Blockchain technology continues to make its mark on a number of different industries, perhaps none more so than the financial services sector. With an emphasis on decentralized solutions, the blockchain community in 2018 have continued to push the boundaries on what blockchain technology can do to improve their business.
This includes the iOlite Organization, which has made inroads into the Smart Contract and Decentralized App (DApp) space. Consequently, the project will be looking to redefine and revolutionize smart contract adoption in the near future via the creation of an innovative iOlite platform.
The iOlite Foundation’s goal is to develop a new generation of blockchain by harnessing the accumulation of knowledge and information that is re-usable by creative scientists, programmers, and individuals to develop new and exciting applications. Another benefit of the platform is the re-use of created structures for which contributors earn tokens.
The group’s Fast Adaptation Engine (FAE) and blockchain knowledge hold tremendous potential for several industries. Whenever language is input to the iOlite FAE, either as coding languages such as Python or HTML, or spoken (English, Korean, Russian), they are converted into a text input. This text input is automatically translated into a smart contract, or enhanced by a developer in the iOlite ecosystem, and then made available for optional and compensated reuse.
“It is important to note that the FAE is not an AI per se, but rather a machine that manages the learning mechanism and the knowledge base of iOlite. It evaluates the input text, publishes unknown structure, accepts and stores successful text solutions submitted by the iOlite ecosystem expert contributors. In other words, the FAE is the mechanism that learns only what is required from the authors,” explained iOlite’s CEO Alfred Shaffir.
Disrupting the status quo
The iOlite eco-system is based upon a number of advanced solution components, representing one of the most exciting blockchain developments of 2018. Blockchain projects to date have generally utilized some form of smart contract and they are commonly utilized in Initial Coin Offerings (ICO).
Unfortunately, smart contract implementations have so far suffered from several challenges, noticeably preventing effective communication between the mainstream developers and engineers, and blockchain specialists. iOlite will bridge this gap by leveraging its token generation event (TGE) to greatly improve on this technique and create crowd-based initiatives for both developing and extending smart contract capabilities and tools.
According to Mr. Shaffir, “in the current environment, there is only a very limited use of both smart contracts and blockchain technology, and obstacles still must be overcome. Unless the mainstream business world is able to use this technology without special efforts and high costs, my fear is that the space will be left to the scammers and speculators. That would be a complete waste, and a missed opportunity to dramatically improve operational efficiencies in numerous industries and companies.”
A specific focus of the iOlite effort is to make blockchain implementations valuable and reusable, with accumulated knowledge gains over time leading to greater smart contract adoption, in a positive spiral. The FAE and associated community not only provides easy access from different languages to write smart contracts, but creates a pool of best practice vocabularies, and optimised solutions for naturalized interfaces.
Ultimately, iOlite looks to enable programmers and non-programmers alike, to write smart contracts, whilst ensuring engineers continue to use advanced iOlite plugin solutions within their existing development environments. This is the goal – everyone makes smart contracts using the simplest or most familiar method known to them.
“In order for iOlite to achieve its purpose of gapping the bridge between the mainstream programmers and the blockchain technology, it was essential for us to create an environment that is known and most comfortable for them to work in,” reiterated Mr. Shaffir.
Token sale specifics
To help spur the project’s development, iOlite will be launching its token pre-sale on March 10th 2018. This pre-sale will last for a period of 11 days until March 21 2018, with its TGE lasting until April 14 2018. In total upwards of 1 billion iLT tokens will be minted, with upwards of 650 million iLT tokens sold.
Of the total tokens allocated, 35 percent of iLT tokens will be available in a public TGE, with 30 percent for the token pre-sale. iOlite is looking to raise a soft cap of $1.0 million up to a hard cap of $12.5 million. More information regarding the iOlite token sale and project can be found by accessing their whitepaper through the following link.