Serious changes what Burst really needed! (IMO)



  • Hi folks,

    I'm a moderated Burst owner with my 400-500$ asset, but I'm a software developer with atleast 10 years of experience, so I found my self enought brave to answer Rico666 statement about Burst current problems and predict some soultion.

    Original post: https://pbs.twimg.com/media/DLJoggnXUAMfdOQ.jpg

    1. Burst should see further than a next block, but we also need the next block faster!
    • We should to decrease the Block reward and the Difficulty also, to make the transaction faster as much we can!
      Just imagine you would like to use Burst as a micropayment for your favourite streamer, and he will get the transaction and the confirmation in ~10-30 minutes, actualy this is the speed of the Bitcoin.
    1. Burst should rethink what is mater nowadays in the Crypto competition.
    • Electric efficient mining is a good idea and it prove that ASIC safe mining can be less waste of energy, but most of the new Coins are premined, but with their competent Team and community activities define the prices much higher than any PoW can do it.
      Let's see beyond, and focus the usability of Burst and extend the features instead try to get peoples to waste more money on HDD's.
      Burst Team should be partipiciant Crypto conferences and meet with companies/universities which is the only way to reach new hights.
    1. Burst should open for Github community!
    • The current state of Burst Github looks like a cementery: https://github.com/burst-team/burstcoin
      Burst should open announce new Projects which should be developed side by side with the community mostly needed dedicated Libraries for popular languages and technologies like: JS,Py,Java...
    1. If the Burst can't be competent as a payment currency, we should merge the PoC technology with a Decentralized Storage technology and create a product which can be more intresting for companies or individual peoples.

    +1 . Desktop Wallet really need a professional UI/UX, Android wallet looks miles better than the Desktop version.

    • It will not change the world, but it will cost ~ 1-2000$ definietly worth to invest.


  • I am willing to beta test mining software that doesn't rely on the latest FAD such as CUDA, OPENCL and AVX. A fair example: On the Microsoft app store there is a bitcoin mining software by a company called Group Fabric. I used this app and it utilised a form of GPU assisted mining without the FADS allowing a whole legacy of GPU to run regardless of firmware faster than CPU alone. (10 year old GPU still mines faster than 2014 64bit processor) I forgot what programming did it, someone mentioned it a year ago when I spoke of it but perhaps if it could be produced it could be marketed on Microsoft apps with revenue to support it and other developments.



  • To decrese time of block wich curently is aimed to 4minutes will break alot. Today the mining operation is not time critical and you can do it with most comodity hardware.
    By decreesing block time you will enforce the miners to have better equipment and mine faster to keep up with new block time. Doing so will also decreese the energy efficiency with burst.

    The cementary you talk about is not the most active development of the Nxt fork. Look at the forks and you will see that PoCC's (ac0v) is the most developed wallet atm.

    But i agree with alot of what you say.



  • @Quibus PoW need to prevent 51% attack, which is a good. But there are many new competitor who try to claim your HDD space, and to be honest if Burst will not show bigger intrest. Most of the miners will move the capacity and supporting some Decentralized storage.
    Might be Burst need to merge a Decentralized Storage technology and let the miners choose between mining or storing.



  • that's an interesting idea mining or storing. I have seen those cloud storage solutions but they cost in bandwidth and time. If there was a storage cloud for burst where the cloud plots for the miner not just let the miner upload plots to mine that'd be a new burst market! (though it'd have a premium I'm sure due to setup and management of the worlds biggest farms) only that it'd possibly lead to centralisation



  • All good ideas.

    But I think what Burst needs as well is built in deflation of the supply. As it stands now, buyers and sellers have a somewhat stabilized relationship where people buy Burst to trade for shares and then sellers sell Burst back into the market to exchange for income(reverse process come divvy time). Even that is somewhat inflationary as some buyers don't reinvest their divvys and just dump the Burst. What is dragging Burst down is the miners who just mine and sell. They inflate the supply and drive the price down which has a negative effect on Asset valuation.

    eg. As the manager of HalogenV1 Asset I created enough shares to substantially increase income generation for the Asset. As the price drops, my ability to increase profit generation drops with it. As shares sell I get less revenue to invest because the price has dropped but my shares still sell for the same amount of Burst.

    I've toyed around a bit in my head on how fix the issue with what is to me some success but haven't worked out the kinks, and I sure as shinola don't have the technical expertise to develop it.

    Main point is that inflation is ruining a stellar technology here.



  • @Halogen
    I think what you mean is that people (miners) should be able to "do something" with the coin, not just trade it for other altcoins. In my opinion this means that there should be (more) shops where people can pay with BURST for products or services.
    For me personally I would like it if I could simply buy a cup of coffee with it and at the same time can use a simple implementation on my website so people can pay me with BURST.
    Or is this line of thinking flawed?

    Similar as you, I also don't have the technical expertise to develop it.



  • @TK Yes I believe a wider market for using the coins is needed, but even this does not handle the issue of inflation. Many other coins are used for marketing products online already so this by itself does not alleviate the problem.

    Coins would need to be parked or burned at a greater rate in some way to counter inflation. A short term solution would be the ability to stake Burst in your wallet for income. It would slow the mass selloff that happens by miners. It also would allow Asset owners to continually grow their income by staking a portion of Asset divvys every period.

    This is a short term stop gap because inflation will still happen but only slower. A temporary counter as coin production decreases.



  • I think it's importen to have Exchanges ready to sell and buy Burst.
    Also a place where people can use their Burst like Gambling sites, Services ect.

    And also its very importen to have stabel software for burst. Right now the wallet sucks and crashes very offen.
    Miners are pretty good and will for sure be better.



  • If you are a programmer then we need a second means to lockout others from using our 12 word passphrase.
    Ideas could be as simple as needing a code just for withdrawls. So many choices from 2fa to email confirmations as something is needed. Though 12 word phassphrase is said to be hack proof their have been other ways to obtain access to ones wallet and it needs to be plugged. It used to be one theft a year however it might be more frequent as 1 a month.
    Other than that nothing wrong with Burst as long as we can mine away.



  • @Burstde

    Implement a second layer of security is not a simple thing to do. Even if it can be done for sure it would require a change in the core transactionsystem and with that a hard fork. If one type of wallet would implement 2fa or similar that would just be an illusion of security due to the nature of the burst system.



  • @Quibus Can't the wallet have to layers of log in process. It not the blockchain thats affected it just logging in and once in your account adding anotheer log in process to get to the withdraw screen. Why can Burstcasino have it within their wallet and why can't it be in our wallet. We are talking gui interfaces. I haven logged into a nxt wallet lately but I'm sure they had something too.



  • @Burstde

    Today we have a wallet. It requires only a passphrease to generate a so called private key. This private key is used to generate your burst address and the public key you have. Today when you send money into the burst network you sign the transaction with your private key and announce it. This function will not go away without a hard fork.

    So if a casino page has a login system like username and password that is to access their resources. it is tied to fictive account that only show you what you are entitled to from their account. When you withdraw from the casino it will in the backend use the casinos "passphrase" (private key) to send you money. If that passphrase gets known they are compromised as mutch as you if you loose yours.

    So in reality if you would add a login second screen for the wallet you would still need to remember your private key(passphrase) to sign your transactions. And since that is the only thing needed in the network you could use another wallet that does not require the new loginscreen to sign transactions.



  • @Quibus said in Serious changes what Burst really needed! (IMO):

    @Burstde

    Today we have a wallet. It requires only a passphrease to generate a so called private key. This private key is used to generate your burst address and the public key you have. Today when you send money into the burst network you sign the transaction with your private key and announce it. This function will not go away without a hard fork.

    So if a casino page has a login system like username and password that is to access their resources. it is tied to fictive account that only show you what you are entitled to from their account. When you withdraw from the casino it will in the backend use the casinos "passphrase" (private key) to send you money. If that passphrase gets known they are compromised as mutch as you if you loose yours.

    So in reality if you would add a login second screen for the wallet you would still need to remember your private key(passphrase) to sign your transactions. And since that is the only thing needed in the network you could use another wallet that does not require the new loginscreen to sign transactions.

    Going on the casino idea, being that we aren't hosting the site wouldn't it be easier to transfer X burst into online gaming areas if offered as a viable payment option?

    Desktop and mobile wallet both allow to save your passphrase using a pin that is copied to clipboard for X seconds, so you could in a sense always have access to your passphrase.

    The concern Im having is screen Capture, and key logging programs. I use copy and paste most of the time to prevent keylogging programs from being effective, but that opens the screen cap issue.



  • @SimplyLiving6 said in Serious changes what Burst really needed! (IMO):

    Going on the casino idea, being that we aren't hosting the site wouldn't it be easier to transfer X burst into online gaming areas if offered as a viable payment option?

    I dont think i understand what you mean?

    Desktop and mobile wallet both allow to save your passphrase using a pin that is copied to clipboard for X seconds, so you could in a sense always have access to your passphrase.

    Yes, some do. They give you an option similar to Keepass and lastpass and such programs/services. On mobile devices that is expected since you cannot just as easy cut and paste the passphrase.

    The concern Im having is screen Capture, and key logging programs. I use copy and paste most of the time to prevent keylogging programs from being effective, but that opens the screen cap issue.

    This can be modifed to not show the pass in the local wallet. You could also add an option to show/hide pass since this is html+js.



  • All I'm looking for is in addition to the 12 -word passcode. I by no means wish to make inserting a passcode easier I want it difficult for the person stealing a passcode to make it difficult for them to use it. Solo mining even by mistake can give your password so lets fix that too.
    If These passcodes are getting easily obtainable through a new phishing method and public key hacking method then....lets add another layer of difficulty.
    You know I think the Android wallet has pin feature too right?



  • @Burstde

    I think i have said all i can in this matter now. Yes! better security is always wanted and what i tried to explain is that you cannot just add security messures that makes sense without everyone updating their wallets and aprove of the change made.



  • @Quibus Can anything be worked on and released soon.



  • @Burstde said in Serious changes what Burst really needed! (IMO):

    Can anything be worked on and released soon.

    It does not matter if one would release a wallet tomorrow. You would need to wait untill everyone has that wallet or atleast a big majority. Then you could potentially trigger a new security meassure. that could take several monthes up to a year to achive. You would break burst if you don't do it right. All services, exchanges, pools, persons and so on need to have consensus in this. It would require big colaboration.



  • @Burstde yes mobile wallet has pin feature.