“Counterparty has announced that it has recreated Ethereum’s smart contract capabilities for the Bitcoin blockchain, which will allow future users to securely write their own contracts.”
and they got millions in funding.
A week ago a coin – BURSTcoin announced that they can offer Smart Contracts already now.
Astonishingly, these developers did not get funding at all, and could make it.
Lets talk about BURSTcoins, or short BURSTs first. BURST can be mined by anyone who has a computer and plenty of space on hard drives. Usually for Bitcoins or Altcoins you need an expensive machine, with ASICs inside. These machines need a lots of energy and you need to deduct from your earnings a big portion for the power bill.
Another advantage is, that BURST mining can be espanded easy, just add more hard disk space.
How about the exit strategy? What happens if mining is not anymore profitable? With ASICs you are screwed. You can do nothing anymore with them. If you stop BURST mining you get hard disk space back, which you can use for the rest of your life.
From the press release:
So what makes Smart Contracts so awesome?
Smart Contracts enable many things to be run on the blockchain which would otherwise have to be individually programmed in, or reviewed by, a core developer, and to achieve maximum trustlessness,
reviewed by all the miners as well. On the other hand, Smart Contract code can be modified to specifically suit the needs of anyone who wants to run it.
The reason for Smart Contracts’ name is that they allow people to agree on a piece of code ahead of time and trustlessly know that if they submit the code to the network, then it will be completed as requested. The code’s arguments can be modified as desired, before its submission to the network.
Which contracts are already working?
● Atomic Cross Chain Transactions, which allow for true decentralized trading between cryptocurrencies. For example, trade your BURST with a coin that provides a mixing service for the
purposes of privacy, then send it right back to a new BURST account.
● Auctions, where you can auction an item or a service off at a certain starting price. Participants send money to this Smart Contract, and anytime one sends more than the previous participant, the
previous participant’s money is automatically refunded. ‘Buy Now’ option is also supported.
● Crowdfunding, where it is possible, similar to Kickstarter, to support a project by sending funds to an account. If the account receives enough funds by a certain block, then the project funds are
released; otherwise the money is returned to the senders.
● Dormant Funds Transfer, where it is possible to get an account dormant for a specified period of time, to automatically forward the balance to another account. This could be useful as a Last Will
and Testament and/or backup for your funds, in case you lose the password.
● Lottery, where you send coins to a Smart Contract programmed to randomly choose a winner and award that account with its winning BURST.
I played the Lottery myself and I was excited to see the amount increasing over the time. Unfortunately I did not win the first round of more than 160,000 Burst, which was at that moment about 130 US$, for a ticket price of 2,015 Bursts (1.6 US$).
Follow the instruction of my Blog.
Use our pool at http://Mininghere.com:8001
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