PetaByte is an asset created in Burst.
“An asset is a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity.”
Learn more about PetaByte assets now!
We talked about Smart Contracts.
This post deals with ASSETs, that you can create, buy or trade within the BURST eco system.
PetaByte is such asset.
The first time you will create your account, by either let the page give you a suggestion for a strong password phrase, or you create your own. Each password (or password phrase) creates a new wallet.
Suggestion: As soon you login to your wallet the first time you will see in the left upper corner your BURST address (starting with BURST-). Click on it and copy the Account ID to a safe place. Then logout and login again with the same password (phrase). If you get the same BURST- address, then you remembered your password correctly. Write your password down, since there is no way to retrieve it again.
At the wallet click at the left side the tab: Asset Exchange
At the right top click on Add Asset and enter the Asset ID:
You will get now the offer to Buy and Sell PetaByte assets.
Click on the green + sign to buy PetaByte assets. A form will open to fill in the quantity (that can be even a fraction of 1), the price for ONE asset in BURSTs. It will calculate for you how much the price will be including the fee.
Finalize the purchase with a click on the Buy button.
After a couple of confirmations, you will find your Buy order in the right side. As soon a match is found (partially or fully), the trade will be made automatically.
Under the tab Asset Exchange you find a sub tab: My Asset
This tab will confirm you which assets you already own, and what it’s market price is currently.
Why should you buy PetaByte assets
PetaByte asset has the goal to achieve 1 PetaByte of hard disk space for Burst mining. The profit of this mining activity will be shared to all PetaByte assets share holders according to their shares.
1 PetaByte is 1024 TeraBytes, one asset share is equal to 1 TeraByte of hard disk space.
This way of mining gives you the full benefit of mining without the hurdle of buying, installing and running a computer set with the hard disks.
It also gives you the advantage to participate with a fraction of a “hard disk” or with multiple hard disk spaces.
Further, at any time you can sell your asset and the new owner will mine instead of you.
Every month the earnings of PetaByte will be paid out to the asset holders according to their share.
I don’t have Burstcoins
If you do not have Burstcoins, you can go to an Exchange (Bittrex, Crypto-Currency Exchange or Poloniex), where you can exchange US$ to Bitcoin and Bitcoin to Burst and visa versa).
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