Good evening from London! First of all - great job so far - getting the iOS app into the App Store is a great move. Moving on from this - what do you see as the next steps to increase mass adoption of blockchain in wider industry and how to bring more people into our world?
vitelabs2022 last edited by vitelabs2022
The adoption problem must be tackled with a multi-pronged approach, and our strategy will evolve as we grow and the industry changes. But in short, currently, our strategy mostly consists of tackling payment and exchange.
We are trying to get Vite to become the network of choice for cryptocurrency payments. The need for decentralized payment system is extremely strong for certain industries. For instance, in the US, because banks won't open accounts for cannabis sellers, these companies with significant revenues find themselves remitting sales taxes by literally bringing bags of dollar bills to city hall. There are now ideas being floated at state level about allowing stable coins for tax payments.
Our features of fee-lessness and fast settlement would be ideal for this use case, and for others in the payment space. In terms of our BD effort, to line up merchants and get customers to be comfortable with paying with crypto, we need resources beyond our core offering -- our protocol.
Without giving away names of firms that we have privacy agreements with, we are developing partnerships with a number of firms that specialize in different parts of the payment life cycle.
Exchange is a natural use case for cryptocurrency. Whether it be providing liquidity for token holders or offering a platform for traders to express short-term views, an exchange represents a real need for participants in the crypto sphere. It is no surprise, then, there are now thousands of exchanges. That said, bona fide decentralized exchanges with robust technologies are still few and far in between. Vite is extremely well suited for significantly improving upon the status quo. Our DEX will feature on-chain order book and on-chain matching, which are difficult to implement without the high performance of the base layer. And the zero fees obviate gas for making an order and canceling order.
We have plans to popularize our exchange, but it's probably best not to spill the beans at this point.
Besides the points above, we keep an open mind and have a few other promising projects at work. One of them has already been announced: We are exploring a partnership with the U.S. City of Syracuse to apply blockchain to public sector problems such as a P2P loan for low-income residents. Gaming is another aspect we're exploring. Data shows that a seasoned gamer downloads more than one new game, per day. A fun game that doesn't feel like it's being run on an un-scalable blockchain system would be great for adoption. This does also require further allocation of our internal resources, and potentially alliance with firms with the right DNA and similar outlooks as us.