cryptocurrency-event-2018

With smart contracts gaining more and more popularity, there have been many platforms that have tried to attract users by offering blockchains with certain revisions that would allow better deals. One of them is called Burst Dymaxion, and this one offers a truly distinct experience thanks to various unique mechanisms and features.

About Burst Dymaxion

Smart contracts have caught the eye of many traders and investors, and ever since then, there have been many platforms that were trying to improve on the system in order to provide customers with the best possible deals. One such platform, named Burst, has tried to do the same, but with much better results.

Burst's goal is to create a blockchain that includes special IOTA-like tangles that are fully customizable. Some of the biggest obstacles on the road to achieving this included issues like speed, scalability, and efficiency. However, Burst managed to overcome the issues through a combination of privacy features and unique solutions that include integration of both systems.

According to its whitepaper, Burst uses its cryptocurrency's blockchain as an underlying layer that allows opening an closing of transaction channels. This is similar to what Bitcoin tried to achieve with its Lightning Network proposal. The difference is that Burst uses IOTA-like tangles to achieve verification and propagation. Basically, Burst is taking the best features from various other blockchain proposals in order to make a new system that is suitable for the global use of cryptocurrencies.

Burst's Proof-of-Capacity Consensus Mechanism

In order to allow users to avoid large costs and to let them provide their computing power via hard drives directly, Burst has developed its own Proof-of-Capacity consensus mechanism. This makes it the only blockchain that allows users to achieve HDD mining.

Burst's reasons for creating PoC, instead of using Proof-of-Stake or Proof-of-Work like so many others include several things. PoW, for example, consumes a lot of energy, which causes it to create a lot of noise, as well as heat, which can, in turn, damage the hardware. PoW needs non-reusable hardware, which makes it a more costly option, which will ultimately lead to the centralization of the process of mining.

As for PoS, it is not the best when it comes to mining rewards, nor for initial distribution. Initial distributions come through crowdsales, airdrops, and ICOs, which are made for that purpose.

Instead, Burst uses plots, which are small data chunks that allow energy-efficient mining that only takes 0.0024 kWh. This is an extremely low amount when compared to Bitcoin, for example, which uses 1037 kWh per each transaction. Through PoC, Burst is hoping to achieve real decentralization by allowing users to equally contribute when it comes to power within the network.

Burst Plans to go for Infinite TPS

As stated earlier, Burst blockchain will serve as a base layer when it comes to toggling the built-in tangles. That way, it will allow for a basically infinite number of channels that would use P2P payments to operate outside of the main chain.

Additionally, Tangles are completely customizable, and can be changed to be in accordance with the requirements regarding validation, the size of the network, and alike. Not only that, but they can also exist only temporarily, or permanently, according to the need. If the network was to be used by exchanges, banks, or other institutions that deal in payments, the tangles can be set to be permanent, which would speed up the process, instead of customizing them each time.

By using such arbitrarily scalable and independent tangles, Burst can basically achieve an infinite number of transactions per second.

Another addition to these tangles will include zk-SNARK technology belonging to Zcash's blockchain, as well as ring signatures introduced by Monero. That way, users will get the concealment option whenever they choose to create a tangle. More than that, the users will also have the ability to make their payments completely anonymous, if that is what they wish.

The only question that remains is how will Burst achieve the final version of Dymaxion? The answer is – hard forks. Three of them, to be precise.

The first hard fork was scheduled for June 11 of this year, and the second one is expected t make Burst Dymaxion fully enabled. The third, and final hard fork will allow the platform to enable PoC3, which is a PoC update that will provide users with the ability to mine important data that will still remain intact, and available to the future miners.

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