The blockchain startup has revealed to the public a demo version of its new high-level programming language for smart contracts called Ivy. Its primary application – management of digital assets.

 

Ivy is designed to be used in smart contracts "that involve controlling property in a particular way", product architect Dan Robinson says. “It’s a concept we call secured property or smart property.”

Currently, Ivy undergoes research and development procedures being tested mostly in internal applications. However, the company intends to release an open-sourced code of Ivy soon.

While having many similar features with Ethereum's Solidity, Ivy is different from it in semantics, the official Chain’s website reads.

“Solidity can be classified roughly as an object-oriented imperative language, while Ivy fits better into the paradigm of a declarative language. This reflects the design differences between Ethereum’s and Chain’s transaction models.”

Robinson compares an Ivy-based smart contract to a vending machine that allows taking a certain asset, like a bottle of water, in exchange for money. The same semantics could be seen in a “relatively decentralised exchange” of virtual assets built on Ivy. The similarity lays in the fact that the owner of an asset would have access to it prior to its sale, as well as to the money paid earlier, after revealing his special cryptographic key.

The commercial release of Ivy is expected in the near future. According to Chain, the language will help companies working with digital assets and financial services.

 

Earlier, the blockchain startup Digital Asset released the open source coding language DAML, also designed for the financial industry.

Elena Platonova