Everyone has gone crazy for blockchain technology. Smart contracts are a byproduct of blockchain technology which has the power to disrupt many industries. Because of this reason, a new wave of smart contract adoption has been initiated by large companies who want to experiment with it to try and savor a first mover advantage.
Smart contracts are self-fulfilling contracts that release a form of a predetermined transaction once certain conditions have been met. This means that there is no need for an intermediary or any paperwork as everything gets recorded on the underlying blockchain. Blockchain technology has the potential to increase the efficiency of existing business models and cut costs drastically.
This smart contract development race has led to a skyrocketing demand for smart contract engineers. However, small to medium-sized businesses don’t have the funds to pay for smart contract development.
The iOlite Foundation is a non-profit organization which aims to bring smart contract 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.
iOlite wants to lower the cost of smart contract development by using a community of Solidity experts. iOlite uses a Fast Adaptation Engine (FAE) which can translate natural language to smart contract code. The engine itself is derived from the Stanford Natural Language Processing engine. iOlite has modified this to work with blockchain and supports its native iOlite token (iLT).
Contributors, which are solidity experts, can define structures (one or more sentences) and attach it to the corresponding smart contract code. The Stanford NLP engine has been created to understand complex language. The level of language complexity depends on the amount of machine training. Basically, Solidity experts must train the engine with new structures to make it smarter. After appropriate training, the engine will understand and differentiate between: ‘sell blue bicycle’ and ‘bicycle blue sold’.
For example, as an ‘Author’ I can request a translation for my specific needs. In this case, I want to sell my house, all I have to do is write: “I want to transfer my house to a new owner when this person offers an amount of $330,000 or more’’. Next I sign the document with my signature or a private key and request a signature from the buyer. When the buyer signs the agreement, the property rights is transferred and the transfer is registered. Done!”
The iOlite parser will start looking for smart contract codes which takes care of these kind of structures. In case the parser finds a translation in its expression pool, it will compose the Solidity smart contract.
It is possible that the parser is unable to find a solution for this request, however, a solution is available in the staging domain which is not yet approved by the iOlite team. The requester can then decide whether he wants to use this solution.
If a parser fails, contributors will receive a notification bringing to their attention that this part of the code failed and no alternatives were found. If a contributor finds a solution, the missing structures can be submitted to the iOlite blockchain to be stored. This solution gets added to the staging phase, waiting for approval from the iOlite team.
After receiving approval, the requester can actually deploy the created smart contract on the iOlite blockchain. The blockchain then requests a signature for the new block containing the solution from the iOlite miner. If the contributor used other contributors’ work, they will receive iOlite tokens as a reward because of this reuse. The initial contributor will receive a fee for their work from the miner who processes the deployment of the smart contract. This way, the author doesn’t need to pay anything for creating his smart contract.
How to determine a contributor is skilled enough?
iOlite has developed a selection process to determine if the developer has the required level of expertise.
- If the contributor is new, the system will generate tasks for her, the moment her account is created.
- The user will be required to write a smart contract that will trigger events that enable the next step in registration.
- After a user has passed the smart contract test (only engineers who understand smart contracts can be contributors), the user would be required to pass a KYC process.
- After the contributor has passed the KYC process, she can write new code for a staging tree.
- A contributor who provides structures that passes review by foundation engineers, receives a proposal to join the foundation.
Use of iOlite Token
iLT is used as a means for value-transfer inside the iOlite network. As an author of a smart contract, for example, you don’t need to use iLT, however, if you use a smart contract that was created by another author in the network, you will have to pay a fee for reusing it.
It is important to understand that iOlite is using its own blockchain. This means that the iOlite token is not an ERC20 token. ERC20 is the standard for a protocol that is built on top of Ethereum. Since they are not building on Ethereum and they are “forked” from Ethereum code, iLT will be like “ETH” itself. Instead of being a token on the existing Ethereum blockchain, iOlite will have its own blockchain and its own nodes. However, since iLT is based on Ethereum code, ETH wallet clients will be able to work with iLT, as the API will be compatible with Ethereum.
- May 8th, 2018: iOlite blockchain mainnet.
- May 31st, 2018: English to Solidity translation baseline created.
- June 1st, 2018: Fast Adaptation Engine integrated into the network nodes.
- September 2nd, 2018: English to Solidity translation with high usability (expected).
iOlite is a great product that can save businesses a lot of money in their search for new business opportunities using smart contracts. The Fast Adaptation Engine requires training before we can reach a baseline where smart contracts become usable. We like the fact that iOlite requires its contributors to write tests for their pieces of code. You should never trust a code that has not been tested before. At last, the Stanford NLP engine iOlite uses has proven itself before as a very quick learner. The greatest benefit of iOlite is the possibility to create contracts for free, while still rewarding the original creators through the iOlite token mining reward.