[ICO Watch] iOlite aims to make writing smart contracts easier

[ICO Watch] iOlite aims to make writing smart contracts easier

March 25, 2018 by Hitesh Malviya

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 has 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

iOlite is looking to redefine the way we create smart contracts by allowing anyone to use as
input either a native language (English, Korean, Russian, …), or any preferred programming
language (C++, Java, Python, C, JavaScript, …).

The iOlite Foundation’s goal is to develop a new generation of blockchain by harnessing the
accumulation of knowledge and information that is reusable 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 bya 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” said the iOlite Exec on project goal

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.

iOlite CEO Alfred Shamir stated “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 a 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 is know and most comfortable for them to work in,” said an iOlite Exec on token sale

Token sale specifics

To help spur the project’s development, iOlite will be launching its token pre-sale on March 20th
2018. This pre-sale will last for a period of 7 days until March 27 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.

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