The cryptocurrency wing of social trading platform eToro, eToroX, announces a new programming language that aims to ease retail and institutional investment of derivatives on the platform. The chief blockchain specialist on eToroX revealed the development of the new language, Lira, during the Ethereal Summit in Tel Aviv 2019.
eToroX launches Lira programming language to ease digital asset derivatives trading (Source: eToroX)
The new language by eToroX Labs team aims to allow users to set their trading price levels, time limits on trades, create unique smart contracts, create swap contracts on different digital assets and other contract settlement terms. The blockchain based language will allow users to build peer to peer, trustless decentralized applications (dApps) to better derivative trading.
Speaking on the launch of the Lira language, Ross remarked,
“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.”
The Lira Language
Despite the ravishing qualities of the language in writing and executing derivatives, the language is ‘domain specific’ – allowing only a set rule of conditions to be executed. In Lira’s case, users can only write, verify, and settle self-executing contracts.
However, the language is open sourced promoting the development of the platform by the crypto community across the globe to easily execute derivative contracts. The report released by eToroX states users will be able to write their codes in simple 6-10 lines of code, removing the cumbersome process of prior coding languages.
Ross expects the reduction in code lines to reduce the number of errors made in financial transactions and other computations in creating the derivative. He remarked,
“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.”
EToroX not letting off
The recent launch of the Lira language comes a few days after the launch of the AlgoX Prime API platform on eToroX that aims to integrate institutional grade traders in digital asset trading. The efforts built by the company in creating stable coins and better investment vehicles is boosting the overall trading and adoption of cryptocurrencies globally.