eToro has declared Lira, the open-source programming language formulated under eToroX Labs, as an evolved language that helps write options contracts over the ETH Blockchain for derivatives market of OTC.
Commenting on the launch of Lira version 2.0, Nicolas Arqueros, CTO of Emurgo, said:
“I believe that Lira is an innovative and important breakthrough in the world of DeFi, with real promise to open up the traditional financial world.”
The news came out during a workshop in Osaka, at Devcon 5, on Tuesday, October 8. eToro’s chief Dr. Omri Ross is a blockchain specializing scientist, illustrated Lira 2.0’s unique features that include scripting options contracts. The programming language Lira, also previously indicated to be amongst the “most imaginative things happening in DeFi today” is one among the two open-source scripts in the market, and is even more absorbed due to being officially verified.
eToro CEO Yoni Assia commented:
“eToro has long held the belief that we will eventually see all tradable financial assets tokenized. Lira, our open source programming language, is a step towards making this a reality, enabling the entire community to write and deploy secure financial contracts on Ethereum. The workshop where this was announced was a central event at Devcon, which is significant in demonstrating how the blockchain community shares our vision for open finance.”
Dr. Ross said:
“I am delighted to see the excitement of the community in response to this project. Developers will now be able to use Lira to create new business protocols, with the aim of improving inefficiencies within the traditional financial industry, thereby opening it up yet further.”
Yoav Weiss, CTO of Tabookey, added:
“I am certain that over the next couple of years, we will see many people using Lira and helping it develop, to achieve real progress in financial business efficiency, and realize the goals to open up finance.”
The current native scripting languages in Blockchain are prone to extensive design provisions. This renders them susceptible to errors and thus ineffective for composing financial OTC contracts. The advantage given by the aboriginal languages has also been seen as a conceivable security threat, giving a chance to the attackers.
Lira is believed to be stable, effortlessly programmable and lets contracts between resources on the ETH Blockchain to resolve quickly and promptly, enabling automated programmable businesses and assessments, and minimizing transaction expenses and the necessity of mediators.
eToro holds a record of aiding the growth of the blockchain world with projects like Coloured Coins as well as GoodDollar. Lira can be thought of as another tribute to the community of blockchain supporting this project.
Greg Dipriso, Head of Business Development at MakerDAO, also said that Lira is a huge stride towards unlocking the Defi expanse for modern products with advanced delivering capabilities for the OTC market.