In my previous post I reported about Burstcoin’s Smart Contracts.
They have managed to show:
- Atomic Cross Chain Transactions
- Dormant Funds Transfer
Currently they work hard on the next parts (quoted from their press release):
- Autonomous Corporations, entities holding internal capital, autonomously acting on the market through sets of trustless rules Smart Contracts with the ability to, for example, automatically pay
- dividends to shareholders and basically trustlessly direct the capital around the corporation and the market through predetermined channels of your choosing.
- Gambling, such as sports betting, where people establish ahead of time the conditions that must be met in order to determine the winner, and the winner is automatically awarded his winnings.
- Selfmixing, it was shown to be possible to mix your balance directly using Smart Contracts; however, the exact level of anonymity achievable using this method is currently under review.
- Smart Property, another potential area, allowing ownership of an object to be shared depending upon the state of the Contract. For example, a shared car that you automatically pay for but only
while driving it.
Clearly, Smart Contracts can be used in many different situations, but since this innovation is fresh, many possible uses have probably not even been thought up yet. You get all this in one single coin, BURST. We will not stop there though, we will continue to develop!
What else does BURST have to offer?
If this is your first time hearing about BURST, its biggest feature is that BURST is the world’s first Proof of Capacity coin. Proof of Capacity, while a variant of Proof of Work, has a lot of advantages over both Proof of Stake and traditional Proof of Work. In a nutshell, Proof of Capacity means that you mine by reading a small segment of your ‘preplotted’ hard disk drive every block, and submit this proof to the network in order to be allowed to mine a block. This means that BURST is energy efficient since it only reads from your hard drive once per block and does not use power hungry graphics cards while mining. Mining is also practically silent as hard disk drives of today are very quiet.
Additionally, BURST is also ASIC proof, encouraging decentralization. This means that your everydayuser can mine for the network without requiring any fancy equipment, and if it is profitable for the big data centers (which have yet to appear on the network) that specialize in mining, then it is also profitable for your average person mining using a terabyte of hard disk drive space. As evidence that being ASIC proof increases the decentralization of the network, Proof of Stake is known to have additional security complications and problems, yet BURST is still capable of implementing the ‘90% protection against attack’ method certain other Proof of Stake cryptocurrencies possess. In summary, POC makes BURST an energy efficient, ASIC Proof ,, and secure cryptocurrency.
Being an innovative fork of Nxt, BURST also offers an Asset Exchange as well as a Marketplace built directly into the wallet.
Several other features such as escrows, which allow for a middleman
who can approve or reject transactions as certain conditions are being met, or subscriptions where people can subscribe to in order to
have a certain number of BURST automatically deducted from their account and forwarded to another one on a regular basis, are very useful and are built in as well.
BURST Truly a second generation cryptocurrency
For months of continuous development since its launch in August 2014, BURST has been offering all of the above, but now we add another feature to this exceptional coin. Once again BURST is the first, this time with Turingcomplete Smart Contracts, making BURST a true second generation cryptocurrency. Development continues unwaveringly, community grows, and network size is around 10 petabytes. Come join us!
Lead developer of this version of Smart Contracts is the Bitcointalk forum member Burstcoin together with member vbcs, following the work of member CIYAM. In their discussions of the technology, the term Automated Transactions (AT) are often used. In this press release we have chosen the more widely used term Smart Contract, as we feel the terms just represent different names for the same concept.
Whether you call them ATs or SCs, they are impressive hightech
developments, often hard for a regular reader to follow. This text has intentionally been written as to appeal to a wider audience. Hence, we will follow this press release up with a more detailed technological press release after New Year’s.
Smart contracts, one small step for BURST, but one huge step for crypto and next week we might make another one! Get involved in the future, today!
How can you participate?
Just get a wallet and start using BURSTs.
Where to get BURSTs?
There are many ways, go to faucets to get 1 or 3 Bursts, or go to one of the exchanges and buy bursts, or mine bursts by yourself. Yes, you can easy mine BURSTS by yourself. All you need is a computer with plenty of hard disk space. You can expand by using more external USB-3.0 (faster!) hard disks, which are cheap.
The calculator at http://burstcoin.eu/calculator shows you what you can earn (in average) with a given hardisk space. E.g., a 4TB hard disk will let you earn at todays rate about 60 UScents per day.
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