Blockchain is a revolutionary technology, and one of its many improvements include smart contracts - computer protocols intended to facilitate credible, transparent, fair, trackable and irreversible transactions without any intermediaries. Such contracts are self-executing and self-enforcing, and they are stored as pieces of code and data at a distinct address on the Ethereum blockchain, which means nobody can control or forge them.
The use of smart contracts can significantly reduce operational costs for businesses were it not for a serious challenge associated with them. Writing smart contracts is a very time-consuming and technically intensive process. Moreover, there are very few developers and programmers around the world with the specialized programming skills required to write such digital contracts using Solidity - Ethereum’s basic language for smart contracts. This also adds the element of risk because of possible errors and code bugs that might lead to heavy financial losses. As a result, the potential of blockchain technology and the mass adoption of smart contracts in traditional businesses is stifled.
What’s the solution?
The iOlite Foundation aims to bridge current technological gaps and draw mainstream users with different coding expertise to blockchain technology. The non-profit organization offers its solution to all users, even those without expertise or experience with Solidity. The answer is simple: if you are not good at Solidity, use your own programming language to create smart contracts!
To assist coding newcomers, iOlite intends to build a platform that will allow anyone to write high-quality smart contracts using various languages, both spoken (like English or Russian) and programming (like Java, C++, Python, etc.) This platform will utilize blockchain and machine learning technologies that will accept text in any language as an input, and then instantly compile it into smart contracts with the help of Fast Adoption Engine (FAE).
Writing smart contracts on the platform is designed to be user-friendly while the iLT tokens become the financial backbone. All contributors in the iOlite network who help with the machine-learning process will receive iLT tokens depending on the complexity of the smart contract structures they create. iLT tokens will also be awarded for each text parsing suggestion accepted by FAE and for sharing your smart contracts with other iOlite network members. Those wishing to use a smart contract created by another author will pay in iLT tokens for it. Thus, iOlite tokens will be used as a means for value-transfer inside the ecosystem.
iOlite Token Generation Event details
The private sale of iLT tokens is open until March 10, 2018. The crowdsale starts on March 10, 2018, and will end on April 14, 2018. The total supply is limited to 1 billion iLT. The TGE exchange rate of 1 iLT is set at $0.0221 and the team aims to reach a hard cap of $12.5 million. If you are interested in this TGE, you can visit the official website or subscribe to their updates on Telegram and Twitter.