Author Topic: BitTeaser: New Way to Use Blockchain Technology  (Read 473 times)

Offline BitTeaser

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BitTeaser: New Way to Use Blockchain Technology
« on: August 19, 2015, 10:02:34 PM »

First of all, not everybody have heard about Burst yet. So let’s try to understand what is it? Basically, Burst ( is a first coin, that helps to create smart contract (information you can find below) with just of a use of special wallet. This technology used by the coin is called “proof of capacity”. Burst does not demand a tremendous amount of resources, because it uses only one operation – reading from hard drive once per block and does not use constant energy devour video cards. Burst is technologically protected from mining on the ASIC, which gives an opportunity to mine the coin at home, without expenses on the equipment.
Smart contracts are one of the most promising blockchain applications. Various startups are working on the implementation of smart contracts. Among the most famous is Ethereum.
Smart Contracts
Smart contracts are the new wave of innovations, and they say that it can leave bankers and lawyers unemployed in couple nearest years. Smart contracts are computer programs that can automatically solve contract conditions.
People familiar with computer programming know if-then-else mean, thanks to which the program executes the task if certain conditions were performed, and does not execute, if the conditions were not performed. Smart contracts check the conditions of the contract through blockchain, what allow them to be used in different fields and purposes.
The name, smart coin, was used in 1994 by Nick Szabo, who is rumored to be a founder of Bitcoin, Satoshi Nakamoto, who knows. Between 1998 and 2005 he developed a mechanism of decentralized digital currency «bitgold», which many feel the direct predecessor of Bitcoin. Widespread acceptance of Bitcoin has caused an increased interest in smart contracts that allow digital payments be transferred directly from a computer program.
How Burst realizes and applies smart contracts
Burst already supports five types of smart contracts, and is going to add five more in nearest future. The five that already added are: cross chain transactions, auctions, crowdfunding, dormant funds transfers and lotteries.
Cross chain is designed for decentralized trading only between cryptocurrencies.  For example, it will allow sending coin to a service that mixes info for security and anonymous purposes and after, send it to a new wallet. Concerning auctions that Burst implemented as one of five types the analogy with well-known Ebay can be made. Participants in the auction sent the money under the contract, and if someone has bet more than the previous party, the smaller party bid is automatically returned. Also it supports option "buy now".  Concerning crowdfunding, the project collecting money will get funds only if the goal is reached, otherwise, all funds would be sent back to the senders. Burst also provides Dormant Funds Transfer service, meaning if funds were untouchable for a certain amount of time, they automatically retransferred to another account. This service can be very helpful in certain disputes like Last Will, or backup funds options, to accounts with lost passwords. In nearest future it is planned to add more types of smart contracts, which can be used for creation of autonomic corporations, gambling, mixing services, and smart properties. Will all that said, sounds very promising, hopefully all plans would be realized, and then it will be a bomb.