John Jos is an amazing developer that has been involved in Burst since 2017. He is the main maintainer of the BRS (Burst Reference Software), created the BlockTalk framework for Java smart contracts, created the first NFT on Burst (“The Koh-i-Noor Diamond”) and is the developer of BTDEX. He is a workhorse and has done some great things for Burst. In this interview, John talks about the new Signum Hard Fork consensus and BTDEX.
Why do you think Burst will be revolutionized by this new Signum Hard Fork consensus?
John Jos: “Most of us are around Burst because of its mining system, right? It uses hard drives, it’s a green coin, and is good for the environment. I still think Proof of Capacity is the way to go. The problem is, several years ago it became possible to mine more than one coin with the same hard-drive, and that is the root of the problem. If you mine more than one coin with the same hard-drive, one of these coins you are mining for free right? If you are mining two coins, one you are mining for free. And what should be the cost of something that is actually free? The cost should be very low. If you mine for free the cost should be very low. Mining more than one coin with the same hard drive is a huge problem, and it ruined Proof of Capacity.
We still love PoC and still think that’s the way to go. It’s not PoW, it’s not PoS either. So we came up with this solution that if you’re mining Burst, you need to have commitment. You need to be committed to the project, so with Proof of Commitment (PoC+) you mine with your hard drives but you also optionally need to stake Burst while mining. If you stake Burst, it means you care about project and you’re committed to the project. So that’s the way I think we will fix it and it will be way better, it will be as it should be.”
John Jos: “Yes, that’s something we came up because it’s still Proof of Capacity and it has a Proof of Stake combined and then we came up with this new name called Proof of Commitment (PoC+). So we still have the same PoC but with the plus adding this stake.“
BTDEX is an amazing development for the Burst ecosystem, can you tell us a bit about the project?
John Jos: “BTDEX is a decentralized exchange that is actually one of the first real use cases for the Burst smart contract platform. Burst is not only the first coin to have Proof of Capacity but it’s also the first coin to have smart contracts running on the blockchain. It has not been really used since ever, but with BTDEX we have a very interesting use case for smart contracts because every exchange is handled by a smart contract, so there is no man in the middle. You never deposit your coins to an exchange. You create smart contracts and you only deposit coins on them, so you know you never lose control of your funds. I think it’s a very interesting idea.
Volume used to be very low but now that Burst is rising in price we’ve seen very good volume between Burst and BTC (Bitcoin) right now, we hope to see that kind of volume for other pairs. We have several other pairs, we just added Binance coin as a pair, BCH, BSV this week so we are hoping to see more volume there.”
Where do you see the future of trading going and why do you think BTDEX is going to position Burst at the forefront of that revolution?
John Jos: “When you use a centralized exchange you’re always at risk, because they can always be hacked, that can be an inside job, an outsider, and in that case you lose your funds, so that’s always a risk. It happened many times, just past year two exchanges listing Burst where hacked and users lost all their funds. Besides, recently other risks are in play, because depending on regulation and depending on what the governments think about cryptocurrencies, they can add more constraints. They can lock your funds if your funds are in a centralized exchange, they can do that! So if the funds are in your own wallet (BTDEX is a wallet actually) no one can touch your funds. So I think that’s something we need to be very careful about and never leaving our funds on exchanges and stuff like that. So it might come at hand having decentralized exchanges. They will not replace centralized exchanges at all, I don’t think that will happen, but we need to have decentralized exchanges as well.“
What would you tell someone who is doubting if Burst is the future and if they should buy and hold or not?
John Jos: “I never tell people to buy, Burst or any other coin. So what I would like to say is: take some time, read about the technology, read how it works, read how Proof of Work is a brilliant idea but hurts the environment and get aware about what Burst can do and what it represents. Burst is a very decentralized project, no ICO, no pre-mine. You see people very excited about about coins and then you learn that they are 50% premined, so what you’re doing? You’re simply wasting your time for someone else getting rich, that makes no sense. So learn about the project, discover a bit about its technology or just use it and if you like it maybe buy some coins. That’s my advice.
Stay tuned because in this next two weeks we will have something very special about Burst because our Proof of Commitment (PoC+) new consensus will start. It hasn’t started yet and we are already seeing a lot of excitement. So, get on board, learn a bit of it and welcome to everyone that might be interested in our project, it’s really our passion.”