Burst is a NXT based cryptocurrency with zero pre-mine and no IPO. Burst uses a new algorithm for Proof of HDD Capacity (POC) mining. Miners pre-generate chunks of data known as 'plots' which are then saved to disk. The number of plots stored is effectively the mining speed.
Miners generate and cache chunks of data known as 'plots', which are divided into 4096 portions known as 'scoops'. Plots are generated by taking a public address and a nonce, then hashing it, pre-appending the resulting hash, repeating the hash-pre-append cycle many times, and then hashing the whole thing and xor'ing the last hash with the whole thing. Plots are staggered together so chunks of the same scoop number are together, then written to disk.