Hello and welcome to this blog post about Burstcoin BURST White Paper. I am very excited to know that you are interested in this amazing technology, you will be going to amazed by the incredible potential of the blockchain.
There is a lot to learn about this futuristic tech, lets get started to dive into the Burstcoin BURST white paper and start to leverage it to build a more secure and trusted ecosystem for Industry 4.0 applications.
The aim of this blog post is to help you quickly understand about the philosophy behind the Burst (BURST).
I can ensue you that, you will be able to understand every bits and pieces related to Burst (BURST) after going through the Burstcoin BURST white paper.
Without wasting any further time lets get started to dive right in and lets understand white paper first.
What is white paper?
A white paper is an informational, influential, well-structured document, usually published by an organization, to provide in-depth information about a specific solution.
A white paper is used to provide a good insight into the challenges for a specific problem and a proposed solution for the same.
Burstcoin BURST White Paper
Burstcoin BURST white paper will be going to provide you, all the information that is needed to get started with Burst (BURST), including the inspiration for creating, the problem it is trying to solve and the solution proposed by Burst (BURST).
“ We describe the concept and implementation of a proposed layer to the Burstcoin cryptocurrency called “The Burst Dymaxion”. This layer implements an arbitrary scalable, energy efficient and anonymous transaction network based on colored tangles.
Tangles are DAGs that can be seen as generalization of the blockchain. Coloring is a simple tagging technique used in cryptocurrencies to allow for coexistence of various instances of a class in a common data context.
The Burstcoin network has several unique properties that make it our premier choice for implementation: its Proof-of-Capacity (PoC) consensus algorithm is energy efficient, fair and anti-centralistic, the blockchain is very compact and implements data scrubbing to reduce blockchain bloat and it has smart contracts.
The coin has over 3 years of heritage and a community to bootstrap with, yet it is small enough to allow for significant improvements without a long and paralyzing scaling debate.
The original Burstcoin blockchain is used as underlying layer to open and close an arbitrary number of general purpose transaction channels, similar to the Lightning Network proposal of Bitcoin, but using IOTA-like tangles for propagation and verification.
Each of these channels is not limited in terms of capacity and number of transactions. This concept takes the best traits of the original Burstcoin, IOTA, Monero, ZCash and the newest Bitcoin proposals to create a currency suitable for truly global use.
It allows e.g. banks, clearing houses, remittance processors and virtually all other market participants to use quasi-private, yet decentral and trustless transaction channels with desired properties.”
White Paper Link: Burst (BURST) White Paper
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