Burstcoin is a digital currency designed to solve problems we see Bitcoin facing today.
Originally a Nxt fork, Burstcoin was created on August 2014 and is most notable for its Proof of Capacity protocol.
Protocol
Burst implements a very economic validation protocol called Proof of Capacity. Simply put, Burst can be mined using the free space on your hard drive. This solves the Proof of Work ( POW ) challenge facing Bitcoin today. POW ( or mining Bitcoin ) requires a certain amount of electricity to be spent in order to validate a transaction, while this makes for a secure blockchain it’s also very expensive. The Bitcoin blockchain uses roughly the same amount of electricity per day as Portugal!
Smart Contracts
Another great thing about Burst is that it implements smart contracts allowing for dApps to be built on top of the Burst network. This is a huge feature and should not be overlooked. Its mixing the best parts of Ether with a blockchain designed for use as a currency.
Wallets
Bursts android wallet has features that make the entire burst ecosystem very easy to access. On par to that of the New Economy Market (NEM) wallet. Bursts android wallet is bundled with escrow services, a built in exchange and asset control.
Speed
Scalability is currently one of the largest issues that Bitcoin faces. I couldn’t find much information out there about Burstcoins TPS but what I could find was disappointing. 1 Transaction Per Second. Bitcoin is considered to be a slow network with a 3.1 TPS and Ether at 25 TPS. Compared to Visas maximum of 50000 TPS
Team
Burst has a very active development team for such a small market cap coin. They rank at number 17 for activity on their Github according to cryptomiso.
Conclusion
Personally I believe Burstcoin has a ton of potential. Its Proof of Capacity is very economical. Its utility is very close to being an “all in one” coin with the provision of smart contracts and built in asset management. Given its very active development team I’d keep your eye on this coin!
Burst was the first ever cryptocurrency including Smart Contracts across its distributed blockchain network via a technology called Automated Transactions. This allows e.g. decentralized trustless & commission free Crowdfunding and Lotteries and many other use cases run in a decentralized and secure way.
