In a world whereby the demand for any valuable thing or item usually, most certainly outweighs the supply or the amount of these resoruces available to the human society. Thus, leading to the concept of scarcity. Scarcity of valuables is generally accepted as the norm, such that when an item is very much available, it is often not seen as valuable anymore.
In such our world as it is, the good news is that it is actually possible to own something very valuable at relatively easy cost. I am talking of none other than Burstcoin.
What is Burstcoin? How can it be mined? And what are the features of this unique Cryptocurrency? You will find the answers to these and more questions in this article.
Burstcoin (BURST): Introducing The Concept
Burstcoin is a unique Crypto that is designed to operate on the concepts of green mining and energy efficiency. Rather than operate on the highly energy consuming ASIC-, GPU- or CPU- based mining methods, Burstcoin operates on POC (Proof of Capacity) algorithm. This algorithm uses a mining device available disk space in the mining process.
Burstcoin (BURST) uses the empty space on your device’s hard drive for its mining operations. This implies that you can mine from your android phone. It is the first kind of Crypto that can be mined with the POC algorithm. Sometimes, all you need to do for mining operations to continue is just for you to leave your computer on.
Burstcoin’s (BURST) Root and History
The Burstcoin founder is unknown. Though, it was founded in August 2014, with the sole aim of solving the problems faced by other cryptocurrencies. The coin was developed off the NXT platform, so it shares many similar features with NXT. After the disappearance of the creator of Burstcoin (BURST), the cryptocurrency community organized themselves to continue the coin’s development.
The name of the team is known as the proof of capacity consortium; they are the ones currently in charge of its development. Apart from being the first crypto to adopt the use of POC, Burstcoin is also the first Blockchain to implement “Turing complete” smart contract.
Burstcoin (BURST) Unique Features and Contracts
With a fixed token supply of 2,158,812,800 Crypto tokens, the Burstcoin Blockchain operates with a block time of 4 minutes. The reward size, reducing at the rate of 5 percent per month.
Another important feature of Burstcoin is that is supports smart contract. Apart from this, it has a dedicated market place which gives Blockchain participants the ability to buy, sell and list with Bitcoins without any market place commissions.
A very important feature of Burstcoin lies in its Proof of Capacity algorithm, allowing it to remain energy efficient. Instead of relying on the highly energy consuming computational power of the mining device like the Proof of Work used by Bitcoin, Burstcoin is mined, using the available hard drive space on computers and mobile phones.
Burstcoin mining is about 30 times more energy efficient than Bitcoin’s ASIC-based mining. Burstcoin (BURST) also consumes a very low amount of power, consuming 0.2 KWH of electricity on each BURST transaction, this is in sharp contrast with Bitcoin’s 880 KWH.
Other features of Burstcoin includes BURST asset exchange. This is an exchange that is integrated into the BURST wallet. It offers secure, decentralized, and rapid exchange of various Burst assets, allowing for the assets to be used as a token of ownership. Mining Burstcoin (BURST) on an android device, in contrast with general expectations, will not hurt your hard drive. Neither will any noticeable change in electricity bill be seen.
In the case of a decision to stop mining, the information that Burstcoin plots on the hard drive can easily be deleted and used for its originally intended purpose. Lastly, Burstcoin offers its users a platform that offers investors the ability to participate in a decentralized stock market. Investors can always invest directly in companies where they see future profits at the asset exchange.
Burstcoin (BURST): Where To Buy
In addition to the fact that Burstcoin can simply be mined with a phone’s hard drive, Burstcoin can also be purchased on most popular exchanges such as Coinroom, Bittrex or Poloniex. And to store the coin, all that needs to be done is to simply download an online wallet for its storage.
Based on the aforementioned benefits and features of Burstcoin (BURST), it might be safe to conclude that the company is interested in its expansion and safety, for the benefits of users.