Digital Asset Holdings has announced it intends to open-source DAML, the smart contracting language it acquired from startup Elevence earlier this year.
Though no date has been set for the transition, the Blythe Masters-led blockchain startup credited its bid to "advance industry adoption" of the tech as the impetus for the move.
However, Digital Asset said work needs to be done to increase DAML's functionality and documentation so that it is ready for use outside the startup.
The company wrote:
Elsewhere, Digital Asset Holdings hinted at the collapse of The DAO, a smart contract created using ethereum's Solidity language, in assertions that available tools are not adequate for business or industry needs.
The move comes amid a larger drive by financial institutions and startups to explore and develop new smart contracting languages.
, Barclays revealed it is working with University College London on a smart contracting language, while startups like Legalese have won grants to continue development of new alternatives.
Code image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.