Signum Hard Fork: A new consensus for Burstcoin and much more

Signum
Signum
Mar 28 · 4 min read

Burstcoin is the pioneer of the “Proof of Capacity” (PoC) consensus algorithm, a green alternative to Proof of Work. First developed in 2014, Burst has been at the forefront of blockchain technology with the first implementation of smart contracts. Since 2019, the Burst Apps Team has been preparing the Burst blockchain for the next decade.

With this upcoming Signum hard fork, a clear signal is set — PoC was the starting point and now a new consensus is built for a glorious future of Burstcoin.

Summary

  • Extended Reed-Solomon Address Format (CIP-26)
  • Proof of Commitment (PoC+) consensus (CIP-27)
  • Updated smart contract max steps and API (CIP-28)
  • Minimum mining incentives (CIP-29)
  • A lot of code optimization (shown in the change log of the new BRS 3.0)
HDD-Mining is sustainable

PoC+

PoC+ (Proof of Commitment) is a hybrid method combining Proof of Capacity (PoC) and Proof of Stake (PoS) into a new sustainable and secure algorithm for the Burst blockchain. In this new consensus, miners that commit both a balance (stake) as well as capacity have a better chance of mining blocks and earning improved mining rewards.

  • The details of the change are described in CIP-27.
  • An article about POC+ can be found here.
  • A new mining calculator for POC+ can be found here.

For any questions or feedback we have created a new ”Signum” Telegram Group. Join us there to get the latest information, updates and chat directly with the main developers.

Minimum Mining Incentive

Burstcoin is very close to having all the original supply mined. No mineable coin has reached the state of zero block rewards and an alternative path is proposed in CIP-29. It consists of a minimum mining incentive of 100 BURST per block that should strike a good balance between miner incentives and inflation rate. This will amount to less than 0.6% of the circulating supply in the first year and less than that in subsequent years. This will be beneficial to miners allowing them to better plan for long-term resource allocation.

Extended Reed-Solomon Address Format

Real World Example
BURST-K37B-9V85-FB95-793HN-2UCGWTUEEY66TN7RNC189PM19C4ATCEUGQV929IY1N24H0Y82Z

Updated smart contracts maximum steps per block

Conclusion

The Signum hard fork sends a strong and clear signal to the community.
We will continue evolving Burstcoin to make it the most wanted blockchain in the near future.

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A sustainable blockchain solution

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Signum is the foundation for our sustainable future. It’s easily accessible to everyone and as a customizable platform, it has the power to feature unstoppable and censorship-resistant decentralized applications.

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Signum-Network

Signum is the foundation for our sustainable future. It’s easily accessible to everyone and as a customizable platform, it has the power to feature unstoppable and censorship-resistant decentralized applications.