Vite Bi-Weekly Report - February 16~28, 2019


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    Vite Bi-Weekly Report

    February 16–28, 2019

    System Development

    go-vite

    Released full smart contract capability: developer tools and Solidity ++ plugin. Check it HERE.

    Released 1.3.0 version of go-vite, code named MINT, optimizing the following:

    • Improving the snapshot block hash calculation logic;
    • Providing support for token inflation;
    • Adding three commands to the virtual machine: ACCOUNTHASH, ACCOUNTHEIGHT, FROMHASH;
    • Optimizing of consensus random number algorithm to enhance security level;
    • Developing the algorithm of screening nodes based on the block producing rate to improve the overall stability of the network (planning to develop an account mapper from TestNet to Pre-MainNet)

    It is expected that the second hard fork of the Vite test network will start from the snapshot block of 9,453,262. All nodes need to be upgraded.

    Vite APP

    • The iOS V1.4.1 is released. The new version improves upon the airdrop anti-cheat function and solves some bugs.
    • Web wallet exchange have entered the testing phase;
    • Android 1.3.0 is scheduled to go live in the near future. The new version will support technical optimization of airdrops, adding discovery pages, and stability;
    • iOS 2.0.0 version is under developed, with UI revision progress of 10% and ETH access completion of 30%.

    Block Explorer

    • We completed the development of gateway wallet account management supporting BTC, ETH, VITE and USDT.
    • We finished token cross-chain mapping to Vite chain design, including ETH transfer and inquiry as well as ERC 20 transfer and inquiry.
    • We completed the BTC and USDT test node setup.
    • 10% of research for the Vite ledger hardware wallet has been completed.

    DEX

    • Both front-end and back-end development are completed and we are currently performing joint debugging tests.
    • Testing of back-end service and real-time data push is 100% completed. Currency exchange rate and other information crawling development has been 50% completed.
    • The smart contract dividend function has been completed and the unit test is 20% complete.

    Community Building

    Twitter

    • We designed a quiz campaign based on our interview with BlockchainBrad. Community members who answer all questions correctly receive 300 VITE.

    Forum

    • From February to March, we released the “Vite Writing Contest” on our forum, through which a maximum of 2,000 VITE may be earned for products that have been released by Vite. More information can be seen on our forum. (https://forum.vite.net/topic/852/vite-write-up-campaign-vol-2)
    • Our Valentines Day campaign, “V-Day,” was successfully completed. Below is the winning submission. We thank our fans for their support and love of Vite!


    A winner’s product of V-Day Campaign

    Vite Decentralized Exchange — ViteX

    We listed some questions about ViteX from our community:

    Q: What is the difference between a truly decentralized exchange and other exchanges?

    A: At present, most decentralized exchanges are subject to the performance of their own chain. Transactions are performed off-chain and the result is showed on-chain. ViteX is a completely decentralized exchange; the transaction matching engine is performed through smart contracts. Order combinations are all completed on-chain so the order book is also stored on-chain, thus achieving true decentralization. The exchange fee redemption will be implemented on-chain through smart contracts, thus ensuring that the results are fully public and the dividend rules cannot be tampered with.

    Q: The Vite chain has a fee-less transaction model. Why does the Vite exchange charge a fee? Is the fee charged by VITE or other tokens?

    A: Transactions on the Vite chain do not consume gas like in Ethereum, but they must consume certain resources, which is “quota.” If the amount of the quota is small, it can be provided free of charge through the mining pool. If the amount is high for frequency trading, the cost of a quota is still required with less consumption than in other chains. Similarly, as a high-frequency application, ViteX definitely needs a certain amount of quota. The transaction fees will be mainly charged as basic currencies: VITE, ETH, BTC, CUSD, etc.

    Q: Does the exchange currency mechanism need to be reviewed, and how does Vite prevent pump and dump?

    A: ViteX itself is a decentralized exchange and the ViteX matching engine is completely open.
    If the user is issuing tokens on Vite instead of on other chains, the exchange website can also sort, mark, filter or sub-block.
    If the user’s assets are in other chains, they need to go through our gateway to transfer on Vite. ViteX will have the necessary gateway. There will be corresponding rules and costs associated with the Vite gateway.
    If the user does not utilize the gateway recommended by ViteX, they can also run their own gateway. The currency necessary to transact can be controlled by the gateway itself.

    Q: What is VX?

    A: VX is a new token issued by ViteX. Users who hold VX will enjoy dividends of transaction fees and listing fees. VX will have no public sale nor private sale. Users can only get VX through mining.

    Q: Why release VX? Will it affect VITE? What is the relationship between VX and VITE?

    A: VX can be understood as a “proof-of-equity” on the ViteX platform, which is a standalone application running on Vite, with its own incentive model to encourage more users to trade on ViteX.

    The value of VX is positively related to the user volume and transaction volume of the exchange, and will not affect the value of VITE which is related to the Vite public chain. Instead, the value of VITE and the Vite chain increases if there are more dAPPs running on Vite.

    VITE and VX are connected in some ways. For example, if VITE is staked to obtain quotas, VX can be earned. This means that the resources on Vite can be used for transactions on ViteX.


    Official: https://www.vite.org/

    Vite Forum:https://forum.vite.net

    Telegram:

    Twitter:https://twitter.com/vitelabs

    Discord:https://discordapp.com/invite/CsVY76q

    Reddit:https://www.reddit.com/r/vitelabs/


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