I’ll try to explain this as simply as I can so that most people can understand.
Any passphrase you type into the wallet is run through an algorithm and “points” at a particular Burst address.
Each possible Burst address can have more than one passphrase that works for it until it has a public key generated (or “activated”) by a transaction.
Once this activating transaction is made, only your particular passphrase works for this Burst address now. Thus, completely securing it.
It is not extremely easy for someone to find a passphrase for a Burst address that hasn’t been activated, but it is much harder for someone to find the passphrase after it is activated.
To Activate Your Account
(NOTE - Although we now have the capability to use lower transaction fees as low as 0.00735 BURST, it’s possible that very low-fee transactions will be waiting for a very long time until confirmed. The possibility of a delay in confirmation just makes things more confusing for new users. So, for now, until there is better reporting available to display the backlog of fee slots, and also manage fees, I believe it’s best to stick with a minimum 0.1 Burst fee, especially to keep it simple for new users.)
The goal here will be to create your public key with as little Burst as possible. You should only need one single Burst. Almost everyone should choose option #1, this Burst you have received for starting is precious…don’t waste it! So there will be two scenarios:
- You are planning on mining on a pool. If you change your reward recipient to your chosen pool, your account will be activated. For new users, I would suggest https://0-100-pool.burst.cryptoguru.org/ . There is currently a 0.5% taken by this pool, and it is run by the PoC Consortium Burst developers. After changing reward recipient, you need to wait 4 blocks before the change will take effect (15-20 minutes on average). To see how to mine at this pool, go to https://0-100-pool.burst.cryptoguru.org/ and click on the “info” tab. *
- You are either going to solo mine, or just hold Burst in the account. The easiest way now, is to just name your account. This only costs one Burst as well. Click on “No Name Set” in the top left corner of your wallet after logging into it with your passphrase. Type in whatever you want to name your wallet in the field under “Name”. Keep in mind that this information is publicly available! Anything you type into the “Name” or “Description” field can be read by other people, so don’t put anything private in there such as your passphrase! *