The iOlite Foundation is a non-profit organization which aims to bring smart contracts technology to the masses by bridging on technological gaps existing today preventing the mass adoption of smart contracts hence making them available to any end user — technological or not.
A smart contract is similar to any other contract, a voluntary and mutual agreement between two or more parties stating certain conditions the parties agree to apply between them. Let’s take for example a sales agreement: Bob agrees to give Alice $100 and Alice agrees to give Bob a nice watch in return. In this contract, the applying conditions agreed upon are conditional and similar to any IFTTT (If This Then That) statement. When both conditions are met, the transfer will be executed. But, what if one out of two parties disagrees to fulfill the agreement? This is where a smart contract differs from a conventional contract. A smart contract exists on blockchain as a coded application which allows it not only to state negotiated conditions but also self-execution, verification, immutability and inherited enforcement.
At the current stage of blockchain technology, only tech literates can deploy blockchain based smart contracts. The mainstream platform for deploying blockchain based smart contracts on the Ethereum platform (ERC20) is using a new programming language called Solidity. Being a new language, Solidity’s smart contracts adoption level is not as wide as expected, as there are only a handful of programmers mastering the language so far. Users who are unfamiliar with programming or blockchain technology in general are also limited with scarce alternatives, leaving the potential of smart contracts concealed.
The iOlite Foundation has developed the Fast Adaptation Engine (FAE™) to make smart contracts easy and accessible for everyone. The FAE™ receives as input any text in any programming or natural language, then migrates it to any designated machine programming language. For example; you can type a text in English or any other language and the FAE™ will convert it into a coding language of your choice. Various plugins and APIs supporting Natural Language Programming (NLP) will enable writing smart contracts using free text.
The first beneficiaries of FAE™ will be R&D oriented communities publishing products which utilize smart contract benefits without in-depth knowledge of Solidity or ERC20 framework, thanks to iOlite’s plugins for Microsoft’s Visual Studio, Linux’s Apache, and other Integrated Development Environments.
Other non-technological- industries will follow in joining the platform. This includes legal and insurance companies, trade and finance establishments, banks, and many others.
iOlite’s end goal is to increase interaction with blockchain technologies and smart contracts through eliminating the need for a specific programing language to create a smart contract. We want to bridge the gap that exists between the blockchain space and the rest of the world. It’s an exciting challenge to make mass adoption of blockchain technologies possible, and that’s exactly what iOlite stands for.
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