There are currently 2,074 cryptocurrencies on CoinMarketCap, most of which are copycats, driven by pure ICO greed, or just shitcoins in general. As the napalm of SEC enforcement and investor capitulation burns through the crypto space, most of the cryptocurrencies listed on CoinMarketCap will probably be decimated and relegated to the history books. Burstcoin (BURST) sits way back at #223 on CoinMarketCap, with its market cap near USD 10 million, but it is a diamond in the rough. BURST is truly decentralized, launched with zero ICO nor premine, and uses the unique Proof of Capacity mining algorithm. Therefore, GenesisBlockNews believes BURST will easily survive this ongoing crypto armageddon, and will prosper long term.
I first wrote about BURST for BitcoinNews, when I interviewed Burstcoin developer Daniel Jones. You can listen to the interview with Daniel about Burstcoin at this link. At that time BURST was at #248 on CoinMarketCap, and that was during the stable period before this nuclear bear market started. BURST has crawled 25 places up the CoinMarketCap ranks since then, during the worst crypto market conditions in recent memory, showing its grit. This is due to the merits of BURST.
BURST uses Proof of Capacity mining, where mining is done with hard drives instead of raw computational power like with Proof of Work. A 1-time hashing cycle is done, which is called plotting, which fills the hard drive with a tremendous amount of cryptographic hashes and proves the capacity of the hard drive. This plot is read during mining to find the correct cryptographic hash, and whoever finds the answer the quickest in their plot gets the block reward. More hard drive space equals more answers, and therefore more hard drive space increases BURST profits when mining. On average every 4 minutes a block is found, and the block reward is around 750 and decreasing at the rate of 5% per month. The block reward started at 10,000 when BURST launched in 2014, and when mining is done there will be 2.158 billion BURST total.
Proof of Capacity mining uses practically no electricity, making BURST one of the only profitable cryptocurrencies to mine on personal computers. Even if BURST mining only earns about 1-2 BURST per day on a 1 TB hard drive, that is pure profit, versus mining Bitcoin, Litecoin, or Dogecoin, where energy expenses far outweigh mining revenue when using a personal computer.
Since any computer can mine BURST, as long as it has hard drive space, the BURST network is highly decentralized. Currently there is an astonishing 300,000 TB, which is 300 PB, securing the BURST network. That’s equivalent to the hard drive space of hundreds of thousands of personal computers.
Beyond the merits of being decentralized, having a unique algorithm, being profitable for mining and easy to use on personal computers, and having zero premine, the BURST development community is comprised of some of the best blockchain developers. BURST has direct on-chain storage via Cloudburst, which has the ability to immutably store files. As long as BURST exists, files stored with Cloudburst will never be deleted. BURST has built-in smart contract technology that can be used to launch any sort of dApp that one can imagine, and an exchange integrated into the BURST wallet to launch and trade crypto assets. Also, BURST seems to have solved the cryptocurrency scalability problem with The Dymaxion, which is layers of tangle-based Lightning Networks. This allows for infinite transactions at zero fees, while using practically zero energy.
GenesisBlockNews believes BURST will emerge as a survivor no matter how many cryptocurrencies crash and burn during this nuclear bear market. Due to its merits and attributes, BURST is in a strong position to become a major cryptocurrency in the long term, and seems to be ridiculously under priced at the current value of half a cent per BURST.