Blockchain networks are setting a new trend of transacting through virtual currency rather than physical currency. It is easy and handy does not need to take any hassle of carrying money or waiting in a long queue in banks. The rate of cryptocurrency use is also increasing.
iOlite is the non-profit organizational foundation aims to bring smart contracts technology for bridging the masses in technological gaps with the existence of preventing the mass adoption of smart contracts to make it available for the end users in the technologically advanced platform.
It is working hard for reducing the language barriers to the mainstream users by utilizing the machine training technologies as the input language and becomes migratory it through the targeted programming texts language.
Smart Contract
The smart contract of iOlite has similarities with other contracts having voluntary and mutual agreement among two or more parties by stating some certain conditions of parties with the agreement of application in them. The platform works like sales agreement where one party agrees to pay and the other party wills to sell the product in return. It is like a contract that applies condition agreed upon the conditions with similar statements like If This Then and That.
As soon as both the conditions meet the transfer will be ready for execution. But if any of the party disagrees, then the agreement will never be fulfilled. A smart contract differs from conventional contents when the parties of the smart contract exist on blockchain as a coded application enabling the state negotiated self-execution, verification, immutability, and enforcement of inheritance.
Problem
The blockchain technology faces some problems. At this stage of blockchain technology, the tech literates by deploying the blockchain based smart contracts. It is the mainstream platform that arranges all the blockchain based smart contracts on Ethereum Platform or ERC20 by using the newer programming languages.
It is a whole new language with Solidity’s smart contracts adopting new levels of system platform wider than expected. There only some handful of programmers mastering the language till now. Even the users are unfamiliar with the blockchain and programming technology in general with the limited scarce alternatives that are leaving for the potentials of smart contracts concealed.
Solution
iOlite foundation also takes care of the solution of the problems that may arise for any reason. They have developed the Fast Adaption Engine FAE for making the smart contracts for an easy and accessible format for whoever intends to use it. This receives the input of texts for the programming or natural languages in order to migrate to the designates machine programming language.
This can work as typing something in English or some other language that needed to be converted into the coding language. It has various plugins and APIs in support of Natural Language Programming facilitating the writing of free texts while using smart contracts.
Beneficiaries
FAE will have R&D oriented communities publishing the products being the first beneficiary. They will utilize the smart contract benefits without having in-depth knowledge regarding Solidity or the framework belongs to ERC20. iOlite plugins will be helpful for the Visual Studio of Microsoft, Apache of Linux and some other software that gives access to the Integrated Development Environments. These non-technological industries will follow the platform of joining as it includes legal and insurance companies, trade and finance establishments, banks and many more.
iOlite is increasing interaction to reach the goal for the blockchain technologies and smart contracts eliminating the needs for some specific programming language creating a smart contract and filling out the language gap.
Website : https://iolite.io/
Telegram : https://t.me/iolite