Vite – the inspiration for start-up aiming to build a transparent ecosystem based on Blockchain
felicity last edited by
For the mass adoption, blockchain is being used for everything including management; IOT, to economy, etc. Below are some of the potential applications from Vite blockchain which can be used in real use cases.
First, let’s take a look at Ecosystem of Value.
Payment with the functions of Instant confirmation, On-chain transaction and Multiple Tokens.
1. Instant confirmation
This is how Bitcoin confirmation be like, there is a greater than 60% chance your transaction will be confirmed within 10 minutes if you pay a high enough fee. Or else, your transaction will remain till forever.
The same cases with ETH since you have to pay high gas and gwei for a transaction, the more you pay, the earlier your transactions get confirmed. In these traditional blockchain setup, the speed of writing transactions into a ledger is limited by the speed of packing.
Thing is different in Vite. But Vite allows writing of many transactions into the ledger within the constraints of the TPS. Because the asynchronous setup allows the transactions to happen at an even speed, this reduces the peaks and troughs of the speed of transaction writing, thus optimizing usage of resources and increasing system throughput. Also, the transactions of two users will no longer be blocked; that is, we will no longer see a scenario where a user sends a large amount of transactions that prevents the transactions of other users from taking place.
2. On-chain transaction
On-chain transactions refer to those cryptocurrency transactions which occur on the blockchain - that is, on the records of the blockchain - and remain dependent on the state of the blockchain for their validity.
All such on-chain transactions occur and are considered to be valid only when the blockchain is modified to reflect these transactions on the public ledger records.
It involves the transaction being validated and authenticated by a suitable number of participants, recording of the details of the transaction on the suitable block, and broadcasting of the necessary information to the whole blockchain network, which makes it irreversible.
This kind transaction can be reversed only after a majority of the network's hashing power comes to an agreement.
During the initial phase of a blockchain when the transaction volume is low and the fee is zero/less, on-chain transactions offer instant settlements.
New network protocols and cryptocurrencies that are aimed at keeping the transaction time and fee to minimal, yet providing instant settlement are making their way into the mainstream.
Once verified and confirmed on the blockchain, on-chain transactions cannot be reversed unless the majority of the network’s hashing power agrees to do so, making on-chain transactions more reliable and fraud-resistant.
3. Multiple tokens
The tokenization concept has been around for years. But it's gained momentum over the past year as major retail and restaurant chains—ranging from Kmart to Neiman Marcus to Dairy Queen—have been hit by massive security breaches.
Tokenization also got a boost when it was adapted by Apple for its ApplePay system, which assigns and encrypts what the company calls a unique "device account number" to your iPhone or Apple Watch so each transaction is authorized with a one-time unique number.
In Vite platform, not only tokenization is supported but multi-tokenizations is introduced - Multi-token payment platform, allows a single channel to serve multiple tokens. For instant, channel may dynamically add ERC20 tokens even after the channel is running on the blockchain, including tokens that have not yet been invented. The various tokens in a member’s Multi-token channel are kept distinct. Refunding one token leaves the rest untouched. Right now Vite wallet introduces the support of ETH and its tokens. It is a bright sign for the future interrogation for multi-tokens payment.
To be continued -