Natural Language Smart Contracts Writable By Any Human
Emotiq wants to make developing a smart contract to support a commercial transaction or dApp as easy as driving a car. Like the car engineer who makes the user interface easy to use and intuitive, Emotiq aims to make blockchain apps development accessible and accelerate adoption. A crucial difference is Emotiq lets anyone be the engineer. As part of its shared toolbox, the blockchain is rolling out a natural programming language and smart contract components called Oracles that assemble like Legos.
But first, Emotiq needed to remedy issues in the blockchain the smart contracts will run on — namely, a lack of privacy and scalability, which typically suffer as transaction processing performance improves.
Scaling the Blockchain With a Secure Ledger
Scalability versus speed is the most obstinate trade off to achieve. In its mission to improve the transaction processing capacity of the blockchain, Emotiq is the first blockchain to deploy the OmniLedger, a permission-less secure ledger. The sharding application uses horizontal scaling to partition the digital ledger into faster and smaller data shards, while avoiding the high hardware and energy requirements of vertical scaling.
OmniLedger processes thousands of transactions per second, a rate on par with major credit card processing speeds, making Emotiq a commercial ready blockchain. Currently, Ethereum and Bitcoin processing speeds are 13 and 7 seconds, respectively.
Simplifying Smart Contracts
The improvement in scalability means dApps can process data faster and at higher volumes. The development of dApps, however, is not happening at a fast enough pace to revolutionize the blockchain, says Emotiq. Currently, specialized programming skills are required to write smart contracts.
Emotiq figured that making smart contracts easier to create would accelerate the development of dApps. The blockchain designed its own smart contract programming language, called Ring, based on natural language. Smart contractor developers do not need to know coding language to design a smart contract. Natural programming language uses sentences as code while syntactically and semantically imitatong the way humans think.
Smart contracts can be tested in the Ring VM Sandbox, after being converted to Lisp. Programmers have the option of writing the contract directly in Lisp. These contracts are compatible with those written with Ethereum Solidity. Emotiq also provides easy-to-create applications.
Privacy & Zero Knowledge Proofs
Notably, these improvements in transaction processing performance have not been made at the expense of privacy or security. Emotiq transactions require zero knowledge proofs thereby avoiding the public ledger and maintaining privacy. The cryptographic protocol guarantees important transaction information without revealing the identity of the sender. Furthermore, like with Monero and ZeroCash, transaction amounts are hidden.
The blockchain is using the Proof of Stake mining protocol to benefit from the higher throughout and lower energy costs.
EMTQ tokens are used for payment transactions and paying for resources used on the Emotiq platform.
Child tokens can be used for ICOs or token generating events. Through Emotiq’s decentralized exchange, DEX, EMTQ can be traded with BTC and ETH using cross-chain atomic swaps.
Symbol: EMTQ (ERC-20)
Token Sale: June 15, 2018
Token Rate: 1 EMTQ = 0.13 USD
Available Tokens for Sale: 51%
Token Supply: 1 billion
Hard cap: $39 million
The Mainnet is expected to be launched by the end of the year, following the testing of the blockchain protocol launched at the beginning of the year. Funds from the token generation event will be used to expand the ecosystem, which includes providing venture funding for projects developed for the Emotiq blockchain. In addition to expanding its research team, Emotiq will continue to invest in smart contract languages to accelerate adoption in the mass and enterprise market.
Joel Reymont, CEO
Vladimir Lebedev, VP of Engineering
Emma Cooper, COO
David McClain, PhD, Chief Rocket Scientist