15 Pages Posted: 28 Apr 2018

Date Written: April 10, 2016

Abstract

Bitcoin scripts currently do not enable loops. Therefore, they are commonly considered to be not Turing Complete. This limits the types of algorithms the Bitcoin scripts can execute to linear or tree-like instructions.

This white paper describes the invention of an Oracle module that: • Continuously monitors the state of Blockchain. • Makes decisions based on the current state. • Generates the next set of transactions to be written onto the Blockchain.

The above processes is executed continuously by the Oracle in parallel to the Blockchain network. It therefore implements looping constructs that makes the combined Oracle and Blockchain system Turing Complete.

As old blocks cannot be erased from the Blockchain, but new blocks can be added, the Oracle and the Blockchain will work as a non-erasable Turing Machine as described in Minsky et al. (1967).

We will discuss the use of the Oracle in applications including: • Distributed data storage • Distributed computing • The control of drones.

We will also describe how metadata storage and digital signature authorization on the Blockchain can be useful features for implementing these applications.