– Alfred Shaffir, iOlite Co-Founder & CEO
For anything from a new sport to a trend to really catch on, people need to know about it and understand how to get involved. With cryptocurrency, there’s a barrier to entry – meaning the average person either doesn’t know how or where to start, or feels that doing so isn’t worth the time, effort, or risk.
Cryptocurrency is growing into something that everyone in the world can benefit from, but not everyone understands how it works, and even many of those who do understand it, they lack the skills to participate in the development of blockchain technology and smart contracts, myself included.
That may all change with iOlite.
What Is iOlite?
iOlite is a “universal translation platform between humans and machines.” Their goal is essentially to integrate a natural programming language contract or agreement into a smart contract, allowing those without programming experience to utilize smart contracts, BOTs, IoT, apps, and more.
Why This Is This A Necessary Step for Cryptocurrency Adoption?
According to iOlite CEO Alfred Shaffir, 2.5B people have the capability of using blockchain technology, yet there are only around 6 million active wallets. Making smart contracts accessible and easy to execute will help spread cryptocurrency throughout the world. By allowing more people to participate in the process of creating smart contracts, the market will grow.
This is a project that could benefit the entire industry, which is both rare and exciting.
Explained on their website:
Blockchain and smart-contracts are powerful technologies which can drastically reduce business operational costs, increase efficiency, and expand operational capabilities. However, the process of writing smart contracts is lengthy, expensive, and risky since bugs in code can cause substantial financial damage. Additionally, only a handful of programmers have the niche of smart contract development. These factors combine into barriers to entry for businesses seeking to implement blockchain technology solutions.
The bridge they are building to connect the masses with smart contracts could do even more than just increase the market for cryptocurrency. As blockchain technologies and smart contracts become easier to build, maintain, and grow, costs associated with projects will also decrease, meaning efforts like iOlite’s could help usher in a wave of new projects and inspire additional innovation that would otherwise be out of reach.
The pre-sale has ended, raising over $2.2M. The company has opened up a bounty program to continue to build their community and is preparing for their main sale, which is scheduled to begin in late June of 2018.
Stay tuned to the iOlite project and consider getting involved to see if they can “make smart contracts lite,” and accelerate the widespread adoption of cryptocurrency, blockchain technology, and smart contracts.