Dreaming about Vite
alexih last edited by alexih Reward
Vite Labs have only just released the Vite Testnet in November ‘18 and smart contracts are already available. And holders are almost as fast as the core team; mainnet is not scheduled before August ‘19 and 80 Mio ICO token (ERC20) tokens have already been migrated to the Vite testnet even though there is no way back and no exchange yet !
The ecosystem is forming very nicely. At time of writing the network counts over 500 nodes, among which 25 Super Block Producers (SBP) that are already leveraging the power of the Vite tech for bets and voting incentives. Holders are actively contributing to the network with bug spotting, feedback on user experience and with campaigns participation. All of this makes me personally very confident in the future of the network, and keen to contribute further with a write-up.
And the above is not even tech-related yet…
So here we are on the tech side... Vite offers a unique architecture combining an instant DAG and a snapshot Blockchain with blocks produced every second. This architecture allows creating two types of transactions: some that are instant but somehow isolated / not as secure in the DAG, and some that are slower (one second to be included in a block) but that make it into a secure blockchain validated by the super block producers.
Dreaming about the future of Vite
Instant transactions in a DAG have 0 latency but tend to be less secure than transactions on a Blockchain. But not in Vite, where the snapshot chain adds significant trust to the DAG. And this opens the door to so many possibilities.
Security can effectively be traded for immediateness, which is absolutely fine for small amounts, trusted transactions (i.e. trusted outside the chain, for example among friends), or low risk transactions (e.g. an authority can make arbitrage calls or a smart contract can automatically make arbitrage). Higher value, lower trust and higher risk transactions can wait for a few blocks in the snapshot chain, which would take only marginally longer given the speed of the snapshots.
Anyways, instant transactions can be used as a mean of exchange able to compete with cash, debit and credit cards in physical and digital stores, even for micro transactions, IOT transactions and/or any app or game related value transaction. It can even be combined with RFID or unique traceability ID for ultra fast verification in supply chain management.
In comparison, IOTA and Ambrosus (and possibly Nano although I don’t know the project so well) would be as fast, but not be nearly as secure thanks to the extra safety net offered by Vite snapshot.
In addition, in the spirit of providing ideas even if I’m not 100% sure, the Vite network can carry some sort of implicit eternal call option for the receiver. Why ? Because the technology is asynchronous: transactions are requested by the sender and confirmed by the receiver only when the latter connects his/her wallet. Only at that point does the transaction go into the snapshot chain. So one could imagine opening a transaction, which would sit only in the DAG and as an open send tx that can be exercised by the receiver at any point in time with a receive tx. On the other hand, the send tx cannot be cancelled by the sender, so it would live on chain indefinitely. The applications of this property are not yet fully clear, but could be quite useful in the development of ‘asynchronous trust mechanisms’ !
There is so much more to explore that is uniquely made possible thanks to Vite...
Let's keep dreaming!
孙权 last edited by Reward
Let's keep dreaming together
naijnaij last edited by Reward
@孙权 yeah man.. working 2 jobs.. baby on the way.. but we can all dream of Vite!!!
孙权 last edited by Reward
@naijnaij ye, you are so diligent， believe you will get better and better
fooyidai last edited by Reward
Lol, the amount of writing for the TestNet evaluation is surprisingly lengthy.