Burst Whitepaper

Abstract

Abstract
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.

Keywords
Burstcoin – DAG – Dymaxion – Lightning-Network – PoC – Ring-Signature – Scaling – Tangle – zk-SNARK

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Burst Whitepaper

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