The century we find ourselves in is indeed blessed with technological advancements. In the 19th century, believing that someone can actually make transactions will be likened to killing a battalion of soldiers with a single bullet. In the 21st century where we find ourselves today, you can easily make transactions even when you don’t have physical cash in your pocket.
There are many technologies in the world today and though the Internet held sway for many years, it has been literally overtaken by a more powerful technology. The blockchain technology is here to stay and just like a fertile mother hen, it is bringing other chicks forth to roost.
Shortly after the maiden outing of the blockchain technology, digital currencies (cryptocurrencies) followed suit. The blockchain has been serially described as a disruptive technology and it has so far lived up to that description.
Cryptocurrencies on its part are bridging financial restraints noticed in the traditional financial system. If properly adopted, cryptocurrencies will drastically reduce the queue in banks and also fast-track the use of digital currencies and assets.
BLOCKCHAIN TECHNOLOGY
The blockchain technology was conceptualized, developed and is to be utilized by humans. As imperfect beings, there are tendencies of finding loopholes in our actions and inventions. Such was the case in the blockchain technology.
In the world of blockchain technology, the Ethereum Blockchain remains the most utilized and is more effective than its competitors. The Ethereum Blockchain issues an Ethereum-compliant token called the ERC-20 and it is powered by a decentralized platform called the smart contract technology.
PROSPECTS OF THE ETHEREUM SMART CONTRACT TECHNOLOGY
The Ethereum Blockchain is home to the smart contract6 technology and this has been its main medium of access. The smart contract technology is notable for its immense benefit towards Initial Coin Offerings (ICOs).
Putting down ICO applications is quite tedious and most often, programmers need to have the knowledge of writing smart contract which is a short term effort and comprehending application logics which is a long term application development. Most developers opt for the short term effort of writing smart contracts which is also the most profitable.
Though other smart contract systems are available, developers and programmers focus on writing smart contracts because that is where the profit lies and a testament to this is the Initial Coin Offering (ICO).
The prospects offered by the smart contract technology cannot be undermined. A report titled Fintech 2.0 Paper: Rebooting Financial Services presented in 2015 by Santander posited that the “smart contracting technology could reduce banks infrastructure costs attributable to cross-border payments, securities trading and regulatory compliance by between $15-20 billion per annum by 2022”. This shows the great potentials this technology possesses.
PROBLEM WITH SMART CONTRACT TECHNOLOGY
There’s a problem in this technology and this lies in its programming. Every Ethereum Blockchain uses a contract-oriented programming language called Solidity. At the moment, knowledge of this programming language is limited as many developers are only conversant with other programming languages such as Java, C++, Python and PHP. The main issue is not in mastering the Solidity programming language but the fact that developers have to be conversant with the technicalities of the smart contract technology and this is quite hectic.
THE SOLUTION
The solution is offered by iOlite.
The bottom line of the service offered by iOlite is that you don’t have to be a programmer or technology savvy. iOlite allows you utilize the blockchain technology and the machine learning in writing smart contracts.
iOlite through its Fast Adaptation Engine (FAE) allows the receipt of natural languages into its platform and converts same to a suitable smart contract programming language such as Solidity and eWASM JS.
This means you can employ text-to-speech on the iOlite blockchain and use same in writing programming languages in the smart contract technology. iOlite allows you use either your native language, popular languages such as English and French or the use of traditional programming languages such as C++ and Python.
ECONOMICS
iOlite has many industries in mind before it was developed. Its aim is to bridge the gaps that exist between traditional industries and cryptocurrencies. It targets the integration and use of the smart contract technology by such industries with the aim of increasing their operations.
iOlite is looking at is bridging the gap between cryptocurrencies and its target users. It aims at enabling the use of the smart contract technology by many industries, platforms and companies. This way, the smart contract technology will be more efficient and cryptocurrencies will be very much in vogue and utilized across multiple platforms.
iOlite also beamed its searchlight on the insurance industry. The insurance industry is valued at about $5 trillion and insurance companies are likely to lose their market share soonest if nothing is done about it.
iOLite also aims at bridging gaps in the Trade Finance, Crowdfunding and Legal Services industries.
TEAM
ADVISORS
To find out more about iOlite, you can check ut the links below
Explainer Video:
Website: https://iolite.io
Whitepaper: https://iolite.io/static/docs/iOlite-Whitepaper.pdf
Twitter: https://twitter.com/iOliteLabs
Telegram: https://t.me/iolite
Writer: Collinberg
Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=1532780