One day, after the usual hard work I was approached on discord by Crypto Huff, in a P.M. Did not seem to be that important, you get a lot of P.M. if you are active in crypto-related channels. At first, I was thinking its no more than another scam attempt, but it turned out to be a legit approach, offering the possibility of a bit of advertisement.
So sitting in front of the computer, listening to the ever buzzing sound of fans and custom hardware components…
I have realized, without introducing the platform I use for my project(s), there is no point introducing them.
So let’s get started with a bit of history about the unsung hero of all, BURST coin. If you like ambient, consider listening to the resident evil OST from Marlyn Manson while reading.
It all started in 2013 on September 28 by an anonymous software developer, the chain was called NXT. The first major diverge from Bitcoin’s work-based proof of mining, NXT (some sources may disagree) uses Proof Of Stake mechanism to reach consensus, also is the forerunner of blockchain-based solutions. Its platform is still alive and offering its services. NXT was crafted with the mindset of providing a flexible platform for financial services, allowing them to create assets. The paper from European Securities and Markets Authority “Call for evidence” does indeed covered the platform extensively.
However, NXT has a fixed supply of 1 billion coins and is unmineable in the traditional sense. Fast forward to 2013 November 26, all of the 1 billion coins got distributed already. The platform was on its own successful, as on 2015 November 9, Farla Webmedia launched a project on the platform. In 2016 July, NXT took the next step and launched Smart Transactions Templates, the forerunner of automated/smart contracts. However, all of the proof of stake chains have a flaw yet to be addressed. Since the “nothing-at-stake” problem exists within all of these chains. It simply means that far too little work is required for working on multiple chains. Proof of work -realized even by then- hogs up an unexpected amount of power so is not an ideal choice. Consuming too little, proof of stake is on the opposing end of the scale.
August 2014
If Bitcoin with its limited features and high power consumption, can be called the first generation of crypto, NXT would be the 2nd generation of coins offering more than the transaction of value, but the exchange of messages and encrypted data. But, while addressing the high power requirements, it also went to tip the scale over.
For this reason, the 3rd generation of the crypto coin was made, as a fork of NXT. Addressing the issues of lack of decentralization, waste of energy, unfair releases, the supremacy of big miners and corporations. It is the first cryptocurrency secured by the Proof-of-Capacity algorithm. So not only just solving all issues of the previous generations, BURST coin also managed to introduce a brand new way of mining. BURST also had major advances to become the most flexible platform for financial solutions regardless of size.
It retained the automated transactions, that are the forerunner of smart contracts used by Etherium blockchain. Burstcoin is mined with hard drives, scanning pre-calculated results from so-called “plot files” generated only once. From then on, the calculations are not performed again, they are stored and reused every block round. This is how Burst can get away with being far more energy-efficient than any proof of work coin, yet still being able to combat the “nothing-at-stake” problem efficiently. And evolution has not stopped BURST just yet.
BURST over the years has evolved to host its decentralized peer to peer coin exchange, built on smart contracts. Unlike other platforms that offer smart contracts, BURST can manage it with extraordinary low fees, making it suitable for even small scale business applications and financial services of all kinds. BURST coin is the first blockchain that has a full TURING COMPLETE smart contract system, a huge milestone in today’s leading technology, Decentralised Finance. Probably as important as Karl Benz and Rudolf diesel was for the evolution of the internal combustion engine technology. It has all the bells and whistles by modern-day’s standards to provide a cheap, affordable, eco-friendly solution within the proof-based currency realm. Noteworthy, that BURST chain hosted the world’s first autonomous lottery running as a smart contract.
However, there is a dark side too to BURST. A platform this flexible, and accessible, is naturally the target for scammers and other criminal minded people. By 2020, mostly what is left from the asset/token exchange feature of BURST is no more than the ashes of former scam attempts and failed businesses. Be it shared mining, gambling, market places, all of them failed..
And this is where I come into the play. BURST has so many features, well-working features, that as a platform it should not be omitted by people. Despite being unprofitable to mine BURST, it still has more than 450 full nodes in operation worldwide, has an active community, and constant upgrades, fixes, additions. Along the lines, I do have to mention
BTDEX again, the peer-to-peer exchange running on BURST smart contracts, the Cryptoball lottery, the upcoming Bicho lottery. TRT, alias Trade Token fuels this vast ecosystem, also offering passive revenue from what the Exchange it self makes, and the mentioned lottery-style games. And a library of decentralized apps. BURST is the ideal currency for small value transactions too. It is the Crypto Of Things, the unsung hero of crypto.
Supporting the most innovative platform is not something I had to consider to do or not do. Seeing the devastation done to the asset exchange and token related functions of this marvelous blockchain led me to release a product on this very platform, as a proof of concept. Proof, that BURST is not flawed, just not used correctly. This is My story,this is how I support the network besides running 2 full nodes my self.
The LMSI project.
So as it been pointed out, BURST, despite being the best of the finest, has a rough past, and technology put to proper use is nothing but a theory.
My project started exactly on 2020 January 1, for a convenient BURST-day. (pun intended) LMSI is to be considered as a way to support the network and also as a way to earn BURST. It has 500,000 shares, no decimals. It runs on the brilliant BURST chain, listed in the BTDEX peer-to-peer platform under the numerical ID of 16296102952444293762 . It can be bought with BURST.
The model is super-simplified to keep everything easy and transparent. BURST is used to purchase non-BURST coins that can be mined via low energy solutions, preferably Poor of stake type coins. The staking income is used to buy burst, and pay a proportional amount to holders of LMSI. It is created to raise the value of BURST and to showcase its technology. Every month, payments are made, and Our achievements are listed on Our Discord channel. It has not been advertised, there is near zero marketing involved. Release of LMSI is at a limited rate, with a ladder-type system in place to ensure no overselling is possible. Part of the income is locked for future buyback orders and compounding.
The ladder system makes sure it’s never oversold. The selling price is always 4000 BURST, and the target buyback is 3999 BURST. One may ask, why is it different than just purchasing a staking coin, and holding it? Well, first off, other than purchasing, there is nothing else to do. No need to
have a wallet open, check the blockchain for forking, no need to worry about mandatory updates. It is all taken care of by me. Services that do this work for a far higher fee, resulting in far less of the profit. Also, LMSI has side income sources, never financed from sales of LMSI, but the profit is put towards obtaining more coins. This system yields higher returns than what staking the proportional amount of coins could. Even if running costs are not considered.
There are numerous services worldwide similar to LMSI, but only LMSI has 100% traceable records on blockchains, and thus a proven track record ensured by blockchain technology. At the exact time of this writing, 180 LMSI has been sold since the launch. That means, that 720,000 BURST has been put to good use. Also, LMSI has a little Brother too. cLMSI is yet another release on the same BURST chain, aimed to serve as a cheaper entry point into LMSI. As currently, LMSI is worth about (at this very moment) roughly 25 USD-ish.
cLMSI is a fraction asset, 1/100 of the value and returns of a single LMSI. It is also limited in numbers, being only 500 created. It was not made by me, but by a 3rd party. For reasons unclarified the creator has gone out of the crypto space, however, cLMSI has been rebooted with community help and is in the best hands one can wish for.
Most probably the first time in crypto when a failed attempt left exactly ZERO people scammed or damaged. No harm was done all the monthly logs can be read in the LMSI discord channel. Dating back to the first one. Every single time something went bad, the compensation is listed too. Also, LMSI is most probably the only oversecured item in the whole crypto space. To this date, there was never a single time when -if initiated by voting- it could not be liquidated and offer a higher buyback to every holder than the original sell price. And, in 1 case a buyback was already done for technical reasons.
Also noteworthy, that up to this date, not a single account ever wanted to SELL LMSI than the issuing account. If you wish to support my work, there are options to do so. One of them is the hash power donation option, where one can donate CPU hash power, or one can simply obtain an LMSI ,
or cLMSI, or donating BURST via the Burst depository. Or just simply join our discord and let’s have a chat.
Our community is not regulated and not safe by default, topics are not fixed. Even if not crypto-related, we discuss everything. We keep it civil. Moderation is not present and is not required usually. Scamming attempts and spamming are however not tolerated. Opposing views are welcome also. LMSI is formed from the derivation of asking absolute random people on different crypto channels for opinions on what they would NOT like to see in a brand new crypto project. The reverse logic yielded a clean, sleek, simple result.
Thank You for reading.
Website: https://www.burst-coin.org/
LMSI+cLMSI discord link: https://discord.gg/KGsxvTa