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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Bitshares 2.0 a one of a kind decentralized smart contract platform has partnered with Data Security Node Inc. a 64,000 Sq. Ft. nuclear bunker data center located in Nova Scotia, Canada to help bring about a new era of financial freedom and transparency preparing to introduce a number of crypto-asset driven solutions.

BunkerDEX is one of these solutions which will enable the exchange of crypto-assets between multiple blockchains. Using the BitShares network, users will be able to exchange digital assets of all sorts, from popular digital currencies like Bitcoin, to Smartcoins that hold the value of the Dollar and Euro, to alternative banking solutions like bill and payment services that provide lower fees and less risk than most brick-and-mortar intitutions.

BunkerMining is a crypto mining pool that will soon pay miners in SmartCoins such as bitUSD and bitEuro, another option for miners will be to have gold or silver drop-shipped to their door. BunkerMining will operate as a zero fee network thanks to the efficiencies it gains by operating through the BunkerDEX.
BitShares’ high capacity network, the BunkerDEX will enable anyone with a SmartPhone to cash a check, pay bills online, or send money to friends and family in any SmartCoin chosen by the user.

BunkerDEX will also provide secure gateway transactions that will enable users to easily transact their everyday banking and purchases around the world.
BitShares is decentralized, so every shareholder has private access to funds. Now account holders can enjoy the convenience of daily banking transactions without risk of bank failure.

To help raise money for expansion, DNS will soon begin selling an asset called BunkerShares, which will be issued onto the BitShares Decentralized Exchange as User Issued Assets.

SAFE will be a platform that provides businesses in high demand industries a way to raise funds from investors without issuing securities. Instead, the investors will act as middleman on purchases, investments will always be protected against the potential harm of a liquidity crunch.

Return on investment for SAFE “shareholders” in a company have the potential to be much higher than traditional securities instruments, comparable to what an equity investment return would have in the short term.

By using the BitShares network, all transactions are decentralized and made public, so the entire system can be audited at any time by any shareholder simply by using a SAFE company online shopping cart to make purchases.

SAFE balances incentives of investors and companies in a more user friendly environment than traditional stocks, so investors in small businesses don’t have to wait years or longer for the chance to liquidate their holdings.