IoLite: smart contracts in human languages

How much energy does ICO launch require? When you look through Whitepaper, everything seems to be quite simple: smart contracts solve problems, transfer money, and even are able to identify clients by means of documents. But how much time do programming, debug, and adaptation of a system take? Can blockchain be more simple for users?

Picture 1. IoLite unites ordinary users and blockchain technology

Developers of the IoLite project offer to simplify the creation of apps on the blockchain, make them fast and profitable for programmers and accessible to users and the open market.

What is IoLite?
IoLite is a way to “write” a smart contract in a human language (English, French, etc) or a computer one (Java, C++...) by creating a working ecosystem with minimum terms.

Picture 2. The principle of IoLite work: a simple creation of smart contracts

Creators distinguish four groups of users.
1. DApp developers. App developers use a simple interface, the module is automatically tested. This reduces the risk of bugs, allow issuing really operating MVP before the ICO.
2. Mainstream professionals. Ordinary programmers can adapt the platform to blockchain without training the programming language, long excursions to the nuances of the ERC20 standards and other details. Creating blockchain projects for real economy, “shifting” servers of game applications on a decentralized platform are fast, simple, and with guarantees.
3. Business. IoLite doesn’t require programmers’ retraining to work with, so all nuances of transactions, supplies, and calculations can be “written” right away in smart contracts. Such an approach will increase profit and reduce costs of document turnover.
4. Contributors. Ordinary creators of program codes are rewarded for operating apps issue. IoLite acts as a platform for the sale of programs to order.

Developers are focused on amateur programmers who want to adapt the business to smart contracts: to take into account the requirements of financial authorities, users ' wishes and the objective situation on the market. Without constant absorption of blockchain nuances. Easy and effective.
How does IoLite work?

It is FAE (Fast Adaptation Engine), a module for automatic conversion of any language into program code, which is in the basis of the platform. These are programmers experienced in smart contracts, who provide effective work of module. They update the FAE database, "train" FAE to recognize the structure of linguistic expressions to convert speech into lines of working code.

Picture 3. Order of IoLite app working: each code is tested in the system and sent to clients

The platform builds IDE (Integrated Development Environment), which is a flexible software environment for the development of new apps. Programmers add “pieces of a code” in the common base creating models for future smart contracts. Such an approach makes Ethereum not only an accepted standard of integration cryptocurrency projects to the real economy but also a generally accessible one.

DAL (Dependency-based Acton Language) is a semantic analysis of language constructions, which helps to process data. IoLite modules “learn” usual languages in order to make operating smart contracts.

Picture 4. The architecture of the IoLite app: an interface works with FAE and the blockchain system

Developers emphasize that the integration of the crypto world and real Finance will sooner or later end by the appearance of traditional contract law, and Ethereum will describe the obligations of the parties according to constitutions of different countries. The process seems to be long and complicated even without programming, IoLite automatizes transfer of business from the crypto world to the real one.

How is the ICO of IoLite going? What will be with the project next?

Developers have issued 1 billion iLT tokens based on the ERC20 standard, 65% of them will be sold in the ICO. The price of a token is 2,21 cents. Payment is possible with ETH (not less than 20 and not more than 100 coins). The developers are planning to raise not more than $12,5 million (hard cap).

The issued tokens are allocated in the following proportion:
● 35% will be sold in the ICO.
● 30% of tokens were sold to «early birds» in the Pre-sale.
● 35% is a reserve of the project.

Raised funds will compensate 5 main types of costs:
● 45% are planned to be invested in marketing and promotion of the project.
● 31% - for future development and research.
● 14% - for operational costs of the platform.
● 5% - reserved for unexpected cases.
● 5% - a reward for advisors.

According to Roadmap, the developers started from the launch of the trial MVP project (in March). At the moment a module for automatic translation from the English language in the program code is being developed (release is planned after the end of ICO).