Vite – what is its ecosystem to build a transparent ecosystem based on Blockchain?
felicity last edited by felicity
For the mass adoption, blockchain is being used for a lot of fields, including management, IOT, to economy, smart city and more. In this article, I will not highlight those use cases but some introduced functions of Vite that are displayed in their website vite.org.
This article is from my personal view, I love to hear comments on your side and correct me if I am wrong!
First, let’s take a look at Ecosystem of Value.
I. Payment with the functions of Instant confirmation, On-chain transaction and Multiple Tokens.
1. Instant and feeless confirmation
This graph show how Bitcoin confirmation works. It is likely that more than 60% of your transaction is confirmed within 10 minutes only if you pay a high enough fee. Or else, your transaction will last for years. The same scenario happens for ETH, since you have to pay high gas and gwei, the more you pay, the earlier your transactions get confirmed. In these traditional blockchain setups, the speed of writing transactions into a ledger is limited by the speed of packing.
Thing is different in Vite. 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.
The transaction fee was originally set up for system stability and to ensure rational transaction behavior. Vite proposes the concept of trading quota for this purpose. In Vite system there is not necessary to pay fees to send transactions or run smart contracts as long as users have adequate quotas.
You don’t have to pay a cent when transferring tokens in Vite, because you can choose “POW” or “Stake your tokens”, which is called a fee-less quota-based model. PoW serves as system throttling scheme and Vite will support low trading-frequency user to obtain necessary amount of quota by solving a simple PoW puzzle. In other hands, if you are frequency transferees, for example some of SBPs that give away rewards to voters, PoW calculation is not a choice. Instead, you should stake Vite Tokens in exchange of quotas. The more Vite Tokens are staked, the more quotas are obtained, and the more transactions that can be sent and received per unit time.
2. Multiple tokens
When it comes to tokenization concept, it has been heard around for years, however, its momentum over the past years has hit its massive security scope such as Kmart to Neiman Marcus to Dairy Queen.
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.
Right now Vite wallet introduces the support of ETH and its tokens. It is a bright sign for the future intergradation for multi-tokens payment. In order to support multiple tokens at the same time, the structure of recording the balance information in Vite’s account state mapping from the token ID to the balance.
II. Token insurance with one-step token insurance and protocol-level of support.
- Vite supports built-in smart contract token forging. In effect, Vite eliminates the high cost of token issuance on Ethereum. Vite users can issue digital currency with lower cost and safer technology. Therefore, to achieve mass adoption, leading token economies need protocol-native safety nets which protect protocol users and dApp consumers. Should the disaster occur, insurance will compensate your network/users for the losses. There is no hack in Vite. Vite provide the crypto-wallet insurance and smart-contract insurance for users.
- In addition to native token Vite Coin, Vite also supports users to issue their tokens. The issue of tokens can be done through a special transaction, Mint Transaction. The target address of the mint transaction is 0.
Once the request is accepted by the network, the Vite included in the mint transaction will be deducted from the initiator account as the mint transaction fee. The system records the information of the new token and assigns a token_id to it. All the balances of the newly generated tokens will be added to the owner address, that is to say, the owner account is the genesis account of the token.
III. Built-in DEX – ViteX
ViteX is developed on the Vite public chain, which features high throughput, fast transaction confirmation, zero fees, cross-chain gateway and more!
The community has 100% autonomy to mint tokens, build cross-chain gateways and create trading pairs. Additionally, ViteX’s order book is fully open via API, which allows others to launch their own exchanges based on liquidity in ViteX.
Since a DEX exists across a network of computers, it becomes much more complicated to attack. There’s no single point of entry or failure. This makes DEXs exponentially more secure. However, it also makes them more difficult to design and test, which is one of the reasons why DEX development has been slow to date.
ViteX is subjected to the performance of Vite’s own main public chain. It is a completely decentralized exchange; the transaction matching engine is performed through smart contracts. Order combinations are all completed on-chain so the order book is also stored on-chain, thus achieving true decentralization. The exchange fee redemption is implemented on-chain through smart contracts, thus ensuring that the results are fully public and dividend rules cannot be tampered with. Furthermore, ViteX also supports cross-chain protocol with the fast-order match mechanism.
In DEX, you have your own control of your fund. DEXs are generally, but not necessarily, non-custodial. As a result, users keep control of their funds throughout the entire transfer process until the moment of exchange, when a smart contract executes the signed trade. No more “funds are safu” messages. “I definitely hope centralized exchanges go burn in hell” — Ethereum founder Vitalik Buterin. That is to say keeping your funds safe is your own responsibility of a DEX.
Trading on a DEX comes with many benefits that make it attractive to crypto currency users. Most importantly, DEXs disinter mediate the exchange ecosystem, removing middlemen and allowing free, direct trade between parties.
Now, let’s sum up this post with a “snapshot”
To be clear, blockchains are not just about the Bitcoin, this technology has a wide variety of uses across several fields of business and Vite is one of the innovative public chains on their way to mass adoption.