Last updated on October 13th, 2017 at 10:54 pm
In-development cryptocurrency BURST debuted the brand-new BURST MARKET today, marking another step in the campaign for a method of transaction called smart contracts. The market comes fully-featured at launch with buying and selling capabilities and will make full use of BURST’s version of smart contract technology: Automated Transaction(AT).
The BURST MARKET, despite currently featuring just under 70 advertisements, is capable of supporting countless other offers, each of which is presented in a simple, information-oriented list.
While the marketplace includes a search tool, it lacks categorical structure and instead relies on a “newest-first” approach which could leave older or different offers behind as more continue to be added. This approach also requires users to know exactly what they are looking for, eliminating the ability to browse by category.
BURST MARKET, however much lacking in some areas, benefits from the use of its native cryptocurrency.
What are Automatic Transactions?
Smart contracts are unique in that they use a transaction method which, simply put, is an “if-then statement… that interacts with real-world assets,” according to an article by Fast Company.
Feathercoin co-founder and show host of World Crypto Network Chris Ellis uses the example of renting a house.
“Let’s say all the locks are Internet-enabled and they’ve all got network connections,” Ellis said. “When you make a bitcoin transaction for the rent, the smart contract you and I agreed to automatically unlocks the house for you. You just go in using keys stored on your smartphone.”
Smart contracts also benefit from decentralization and increased anonymity for users’ transactions (in comparison to Bitcoin’s, which are generally very transparent). BURST’s ATs are identical to smart contracts in nearly every way, and both offer the benefits of smart contracts, however BURST’s ATs are also able to boast of being free of any tax or fee.
Why does the BURST MARKET matter?
Compared to conventional marketplaces like eBay, the market lacks fees of any kind and is backed by ATs. Most importantly, the BURST MARKET stands at the intersection of a decentralized market and a developing method of transaction, making it the first of its kind.
In a press release, BURST PR & Communications Executive Jason Crow hinted that “in addition, further research is pursued, which will make BURST MARKET even more attractive, creating one huge market for AT implemented coins.”