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What is VITE? Will it be the next generation of High-performance Decentralized Application Platform?

bonita - 10/06/2018 - 13516 view
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Vite is the next generation of High-performance decentralized application platform, which aims to provide a reliable public platform for industrial dApps, with features of ultra-high throughput and scalability. In the future, Vite’s mobile app with an HTML5 engine will be applied to create dApplets (Decentralized Applets).  Smart contracts on the Vite platform and corresponding SDK support will make it easy to develop and deploy dApps as well. Let’s find out this promising project!

I. Background Information

  Website: https://www.vite.org

  Telegram: https://t.me/vite_en with the fast-growing community

  Vietnam Telegram group: https://t.me/vite_vietnam 

  Discord: https://discordapp.com/invite/CsVY76q

  Twitter: https://twitter.com/vitelabs

  Github: https://github.com/vitelabs

 Wechat:

II. Token metrics

  1. Ticker: Vite
  2. Token type: ERC20
  3. ICO token price in private sale: 1ETH= 7000 Vite
  4. Fundraising Goal: 60000 ETH
  5. Total tokens: 1,000,000,000 Vite
  6. Crowdsale: no
  7. Consensus Algorithm: HDPoS Consensus Algorithm
  8. Ledger: DAG+ Snapshot Chain
  9. Smart contract: Reactive Contract (Asynchronous Contract)

III. What is VITE? What are the innovations of Vite?

Vite is a general-purpose blockchain platform for decentralized applications. It is designed to support industrial-strength applications by offering high throughput, low latency, and scalability while also providing security.

The Vite team is dedicated to addressing current performance and scalability issues of infrastructural chains so that truly practical applications with high-frequency data requirements can be built in a blockchain framework.

1.  Ultra high performance

1.1 DAG ledger

Vite’s platform is being built and developed through DAG ledger, which has far performance compared to the blockchain structure. DAG and blockchain accomplish similar goals with different techniques.  In this ledger, the transactions are grouped by accounts, in which each transaction only changes the state of one single account. The hierarchical design of the consensus algorithm allows horizontal scalability in consensus group.

Furthermore, Vite is applying the consensus algorithm called HDPoS. This consensus algorithm can guarantee transaction confirmation within 1 second; any potential latency increase is still under control.

In DAG technology, each new transaction confirms at least 1 previous transaction. Transactions are not grouped into blocks

1.2  Asynchronous architecture

The concept of asynchronous design is applied to smart contract. Vite splits transactions into transaction pairs according to some patterns called:  “request-respond”, “writing- confirmation of transactions” and “communication between contracts”, which happens asynchronously. Vite allows writing of many transactions into a ledger within the constraints of the TPS. Unlike Bitcoin, Vite allows writing many transactions in the ledger within the constraints at even speed, which reduces the peaks and troughs of the transaction speed, thus optimizing usage of resources and increasing system throughput.

In asynchronous communication, a client can move ahead with its work after an asynchronous call. Therefore, the client is not blocked. Meanwhile, in the synchronous one, clients might be provided an instant response to success or failure. Asynchronous systems are event-based while the synchronous one is known as request/response based.

2. Reactive contract

2.1 Message-driven

With an event-driven architecture, every smart contract is viewed as an independent service. Contracts communicate via message without sharing state.

2.2 Solidity++

This is the powerful smart contract language. Vite will provide Solidity++ contract language and a complete SDK to reduce the cost of asynchronous programming.

Solidity++’s syntax is compatible with most of that of Solidity. The new syntax supports asynchronous semantics, contract scheduling, and provides a series of standard libraries, such as string manipulation, floating-point operations, basic mathematical operations, containers, sorting, and so on.

3. Integrated Decentralized ecosystem

3.1 End-to-end system for value transfer

Vite itself is a decentralized exchange that supports digital asset issuance, cross-chain value transmission, and inter-token transactions based on the Loopring protocol. A quota-based resource allocation mechanism allows light users to pay zero fees and gas. Users can obtain computing resources in multiple ways. Vite also supports quota leasing.

3.2 dApp mini-programs

The Vite features an engine for creating HTML5-based decentralized mini-programs. This engine simplifies the process of dApp development and deployment.

IV. Team

There are 7 people in their core team and advisors, they have a good background in terms of blockchain and distributed system. Furthermore, they have worked for a lot of big corporations before. However, regardless the Github, there is not much information to look through. The profiles on LinkedIn and education background as well as experiences are highly-rated.

V. Partners

Some of Vite’s partners are venture capital funds, who have their own reputation in blockchain field. Vite’s investment institutions include Bitmain, Node Capital, LinkVC, Genesis Capital.  

VI. Roadmap

The roadmap is clear and specific, which defines the stages of development in each stage.

1. June 2018: Beginning of Vite Core’s R&D

2. Oct 2018: Vite Core alpha

3. Dec: Vite Core beta M1:

  • Trading/ Issuance of assets/ Hierarchical consensus algorithm/ Snapshot chain
  • Release Vite SDK
  • Vite block-chain browser

4.  Jan 2019: Desktop client of Vite

5. Feb 2019: Alpha version of Vite mobile app

6. April 2019:

  • Vite core beta M2: Smart contract/ Solidity ++ compiler/ Smart contract API Documentation

7. May 2019

  • Vite core beta M3: Quota leasing/ Contract timing schedule/ VNS naming services
  • Vite dApplet support within Mobile app

8. July 2019: Vite core beta M4: Loopring/ ETH cross-chain gateway

9. Aug 2019: Vite integrated decentralized trading function within Mobile app

10. Oct 2019: Vite Core beta M5: Contract upgrade/ block pruning/ solidity++ optimization

11. Nov 2019: Vite Testnet release

12. Jan 2020: Vite 1.0 Release

13. Feb 2020: Kickoff plan for ecosystem development in Vite

VII.   What makes VITE outstand than other similar projects?

1. High throughput

VITE uses the DAG ledger structure, the orthogonal transaction can be written in parallel to the book; in addition, multiple consensus groups do not depend on each other in the HDPoS consensus algorithm, and can work in parallel; the most important thing is that the Vite’s inter contract communication is based on the asynchronous model of the message. All these are helpful to improve the throughput of the system.

2.  Low delay

Vite uses the HDPoS consensus algorithm to collaborate to complete the rotation production block through the proxy node, without the need to calculate PoW, the block interval can be reduced to 1 second, which is beneficial to reduce the delay of transaction confirmation.

3. Scalability

In order to meet the scalability requirements, Vite makes a single degree of freedom limit on the transaction, grouping the transactions in the account according to the account dimension, allowing the block production of different accounts to be completed by different node, and to remove the ACIS semantics of the cross contract calls to BASE semantics based on the message. In this way, nodes no longer need to save all the state of the world, and the data are saved in the entire distributed network in sharding mode.

4. Usability

The improvement of Vite’s usability include providing standard library support in Solidity++, dedicated to processing message syntax, timing scheduling of contract, VNS naming services, support of contract upgrading, and so on.

5. Value circulation

Vite supports digital asset issuance, cross chain value transfer, token exchange based on Loopring protocol and so on, forming a complete value system. From the user’s point of view, Vite is a fully functional decentralized exchange.

  6. Economy

Because Vite adopts quota based resource allocation model, lightweight users who do not trade frequently do not have to pay high fees or gas charges. Users can choose a variety of ways to change the calculation. Extra quota can also be transferred to other users through quota leasing agreement to improve the efficiency of system resource utilization.

C is different from C++, which is similar to Solidity and Solidity ++, they are quite compatible. In addition, a series of standard libraries, such as string manipulation, floating-point operations, basic mathematical operations, containers, and sorting will be provided in Solidity++.

Using event-driven will enable to maintain data consistency across multiple services without using distributed transactions. However, nothing is perfect, everything has two sides, with the architecture, the programming model is more complex and there are many issues to address: in order to be reliable, an application must atomically update its database and publishes an event. It can’t use the traditional mechanism of a distributed transaction that spans the database and the message broker.

  VIII. Conclusion

Despite the unrevealed hardcap, Vite stands potential point, from its idea to the team and the intensive-experience of partners. Nevertheless, with the practical applying to eliminate the recent problems of blockchain, Vite has promising point for further development. The technology can be utilized and adapted to many aspects of life. In short, It is advisable to get updated and decide timely With the advantages of team and products as well as the support from the advisor, VITE is a potential and feasible project, suitable for a long-term hold.

Reviewed by icogens.com

HYPERISKROITERMICOGENS' SCORE
HIGHLOWNO ICOLONGVERY HIGH

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