Vite

Ethereum became well-known thanks to the idea of smart contracts. Since then the platform became a host for a great variety of ICOs and is literally breeding future contenders. Vite platform is somewhat different in this aspect since they are not going to hold any ICO at all. The funds are already provided by the investors, such as Bitmain and Starwin Captial. At first glance, the project is all pluses; let’s dive deeper to see what is it.

Asynchronization

As you might already guessed, Vite is a “new generation blockchain” for dApps. As many others on the market, they want to get rid of the main challenge of cryptoindustry – inability to scale. To achieve this they are going to use new smart-contract design as well as new consensus algorithm and asynchronous architecture. This will help to maintain high throughput rate to have fast and cheap transactions.

1. Asynchronous design means that the smart contract will divide its action into two transactions – send and receive that will not be simultaneous. Each contract is a separate service, which will share messages, not states.
2. The same principle is applied for transactions – Vite will group them according to the state. Writing and verification are asynchronous, this will help to evenly write the transactions and increase the network throughput. After the transaction is sent, there is no way to send another one before it is complete. Users will not be able to flood the network with multiple transactions.

The development tools are quite similar (almost identical) to the ones of Ethereum, meaning that the developers could easily port their Ethereum dApps for the new platform.
Vite is also a decentralized currency exchange. It will support digital assets and their transfer between the blockchains. The platform is designed for big dApps, transaction fees for the users should be quite moderate, according to the developers.

Plans

Developers have already released White Paper, launched the web site, made the roadmap and started executing it. By the end of 2018, they plan to release the alpha-version of the core, SDK and blockchain browser. They also want to start working on the consensus algorithm.
2019 is a big year for VITE, they want to:

• launch PC client and alpha-version of mobile app;
• develop beta-version Vite (including smart-contracts, documentation and language compiler);
• achieve crosschain capability for Loopring and Ethereum;
• work on the platform optimization;
• launch the testnet in November.
  First working version of platform is going to be released in 2020.

Conclusion

Developers are going to merge the efficiency of DAG-ledger with smart-contracts using the programming language that is very much similar to Solidity. dApps developers will have to think about the positives of the new platform, since it will not be that hard to move to Vite. It will be interesting to see the upcoming changes to Ethereum to understand, whether Vite is going to have the advantage.
There is no crowdsale to the upset of investors, however, the developers already have the funds and don’t have to think about it. Vite has a large number of market contenders who are willing to take the Ethereum’s marketplace. We’ll see whether anyone of them can release “the blockchain of the future”.