Vite Bi-weekly Report April 16–30, 2020
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Partnerships with OKChain
On April 18, Vite Labs became the first batch of ecosystem partners of OKChain. Both parties are aligned on visions in the technical roadmap, governance systems, cross-chain solutions, and the layout of decentralized exchanges. Both advocate highly open and complete decentralization. Vite will cooperate closely with OKChain to jointly develop a borderless decentralized trading ecosystem.
ViteX Exchange News
On April 16, 3X market-marking as mining for pair DUN / BTC was opened. The activity has ended at 15:00 on April 24.
On April 21, the total distribution of ViteX dividend has reached a total value of 50 BTC (approximately $350,000). The dividend was rewarded to holders of VX. 35.3 BTC remained in the dividend pool on that day.
On April 23, Monero (XMR) was listed via Vite Labs Gateway. The XMR/BTC trading pair was opened. Trading as mining and market-making as mining are eligible.
On April 24 and 28, our team released articles about asynchronous architecture and DAG. Details can be viewed here:
On April 3, we released the Vite Ecosystem Fund Incentive Plan. The plan is to encourage community developers to build the Vite ecosystem together. The first phase mainly serves SBPs. In particular, Vite Labs will vote for participating SBPs with reserves in our ecosystem fund.
On April 16, the vite.bi23 node submitted a DApp in Vite wallet. According to the incentive plan, Vite Labs decided to vote 200,000 VITE for the vite.bi23 SBP. We encourage other community developers to actively participate in the program. More types of incentive plans will be released in the future.
Vite Wallet V3.6.0
The development of Vite Wallet V3.6.0 has been completed. ViteX exchange (mobile) has been rewritten in native code on both iOS and Android, and will provide a smoother user experience. During this time, we also conducted in-depth testing and bug-fixing, such as: 100% order size cannot be placed due to the number precision issue, and issues of volume rendering. This version is expected to be released in early May.
In the new version, more features will be supported, such as the candle line chart, last trades, token details, operator details, etc. In addition, users can check if a maker order is mining VX. The role of Vite Wallet will also be upgraded from a single-purpose mobile wallet to a one-stop crypto asset management tool with both wallet and exchange functions.
ViteX is a fully decentralized exchange and order matching is completely on-chain. Users can sign transactions on Vite chain with their private keys to implement exchange commands such as placing orders, canceling orders, or withdrawing assets. But for quantitative trading programs, in this way, the original private key must be saved on a server. Once leaked, it will cause serious security problems.
To address this issue, we have designed a “Delegated Order” mechanism by granting permissions of order operation to other Vite addresses. This mechanism separates the order operation permissions and asset operation permissions to reduce the risk. Through Delegated Order method, users can authorize another Vite address to place orders or cancel orders for himself instead of exposing their own private key or mnemonic phrase. Once the delegated address is under attack, in the worst case, it will only produce malicious orders, but no assets can be transferred. Users can revoke the delegation any time to stop loss. ViteX API also works in this way.
In the previous version, the processing logics are inconsistent for private-key-signed orders (such as orders submitted via Vite Wallet) and delegated orders (such as orders submitted via ViteX API). Therefore, an order submitted in Vite wallet cannot be canceled by API. Moreover, Vite is based on DAG ledger, two transactions from different addresses may not be executed in FIFO manner. It needs a linearization process to merge multiple queues into a single one.
To solve the above problems, we have upgraded ViteX built-in contract, unified the processing logic of orders from the original user address and delegated addresses, and optimized the logic of order placing and canceling. These updates will be deployed in the near future through a hard fork.
We have also optimized the ViteX API, added aggregated data for placing orders, which can reduce the number of APIs called by a client. With this upgrade, the complexity of coding and the latency to place orders will be reduced.
This week, we have launched a new version of ViteX API. The old version (alpha version) of the ViteX API will be deprecated in 2 weeks. Users should migrate the trading bots to new API ASAP. Details can be checked HERE.
On the listing side, Monero has been listed via Vite Labs gateway. We are currently working integrating with Tron, Tezos and Litecoin.
Recently, several DeFi projects have been hacked. The well-known project Lendf.Me sustained an attack that stole collateral worth about 25 million USD. Although the hacker was forced to return the assets after exposing his IP address, Lendf suffered irreparable reputational damages, which is indispensable for a DeFi project.
These attacks have raised community concerns about DeFi security. Since the blockchain industry is at an early stage of development, both the infrastructure and the governance system are imperfect. Security risks may come from anywhere including public chains, protocols, smart contracts, tool stacks, and governance systems. Even if these local risks have been effectively controlled, there may still be other type of risks.
Therefore, we have re-evaluated the potential risks of the ViteFi program in a responsible manner for the safety of user assets and decided to proceed in a more cautious manner. We will not rush to release the product at this time.
On April 29th, Vite COO Richard provided an AMA session in the GAINS English community. He covered Vite’s general info, vision, ViteX customer acquisition strategies, and recent partnerships with other companies.
Vite COO Richard has released a new episode on The Blockchain Debate Podcast. This episode featured IBM Hyperledger co-founder John Wolpert and enterprise consortium chain Corda CTO Richard Brown. They debated the advantages and disadvantages of permissioned blockchain and permissionless blockchain in enterprise applications.
On April 24th, Vite COO Richard and BD Manager Morgan Jones held a meeting with New York State Representative Ron Kim to further explore partnership between Vite and Mr. Kim’s project Inclusive Value Ledger (one can think of this program as a New York State version of the Libra project).
ViteX Official: https://vitex.net/
Vite Forum: https://forum.vite.net