A public chain and smart contract platform that facilitate lightning fast transactions at zero fees
Key Technical Highlights
Ultra-high throughput network enable zero-cost transactions
Directed Acyclic Graph (DAG) framework combined with a unique Snapshot Chain enables scalability while ensuring security
Asynchronous transaction architecture easily handles high transaction volumes while maintaining steady transaction rates
Delegated Proof-of-Stake consensus algorithm reduces confirmation time
Solidity++ smart contract language is maximally compatible with EVM
Open-source codebase with dozens of contributors and frequent Github commits
Basic Details- Name: Vite
- Symbol: VITE
- Initial Supply: 1,000,000,000 Vite
- Inflation: Less than 3% per year
- Transaction Fee: Quota Based Resource Allocation Protocol
- 1. A PoW is calculated when the transaction is initiated (Just like Nano)
- 2. Stake a certain amount of vite
- 3. Destroy a small amount of vite
- Consensus Algorithm: HDPoS Consensus Algorithm
- Snapshot Chain Block Time: 1 seconds
- Ledger: DAG (Block-Lattice) + Snapshot Chain
- Smart Contract: Reactive Contract (Asynchronous Contract)
- Smart Contract Language: Solidity++
- Token Address: 0x1b793E49237758dBD8b752AFC9Eb4b329d5Da016
- Private Sale Investor: Bitmain, Node Capital, LinkVC, Genesis Capital, Ok Capital
Pre-Mainnet Exchanges Resources Product EcosystemReal-world Payment Experience. Vite’s platform offers feeless transactions with ultra-fast confirmations performed entirely on-chain. Although our ledger structure is inspired by Nano’s block-lattice, we have built upon their technology to improve performance, enhance security, and maximize throughput. With our improvements, we would like to build a larger and more active Vite-powered payment network than that of Nano’s.
Easy One-Click Token Issuance. Issuing tokens on Vite’s public chain does not require smart contract writing, thus greatly reducing the risk of bugs. When a user decides to issue a new token on Vite, all they need to do is initiate a transaction. The transaction then puts the new token parameters in the transaction data and the new issued token will share the same underlying protocol as the Vite native coin.
Built-in Trading. Vite has a decentralized exchange (ViteX) that will not only be available on the web but will also be integrated with the Vite wallet app. ViteX features cross-chain gateways to allow multi-platform trading with rapid, on-chain order book matching and processing.
Easy dApp Development. With Vite’s SDK, developers will be able to easily build smart contract-powered dApps on the Vite platform while simultaneously enjoying the benefits of Vite’s high-performance network. Developers familiar with Solidity will be able to quickly adapt to Solidity++ and import former Solidity code with minor tweaks.
Real World Use CasesPublic sector. Vite has partnered with the government of the city of Syracuse to
design a blockchain-based, peer-to-peer loan program for low-income housing residents.
Progress. Vite’s plan for the city of Syracuse has been approved and the mobile app (to be built entirely on the Vite platform) pilot project has been completed. Vite’s plan features a reward-based token system to not only incentive donation but also stimulate the local economy:
- Donors will donate fiat into a city-wide donation pool that will be used as emergency funding for low-income housing residents.
- Blockchain technology enables transparency and real-time tracking of the money flow in and out of the donation pool.
- As a reward for donating, donors will receive tokens (SyraCoins) that they can then redeem for public & private sector services in Syracuse. For example, if Alice donates $10, she receives 10 SyraCoins, which she can then redeem for 10% off at her local hair salon.
Decentralized exchange. ViteX, a heavy-duty dapp built on Vite (released in July 2019) has the following advantages:
- True decentralization: Thanks to ultra-fast transaction speed and zero fees in the Vite network, our DEX will feature on-chain order book and on-chain matching.
- The traceability of the on-chain order book prevents cheating behavior by an exchange, such as fabrication of transaction prices and volumes, which has allowed exchanges to control the market, de-value futures contracts, and feign trading activity.
- The on-chain matching prevents the exchange from front-running the customer in the order book, e.g., by inserting the exchange’s buy order in a bull market.
- The aforementioned on-chain feature is enabled by, and difficult to implement without, the ultra-fast transaction speed of the Vite network. The zero fees remove the need for gas when making or canceling orders. Many DEX’s are semi-decentralized, where the order book and matching engine are off-chain due to performance and fee reasons as mentioned above.
- Cross-chain gateway: We allow incompatible coins issued on different blockchains to be exchanged directly via our platform. E.g., the exchange of BTC and ETH will be made possible on our DEX.
Payment with stablecoins. Vite is in the process of developing partnerships with various stablecoins in order offer a real-world payment experience combining stablecoin payments with Vite’s high-throughput payment infrastructure.
Progress. Vite has formed a strategic partnership with the
Alchemy Foundation, a payment company in Asia specializing in acquiring crypto-accepting merchants. Vite also built an
online swag store that exclusively accepts cryptocurrency in the form of Vite Community Points (a token issued on the Vite platform).
Prediction markets. Vite’s technology also enables the creation of prediction markets. A malicious centralized authority that runs such a market may cheat in distribution to the participants. Vite’s blockchain affords the decentralization, and hence transparency, that prevents such behavior.
Progress. More than ten prediction market apps featuring true randomization have been developed by the community and are available on our
mobile wallets.
Progress-to-date and MilestonesTechnology. Development of the Vite platform began in May 2018. In September 2018, we released our web, Android, and iOS wallet apps. By November 2018, we released a fully-functional Testnet operating on the block-lattice DAG ledger with the following features:
- Token issuance and forging
- Supernode voting capabilities
- Staking-based TPS quota
- Feeless transactions
- Hierarchical dPOS consensus algorithm
Since the release of our Testnet, we have been regularly updating our platform and adding new features, including multi-token support, performance optimization, and multi-VM support. In April 2019 we released a beta version of our DEX for open public testing.
We currently have 50 public Supernodes and 1500+ public nodes.
We released our Pre-Mainnet on May 21, 2019 with the Mainnet to come in Q3 2019. Our DEX went live in July 2019.
Community. As we were building out our technology, we also took the time to spread awareness of our project and build a community around our project. We are very active on social media channels (Twitter, Discord and Telegram) and run regular campaigns to engage our community members. We have over 35 community managers that support groups across all the major languages, including English, Chinese, Russian, Korean, Japanese, Vietnamese, Thai, Arabic, German, Turkish, Indonesian, Spanish, Malaysian and Filipino. Our Twitter following has grown organically to 9500+ and our English Telegram group alone has over 21,000 members.
