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Posts made by felicity
Vite – the inspiration for start-up aiming to build a transparent ecosystem based on Blockchain
For the mass adoption, blockchain is being used for everything including management; IOT, to economy, etc. Below are some of the potential applications from Vite blockchain which can be used in real use cases.
First, let’s take a look at Ecosystem of Value.
Payment with the functions of Instant confirmation, On-chain transaction and Multiple Tokens.
1. Instant confirmation
This is how Bitcoin confirmation be like, there is a greater than 60% chance your transaction will be confirmed within 10 minutes if you pay a high enough fee. Or else, your transaction will remain till forever.
The same cases with ETH since you have to pay high gas and gwei for a transaction, the more you pay, the earlier your transactions get confirmed. In these traditional blockchain setup, the speed of writing transactions into a ledger is limited by the speed of packing.
Thing is different in Vite. But Vite allows writing of many transactions into the ledger within the constraints of the TPS. Because the asynchronous setup allows the transactions to happen at an even speed, this reduces the peaks and troughs of the speed of transaction writing, thus optimizing usage of resources and increasing system throughput. Also, the transactions of two users will no longer be blocked; that is, we will no longer see a scenario where a user sends a large amount of transactions that prevents the transactions of other users from taking place.
2. On-chain transaction
On-chain transactions refer to those cryptocurrency transactions which occur on the blockchain - that is, on the records of the blockchain - and remain dependent on the state of the blockchain for their validity.
All such on-chain transactions occur and are considered to be valid only when the blockchain is modified to reflect these transactions on the public ledger records.
It involves the transaction being validated and authenticated by a suitable number of participants, recording of the details of the transaction on the suitable block, and broadcasting of the necessary information to the whole blockchain network, which makes it irreversible.
This kind transaction can be reversed only after a majority of the network's hashing power comes to an agreement.
During the initial phase of a blockchain when the transaction volume is low and the fee is zero/less, on-chain transactions offer instant settlements.
New network protocols and cryptocurrencies that are aimed at keeping the transaction time and fee to minimal, yet providing instant settlement are making their way into the mainstream.
Once verified and confirmed on the blockchain, on-chain transactions cannot be reversed unless the majority of the network’s hashing power agrees to do so, making on-chain transactions more reliable and fraud-resistant.
3. Multiple tokens
The tokenization concept has been around for years. But it's gained momentum over the past year as major retail and restaurant chains—ranging from Kmart to Neiman Marcus to Dairy Queen—have been hit by massive security breaches.
Tokenization also got a boost when it was adapted by Apple for its ApplePay system, which assigns and encrypts what the company calls a unique "device account number" to your iPhone or Apple Watch so each transaction is authorized with a one-time unique number.
In Vite platform, not only tokenization is supported but multi-tokenizations is introduced - Multi-token payment platform, allows a single channel to serve multiple tokens. For instant, channel may dynamically add ERC20 tokens even after the channel is running on the blockchain, including tokens that have not yet been invented. The various tokens in a member’s Multi-token channel are kept distinct. Refunding one token leaves the rest untouched. Right now Vite wallet introduces the support of ETH and its tokens. It is a bright sign for the future interrogation for multi-tokens payment.
To be continued -
RE: Weekly Report of Airdrop Lottery Winners (Apr. 01 - Apr. 07)
@Choeriswangqiji I am looking forward to the updated version of Android
RE: Weekly Report of Airdrop Lottery Winners (Apr. 01 - Apr. 07)
Please always remember to open Vite wallet and claim airdrops every day.
Note: new version for Android wallet is on the road.
Summary of 2018 Vite achievement and goal for 2019
Summary of 2018 Vite achievement and goal for 2019
Vite is one of the 2000+ crypto projects floating around on CoinMarketCap right now. So why I am so bullish on Vite?
Knowing Vite since May when following Loopring, I was excited to see Vite’s Whitepaper and was one of the earliest people to join their Telegram and Discord.
About their long-term vision, ‘To be the payment network of choice, known digital asset issuance/exchange platform and to power practical dApps. These will be achieved with our super fast DAG ledger, fee-less transaction model, built-in token issuance capability, Ethereum-compatible smart contract and a wholesome ecosystem (e.g., DEX, cross-chain gateway). More importantly, as the extremely fast infrastructure blockchain, in performance the vision of Vite is to achieve 10x throughput of EOS”
Throughout their token metrics, expect for the similar token distributions like other projects, I was impressed by its bonus, 0% - hardly any project at that time could finish their fund raising with that percent of bonus – 0%. Normally, the bonus of privatesale/ presale are 50 to 100%, yes, you are not reading it wrong, some projects provided 100% bonus.
With the reference of the team, it is a common thing that team board always consists of the seasonal and intensive experience developers.
And when I checked out their technology, I found out their outstanding features. To my experience, Vite is the first blockchain till now could integrate Smartcontract with DAG. They eliminate the drawback in security of DAG with Snapshotchain. https://medium.com/vitelabs/smart-contracts-in-dag-5059250b916b
In 2018, they have achieved some following points: 01 year ahead of schedule, they successfully released their Vite wallet and Blockchain explorer back in late August. https://medium.com/vitelabs/major-product-releases-by-vite-labs-on-september-30th-51133ef9a01c
Vite ecosystem now consists of Vite TestNet, Vite wallet products(web wallet, iOS wallet, Android wallet and desktop wallet), Vite block explorer and VitePay(having ViteStore for Mandarin Chinese and Global built on) available now. Their iOS mobile wallet is released earlier compared to Android version. Till now Android mobile wallet has the function of adding fingerprint for payment. Not being a iOS users, so I am not sure if this function is added to the latest version of iOS wallet or not There are more than 1000+ download in Android and the feedback are pretty positive in Google Play.
Back to last November, they got started their incentive plans where people registered to be super nodes.
And I really appreciate its transparency and anti-fraud behavior Check out their airdrop at http://www.vite.org/airdrop
Their progress is so /vi:t/, following information from the team, their DEX is about to release this May 2019, which is one year ahead of roadmap!
The Two Types of Decentralized Exchanges
With the high working sense of Vite developers in the last minute of ViteX. Let's see what are the Dex?? This post is named "Two Types of Decentralized Exchanges"
As exchanges revolve around transacting currencies, there are two fundamental exchange models: currency-centric and currency-neutral. Either of these models can be centralized or decentralized, depending on how the four key functions of the exchange are handled.
Currency-centric exchanges are built on top of singular blockchain platforms, such as Ethereum. A currency-centric exchange is limited to escrowing only the currency of the platform it is built on, such as ERC20 assets and other contracts if the exchange is built on top of Ethereum. This is the way traditional exchanges are built.
The newer model is currency-neutral, which is architected to connect different native cryptocurrencies, meaning that users do not have to adhere to any specific currency ecosystem. These systems allow users to trade cryptocurrencies without a coin underlying that exchange, which acts as a sort of additional “middleman” to go through since it is no longer fully peer-to-peer. Examples of these models include Bisq, altcoin.io, and flyp.me.
These newer projects allow for securely matching and handling order books, and not just asset exchange, in a decentralized manner, which is done using the blockchain. Because an exchange is a community of users, there has to be a way to broadcast and match orders. One way of trustless trading is through “atomic swaps” for order matching, but atomic swaps alone cannot create a trustless marketplace, as it is done from one specific peer to another, rather than as a broadcast to anyone on the network. An atomic swap is when a trade is done in a single, or atomic, operation, as opposed to two separate transactions (such as first sending one coin, then waiting for the receiver to send their coin). This is facilitated through smart contracts that act as a trustless escrow holding onto one currency until the other user sends their currency as well when both currencies can be released.
The Pros and Cons of Decentralized Exchanges
The most obvious benefit of a DEX is the same as with any decentralized application, which revolves around the philosophy of cutting out the middlemen and returning interactions to peer-to-peer, permissionless models without central authorities. More specifically, decentralization creates censorship-resistance, which in the case of decentralized exchanges means that no central authority could forcefully impose regulations, or even ban currencies and/or the exchange itself. This is especially important considering that many countries are clamping down on cryptocurrency trading. For example, the two most populous countries on earth, China, and India, have banned cryptocurrency exchanges, while countries including Mexico, Russia, Saudi Arabia, and Brazil have restricted cryptocurrencies.
Without Decentralized Exchanges, the peoples’ ability to invest in crypto is subject to governments, so cryptocurrency becomes hardly more democratic than traditional asset markets. Governments can exert control over centralized exchanges, and users are subject to authorities who may at any moment track and tax users, or ban currencies.
Other merits of a DEX include heightened security. Massive security attacks, such as the roughly $470 million that was stolen from Mt. Gox, were only possible because the centralized hot wallets of the exchange were targeted, which presented a single point of failure. In a DEX, each user is in private control of their own funds, so there is no central point of attack. However, as we’ll get to later, many exchanges claim to be decentralized, such as Bancor, but are truly hybrid, and their centralized aspects present vulnerabilities. For instance, around $23 million was recently stolen from Bancor, and Bancor responded with a freeze attempt built into their protocol, which is only possible with at least a partially-centralized architecture.
As we’ll see, DEXs use Smart Contracts to facilitate transactions, such as using contracts as an escrow for peer-to-peer transactions. If the contracts themselves are highly secure, then the exchange benefits from the cryptographic security of the underlying blockchain. However, this is often not the case, and Smart Contracts can contain many vulnerabilities, including underflows, overflows, reentrancy attacks, and many more. In fact, studies have found over 34,000 contracts with known vulnerabilities. These facts, alongside recent hacks such as the Bancor attack, reflect the need for Smart Contract Auditing to validate the security of the contract code and find any back-door vulnerabilities.
Further, a DEX could facilitate faster and cheaper transactions than a centralized exchange, since there is no third party authenticator. Currently, this is just theoretical and has yet to be proven by exchanges on a large scale, as DEXs have not achieved the “network effect” of reaching enough users for critical mass.
The largest drawback of current DEXs is the lack of functionality, relative to centralized exchanges. Most DEXs only support basic market functions, and not even features such as margin trading and stop loss. The technology has simply not yet caught up with the ambitions of most decentralized exchanges, though DEXs like BlockDX are planning to support additional functionality.
Lastly, because of the KYC and AML regulations mentioned earlier, Decentralized Exchanges do not support fiat conversions, as this would introduce a point of centralization. Instead, users must use cryptocurrency deposits.
As far as I know ViteX has completed its development and testing of internal smart contract 0.1; analysis of requirements for version 0.2 and already on the stage of designing and implementation of the system. Completed design of backend services and began implementation. As Chris Li, from Vite Labs has stated on his latest write-up, ViteX will be a completely decentralized system, unlike other current ones - semi-dex. Can not wait to see how ViteX grows to be revolution, and how $VX can be something cool
Is Vite going to building Private chain?
My company have to deal with a high workload of paperwork and has applied Internal Control with internal storage and the internal Internet, to eliminate the risk in business. And a document (drawings, paper, papers, invoice) has to be stored in 7 years, for the internal and external audit. There are around 10 divisions with 30 to 40 people each div, as far as I remember 500 work as paperwork staff and around 7000 more as workers. The data to input and output are quite an overload for me to be honest. I was wondering with the high demand for paperwork, my company storage should be available to store data in 7 years. It is a big number to calculate to be sure!
What if Blockchain is applied to store data and manage, control the operations in the company I am working for?? And do you find Private chain a good stage to go, Vite Labs team?