Smart Contracts

The fundamentals of a smart contract

A smart contract is a computer protocol intended to digitally facilitate, verify, or enforce the negotiation or performance of a contract.  Smart contracts are computer programs that automatically execute the terms of a contract on the blockchain and allow the performance of credible transactions without third parties. These transactions are trackable and irreversible.

The fundamentals of a smart contract
The fundamentals of a smart contract

Burst implementation

Burst is shipped with smart contracts implemented as Automated Transactions (AT). This AT system was developed by CIYAM and is turing-complete, thus having potentially infinite number of use cases. The concept of this virtual machine is time-tested and already proven on-chain with some complex examples; like the Burst Lotter, which was written with only 37 steps in CIYAM bytecode.

BlockTalk – the Java framework

BlockTalk is an extended Burst AT framework which aids in the creation and deployment of smart contracts via the well-known code language Java, and is a simple interface for deploying to the blockchain. It includes tools and code snippets to assist in the process and helps to manage the minimal fees involved with the running of the smart contracts. BlockTalk was being developed free of charge by a group of bytecode and AT specialists and its code is licensed under GPLv3. The code is accessible on github.

Celebrating the first-ever Burst NFT

As a result of the extensive development of BlockTalk in the first few months of 2019, the development team introduced non-fungible tokens (NFT) to Burst. Since the 29th of June, 2019 these smart contracts have had the unique feature of ownership. To celebrate this achievement, the first-ever Burst NFT was released. This contract is so unique that there will be only one owner. However, this contract is always for sale, so in reality there is no final owner. For this virtual reality experiment, the name of the most famous diamond was chosen: Koh-i-Noor.