Vite

Vite

– A Next Generation Performance Asynchronous Decentralized Application Platform

Vite is a next-generation Reactive Blockchain that adopts a message-driven, asynchronous architecture and a DAG-based ledger. The goal for Vite’s design is to provide a reliable public platform for industrial dApps to solve 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.

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.

Overview

The most important innovation of Vite is its asynchronous architecture:

  • Asynchronous model of requests and responses
  • Asynchronous model of writing and confirmation of transactions
  • Asynchronous model of communications between contracts

Vite makes use of a DAG ledger structure called block-lattice. Each account has its own chain. Each transaction refers to the hash of the previous transaction in the same account. Transactions are divided into two types: “request transactions” and “response transactions.” A response transaction needs to refer to the hash of the corresponding request transaction. This setup creates a grid-like DAG structure. Such a structure allows parallel writing of individual transactions, reducing the probability of collisions and improving system throughput.

This structure has an inherent deficiency in security. This is because transactions are grouped by accounts, and each transaction is only attached to the chain associated with the relevant account. Transactions generated by other accounts do not automatically become the subsequent nodes of the previous transaction. Therefore, for some transactions, the rollback probability of their reversion will not drop over time. To address this issue, Vite makes use of the snapshot chain technology.

The Snapshot chain

The Snapshot Chain is an independent blockchain structure composed of Snapshot Blocks. A Snapshot Block records the balance of each account and the hash of the latest block in each account-chain. Snapshot Blocks can be issued by a group of delegated nodes following DPoS consensus algorithm. When the delegated nodes see forks in any account-chain, they will select one of them and reach consensus.

Any block in block-lattice can be considered as confirmed as soon as it is snapshotted in Snapshot Chain. Once a transaction is confirmed, it will never be rolled back, even if an user issues a longer fork chain. The confirmations represent the number of blocks in the Snapshot Chain that have been accepted by the network since the block that snapshotted the transaction. To make a successful double spend attack, an attacker must build forked snapshot blocks and keep up with block creation of the main snapshot chain. So as time goes, it becomes increasingly difficult to forge a fork transaction.

Vite Protocol

Vite’s protocol supports multiple tokens. Unlike the ERC20 scheme, user-issued tokens and Vite tokens share the same underlying trading protocol. This ensures identical level of security between types of tokens, and obviates security concerns due to poor implementation (e.g., those caused by stack overflow). Vite will have the Loopring protocol built in, enabling exchange of multiple tokens. Therefore, the Vite wallet has functions of a decentralized exchange.

The resource allocation mechanism in Vite is based on the stake of VITE tokens, the one-time fee, and the difficulty of PoW for a transaction. The mechanism provides flexibility for users with different needs. Users can choose to stake VITE for a period, to get fixed amount of TPS quotas. They can also pay a one-time fee to increase quotas temporarily. They could also lease resource quotas from existing VITE stake holders. Lastly, they could even obtain quotas by computing a PoW.

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.

Whitepaper

A well written whitepaper is focused on problem and technical solution to it. We always like to see when projects are based on technical research rather than seeing whitepaper as an marketing document.

Roadmap

  • 06/2018. — Beginning of Vite Core’s R&D
  • 10/2018 — Vite Core alpha
  • 12/2018 — Vite Core beta M1: Trading / Issuance of assets / Hierarchical consensus algorithm / Snapshot chain / Release Vite SDK / Vite Blockchain browser
  • 01/2019 Desktop client of Vite
  • 02/2019 Alpha version of Vite mobile app
  • 04/2019 Vite Core beta M2: Smart Contract / Solidity++ Compiler / Smart Contract API Documentation
  • 05/2019 Vite Core beta M3: Quota leasing / Contract timing scheduling / VNS naming services / Vite dApplet support within Mobile app
  • 07/2019 Vite Core beta M4:Loopring / Ethereum cross-chain gateway
  • 08/2019 Vite integrated decentralized trading function within Mobile app
  • 10/2019 Vite Core beta M5: Contract upgrade / Block pruning / Solidity++ optimization
  • 11/2019 Vite Testnet Release
  • 01/2020 Vite 1.0 Release
  • 02/2020 Kickoff of plan for ecosystem development in Vite

Team

A very strong team with behind the project. A good mixture of blockchain experience and academic research background. Expecting to see increase in number of stuff in upcoming months.

Charles

  •  Veteran blockchain entrepreneur and technical expert. Graduated from China University of Science and Technology and the Institute of Software of the Chinese Academy of Sciences. Former senior architect of JD.com, co-founder of Coinport, and engineering director of Meituan Dianping. Abundant experience in distributed systems and high concurrency systems.

Richard 

  • Seasoned Wall Street professional. Graduated B.A. from Dartmouth College and MBA from New York University. Previously structured product trading strategist at Goldman Sachs and Vice President of Two Sigma’s high-frequency platform and Business Innovation & Growth group.

Ming Wu

  • Seasoned scientist. Graduated from China University of Science and Technology, and Institute of Computing of the Chinese Academy of Sciences. Senior Research Manager at Microsoft Research Institute, Asia. Ph.D. advisor of China University of Science and Technology. Published 10+ high quality papers in the field of distributed systems and AI.

Daniel Wang

  • Seasoned blockchain entrepreneur. Graduated from China University of Science and Technology and Arizona State University. Founder of Loopring, former Google America Tech Lead, Co-found and VP of Yun Yun Wang, Senior Research and Development Director at JD.com, and Co-Founder of Coinport.

Frank Deng 

  • Expert in digital and mobile marketing. Graduated from Tsinghua University. Served in Google Ads Operations Group, COO of Suizong Technology and co-founder of Yunke Technology.

Johnston Chen

  • Expert in financial product operations. Currently COO of Loopring. Previously CIO of Sannuo Group

Terence Lam 

  • Veteran investor. Graduated from Harvard Business School. Partner of Zhizi Blockchain Investment Fund. Adjust professor of SPACE China business school at Hong Kong University. 20+ years’ experience as senior technical manager at Global 500 companies. Started many technology startups.

Verdict

Will this be the one that will bridge the gap between blockchain and industrial real life applications? Its very hard to say at this early stage but it does look promising. The long roadmap will chase away most of the quick flip ICO buyers but for the project with the goal so big the long roadmap is expected and realistic. Since all of the funds were collected in a presale round there will be no crowd sale but there will be an airdrop for public.

By |2018-08-28T04:20:50+00:00August 25th, 2018|Reviews|0 Comments

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