Since its official launch in August 2014, Burst has been spearheading innovation in the blockchain technology. Not satisfied by being the first ever cryptocurrency functionning with the Proof-of-Capacity protocol, allowing better mining decentralization and drastic energy savings compared to Bitcoin or Ethereum’s Proof-of-Work, Burst was the pioneer of the revolutionary technology of Smart Contracts.
Smart contracts are programs that can automatically execute the terms of a contract. Anyone familiar with computer programming would be aware of what is known as an if-then-else statement, where a program executes a certain task if certain conditions are met and does not if the conditions are not present. Smart contracts implement this on the blockchain in a completely decentralized and trustless way. 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.
Contrary to popular beliefs, Ethereum did not invent smart contracts. In fact, Burst was the first ever cryptocurrency to implement working, turing complete Smart Contracts with a technology called Automated Transactions (AT), developed by CIYAM developers. Burst launched the very first Smart Contract on its blockchain on 25/01/2015, a decentralized lottery that allowed participants to purchase tickets by sending burstcoins to an account, and that randomly selected a winner after a given number of blocks. This automatic and decentralized process represents an important step in the blockchain history and set the rules of the smart contracts race.
Automated Transactions also gave birth to a groundbreaking technology called Atomic Cross-Chain Transactions. For the first time in history, it allows fully decentralized trading between two blockchains without the need for any third-party such as an online exchange. Cross-chain transactions have been successfully made between Burst and Qora.
This is only the beginning for Burst and Automated Transactions. There is no doubt that this technology will be used in the future for applications we can’t yet imagine.