Burst is a emerging cryptocurrency that seeks to solve the problem many consumers have: a way to have cheap, yet secure, cloud file storage. Cryptocurrency and its decentralized nature will allow both users to receive financial incentive for renting out some of their hard drive space, but also benefit from a easily accessible storage system. Bitcoinist talked to the Burst Team regarding Burst and what decentralized file storage really means.
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!
1. you can mine solo or in a pool
The same result should come out over a long period of time. However, luck is also included, because if you are unlucky and never find a block you will never get paid. The pool has more miners and it is more likely that one of them is lucky and finds a new block. The reward will be shared to the pool participants.
There is a small pool fee for operating the pool, which can be ignored.
2. Mining does not come free
You need a running computer, you need electricity for the computer and the hard disks and you need Internet. Each cost a certain amount. Burst mining has the advantage, that a standard computer (or just your desktop) can be used. The hard disks are cheap and the extension of a mining set is just adding new hard disks and USB-3.0 hubs.
In my previous post I reported about Burstcoin’s Smart Contracts.
They have managed to show:
- Atomic Cross Chain Transactions
- Dormant Funds Transfer
Currently they work hard on the next parts (quoted from their press release):
“Counterparty has announced that it has recreated Ethereum’s smart contract capabilities for the Bitcoin blockchain, which will allow future users to securely write their own contracts.”
and they got millions in funding.
A week ago a coin – BURSTcoin announced that they can offer Smart Contracts already now.
Taiwan is a special island regarding Bitcoins. The Financial Supervisor has outlawed any BTC ATM machine in Taiwan, but there are about 2,800 Family Marts where you can buy BTC within minutes.
1. If you haven’t done so, go to the next Family Mart.
2. Go to the green FamiPort machine and click on the icon with the $ sign.
3. Click on the lower left icon with the Internet Explorer sign.
4. tick the small box.
5. Click Enter.
6. Type BTC
and click Enter
7. Key in your mobile phone number for the SMS you will receive later.
8. Type in your birthday. You can cheat here, nobody will notice it.
9. Enter the amount you want to use to buy BTC. Note, that there is a 25 NT$ handling charge!
10. Verify your data and click Print.
11. Take the slip and pay at the cashier.
12. While you are waiting for the SMS, make sure your phone has installed a wallet for Bitcoins. I use MyCelium on my Android phone. The text message will confirm your payment and give you a link to BitoEX web site. You can do this on your computer at home as well. I am so excited, that I do that right away in Family Mart.
13. Follow the link and it will confirm your payment again and ask you for your birthday. In the next line it asks for the Bitcoin address. In MyCelium you can copy the BTC address and paste it there in. Important: the BTC address starts with 1, so anything before 1 needs to be removed. Sometimes it copies “bitcoin: 1….” – just remove all in front of 1. and click the button OK below.
14. BitoEX will give you a final confirmation, about the entire interaction (BitoEX transaction number, birthday, wallet address, exchange rate and the final BTC amount). Click the button below and in a short time, your wallet will announce the incoming BTC amount.
Since you are happy and got Bitcoins, you sure want to use them and make me happy. Below is my BTC address, you can tip me.
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Ever wondered if you could be a miner by yourself?
Imagine to create crypto currency, just by …
The new Proof of Capacity coin
Burstcoin is the worlds first HDD mineable coin. It is based on NXT and uses a new algorithm, Proof of HDD Capacity (POC) for mining.
It is currently traded on Bittrex, c-cex and Poloniex.
There a several ways to mine. At the beginning it was just mining with the CPU, then somebody figured out that a graphic card is more useful and faster to do these monotone calculations.
Then they developed ASICs to do it even more faster.
However, the difficulty increases and so better machines are necessary and all these new machines have something in common: They need more electricity. Somebody already joked and said, we are buying the cryptocurrencies from the power companies.
There are also different algorithm and schemes like PoW (Proof of Work), PoS (Proof of Stake) and now also PoC (Proof of Capacity).
Exactly the last one I will explain more in detail: