Vite Labs Leadership AMA (Jun 10, 2020) Review



  • This is a review of the regular Vite Community AMA, which is held by the head team every two 2-3 weeks.

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    Richard Yan (Vite COO)
    Hey guys - sorry, family emergency. But I’m back now

    Richard Yan (Vite COO)
    Let’s get started!
    Richard Yan (Vite COO), [11.06.20 01:12]
    Hey guys - sorry, family emergency. But I’m back now

    Richard Yan (Vite COO), [11.06.20 01:12]
    Let’s get started!

    Nikhil Mittal
    DeFi - Borrowing and Lending

    Hardware Wallet - Ledger

    ViteX in Mobile - Klines

    One-step DEX Deployment

    Vite HD Wallet - BTC Support

    Vite Web Wallet Upgrade

    Vite Desktop Wallet

    Dex Open Api

    Out of these developments, how many already completed?
    I found these on official website

    And any plans for staking vite on binance

    Richard Yan (Vite COO)
    Hi Nikhil, let me answer in order

    DeFi is the most tricky one. There are a few kinds to be worked out. First is if we have enough interest in lending VITE/VX for USDT, where will we source the borrowing interest? Lots of DeFi projects require some kind of self-funded cold start (I.e., team needs to supply the lending capital to begin with). This is a critical piece we have yet to figure out

    Second, again it’s the matter with security. We are seeing DeFi protocols getting hacked on monthly basis. Maybe it’s ok when the total assets locked is small. But this will inevitably change, and if our security is not in a good place by then, it would be too late.

    We plan to send out another DeFi form to the community soon, to figure out exactly what service we can provide, that has large user base, will allow the team to do effective cold-start, and for which we are confident about security from the get-go.

    Ledger - we already submitted everything from our side. Still awaiting their response. We will have to push them on this.

    K-lines is a feature we are adding and shouldn’t take long to complete.

    A big part of the one-step DEX deployment is gateway setup. We already refactored the code and allowed easy onboarding of ChainHedge as a new operator.

    BTC support is being worked on

    Web wallet upgrade has been happening step by step. Our biweekly progress report has been showing this

    Desktop wallet leverages features off our core wallet code

    Open API for DEX has already been released.

    Regarding Staking on exchnages. We’ve already reached out to both OKEx and Binance. But the process is moving slowly.

    Look out for new trading campaign with Binance though. We’re planning for it.

    said leee
    But I watch interviews with CEO kava he is talking about security defi he is say defi not risky.

    Richard Yan (Vite COO)
    I admire his confidence! Not sure if you saw what happened to tBTC - they closed up (temporarily) two days after initial release. And dforce was drained $30M, and only recovered after messy process of threatening the hacker who accidentally left behind some KYC info.

    Simo zeglaxy
    I want to ask you about partnerships, will there be strong partnerships with currencies and platforms such as Matic.

    Richard Yan (Vite COO)
    Yes working on that. There are many threads with different projects going on. I trust you saw the recent chainlink partnership?

    Richard Yan (Vite COO)
    Yes I see but richard That is cooperation, not real partnership, or I am wrong

    Simo zeglaxy
    If we offed derivative products on ViteX, will definitely need oracle. So Chainlink would come in handy.

    Makesushi

    what is your vision for Vite full adoption? how do we get there, how long does it take? also, what are people using Vite for when its at full adoption?

    what is the maximum transactions per second Vite chain can do? and how much of the bandwidth is Vitex currently using? is there going to be a bottleneck at some point?

    vitex trading volume has been stuck in a range of about 1 million a day for quite a long time, where do you envision the trading volume on vitex to be in 2 years? do you think it's feasible to get to 1 billion daily trade and what plans do you have to get vitex there?

    there was a mention that chainlink would be used to plug in external data feeds into vitex, what products will be traded with these data feeds, and how long until we see them on vitex?

    Richard Yan (Vite COO)
    Right now the strategy is to introduce Vite to the world via ViteX, as many of you have probably noticed.

    And when it comes to the ViteX bootstrapping strategy, it comes back to new coins -> new communities -> more trading.

    The TPS isn’t an issue for trading at this point. And our infra is sufficiently strong for much more activities.

    Makesushi
    I think vite needs some general awareness marketing, much like the ads that Dash did in the last bull run where they had the tag line "dash is cash", could be something like "vite is fast" since vite means fast in french and vite can be sent in less than 1 second.

    Richard Yan (Vite COO)
    Understood. We tried paid ads (Facebook for instance) and paid PR (articles in Forbes, Distributed mag) in the past though. ROI simply hasn’t been strong, as I mentioned in past AMAs.

    VishU
    Why delaying vx listing ? Listing vx will attract more investors to vitex

    Richard Yan (Vite COO)
    We are in serious talk with major exchanges. Trying to negotiate down the listing fee. Lots of exchanges aren’t doing so well now, and their demand for fees is higher than what we can accept.

    Nabeel B
    Hi Richard, when do you expect the trading campaing to launch?

    Richard Yan (Vite COO)
    Binance originally reached out to us about the trading contest. We sent back all necessary docs. Awaiting their next move.

    VishU
    Also team unlock tokens from July decided on which particular date ?

    Richard Yan (Vite COO)
    Only a small amount will get unlocked. We might do this slowly to reduce market impact.

    Simo zeglaxy
    My brother Richard, why is the kava coin so high in price and Vite? No, is there a defect in the strategy or what is the matter of what completes the difference? Is there a large number of Vite or what?

    Richard Yan (Vite COO)
    To my knowledge Kava is trying to be uniswap on Cosmos. So they’re in the Cosmos ecosystem. We’re totally different, as we are making something completely in parallel - full stack, from the chain all the way up to the DEX.

    So it’s hard to make an apples to apples comparison there.

    Also market cap is the thing to look at, not price. The diff in our market cap is much smaller than that in price

    said leee
    Richard why binance not post anything about last hard fork vite

    Richard Yan (Vite COO)
    That was an error on our side. Our team informed their business team too late (even though we told their tech team far in advance), so Binance didn’t have time to do a proper announcement. We thought the tech team would inform the business team. But that didn’t happen. We took note and will be sure to give advance notice next time.

    Questions from the Forum

    Q1:
    When compared with other blockchain technology solutions, what advantage does $VITE ? Who do you think the competitors for

    Richard Yan (Vite COO)
    We recently published a tweet on understanding Vite from ViteX. I think that answers 70% of the question. We are product-first, battle-tested and tech-driven

    Product-first - as in we build things people want. Dex being premier example.

    Battle-tested - our products (exchange, wallet) have been in use for a while with a strong user base

    Tech-driven - our fast and zero fee tech are supported by DAG/snapshot chain.

    Q2:
    What significant developments did VITE had during 2020? Any other important milestones left to achieve in 2019?

    Richard Yan (Vite COO)
    One thing we are looking to change a bit is to collect more community feedback in the days to come. And tune our products and plans according to such feedback. You may have already see this from our stablecoin survey.

    Makesushi

    not sure if this one was answered:
    there was a mention that chainlink would be used to plug in external data feeds into vitex, what products will be traded with these data feeds, and how long until we see them on vitex?

    you said something about derivatives to another guys answer but specifically what derivatives? will we see stocks?

    Richard Yan (Vite COO)
    For example, 2x VITE/BTC return type of products.

    Makesushi
    leveraged product

    Richard Yan (Vite COO)
    Correct. Now - I do want to caveat - this is if we make derivative products. Don’t want to over promise

    Simo zegalaxy
    We hope that a lot of Vite coin will be burned

    Richard Yan (Vite COO)

    They’re getting burned already. We may need to do a better job of informing everyone about it.

    Makesushi

    have you thought about making the app and web page simpler? removing the cross-chain features and instead of calling ETH-000 have it just called ETH to and make it seamless, like just deposit instead of having Cross-chain, the system in the back can always decern if your sending from vite wallet to vite wallet and not confuse users with cross chain or ETH-000, just simply have it called ETH

    ETH is just an example, applies to all of the cryptos on Vite/vitex

    Richard Yan (Vite COO)
    We are having heated internal debates about changing up the wallet. There are many places that can be improved.

    Your idea makes sense though, let me think about it a bit more

    Also Vite.org is getting a facelift. I think this was shared earlier with the community

    There are probably clever ways to represent wrapped ETH without making it sound so alien

    Simo zegalaxy
    We note that 18 million were burnt, but 30 million pumps, which means the pump is more

    Richard Yan (Vite COO)
    Overall we are still inflationary. But so is bitcoin, right?

    Simo zeglaxy
    Yes

    said leee
    Any news about project new work city you still works on it

    Richard Yan (Vite COO)
    Thanks for noticing this! Assembly member Ron Kim of New York State just got back to me saying he will get in touch after the virus situation dies down some more and after the election period is over. Sorry I keep giving the same news on this. Unfortunately we can’t control the process on the political side

    Simo zegalaxy
    Brother Richard, what are your future plans before the end of the year?

    Richard Yan (Vite COO)
    Stay tuned for some community surveys. We will look to get more community input in product releases and plans.

    Also we need to become more decentralized. More stakers, more HODL addresses.

    Daniel

    So few months ago when you post that Defi ready and will be launched in two weeks, what was the plan for the source of interest?

    Don't you think it's the first step for any Defi project? finding source of interest even before starting the development ?

    The reason for the delay been asked many times: you and your team always answered that the delay is because security reasons, you never mentioned anything about not having source of interest or it could have a problem.

    Richard Yan (Vite COO)
    The DeFi we discussed back then was a different idea. Back then, the idea was to let people borrow VITE to mine VX, at a rate pre-agreed upon by borrower/lender. The code for that was indeed ready, but later we realized this idea wasn't going to generate a whole lot of interest. I agree that the product development process was not well planned at the time.

    The DeFi we're discussing now is a bona fide borrow-and-lend system, sort of like Compound. The challenge now is finding interest for lending USDT at a reasonable rate.

    Richard Yan (Vite COO)
    Thanks all! Sorry for my being late

    See you next time


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