Current features of Burst include:
- To exchange cryptocurrencies and other digital assets until now, you had to sign up for an account on a centralized platform such as Kraken/Bter/etc, transfer your assets to them and then pay them transaction fees. This brings in a large concern: a centralized exchange could just bail with everyone's deposits. Burst has developed a peer-to-peer exchange into the software to allow for decentralized trading which eliminates this trust point. It also eliminates trading fees.
- The same technology that allows you to trade BURST for many other digital assets can allow you to trade BURST for almost any commodity.
- This feature is based on the “colored coins” concept. Since the blockchain provides a trustworthy record of transactions, it can be leveraged to provide a record of trade of items other than BURST. To do this, Burst allows the designation or “coloring” of a particular coin, which builds a bridge from the virtual crypto-currency world to the physical world. The “colored coin” can represent property, stocks/bonds, commodites, or even concepts. As a result, the Burst network could be used to trade almost anything.
- This feature provides a protocol for decentralized, peer-to-peer stores for any kind of digital goods.
- Burst implements an alias system that translates alphanumeric text into almost anything: Burst account addresses, email addresses, URLs, phone numbers, SKU codes, and more. This not only gives Burst the ability to function as a Decentralized DNS system, but adds additional possibilities for mapping short names to other entities.
- This feature allows Burst users to send small amounts of data through the decentralized network. These data can be encrypted. The term “message” is loose: this feature can be used to send simple text messages, but can also be used to send up to 1000 bytes of any data. As a result, it can be used to build file-sharing services, decentralized applications, and higher-level Burst services.
- Burst implements a crowdfunding system which allows every burst user to set up a crowfunding.