The Weekly Burst Report is a report published every Sunday meant to centralize and outline the important Burst information of the week.
Weekly key data
Core wallet development statistics
– Files modified: 298 ↑
– New insertions (+): 102,125 ↑
– New deletions (-): 25,333 ↑
– Blockchain transaction count / change: 27,817 / -13% ↓
– Total wallets: 143,090 / +469 ↑
– Estimated Network Size (weekly average): 354 PB / -0.6% →
– Public Nodes: 964 / -34 ↓
– High / Low: $0.028 / $0.021 USD ↑
– Trade volume / change: $5,029,846 / -56% ↓
– Market Capitalisation/ change: $47,388,883 / -4.3% ↓
– Weekly High vs All Time High (%): 22% ↑
Metrics by @Koru
The PoC Consortium is currently having a hackathon, and in the words of rico666: “it is going way better than expected. All things we wanted to do – without exception – went smoother than everybody expected.” In consequence, this week’s report is going to be quite substantial, with a lot of very good news.
- Tx Capacity increase: the code includes the increase to 1020 transactions per block. This was expected to go smooth as it is basically a primitive change: raising a constant. Most of the work was testing that the wallet code can handle it. This change brings the 4x capacity increase.
- Dynamic Fees: the change for sub-1 Burst fees was expected to be problematic as it touches deep internals of Burst transaction processing. Fortunately, changes made recently to the Burst transactions handling allowed to implement the slot-fee-based dynamic fee handling rather smoothly. As the fees are progressive they allow exactly what was predicted in the white paper: microtransactions, regular transactions and high-price transactions (emergency/high-prio transactions that have to be in the block “at all cost”) to happen all side-by-side in the blockchain.
- Multi-Out Transactions: Multi-Out are transactions where you can send Burst to N recipients in just one operation – it is ideal for pools, faucets, and later for clearing closure of Dymaxion Layers, etc. The PoC Consortium thought it would be really great to have them but the developers did not expect to make it happen. But because all the other things went so smooth, they addressed it too. And guess what: It also went smooth. You will be able to send individual amounts to up to 64 recipients in just one transaction.
- This one single transaction will not cost you more than an ordinary transaction, which – because of the Dynamic Fees – can cost you as low as 0.00735 BURST. In theory, you could send money to 64 accounts for 0.00735 BURST (if you got the cheapest slot).
- This multi-out transactions are far more efficient on Blockchain storage requirements. For each recipient it takes up only 16 bytes instead of 176 bytes – a factor of 11.
- Together, these things multiply themselves. In the ideal case, we will now be able to send roughly 150 multi-out transactions per block, each with 64 recipients, so around 9600 transactions per block. 40 transactions per second. Burst on-chain tx capacity is getting really serious!
“In short, what happened in the past 2 days got me really thrilled for the Burst future, because it’s looking even better than I imagined”, concludes rico666. Icing on the cake: we are also now exceeding 2000 commits on GitHub! We can expect to have a date for the first hard fork soon.
Apart from the hackathon news, there are a few other things that have been done this week:
- The TestNet will play a more important role in Burst Development as we must be able to test the wallet much more rigorously before any hard fork release:
Keep in mind that the TestNet (or Development TestNet – see the “dev”) is to be expected to run less stable, be down from time to time and to contain more “bleeding edge” features… or not. In other words: no hopes/expectations. Provided “as is”.
- While we can expect a complete wallet frontend revamp in a few months, there is some work being done to improve and modernize the current one in the meantime.
- Last week the burst-coin.org revamp was published. There are still many plans to improve it further – the homepage was given a new header and is going to be reorganized further, and many other pages are going to be overhauled. The goal is to greatly enhance the UX and better deliver our message.
- The first Burst cloud mining service has been launched: storagemining.io
- We are witnessing a wave of people accepting Burst as a payment option for their business, such as:
Burst community members nixops and pskrzyni81 are doing wonders on this matter, and have many plans to push Burst to real businesses further:
- A new episode of the Harvey Harddrive comic: The Bulls are back
This week has been particularly intense and interesting – mainly because of the PoC Consortium hackathon – and we can all celebrate the spectacular progress that has been made toward the first hard fork. The new businesses accepting Burst are also major news, showing there is a true faith being put in the future of the coin by these pioneers. This is only the beginning.
Thank you and see you next week.
Tom Créance (@Gadrah)
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Also published on Medium.