Blockchain networks have started a new trend for a transaction system that works through the cryptocurrency elements. iOlite is one of the non-profit blockchain network system dealing with the problems by open source solutions. It defines the language barriers for the blockchain technology and mainstream users by building a bridge to fill the gap with the universal translation platform between humans and machines. It is based on a community-driven knowledge for naturalizing the languages enabling one easy human-machine interface.

Problems Regarding Smart Contracts

Some problems may arise while using smart contracts which need to be dealt with immediately. It mostly arises because of the small and businesses and their inability for implementing the smart contracts due to the technological complexity being expensive. On the other hand, it will cost for smart contracts development has skyrocketed by increasing the demand for the developers of smart contract for ICOs and contracts.

The greatness of Smart Contracts

The smart contracts have the ability for actual self-executing codes on blockchain in terms of implementing the terms of the agreement for the parties or business logic. The agreements are already done and these are unbreakable with predefined rules.

The smart contracts are deterministic with the same sort of output to generate from the given initial state or output. These outputs are more likely properties or companies and these are keen to experiment the smart contracts finding the opportunities for their business models. These are the first-mover companies having advantages regarding the blockchain networks like newer clients, media attention and to earn some revenues as well.

Cost Smart Contract Development

The development method only has driving costs during proper auditing and testing inexpensive manner with the requirement of specializing in niches for finding bugs or faults in smart contract codes for gathering knowledge. Even a simple smart contract without any complexity of business logic costs around $7000 and the more advanced contracts may cost more than $45000.

For some uncommon large organizations, this will also specialize in asking up knowledge with a limit to $100,000 along with the costs of deploying the main net contracts defining prices. It is possible to calculate the exact gas price for a smart contract of smart contract in search of costs depending on the operation. The operation is listed in the spreadsheet for the gas price for executing it using additional operational costs at very lower prices. It can be a complex contract not easy to calculate.

A solution of Price Problem

The issues related to the smart contracts has the smallest and medium businesses that are not able to implement the smart contracts due to some technological complexity mostly because of the expensiveness. iOlite makes easy to solve these problems by using the Fast Adoption Engine or FAE. It consists of contributors, smart contract experts defining structures linked with the smart contract code.

It has the machine training for FAE with the capability of understanding it in a more complex language with the result of creating better smart contracts. FAE should have charges for any money for the increase of smart contract and the contributors will get rewards with the tokens for the mining process with tokens and the mining process arises when the solutions are found for specific inputs.

It can also be said that iOlite blockchain network provides a solution to the constant learning for communicating the machines to use the languages used by the community for the programming language or can have natural language.

Website : https://iolite.io/
Twitter page : https://twitter.com/iOliteLabs
Whitepaper : https://iolite.io/documentation
Telegram : https://t.me/iolite