Aiming to bridge the gap between blockchain smart contracts and everyday, non-technical users, the Tallinn, Estonia-based, non-profit iOlite Foundation on Tuesday announced an initial coin offering (ICO) of 350 million Ethereum tokens (iLT) set to run from March 10 through April 14.
Highlighted in iOlite’s white paper is the scarcity of engineers who are able to write the code needed to construct reliable smart contracts on the Ethereum blockchain. According to the Foundation, the key to doing so is “multilingual translation,” or the ability to turn any input text— natural language or machine code — into a desired machine code.
This token-for-training data model is the basis of what the company calls its Fast Adaptation Engine, or FAE. iOlite predicts that the model will not only scale smart contract expertise in an economically stable way, but will expand the network’s total addressable market to any user or organization interested in using smart contracts.
Co-founder and CEO Alfred Shaffir said, in a statement, “The iOlite team and I are determined to bridge the gap that currently exists between traditional industries such as legal, insurance, finance, etc. and the crypto world by allowing these traditional industries to benefit from using smart contract technology within their operational flows.”
By streamlining the process of creating smart contracts, iOlite seeks to be to Ethereum what Ethereum was to blockchain, according to the company’s statement. If, along the way, it innovates a blockchain-based method for reliably translating human and machine language into stable code, the project will “bridge the gap” between many other technologies, too.
To learn more about iOlite, visit iolite.io/.
- TOOL Global Launches OLO Token To Monetize User Behavior - July 23, 2018
- Stratis Steam Ahead with Sidechains, Third Release This Month - July 2, 2018
- What’s Behind the $575 Million TaTaTu Private Sale? - June 25, 2018
- Constellation Launches Orion Community Portal, Airdrops DAG Tokens - June 22, 2018
- Is Metronome’s “Un-ICO” the Next Cryptocurrency Evolution? - June 18, 2018
- Zenodys Launches Private Sale for CoinZZ Token Ahead of July ICO - June 4, 2018
- Block.one Closes Record $4 Billion ICO of EOS - June 1, 2018
- Guardium ICO Adds XPRIZE’s Peter Diamandis as Participant, Advisor - May 30, 2018
- SingularityNET Launches $100 Million Industry Initiative to Fund and Support AI Blockchain Projects - May 25, 2018
- Bitmain Bets $110 Million That Circle Can Create the One True Stablecoin - May 17, 2018
- Is EOS Dumping Ether? Market Analyst Santiment Thinks Not - May 14, 2018
- Constellation Sets out to Build Fast, Scalable Blockchain Using DAG - April 17, 2018
- Monex Buys Post-Hack Coincheck for $33.5M, Aims For Eventual IPO - April 9, 2018
- Award-Winning Eligma Announces $24M ICO To Unify Online Shopping - April 5, 2018
- Algebraix Launches Public Token Sale With Help From CoinList API - March 29, 2018
- ALAX and Gionee Partner to Bring Mobile Gaming to the World’s Underbanked - March 22, 2018
- Havven Raises $30m for USD-Pegged Stablecoin Network - March 2, 2018
- iOlite Launches Foundation and ICO to Democratize Smart Contracts - March 2, 2018
- Australia’s Shping Launches Token to Change How Advertisers Reach Consumers - February 26, 2018
- HelloGold’s GOLDX: World’s First Shariah-Compliant Crypto Asset - February 21, 2018