Technical Summary

I have a vision of a crypto (don’t fret, it’s a new concept of the distributed ledger technology that doesn’t depend on miners, hence its feeless, environmental-friendly, and fast) framework that might be able to replace/aid the collapsing economic model in the future.

I am of the opinion that, soon enough, most people will become jobless. ‘Soon’ is a speculative term here, and it can be anywhere from 5 years from now, to 50 years from now.

I believe that will eventually be the nail in the coffin for the current economic model that facilitates centralization of resources, and exploitation of innocent people.

I want humanity to have a foundation that they can rely on, in such a scenario. I believe my innovative approach to resource distribution might be just that.

The concept is not new. The project aims for equality of opportunity, incentivizing legitimate contribution, fostering accountability, etc. I might have missed a few, but the point is, it is altruistic and aiming for the greatest good for all.

The concepts that might resemble my vision would be Universal Basic Income, Free Market, Resource Redistribution, Public ownership of means of production, and Decentralization.

Briefly; there are a few who have had similar idea about a fairer cryptocurrency, but the main issue I have seen in their vision are:

• Resource-intensive means of redistribution
• Non-adaptive means of humanity verification
• Inflationary tokens
• Not environmentally friendly
• No real incentive for those who contribute
• Prone to same issues of centralization and hoarding

I will now explain my vision in short but essential bits.

The economy will revolve around two kinds of means of exchange / asset valuation, BRN and TRST (name subject to change).

Wallet:

Every human will be the rightful owner of one unique wallet. All the wallets can transact in both BRN and TRST network. Every wallet needs to be humanity-verified, before it can transact in the BURST(BRN and TRST) ecosystem. Every wallet has a private key public key pair. Private key is kept secret. Every wallet has a delegation public and private key pair. This is the key pair that will be used while voting in the network. Wallet has the option to assign a new delegation key to itself if they choose to. Every wallet can participate in delegated or direct voting.

Humanity verification:

Verification requires endorsements from two kinds of validators: Circle and Random Assume Alice is the one trying to get verified.

Circle Validators:

They are the already verified wallets in Alice’s social circle who can vouch for her legitimacy.

Random Validators:

They are the already verified wallets selected by the BURST network at random, who can vouch for her legitimacy.

The validators stake their BRN points in order to vote for her legitimacy. The penalty for the validators for incorrect endorsement would be loss of staked funds. The reward for the validators for correct endorsement would be TRST points, assigned by the network.

How does it work?

Firstly, Alice creates a new BURST wallet. She then asks a minimum of x amount of circle endorsers to vote on the legitimacy of her wallet. The circle endorsers agree to stake their points for her to get verified. Then, the network will broadcast the validation request to randomly selected wallets. The random wallets will vote on the legitimacy of her wallet by staking their own points. The system incentivizes being truthful and reaching collective consensus.

If the consensus/quorum is reached, the wallet gets verified and endorsers get rewarded, and other voters will be penalized. It is in the best interest of random endorsers to vote fairly, as the consequences for not doing so, is detrimental to the economy as a whole. If the consensus/quorum isn’t reached from the random validators, a re-vote will occur with a completely new random set of validators. This will continue till a threshold is reached, and if it still doesn’t get validated, the network automatically marks it as illegitimate.

The need for random voters to vote fairly and correctly, in order to benefit from the staking mechanism, will probably lead to emergence of “Humanity verification as a service” platforms. These platforms can provide insurance on the behalf of the random validators, regarding the potential loss of an incorrect validation. (It is just a speculation of what might happen) The initial set of humanity verifications can be done through governmental ID.

Anybody can raise doubt on the legitimacy of any wallet at any time by staking their own BRN points. This will mark the wallet as unverified, hence the process of circle endorsing and random endorsing will be initialized.

BRN:

BRN is not a crypto token. It is a ‘Universal Income’ that an individual will get periodically, by the virtue of being human. BRN is different from other conceptions of means of exchange - because you burn your BRN points to transact in the economy. BRN points cannot be transferred, only burnt/destroyed. BRN represents the right/necessity of every individual.

TRST:

TRST is a crypto token. It is obtained by service providers for providing value to consumers. TRST can only be minted by burning someone else’s BRN points. TRST tokens can be transferred from any wallet to any other wallet. TRST tokens are timestamped and transaction-stamped, hence carrying the entire history of their creation, holding, and transfer. This provides the market an opportunity to appropriately evaluate the true value of their TRST tokens. TRST tokens will probably be valued higher by the free market (just a speculation) if it has been transferred less number of times, effectively tackling the issue of wealth hoarding and centralization. We can introduce a fee-based or time-based burn mechanism for TRST tokens, to tackle its inflationary nature. TRST represents excess value for the effort given to provide for the consumers.

Consumer-Level transaction:

Let’s take Alice and Bob. Alice is the buyer and Bob is the seller. For Alice to buy something from Bob, Alice first broadcasts a burn message to her representative node. The message will at the least, include:

• The public address of Bob
• Any PoW on Alice’s end to prevent spam - if applicable
• Amount of points to be burnt

The message will be digitally signed by Alice’s private key.

The node then verifies if the transaction is legitimate (no double-spending, sybil, etc). If the transaction is legitimate and enough nodes vote on the legitimacy of the transaction, the quorum is achieved and the transaction achieves sub-second finality. This concept is borrowed from the workings of a relatively less-known currency called NANO. Link to their whitepaper: https://docs.nano.org/living-whitepaper/

When the transaction gets approved, a couple of things will happen:

• The network will collectively decrease the total balance of Alice’s wallet by the amount of burnt points.
• The network will assign TRST tokens equal to the amount of BRN points burnt, to Bob’s wallet.

Self-Amendment:

The dynamic nature of the world necessitates the systems set in place to change accordingly. Taking this into account, BURST will implement a self-amending architecture Wallet holders can either vote on an implementation, or delegate their voting power to a node or another wallet, through sharing of their delegate private key(different from a wallet private key or private key). The self-amending nature of BURST ecosystem can amend the entire codebase and network rules of the nodes, provided that the quorum has been reached. This concept is borrowed from the workings of a currency called Tezos. Link to their whitepaper: https://tezos.com/whitepaper.pdf

Replenishment:

BURST ecosystem doesn’t rely on a centralized method of wealth redistribution. Instead, each wallet autonomously calculates its current balance by factoring in the agreed-upon increment rate and the elapsed time since the last transaction or balance update. Nodes in the BURST ecosystem track the latest known wallet balance and the timestamp of the last transaction or update. When a transaction occurs or the balance is queried, the nodes calculate the updated balance by applying the shared increment formula to the time that has elapsed. The rate at which BRN points are added is a universally agreed-upon value determined by community consensus.

• Example: If the increment rate is 1 BRN point per hour, a wallet last updated 10 hours ago will show 10 additional points. This formula is applied uniformly across all wallets, ensuring fairness and simplicity.

WHY BURST?

Because we need a system that values everyone’s contributions, not just the ones who already have resources. Because in a post-AI world, people shouldn’t be left to suffer just because they can’t find a job. BURST is a revolutionary economic system that gives power back to the people. It’s about fairness, sustainability, and true freedom. ~