (5 years), all coins will be distributed and no new coins will be created.

LTBcoin is a user-defined asset using the Counterparty protocol. Counterparty is built on Bitcoin and is secured by the Bitcoin network. Because of this, LTBcoin addresses are exactly the same as Bitcoin addresses. LTBcoin can be traded on the Counterparty distributed exchange for Bitcoin, XCP or other user-defined assets.

How to get LTBCoin:

First, visit CounterWallet and generate a free multi-wallet that holds bitcoins, LTBCoins and anything else built on Bitcoin using the Counterparty protocol. With one click you’ll generate a secure 12 word password, you’ll want to keep it safe as it’s your private key. Once you’ve created your password, log into your wallet and you’ll see three brand new bitcoin addresses you control.

Copy one of those addresses, then head over to LetsTalkBitcoin.com and login to your account in the upper right hand corner of the page.

Inside your account you’ll have a few options, one of which is “My Profile” – Click on that, and at the bottom of the page you’ll see a place to put your LTBcoin address.

Paste your newly created bitcoin address, save the change and you’re done!

How you can help:

The community over at Let’s Talk Bitcoin could really use some support with LTBCoin as they have spent many hours and put a lot of hard work into this project and would like to see it become a success for the entire bitcoin ecosystem.

If you get the chance check out Let’s Talk Bitcoin and see how you can get started contributing to the platform and you may want to visit Poloniex and let them know what you think about LTBCoin and why they should not de-list it.