BurstCoin Launches Lottery As Smart Contracts Use Case

The Nevada-based team behind application cryptocurrency Burstcoin revealed yesterday a case utilization of its Smart Contracts technology.

Burst announced on BitcoinTalk forum the following:

Today, 2015-01-25, at 01:24:10 PM (GMT), a completely decentralized Lottery was launched on BURST’s blockchain. Holders of the BURST currency, which is traded at poloniex.com and bittrex.com, could shortly thereafter buy tickets for 2000 a piece (appr. 0.00344 BTC). The bought tickets are processed by the preprogrammed code on the blockchain and will both automatically and completely randomly chose a winner as well as transfer the whole sum of all sold tickets to the winner’s BURST account.

According to Burst, this demonstrates that the Blockchain can be used Smart Contracts
technology.

The Burst lottery will apparently continue to run on a weekly basis and will lay the ground for much more advanced SCs.

A fork of the Nxt currency, Burst reported last week that it was first cryptocurrency to implement trustless Smart Contracts, beating out better known competitors Counterparty and Ethereum. The Burst team says that it is the first Proof of Capacity coin, which is mined by reading a small segment of a ‘pre­plotted’ hard disk drive’s every block and submitted as proof to the network in order to be allowed to mine a block.

The application currency or appcoin is energy efficient since it only reads from a hard drive once per block and does not use power hungry graphics cards while mining. It is also ASIC proof, encouraging decentralization.

As a fork of Nxt, Burst also offers an Asset Exchange as well as a Marketplace built directly into the wallet.

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