HONG KONG--(BUSINESS WIRE)--CyberMiles (CMT), a public blockchain protocol for e-commerce, has introduced a new programming language for developing smart contracts on the CyberMiles blockchain. Evolving from the Solidity language, Lity consists of a dynamically-extensible language, a compiler, and a virtual machine runtime.
As a superset of Solidity, Lity is able to run existing Solidity programs without changes on the CyberMiles blockchain. But its unique design enables Lity to be more flexible/extensible and more powerful/better performing, with programs that are much safer than Solidity’s. The key differentiators?
- Security: Lity is safer than existing programming languages, with installed checks for coding patterns in the Lity language compiler and the CyberMiles virtual machine.
- Performance: Library + Ethereum Native Interface functions run much faster—and cheaper—than traditional Ethereum smart contracts.
- Extensibility: LibENI functions are optimized for common e-commerce scenarios, decentralized applications, and other customized blockchains.
- Schedulability: Time-based actions are easily defined at intervals or frequencies.
“Our team has categorized and extracted common patterns that lead to known security issues with Ethereum Solidity smart contracts,” Dr. Michael Yuan, Chief Scientist of the CyberMiles Foundation, said. “Through compiler and virtual machine optimizations, Lity can proactively prevent such common security problems in Solidity as integer overflow and accidental token transfers to unsupported contract addresses.”
On traditional Ethereum, public/private key algorithms are very slow and prohibitively expensive ($500 for smart contract verification on Ethereum of a single bitcoin transaction, for instance). This severely restricts many classes of applications on Ethereum. By contrast, the libENI functions, which derive from the CyberMiles virtual machine but are executed as native code on the blockchain nodes, enable those operations to occur in milliseconds and consume very low gas fees.
Additionally, the flexibility of Lity comes from its support of new language constructs that can be added over-the-air. While Lity will support “business rules” constructs in its applications, this initial release emphasizes libENI functions. Via a new OPCODE in the CVM, users can add functions to the Lity programming language. In turn, extensions can be deployed to the CyberMiles blockchain through consensus of the chain's validators.
“Lity is the only programming language to know for today's blockchain,” Dr. Lucas Lu, CyberMiles’ CEO, said. “A public chain without its own virtual machine is passé—to the community and to the eco-system. Integrating VM into our blockchain is key to the computational improvements that will make 'fat application protocols' a reality.”
To get started with or learn more about Lity, visit litylang.org.
*Note: CyberMiles Token, known as CMT, should not to be confused with Comet Coin, also listed on some crypto exchanges as CMT.
About CyberMiles
Smart contracts for e-commerce, CyberMiles is a decentralized blockchain protocol specifically designed and optimized for online marketplaces. Established in 2017 and incorporated in Hong Kong as the non-profit CyberMiles Foundation, CyberMiles uses innovative “smart business contract” modules to facilitate and process transactions simply, effectively and with transparency. This technology focuses on commercial applications with protocols that ensure the appropriate balance between vertical effectiveness and network compatibility.
With the fall 2018 release of its “Travis” MainNet, CyberMiles is on track to provide a strong alternative choice for Ethereum application developers, particularly for decentralized e-commerce apps. To learn more about the CyberMiles blockchain network, go to cybermiles.io.
About Lity
Lity is a new programming language developed by the CyberMiles Foundation. Compared to Solidity and the Ethereum virtual machine, Lity is designed to be more secure, with Safemath turned on by default and an ERC checker that auto-scans for flaws. Lity also is better performing, enabling libENI functions to run much faster—and cheaper—than traditional Ethereum smart contracts, while ensuring both a developer-friendly and a completely backward compatible (with Ethereum) environment. In addition, Lity is extensible considering its Library + Ethereum Native Interface functions that are optimized for common e-commerce scenarios, decentralized applications, and other customized blockchains. Lity, coupled with CyberMiles' virtual machine, enriches CyberMiles' blockchain and larger ecosystem, enhancing the features as well as the development of DApps. Learn more at litylang.org.
