The derivative trading platform, eToro has released a new programming language known as Lira, which aims to help simplify the process for those who trade derivatives.
It has been stated that Lira should help reduce risks involved in settling contracts and the creation of new derivative products from assets that are built on the Ethereum blockchain. The new language is simple in nature, being only 6 lines though, but should help traders on a day to day basis. It is domain-specific which allows it only to operate a small number of instructions, which are enabling users’ counterparties to write, verify, and collect on the terms in a self-executing contract.
“Essentially, financial contracts are trivial computations, typically involving a lot of money, making them a highly suitable use-case for domain-specific programming languages,” Said Omri Ross, the chief blockchain expert at eToro. Elaborating his stated that “It can only describe a very limited set of instructions but does so with the highest level of competence and integrity attainable.”
The simplicity of it is the key factor in play, making for an easy development cycle and reducing the room for error, with the main purpose to enable a risk-free experience when it is in use. The language has already been used on a demo eToroX Labs in a range of contract experiments.
“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,” said Ross.
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