Vite Pre-Mainnet Official Launch!
julesye last edited by julesye
Frontier technologies gain mass adoption by proving multi-sector business cases and use cases. In the world of blockchain, a public chain is a platform for application development and for safely exchanging value and information on a public ledger. In other words, it is an ecosystem of trust. Vite believes in open-source development and decentralization; anyone can use our public chain without permission and without identity authentication. Over the past year, public chain development and core blockchain technologies have attracted worldwide attention.
Public chains today are mired in problems related to throughput, latency, scalability and security. These factors are key to applying blockchain in the context of enterprise or government. Vite addresses each specific issue. Built as a holistic ecosystem of interoperable technologies, Vite is the world's first public chain to implement smart contracts on DAG (Directed Acyclic Graph) architecture. Our technical features include Snapshot Chain, asynchronous architecture and HDPoS (Hierarchical Delegated Proof of Stake) consensus mechanism.
The Vite platform has been in development since June of 2018. Over the course of 11 versions, the Vite labs team has slowly but surely fulfilled the promises made in our white paper.
The first version of go-vite 0.1 was released, implementing functions of the DAG ledger and asynchronous architecture, both of which are central to the public chain.
Testnet 1.0.0 was released alongside Supernode mining capabilities.
The smart contract language, Solidity ++, was implemented and the reward program was instituted for all nodes.
Go-vite 1.2.0 was released, featuring support for the creation and calling of smart contracts.
The smart contract development tool was released. A second hard fork, code-named MINT, was opened and multiple system-wide optimizations took place to improve block rate.
Planning for the Pre-Mainnet began.
Pre-Mainnet was released and the first step towards the Vite Mainnet was taken.
The Pre-Mainnet upgrade began on May 21, 2019, officially beginning the Mainnet transition process. The Pre-Mainnet is an important milestone that accomplishes functions consistent with both the upcoming Mainnet and those outlined in the white paper.
- Testnet Data Mapping
After the release of Pre-Mainnet, Testnet transaction records will be cleared but users' account statuses will be unaffected. User account balances (such as VITE and VCP), voting information, staking information and Supernode information will be directly mapped to the Pre-Mainnet version of the founding block. Users can access the new version of the wallet through their original mnemonic phrase.
- Updated Supernode Reward Mechanism
Vite has an inflation model of 3% annually. Once Mainnet is live, this 3% will be used to reward Supernodes. In the Testnet, VITE was not inflated so Supernode rewards were distributed off-chain from a centralized Vite treasury. After the launch of Pre-Mainnet, reward distribution will become decentralized as Vite will use the coins from the 3% inflation to reward Supernodes.
Since the Supernode rewards issued during the Testnet phase were never sent into circulation, in order to ensure that the total circulation of VITE remains unchanged, the Vite team will burn the corresponding amount of rewarded VITE. All reward data will be transparent and the Vite team will publish burn records.
- Optimization of on-chain data structure decreases fork rate
In the Testnet, account blocks rely on Snapshot Chain. If the Snapshot Chain is forked, the transaction statuses of all accounts are affected. On the Pre-Mainnet, the two-way dependency between the DAG ledger and the Snapshot Chain allows them to be recorded asynchronously, resulting in a reduction in the fork rate. Even if the Snapshot Chain is forked, the account blocks are not affected and users do not have to re-initiate their transactions.
- Re-design of quota calculation
The quota calculation method is more stable in Pre-Mainnet than in Testnet.
- On-Chain Random Number Generator Update
This update improves developers' ability to generate random numbers for dApps (decentralized applications), ensuring that the random number cannot be manipulated or predicted.
- Optimization of Ledger Storage
This update optimizes data storage structure by changing random writing into sequential writing. Additionally, we implemented a multi-level storage scheme which improves the query cache rate.
- Optimization of Ledger Synchronization
This update decouples downloading and writing logic, implementing an asynchronous download of the ledgers.
After upgrades are completed, Vite's five official Supernodes will be gradually withdrawn from the list of Supernodes over the course of two weeks (Vite SBP-01, Vite SBP-02, Vite SBP-03, Vite SBP-04, Vite SBP-05). Moving forward, the Vite community determines which Supernodes to vote in and full node rewards will continue to be issued.
The total rewards for all nodes will be calculated based on the May 21 release date. On May 21, the total rewards for full nodes will be about 5,700 VITE.
After the Pre-Mainnet goes live, Supernode daily rewards will be changed from automatic issuance to manual extraction. The voting rewards remain unchanged and will be automatically issued to each voting wallet daily.
During the upgrade, all node rewards will be suspended as the wallet will not work properly. After the upgrade, all features will be restored.
We will formally launch ViteX, our DEX, in June 2019. VITE will be tradeable after the launch of ViteX.
Our Mainnet will be launched in Q3 of 2019. Following the launch, VITE ERC20 token swap will restart and VITE ERC20 tokens on other exchanges such as OKex, Bittrex and UpBit will be converted to VITE native coins.
Regardless of what we get up to further down the road, we couldn't have accomplished what we have so far without the help & support of our community. A big shout out to everyone who's downloaded our wallet, taken part in our campaigns, provided feedback on our products, voted on proposed changes, and whatever else we threw at you—a huge thank you from all of us here at Vite Labs!