What Is Burstcoin?
Burstcoin is the only coin that allows the usage of empty space in your hard drive for the purpose of mining. Mining is a process that requires energy-intensive, expensive, and specialized machines in order to fulfill the task. Moreover, Burstcoin employs a process called proof of capacity. This requires a regular hard drive in order to perform a satisfactory mining process. This mining is highly efficient to the extent that it could be done using a Raspberry Pi or an Android Phone. It employs proof of capacity for the best possible mining process.
Burstcoin Working Basics
The proof of capacity literally means “you just have to plug in your drive, plot it, and leave your computer mining and earning you coins periodically. The more space you allocate to mining, the higher the reward.”
The mining process does not alter the data on your device or make major changes in your electric bills. Thus, if you decide to terminate the mining process, the space utilized for the Burstcoin plots can be deleted, and you can resume the function of the system as usual.
Comparison of Mining Energy Use Between Bitcoin And Burstcoin
Burstcoin lets the mining process happen very easily and is hence more decentralized. While it takes a huge financial investment to begin with the Bitcoin, you can easily begin with your Burstcoin as it could even be started on an Android phone which supports mining.
Apart from these features, Burstcoin offers more decentralized features including crowdfunding and asset trading. There is a possibility of a peer-to-peer marketplace trade. Furthermore, you can also auction off your products. Additionally, there is also an option of attaching messages on the individual transactions you indulge in.
Burst Coin – The Company
The identity of the founder of Burst Coin is not known. It was released in August 2014 and had a sole objective of solving problems with other cryptocurrencies. It was designed to resolve the issue of lack of decentralization and for the judicious use of energy. It has developed the proof-of-capacity algorithm which has helped it to achieve its goals. It has not yet had an IPO/ICO release or a crowdsale.
With the release of the second version of the cryptocurrency, the founder tries to fix the bugs of the Bitcoin and Co. it has tried to gap the space and flexibility of its own development.
The cryptocurrency hit an all-time high of 743 Satoshi at the start of this year. This translates to roughly USD 0.12. However, like the remaining market, it is currently experiencing a low and is currently positioned at 256 Satoshi or $0.015. This also invites new investments in terms of volume. Relatively smaller altcoins have seen surges in the year, so the possibility of even a smaller investment will bring promising changes in the cryptocurrency.