Israel-based, social trading and
multi-asset brokerage platform, eToro launched a new programming language,
before the Ethereal Summit Tel Aviv 2019, dubbed Lira.
The Chief blockchain authority at
eToro, Omri Ross, stated that the new programming language would reduce the
risks involved in sealing financial contracts, and being an ‘open-sourced’
programming language would encourage greater participation from the programming
community, and would also enable the formulation of ‘Future Contracts’, new
derived securities, and other related products (new) on the Ethereum(ETH) blockchain.
Ross added that it would enable
“anything from simple futures contracts to complex, exotic contracts,” Lira
being a “domain-specific language and not a “broad” programming languages can
only represent and perform a restricted set of instructions. Lira may be
limited in that context, but it has the highest proficiency and integrity
achievable, which is very vital for bulky financial contracts.
“Essentially, financial contracts are
trivial computations, typically involving a lot of money, making them a highly
suitable use-case for domain-specific programming languages. It can only
describe a very limited set of instructions but does so with the highest level
of competence and integrity attainable,” Ross commented. Additionally, Lira
would enable opposite parties to write, verify, and collect on the courses of a
self-executing contract.
This domain-specific programming
language would allow time limits to be set on different transactions; it
supports the cash (in and outflow) flow or value of one asset to be swapped for
another and could also sustain complicated settlement terms. It would make
trading derivatives, easier.
Soon, because of the conveniences,
Lira could be adopted by other FinTech enterprises and decentralized finance
projects (Defi) across various blockchains in the industry.
On the context, Omri Ross declared:
“We are excited to see how the market and the community will adopt this
new programming language in decentralized applications, on cryptocurrency
exchanges and in institutional finance.”
He further added that the length of
the financial contracts using Lira would be within 6 to10 lines of codes which
would reduce errors significantly and would make the programming process
simpler.
On the same day, a pilot trading
platform using Lira was launched by eToroX Labs, the research and development
team of eToro. The platform acknowledges trading derivatives by retail and
institutional investors and supports the testing of a wide range of contract
experiments.
Ethereum’s native programming language,
Solidity being a broad language, has an extended array of usage but is also
very risky and less secure. Ross brought up the Decentralized Autonomous
Organization (DAO) “hack,” where an actor had exploited decentralized
autonomous organization’s code and extracted 3.6 million ETH. Implying that,
Lira would be more secure in this context.
In 2017, the Federal Reserve Bank of
New York calculated the overall size of the derivatives market. It was $500
trillion. With Lira, eToro aims to ‘simplify financial applications’ and
improve its market presence by tapping the extensive consumer base.
https://cryptozine.xyz/etoro-launched-a-domain-specific-programming-language-on-ethereum/
multi-asset brokerage platform, eToro launched a new programming language,
before the Ethereal Summit Tel Aviv 2019, dubbed Lira.
The Chief blockchain authority at
eToro, Omri Ross, stated that the new programming language would reduce the
risks involved in sealing financial contracts, and being an ‘open-sourced’
programming language would encourage greater participation from the programming
community, and would also enable the formulation of ‘Future Contracts’, new
derived securities, and other related products (new) on the Ethereum(ETH) blockchain.
Ross added that it would enable
“anything from simple futures contracts to complex, exotic contracts,” Lira
being a “domain-specific language and not a “broad” programming languages can
only represent and perform a restricted set of instructions. Lira may be
limited in that context, but it has the highest proficiency and integrity
achievable, which is very vital for bulky financial contracts.
“Essentially, financial contracts are
trivial computations, typically involving a lot of money, making them a highly
suitable use-case for domain-specific programming languages. It can only
describe a very limited set of instructions but does so with the highest level
of competence and integrity attainable,” Ross commented. Additionally, Lira
would enable opposite parties to write, verify, and collect on the courses of a
self-executing contract.
This domain-specific programming
language would allow time limits to be set on different transactions; it
supports the cash (in and outflow) flow or value of one asset to be swapped for
another and could also sustain complicated settlement terms. It would make
trading derivatives, easier.
Soon, because of the conveniences,
Lira could be adopted by other FinTech enterprises and decentralized finance
projects (Defi) across various blockchains in the industry.
On the context, Omri Ross declared:
“We are excited to see how the market and the community will adopt this
new programming language in decentralized applications, on cryptocurrency
exchanges and in institutional finance.”
He further added that the length of
the financial contracts using Lira would be within 6 to10 lines of codes which
would reduce errors significantly and would make the programming process
simpler.
On the same day, a pilot trading
platform using Lira was launched by eToroX Labs, the research and development
team of eToro. The platform acknowledges trading derivatives by retail and
institutional investors and supports the testing of a wide range of contract
experiments.
Ethereum’s native programming language,
Solidity being a broad language, has an extended array of usage but is also
very risky and less secure. Ross brought up the Decentralized Autonomous
Organization (DAO) “hack,” where an actor had exploited decentralized
autonomous organization’s code and extracted 3.6 million ETH. Implying that,
Lira would be more secure in this context.
In 2017, the Federal Reserve Bank of
New York calculated the overall size of the derivatives market. It was $500
trillion. With Lira, eToro aims to ‘simplify financial applications’ and
improve its market presence by tapping the extensive consumer base.
https://cryptozine.xyz/etoro-launched-a-domain-specific-programming-language-on-ethereum/
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