[ICO REVIEW] VITE
What is VITE? Will VITE become the next-generation high performance decentralized application platform?
Vite is a next-generation high-performance decentralized application platform, which aims to provide a reliable public platform for industrial dPps, with ultra-high throughput and scalability. In the future, Vite's mobile application with the HTML5 tool will be applied to create dApplet (hierarchical applet). Intelligent contracts on the Vite platform and corresponding SDK support will make it easy to develop and deploy dApp. Let's find out about this promising project!
1.Basic information
Website: https://www.vite.org
Telegram: https://t.me/vite_en with a fast growing community
Tele group Vietnam: http://t.me/vite_vietnamese
Discord: https://discordapp.com/invite/CsVY76q
Twitter: https://twitter.com/vitelabs
Github: https://github.com/vitelabs
- Token standards
Sign: Vite
Token Type: ERC20
ICO Token Price: TBA
Hardcap: 60.000 ETH
Total supply of tokens: 1,000,000,000 Vite
Crowdsale: no
Consensus algorithm: HDPoS consensus algorithm
Ledger: DAG + Snapshot Chain
Intelligent contract: Reactive contract (asynchronous contract)
The token allocation graph
- What is VITE? What initiatives does Vite provide?
Vite is a common-purpose blockchain platform for decentralized applications. Vite is designed to support industrial strength applications by providing high throughput, low latency and scalability while still providing security.
The Vite team addresses the current performance and scalability issues of infrastructure strands so that actual applications with high frequency data requirements can be built into a blockchain framework.
3.1 Ultra high performance
DAG ledger
The foundation of Vite is being developed and developed through the DAG ledger, which is more efficient than the blockchain. DAG and blockchain accomplish similar goals with different techniques. In this ledger, transactions are grouped by accounts, where each transaction only changes the status of an account. The hierarchical design of the consensus algorithm allows for horizontal expansion within the consensus group.
In addition, Vite is adopting a consensus algorithm called HDPoS. This consensus algorithm can ensure that transaction confirmation within 1 second of picking up all potential increases will be controlled.
Asynchronous architecture
The concept of asynchronous design applies to smart contracts. Vite divides transactions into pairs of transactions according to a number of patterns called: "request - reply", "write - confirm transactions" and "communicate between contracts", occur asynchronously. . Vite allows you to write multiple transactions to the ledger in TPS constraints. Unlike Bitcoin encryption, Vite allows you to write multiple transactions on the ledger in constraints at even speeds, reducing the peaks and troughs of transaction speed, thus optimizing the use of assets. Raw and increased system throughput.
In asynchronous communication, a customer can promote their work after an asynchronous call. Therefore, the customer is not blocked. Meanwhile, in the synchronized communication, the customer can be provided an immediate response to success or failure. Asynchronous systems are event-based, while asynchronous systems are based on requests / feedback.
3.2 Contracts
Message Orientation
With event-driven architecture, every smart contract is considered a standalone service. Contracts communicate through text messages without having to share the status.
Solidity ++
This is a powerful contract language. Vite will provide Solidity ++ contract language and a complete SDK to reduce the cost of asynchronous programming.
The syntax of Solidity ++ is compatible with most Solidity features. The new syntax supports asynchronous semantics, contract scheduling, and provides a wide range of standard libraries, such as string manipulation, floating point operations, basic operations, containers, and implements. folding, etc.
3.3 Integrated decentralized ecosystem
Terminal system to transfer value
Vite itself is a decentralized platform that supports the digital asset release, cross-string transmission, and inter-token transactions based on the Loopring protocol. A quota-based allocation mechanism allows users to simplify their charge and gas charges. Users can get computing resources in many ways. Vite also supports leasing quotas.
Mini dApp programs
Vite has a tool for creating decentralized mini-programs based on HTML5. This tool simplifies the development and deployment of dApp.
- Team
The core group and the 7-person advisors all have a good foundation on the distribution system and blockchain. Moreover, they previously worked for many large corporations. However, regarding Github, there is not much information to consider. LinkedIn profiles and educational backgrounds as well as experiences are highly appreciated. - Partners
Some of Vite's partners are venture capital funds, which all have their own reputations in the blockchain sector. Vite's investment organizations include Bitmain, Node Capital, LinkVC, and Genesis Capital. - Roadmap
The clear and concrete roadmap defines the stages of development in each stage.
June 2018: Beginning research and development of Vite Core
October 2018: Vite Core alpha
December: Vite Core beta M1:
Transaction / Release property / hierarchy agreement / Snapshot chain
Release SDK Vite
Browser block-chain Vite
January 2019: Vite desktop client
February 2019: Alpha version of the mobile app Vite
April 2019:
- Vite core beta M2: Smart contract / Solidity ++ compiler / Intelligent contract API documentation
May 2019
Vite core beta M3: Quota leasing / Contract timeline / VNS naming services
Support for dApplet Vite in mobile applications
July 2019: Core Vite M4 beta version: Loopring / ETH cross string
August 2019: Vite integrates distributed transaction functionality in mobile applications
October 2019: Core beta version Vite M5: Contract enhancements / block consolidation / optimization solidity ++
November 2019: Released Testnet Vite
January 2020: Released Vite 1.0
February 2020: Plan to launch ecosystem development in Vite
- What makes VITE superior to other similar projects?
High bandwidth
VITE uses the DAG ledger structure, orthogonal transactions can be written parallel to the book; In addition, many consensus groups are not interdependent in the HDPoS consensus algorithm and can operate in parallel; The most important thing is that the contractual communication between the parties of Vite is based on the asynchronous pattern of the message. All of these are useful for improving system throughput.
Low latency
Vite uses the HDPoS consensus algorithm to help complete the alternate production block through the proxy node, without the need for PoW calculations. The time interval can be reduced to 1 second, which is beneficial for reducing the time. Transaction confirmation.
Ability of extension
According to bitcoin vietnam In order to meet the requirements of scalability, Vite self-limits the level of transactions, grouping transactions in the account by account size, allowing the creation of blocks of different accounts are refunded. By the various nodes and to eliminate the ACIS semantics of the contract requirements cross to the BASE semantics based on the message. In this way, the nodes no longer need to save all the state of the world, and the data is stored in the entire distributed network in sharding mode.
Usability
Vite's improved usability includes standard library support in Solidity ++, which handles message parsing, contract time scheduling, VNS naming, contract upgrades, and more.
Traffic value
Vite supports digital asset release, cross-string transfer, token exchange based on the Loopring protocol and so on, to form a complete value chain. From the user's point of view, Vite is a fully functional decentralized trading platform.
Economy
Because Vite adopts a quota-based allocation model, casual users do not often trade high fees or gas charges. Users can choose many ways to change the calculation. Additional quotas can also be transferred to other users through quota lease agreements to improve the efficiency of using system resources.
C is different from C ++, similar to Solidity and Solidity ++, which are quite compatible. In addition, a variety of standard libraries, such as string manipulation, floating point operations, basic operations, containers, and sorting, will be provided in Solidity ++.
Event-driven use will allow for consistency of data across multiple services without the need for distributed transactions. However, nothing is perfect, everything has two sides, with more complex architecture and programming model, and there are many problems to solve: to be reliable, the application must update the database. data and event publishing. It can not use the traditional mechanism of a distributed transaction to change the database and mediation application.
- Conclusion
Although the hardcap has not been revealed yet, Vite stands for potential, from idea to team and in-depth experience of partners. However, with the practical application to eliminate the current problem of blockchain, Vite has many promising points for further development. This technology can be used and adapted to many aspects of life. In summary, need to update and decide in time. With the advantages of the team and the products and the support of the consultant, VITE is a potential and feasible project, suitable for long term holding.