Since it first appeared in the digital world, virtual or digital money, called cryptocurrencies, has intrigued many individuals, both professionals and everyday people, who trade. Nowadays, they are one of the most interesting types of assets for investors, with millions around the world buying and trading them, every day.
However, even though some appear to be more stable, cryptocurrencies are highly volatile, which makes them a risky investment. So, if you are thinking about jumping into the crypto world, you must make sure that you never invest more than you can afford to lose, and you must spend time learning and researching, to make sure that you are always making an informed decision.
BURST coin, nowadays known as Signa, is one of the thousands of cryptocurrencies you can invest in. This project is becoming increasingly popular, with its unique approach to blockchain technology, and considering the favorable price predictions for the cryptocurrency. One of the things that makes it so appealing for crypto enthusiasts, is that it can be mined with a common hard drive. Aside from mining it, if you want to own a BURST coin you can also buy it, using a crypto exchange.
A New Kind of Crypto Coin
Burstcoin was first introduced by an anonymous user in 2014 on bitcointalk.org. Like the Bitcoin creator, signed with the pseudonym Satoshi Nakamoto, the Burstcoin creator never revealed their identity. Since a hard fork was activated on the Burst blockchain, the project was renamed Signum, adding new, improved features. Nowadays, the project is developed by an organization called Signum Network.
The Concept of Green Mining
Following the example of Bitcoin, many cryptocurrencies allow mining. Mining is a process in which very complex computational math problems are solved by hardware, and, as a result, new coins are “discovered” and enter into circulation. As a reward for this work, users earn coins. Because of this, crypto enthusiasts invest in very expensive, specialized, highly advanced devices, namely GPUs and ASICs that consume a lot of energy. Since they are so energy-intensive, aside from seriously harming their wallets, they are also harmful to the environment.
On top of that, since there are companies that can allow running huge crypto mining operations, it can be almost impossible for the average users to compete with them and make significant accomplishments. However, this is not the only way you can mine crypto coins. Signa/BURST is one such example. This cryptocurrency can be mined by anyone using available space on their hard drive. You can also buy, sell or trade this digital asset using a crypto exchange that supports it. And even though it isn’t among the most popular virtual currencies, the project is still growing and many experts consider it an interesting investment and expect that its value will continue to increase.
So, unlike crypto coins that are mined using Proof-of-Work (PoW) or earned using Proof of Stake (PoS), Burstcoin is the first blockchain that started using an ingenious process called Proof-of-Capacity (PoC) or Proof-of-Space (PoS), designed specifically to be energy efficient for green and sustainable mining, as well as verifying and recording transactions. This can be done with a common hard drive or even an Android smartphone. In other words, to mine BURST, all you need is your computer, and the more space you dedicate to mining, the more you will be able to earn. More importantly, mining BURST is not harmful to the device you are using, nor does it make a huge change in your electricity bill.
Read Also: PUMP AND DUMP SCHEME: Definition, Types, and Examples
The New and Improved Consensus Mechanism
This unique PoC consensus mechanism algorithm kept track of the public ledger, making the Burstcoin blockchain even more decentralized than others. After the hard fork on the Burstcoin blockchain and the rebranding to Signum, with the native token Signa and the symbol SIGNA, the consensus mechanism was also updated, and it was renamed to Proof of Commitment (PoC+). Aside from features provided by Proof of Capacity, Proof of Commitment has added those offered by Proof of Stake. This means that, on top of the ability to mine Signa crypto using their own devices, users can also commit it. This change also ensures better protection against attacks.
Additional Features
Signum, formerly known as Burstcoin, also acts as a token generator. This means that, for a small fee, users can create their own coins, that can be used to buy, store value, invest, and so on, with the same security as the native token Signa.
How Do You Recognize a Coin Pump?
The simplest method to spot a pump and dump strategy is when an unidentified currency unexpectedly increases significantly without a valid explanation. An easy way to see this is on a coin’s pricing chart. For instance, Coincheckup has defined its benchmark as a 5% price increase in less than five minutes.
What Cryptocurrency Will Succeed Bitcoin?
Cardano is a blockchain platform that uses proof-of-stake. It aims to be the next iteration of the Ethereum network, with a scalable smart contract platform and flexible blockchain. Cardano was presented as an excellent alternative to Bitcoin and a “Ethereum killer.”
How Come Safemoon Failed?
The creators of SafeMoon and the well-known people who supported the coin are accused of conducting a “pump and dump” scam to swindle investors, costing token holders hundreds of millions of dollars. According to allegations, SafeMoon LLC neglected to register the tokens with the U.S. Securities and Exchange Commission as securities.
Can I Buy Safemoon?
Due to its extreme volatility, which causes pronounced up-and-down price swings, SafeMoon is a risky investment. While this is true for all cryptocurrencies, if you chose to sell SafeMoon, you will lose 10% more due to the selling charge in addition to your initial investment loss.
Conclusion
Not only does Burstcoin or Signum offer a more environmentally friendly alternative to mining, but it also provides regular people with the opportunity to mine without requiring them to make significant financial commitments. This makes its goal highly admirable and worthy of praise.
Related Articles
