eToro Reveals New Programming Language For Easier Derivatives Trading

eToro reveals a new programming language which is designed to make the derivatives trading much easier as we are about to find out in the latest cryptocurrency news below.

The Israel-based exchange platform representative, who spoke on the Ethereal Summit Tel Aviv 2019 Omri Ross, explained that the new programming language named Lira will reduce the risks involved in settling financial contracts and will enable the creation of the new derivative products from assets on the ETH blockchain. The demo trading platform that was built by eToroX Labs explained the new possibility for the institutional investors to start trading derivatives by using Lira to test a full range of contract experimentation. The new language opens the possibility to set a time limit on traders and swap the different cryptocurrencies with complex settlement terms.

eToro reveals the open-sourced programming language which will encourage the community development of ‘’anything from simple futures contracts to complex exotic contracts’’ including loan obligations and similar other components. The lab aims for the  language to be deployed for some other finance projects as well:

 “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.’’

Unlike the other ‘’broad’’ programming languages that are used for the majority of the blockchain development, Lira will be ‘’domain-specific’’ which means that they will only be able to describe and perform a limited set of instructions. Lira will enable the counterparties to write, collect and verify the terms of the self-executing contract. Ross also explained that the typical length for scripting a financial contract in Lira that is between 6-10 lines of code:

 “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.”

The broad languages like Solidity which is the native scripting language used for Ethereum, enables a wide range of use cases but still poses a risk. Ross mentioned the DAO hack where the malicious actors managed to exploit the decentralized autonomous organization’s code and stole 3.6 million Eth as we previously read in the reports of the best cryptocurrency news sites.