- What is BurstCoin?
- What makes Burst Unique to other Alt Coins?
- BurstCoin Specs
- The PVP Bonus Scheme (Battling Friends & Opponents)
- Provably fair betting
What is BurstCoin?
BurstCoin is a cryptocurrency that uses the unique algorithm called "Proof of Capacity" (POC), which utilizes your unused hard disk drive space instead of your processor or graphics card to mine BURST. Miners pre-generate chunks of data known as 'plots' which are then saved to disk.
PROOF OF CAPACITY
The Burst mining system is unlike any other coin in existence. Burst uses a new algorithm for proof of HDD capacity (POC) mining, which means that Burst is the first crypto-currency mined using free space on your hard drive! Instead of buying expensive mining equipment, like graphic cards all you need to mine Burst is some free space on your device. Because of this, it is naturally more decentralized, and it is also very low on power usage (as hard disks average only 5w power, just like a cell phone). Miners pre-generate chunks of data known as 'plots' which are then saved to their disk. The number of plots you store is effectively your mining speed. Every block the miner will skim through the saved plots, and come up with an amount of time until it is able to mine a block if another block hasn't yet been found. After reading through the plots is complete, your hardware can just sit idle until the newest block is found.
And if you ever decide to stop mining Burstcoin you can delete your plots at any time and use your HDD-space again. The mining process is very easy on hardware, and to date not a single piece of hardware has been reported to have issues due to the BURST mining process running on it. This means that you won’t have to worry about burning up your CPU or GPU like you would if you were mining the other types of algorithms.
Blockchain - a chain of blocks linked together, contains all the transaction ever created and starts with a genesis block.
Blocks - a file that contains all the transaction that are not in any other previous block and are ready to be added to a block.
Genesis Block - The first block in the blockchain, every block is linked to this block in the burst blockchain.
The burstcoin wallet gives a means of creating transactions that can be submitted to the burstcoin network. When you run a local wallet you are actually running a node on the network. Remember that the burstcoin system is decentralized so a local wallet is part of the network and it helps relay new transactions and new blocks to other local wallets, in order to keep all of the local wallets updated with new transactions and new blocks. Lets us say that you want to send 2000 burst to someone.
When you enter the transaction details and click submit, your transaction's data is sent to other nodes on the network. It enters a category known as 'unconfirmed transactions'. It has not been put into any blocks and needs to be added to a block in order for it to be confirmed and solid in the blockchain (meaning that it can be agreed upon by every local wallet that is up to date with the latest blocks). When it is added to the blockchain it will then be spendable by the person you sent it to because other nodes can all agree that they have 2000 more bursts.
Mining is the process in which blocks are added to the blockchain and how new bursts are added to the ecosystem. It ensures that the system stays decentralized because anyone can mine and add blocks to the blockchain. In order for a block to be accepted by other nodes on the network it must have mathematical proof. To get a valid proof is quite complex meaning that you can’t figure it out easily, and you need raw power. If one individual wanted to mine more than half of the blocks they would need more than half of the mining power existent. This means it is unlikely that a single person could ever control the majority of the blockchain. Mining pools pools combine mining power of miners in that pool and the pool chooses what block should be distributed.
This means a pool could control the majority of the blockchain very easily if it gets too big. This is why we as a community encourage miners to spread between the pools and pick the one that fits their setup best. When a valid mathematical proof is found for a new block, the local wallet creates a block based on:
The unconfirmed transactions that it has received, the mathematical proof that was found, and a connection to the block right before. This makes the blockchain a chain of "linked" blocks. It then distributes this new block to other nodes on the network.
The energy consuming part of mining is performing the calculations however with Burst the miner performs the calculations once. All the miner has to do whilst mining is to read a few megabytes off of a hard drive every few minutes and check every nonce it pulls off, instead of working through heavy calculations like Bitcoin. Burstcoin's transaction network only uses 10 kW compared with Bitcoin's 200 MW. Transaction costs therefore are 0.02 Cents for Burst and 5 Cents for Bitcoin.
What makes Burst Unique to other Alt Coins?
It's not just the mining style that makes BURST unique... Though that is one of the BIG factors...
BURST is the true innovator platform. This proven with the fact BURST had Smart Contracts over a year before ETH even existed. BURST was the first in the world to do a cross-blockchain transfer. BURST's asset exchange is potentially the future of the stock market, totally decentralized... The marketplace is also the future of eBay in a decentralized manner, once a little more effort is put into the UI design. The true FUBU ( for us by us ) Coin.
There is so much BURST has, truly one of a kind.
The masterful wallet UI that daWallet made for Windows, has made BURST so easy to use it's ridiculous. This has spurred the massive increase in the users, and allowed us to give a simple to use system to the everyday joe.
These types of things will continue, as well as some very unique new features that are on the way.
The ability to mine on the phone, opens doors to a HUGE market that is mostly untapped in crypto.
The Smart Contracts allow for things that no other coins can do, oh yea, and BURST also did the first worldwide decentralized lottery... not a lot of people know about this either...
Right now, I'm in the process of getting a site that the original BURST developer made, back online, which will allow people to create BURST Smart Contracts with a few taps and clicks, this will open even more doors and ease-of-use in creating complex (on the ground level) programs to run on BURST's blockchain...
There is much more, I could go on for days about how awesome this tech is... and I can't wait for the collaborative projects with QORA that we will be getting out there shortly. Simply good times, and many more ahead... BURST will make many people extremely happy... including my aunt who as of today, has turned a 300 dollar investment a year ago, into nearly 7 thousand dollars! (by investing in BURST at a low, and ByteEnt at a low) and her investment grows daily! | Written by: @crowetic
The PVP Bonus Scheme (Battling Friends & Opponents)
The PvP bonus is a special Prize that is awarded to the last people to cash out before the game busted. Getting the PvP bonus is critical to SKILLFUL playing of the MadeToBurst Game, as it is the only way to overcome house odds.
1% of each player's stake (basebet) goes into the bonus pot. So if there are 4 players, betting 400, 300, 200, and 100, there will be 10 burst in the pot. If the biggest player wins, he gets the whole pot. The site works out the rate he would be getting if he won, ie. 400 burst bet gives 10 burst bonus - or 1/40th bonus per bit bet. It then applies the same rate to whoever actually wins.
So if the 100 bit player wins, he gets 1/40th of 100, or 2.5 burst. That leaves 7.5 burst in the pot, which goes to the next best placing player(s).
Lets Suppose the 200 bit player comes 2nd. He is due 1/40th of 200, or 5 burst. There are still 7.5 burst in the pot, so he gets the full 5 burst he is due - the same as if he had come in 1st place.
Lets Suppose the 300 bit player comes 3rd. He's due 7.5 burst (300/40) but there are only 2.5 burst left in the pot, so he gets those and that's all. There's nothing left for the 4th or worse place players.
1% of games will instant bust (0x) and no bonuses will be awarded, all other games have bonuses equal to 1% of the amount wagered.
In the Near Future we will allow Players to create and Join Private Chat channels that will give them the option to PvP vs. the players in the room and/or game.
Provably fair betting
Provably fair betting means that we give you a hash of the bet outcome before you make the bet to prove that we did not cheat can not cheat nor change or push the multipliers in any way .
MadeToBurst uses a betting API that can verify that the bet outcome that was determined before the bet was made.
View provably-fair docs
How do I deposit or buy BurstCoin?
You will need to transfer BurstCoins to the deposit address on your account/profile page.( Remember, you must withdraw from faucets to a wallet then to your account page!!! ) If you do not have any BurstCoin, we can recommend BitSquare as a great exchange for buying BurstCoins. Another great option is Poloniex, which lists Crypto-currencies and their trading partners, Ccex is an excellent site with ALL the burst pairings you would want to find all on one platform. You can also search online to see if there are any Burst-Faucets you can partake in or check in often with the MadeToBurst site for new contests.
Multile currency deposits
We have integrated shapeshift into the game so you can deposit with a large volume of alt coins!
Please read Setting up your Burst Wallet
What is BurstCoin based on?
Burst is based on Bitcoins Blockchain Technology. Bitcoin today is seen as the digital gold standard,
but like gold, its mining process is environmentally unfriendly and exploiting resources. Burstcoins are mined very
efficiently with free disk space, and can be traded on many Forex Crypto Exchanges. Burst offers
a Marketplace, Asset Exchange, Crowdfunding and much more. By design Burst is a distributed, non-centralized Cryptocurrency
Conventional currency has been based on gold or silver. Theoretically, you knew that if you handed over a dollar at the bank, you could get some gold back (although this didn’t actually work in practice). But BurstCoin isn’t based on gold; it’s based on mathematics.
Around the world, people are using software programs that follow a mathematical formula to produce BurstCoin. The mathematical formula is freely available, so that anyone can check it.
The software is also open source, meaning that anyone can look at it to make sure that it does what it is supposed to.
What are its characteristics?
BurstCoin has several important features that set it apart from government-backed currencies.
1. It's decentralized
The BurstCoin network isn’t controlled by one central authority. Every machine that mines BurstCoin and processes transactions makes up a part of the network, and the machines work together. That means that, in theory, one central authority can’t tinker with monetary policy and cause a meltdown – or simply decide to take people’s bitcoins away from them, as the Central European Bank decided to do in Cyprus in early 2013. And if some part of the network goes offline for some reason, the money keeps on flowing.
2. It's easy to set up
Conventional banks make you jump through hoops simply to open a bank account. Setting up merchant accounts for payment is another Kafkaesque task, beset by bureaucracy. However, you can set up a BurstCoin address in seconds, no questions asked, and with no fees payable.
3. It's Sudo-Anonymous
Users can hold multiple BurstCoin addresses, and they aren’t linked to names, addresses, or other personally identifying information.
4. It's completely transparent
BurstCoin stores details of every single transaction that ever happened in the network in a huge version of a general ledger, called the blockchain. The blockchain tells all.
If you have a publicly used BurstCoin address, anyone can tell how many BurstCoin are stored at that address. They just don’t know that it’s yours.
There are measures that people can take to make their activities more opaque on the BurstCoin network, though, such as not using the same burstcoin addresses consistently, and not transferring lots of BurstCoin to a single address.
5. Transaction fees are miniscule
Your bank may charge you a $10 fee for international transfers. BurstCoin doesn’t, and it never will . !!
6. It’s fast
You can send money anywhere and it will arrive minutes later, as soon as the BurstCoin network processes the payment.
7. It’s non-repudiable.
How to play?
Place a bet. Watch the Burst Rocket & multiplier take off and increase from 0.00x upwards! Cash out any time to get your bet multiplied by that multiplier. But be careful because the Burst rocket may run out of fuel, and can burst out at any time, or you may find yourselves exploring the the galaxy as unbelievable and new unseen never before told multipliers hit ...!!!! Be too greedy and as a result you may find yourselves cold, alone and with nothing!
Useful BurstCoin Sites
Here are some useful sites that are related to burstcoin, feel free to contact us with any other ones you know of!
- Burstcoin – Efficient Crypto Currency – Be your own Bank – with Bitcoin Blockchain Technology
- Burst-Team Forums
How to earn Burstcoins
Chatrooms for Burst:
What are the game odds?
The house margin is scaled between 0 and 1.5 %, depending on how long you hold. An additional 1 % is effectively taken from every bet and put into the bonus pool, which is distributed in its entirety every game. As a consequence, skilless or random play has—at worst—an expected return of -2 %, but it is possible to overcome the house margin by skillfully getting bonuses.
The numbers are baked into the game, so you never need to worry about it. We do not have a fixed house margin, as this would prevent highly conservative play (e.g. If you were only attempting to make $2 in a $100 game, a house margin of 1 % would be 50 % of your potential profits!). Our unique formula makes it fair for both highly conservative play (cash out early) and highly aggressive play (hold until you're a millionaire). All games are provably fair.
The exact formula for the houses expected return is:
1.5 % * (intendedCashOut - roomAmount) * (roomAmount / intendedCashOut)
But to really get a good sense of how this affects you, please use our handy odds calculator.
The other important thing to keep in mind is that every game has a 1 in 99.5 chance of instantly busting. We do not make any money on it, but rather use this to fund the PvP bonus scheme. This is an important consideration to make if you are playing in such a way that you never win the bonus.
How is the game bust calculated?
The code that decides the multiplier for each round is here:
It basically does four things.
1) First, it mixes the hash with the clientSeed (decided by the provably fair seeding event) using hmac-sha256
2) Secondly it gives a 1 in 101 chance of instant busting
3) Third, it works out what the multiplier would be if there was no house edge.
4) Fourth, it takes 1% off the multiplier and adds on 0.01x:
So half the time (other than 0x bust which we can ignore because they pay for themselves with the bonus) the multiplier will be 1.99x or more.
That means if we bet 1.99x we have a 50% chance of winning (again, ignoring 0x busts), and so the house edge is:
100 - (1.99 * 50) = 100 - 99.5 = 0.5%
The extra 0.01 that gets added on to the multiplier is half of the 1% that was taken off in this case, leaving the house edge at 0.5%. As the multiplier gets bigger, the 1% that is taken off gets bigger, and the 0.01x that gets added on becomes less and less significant, causing the house edge to tend to 1%
Is the game fair?
Absolutely! And we can prove it. Please see: the bitcoin talk thread for technical details.
How to verify the game results?
There are already 3rd party scripts to verify the game hashes and to calculate the results like this JSFiddle.
What happens when the server forces people to cash out?
Under some circumstances the server will force people to cash out. The most common reason is that the game multiplier has gotten so large that we are risking too much of our bankroll (.01 % or more). Another possible reason is unexpected server problems. If more than one person in a game is affected by the forced cash-out, we allocate the last cash-out bonus to a random player.
Do you have gambling addiction?
Gambling addiction, also known as compulsive gambling, is a type of impulse-control disorder. Compulsive gamblers can’t control the impulse to gamble, even when they know their gambling is hurting themselves or their loved ones. Gambling is all they can think about and all they want to do, no matter the consequences. Compulsive gamblers keep gambling whether they’re up or down, broke or flush, happy or depressed. Even when they know the odds are against them, even when they can’t afford to lose, people with a gambling addiction can’t “stay off the bet.”
Gamblers can have a problem, however, without being totally out of control. Problem gambling is any gambling behavior that disrupts your life. If you’re preoccupied with gambling, spending more and more time and money on it, chasing losses, or gambling despite serious consequences, you have a gambling problem.
If you think you have this problem please visit one of these sites to get assistance:
Self Help: http://www.gamblersanonymous.org/ga/