Vite AMA Recap

Vite AMA Recap

CryptoDiffer team

We are glad to meet here 

Richard Yan (@yanl1984) COO of Vite Labs

Chris Li (@Chris_KhunSir) CSO of Vite Labs

Richard Yan
COO

Yes my name is Richard and I am COO and co-founder of Vite Labs. I worked in traditional finance, was a serial entrepreneur and joined Vite as a co-founder after meeting Charles and Leo.

Chris Li
CSO

Hello everyone!

CryptoDiffer team

Can you introduce yourself to the community? What is your background and how did you join GET Protocol??

 

Richard Yan
COO

Yes my name is Richard and I am COO and co-founder of Vite Labs. I worked in traditional finance, was a serial entrepreneur and joined Vite as a co-founder after meeting Charles and Leo.

 

Chris Li
CSO

I’m Chris Li, Chief Strategy Officer of Vite Labs. I was in the crypto space since 2017 and I have an investment backgroud before. I joined Vite in the middle 2018 because I got to know Richard that time and was impressed by his passion and professionalism.

 

CryptoDiffer team

Can you briefly describe what is Vite in 3-5 sentences? What technology stands behind Vite and why it’s better than the existing one?

Richard Yan
COO

Vite facilitates free and fast transactions.

The free transactions come from a staking-based model. That is, users do not spend gas to transact; If they hold lots of VITE, they get more TPS; fewer VITE, less TPS; no VITE, then they need to run a proof-of-work as an anti-spamming mechanism.

The fast transactions come from the use of block-lattice DAG, where each account has its own blockchain. Sending transactions no longer require waiting for transactions to be picked up for block production.

Our competitors are other public blockchains. But very few have been able to do free/fast/smart contract/turing-completeness.

Other factors that contribute to the speed include our choice of the HdPOS consensus algorithm

 

CryptoDiffer team

What are the major milestones you have achieved so far?

Richard Yan
COO

Here is a list of products and functions that have already been deployed on the Vite Chain:

Vite Wallet, multi-chain mobile wallet

ViteX, decentralized exchange

VitePay & ViteStore, Payment platform and storefront

SyraCoin, GovCoin pilot project contracted by the city of Syracuse, NY (DApp)

Point of Sale (POS) solution for merchants

One-Click token issuance

Game dapps (many of them are listed in our wallet)

Our partnerships include collaboration with City of Syracuse (as mentioned above), Alchemy (major merchant acquirer for our payment network), Harmony (one step DEX deployment for ONE and ONE-native tokens), Ankr (distributed cloud for Vite node operators), Ferrum (co-listing on our DEXes)

Also, QuantaDex for multi-sig cross-chain gateway implementation.

If there’s one takeaway, is that we talk mostly with the past tense, instead of the future tense. And we have been able to hit every key milestone on our roadmap ahead of schedule.

 

Chris Li
CSO

Here’s our recent roadmap on our official website: https://www.vite.org/

 

Cryptodiffer Community

How is Vite different from Coti?

Why should we Vote Vite over Coti & what are the Advantages of Vite over Coti?

What is the current situation of your project & What is the Current Progress of Vite?

Richard Yan
COO

Let me answer this question from a few angles. The first, from the payment side (this is the scope where our businesses overlap); Second, what Vite is doing beyond payment; Third, a deep dive into the DAG (since this is a DAG contest after all).

In terms of the payment business:

Our payment network is already put to use in POS machines at Singaporean merchants such as Ce La Vi Sky Bar and taxi services under the Midwest Global network. To achieve this distribution, we have partnership with Alchemy, the subsidiary of one of Asia’s largest payment companies QFPay. These are settled deals with actual, large merchants; and not plans.

In line with the ethos of decentralization and blockchain, our payment network does not require KYC. Our understanding is that COTI requires KYC. 

Transactions on Vite network are free (although one can hold more VITE to increase his quota for transactions). COTI charges fees.

From a more general perspective:

1. We offer more than just payment, which is COTI’s bread and butter. We have DEX, multi-chain wallet, tokenization, and government blockchain solutions. And none of these are plans. They have all been launched. 

2. Our release curve is healthy, with a modest 11.90% release in the next two years. COTI’s circulating supply will 4x in this period.

3. Software development – On Github, our code base has 29 watchers, 216 stars and 100 forks. These numbers are near zero for COTI.

4. Our Telegram groups cover nearly 20 languages and geographies, and we’re active on Wechat / Discord. COTI has much weaker following than us.

And lastly from a DAG comparison angle:

DAG comes in many flavors. The basic form is “tangle”. New transactions append to the tangle under a parent selection algorithm. However, it’s error-prone, especially in heavy usage scenarios. 

COTI takes a tangle-based DAG as ledger. New transactions in COTI will choose 2 prior transactions as parent according an algorithm based on “Trust Score”. This brings problem, because COTI assumes users should have a high Trust Score to enable fast transaction settlement and confirmation, newbies with low Trust Score may attempt to send a transaction but never have it confirmed by enough subsequent transaction, or has to wait for a long time, resulting in high latency. 

Moreover, since the number of transactions having low Trust Score will increase slowly on their sub-trees, this cause vulnerability because hackers are easily to temper with them by creating a group of false transactions having longer subsequent transactions. At last, there is no “global time” in tangle, which is indispensable to enable smart contract on DAG. Many tangle projects will invent a sophisticated algorithm to calculate a “Master Chain” in the DAG, but this is also error-prone and increases the complexity of design. 

Vite doesn’t take tangle as the DAG ledger, but chooses “block-lattice”, a well-structured DAG ledger where every account has its own chain, aka “Account Chain”, and every smart contract has a “Contract Chain”. This design guarantees the order of transactions in the account, and is essential for smart contract. This design is clear and lightweight by decoupling the complexity of roll-back handling and expanding scalability. Vite also has a Snapshot Chain. The snapshot chain takes “Snapshots” from DAG ledger every second, and is responsible for the final confirmation of the DAG. The Snapshot Chain provides a global time, and solved the vulnerability of the DAG.

 

Cryptodiffer Community

Can you tell me THREE things that I should vote for VITE in this Binance Voting Round?

Richard Yan
COO

To summarize:

 

1. Better release curve (we release about 12% in the next two years, vs. 300-400% of COTI). Our circulating supply is about 50% whereas competitor’s supply is, I believe, less than 20%.  We preserve value for our investors in a much stronger fashion.

2. In terms of product and tech: We have a significantly wider scope of offering, have a super scalable DEX handling up to (peak time) hundreds of BTC on daily basis, and can name real merchants for our payment network; in github, our stars and forks are high (indicators of dev interest), but COTI is nearly zero in these aspects. The amount of dev activity for us is consistent and active; the same metric has been much lower, and is near zero for COTI in last month (it’s possible they are building in private repo — but we are fully open source and that’s yet another advantage and better alignment with blockchain ethos)

3. Having achieved substantive milestones with real customers and working apps, we look forward to a 2020 full of new deliverables: Vite 2.0 – our answer to Cosmos – an interoperable public blockchain where each app can have its own chain and get assets issued on them to be exchanged in a non-custodial manner; VitePlus – blockchain as a service for government/enterprises; ViteFi – DeFi + Vite, starting with borrow/lend on our mobile wallet

Cryptodiffer Community

China’s President Xi Jinping called for greater levels of research and investment into blockchain during a meeting in October. We all know blockchain has huge potential, and which industries do ViTe think are more conducive to development of blockchain?

Chris Li
CSO

In our roadmap, we will build Vite Plus, which is a blockchain for enterprise and government. Right now we are looking into use cases of Intellectual Property, supply chain, sharing database, etc.

 

We have done the first pilot project with city of Syracuse in New York to put donation system on blockchain and tokenize their city coin.

 

Cryptodiffer Community

What is the main aim of team by introducing VITE 2.0, VITE PLUS and VITEFi.? Is they related each other?

Chris Li
CSO

Yes. They are all part of Vite ecosystem. Vite 2.0 is the next version of Vite public chain. Vite Plus is our solution for enterprises and government. ViteFi is the feature for retail customer, which is users of our wallet: https://app.vite.net/

Cryptodiffer Community

With more and more DAG public chains appearing in the market, what advantages does Vite have over other DAG public chains?

Chris Li
CSO

DAG comes in many flavors. The basic form is “tangle”. New transactions append to the tangle under a parent selection algorithm. However, it’s error-prone, especially in heavy usage scenarios. 

Vite doesn’t take tangle as the DAG ledger, but chooses “block-lattice”, a well-structured DAG ledger where every account has its own chain, aka “Account Chain”, and every smart contract has a “Contract Chain”. This design guarantees the order of transactions in the account, and is essential for smart contract. This design is clear and lightweight by decoupling the complexity of roll-back handling and expanding scalability. Vite also has a Snapshot Chain. The snapshot chain takes “Snapshots” from DAG ledger every second, and is responsible for the final confirmation of the DAG. The Snapshot Chain provides a global time, and solved the vulnerability of the DAG.

 

Cryptodiffer Community

Vite has created its own dex, but dexes become illiquid in the long run, how are you planning on not getting ur dex in the long run illiquid?

Richard Yan
COO

The world will move toward decentralization, with exchanges leading the way.

And currently – DEX have three problems: Slow trading speeds, high transaction costs and low liquidity. First two are results of the under-performance of the underlying chain. Both problems are solved with Vite.

Poor liquidity is an issue of not having first-mover advantage. With centralized exchanges continuously getting hacked (at least 10 instances in the last two quarters), and the rise of DeFi that fits neatly into DEXs (because they both appeal to users with a bias for decentralization), we should see more interest in DEXes.

Another trend is industry consolidation. More DEXes will disappear for not being able to maintain businesses. This creates room for last DEXes standing.

Lastly – Vite will try to onboard quality operators, who will in turn autonomously list coins and set trading fees. We already see initial success with some gateways that attracted great coins with great community that were not big enough to get large exchange’s attention. We will keep growing this group of coins to be listed with operators on our DEX.

 

Cryptodiffer Community

Is establishing a partnership with fereum project the first step of vite entering Africa market?

Richard Yan
COO

Great question. We started exploring the Africa angle prior to partnership with Ferreum. It was coincidental to have met them at the Abuja conference. But we look forward to the co-listing and further collab!

 

Cryptodiffer Community

Finding real world blockchain uses cases has always been a concern for everyone. What specific applications does Vite hope to address?

Richard Yan
COO

Storage of value, transfer of value, speculation of value – mult-chain wallet, VitePay, DEX, respectively

Also VitePlus – serving governments and enterprises with blockchain-as-a-service

Cryptodiffer Community

It is common for project teams to issue their own tokens on other blockchains, such as Ethereum (ERC-20 and ERC-223 tokens) and NEO (NEP-5 token), so as to gather funds and attract miners.

so:

Are you having Mainnet Swap?

Chris Li
CSO

We issued ERC20 in June 2018 because we were raising private sale round. And I think so were many other projects that issued tokens on Ethereum. So it’s not for attracting miner. We started to swap since Nov 2018 when we launched our Testnet and until we launched Mainnet in Sept 2019, 88% of VITE ERC20 had swapped to our Mainnet coin.

Cryptodiffer Community

What is Snapshot chain technology and how does it solve DAG’s security flaw?

Richard Yan
COO

Snapshot chain is the global consensus group that confirms transactions. In the event that account chains have been compromised and the first layer of full node verification was ineffective, the snapshot chain steps in and deals with the problem

Cryptodiffer Community

What’s the main differences between Ethereums solidity and other blockchains when comparing to Vite’s solidity?

Richard Yan
COO

We developed Solidity++, which is an extension of Solidity. The main improvement is support of asynchronous syntax.

Solidity++ is more powerful because it supports asynchornous message transfer between contracts. Problems like the re-entry bug on ETH will not happen with Vite as a result.

Because Vite transactions are free, deployment and usage of contracts is cheaper on Vite. For Solidity developers, because Solidity++ supports most of Solidity syntax, Dapps developed with solidity++ can be easily ported to Solidity.

For non-Solidity devs, we have a complete Dapp toolkit, including code display, local deployment and testing, testnet wallet, vitejs, and java sdk.

Cryptodiffer Community

You just recently partnered with Ferrum network. How will this partnership benefit Vite and we the holders?

Chris Li
CSO

Yes Ferrum is our good friend. We will do co-listing as announced. FRM will be on ViteX and VITE will be in their wallet and exchange. It will provide more users for both of us and show progress to both of our community in the long run.

Cryptodiffer Community

What are the advantages of the HDPOS consensus mechanism that VITE uses. What is it different from POS, BFT,…?

Chris Li
CSO

HDPOS has two levels of consenus, local and global. 

At local level, each user account has its own chain and full nodes verify its transactions; each smart contract account has its own chain, and has a Delegated Consensus Group that determines the state of smart contracts.

At global level, snapshot chain is an overall ledger of all chains at the local level; though it does not store the whole ledger, it stores key information such as account balances and roots of Merkle Trees of smart contract states. 

The snapshot chain is being maintained by Snapshot Block Producers (SBP), the top 25 voting supernodes.

Cryptodiffer Community

What is the SBP reward? 200M vite locked after 2 years will be unlocked. So next time, if Vite develops well and is stable, are you going to burn coins to increase Vite value?

Richard Yan
COO

SBP reward is the annual 30M VITE (roughly 3% of total supply) awarded to the supernodes in the global consensus group.

Yes the team tokens of ~20% will be released after two years – this has been effectively delayed for even stronger incentive alignment. But with steady development, we expect the value to accrue for current investors and that increase after a long time will still net positive value for investors despite the dilution.

We already burned a significant amount of VITE (and VX for our exchange) – https://medium.com/vitelabs/70-million-vx-and-4-million-vite-will-be-burned-with-important-upgrade-for-vitex-9c766d5a3de

Cryptodiffer Community

I am holding 10 votes now.. Can you convince me why should i vote you?

Richard Yan
COO

To take answers from a previous question – these are the three reasons:

1. Better release curve (we release about 12% in the next two years, vs. 300-400% of COTI). Our circulating supply is about 50% whereas competitor’s supply is, I believe, less than 20%.  We preserve value for our investors in a much stronger fashion.

2. In terms of product and tech: We have a significantly wider scope of offering, have a super scalable DEX handling up to (peak time) hundreds of BTC on daily basis, and can name real merchants for our payment network; in github, our stars and forks are high (indicators of dev interest), but COTI is nearly zero in these aspects. The amount of dev activity for us is consistent and active; the same metric has been much lower, and is near zero for COTI in last month (it’s possible they are building in private repo — but we are fully open source and that’s yet another advantage and better alignment with blockchain ethos)

3. Having achieved substantive milestones with real customers and working apps, we look forward to a 2020 full of new deliverables: Vite 2.0 – our answer to Cosmos – an interoperable public blockchain where each app can have its own chain and get assets issued on them to be exchanged in a non-custodial manner; VitePlus – blockchain as a service for government/enterprises; ViteFi – DeFi + Vite, starting with borrow/lend on our mobile wallet.

Video AMA recorded by yours truly yesterday: https://www.youtube.com/watch?v=PB9eK7-Edto

Cryptodiffer Community

For each project, community factors contribute to the success of the project. Do you have any plans for long-term community development?

Chris Li
CSO

Yes community is a very important part of us. We have over 15 different local groups with community of over 30,000 people. We will keep expanding in the future, hold more campaign, and most importantly, keep beating our roadmap. We believe making a useful product is the best for our whole community.

Cryptodiffer TEAM

It was a pleasure to conduct an AMA with Vite!!!

Thanks for your time @Chris_KhunSir @yanl1984  let’s finish the ama

Richard Yan
COO

Thanks so much, CryptoDiffer community!

 

Chris Li
CSO

Thank you @cryptodiffer_admin for hosting! Thanks everyone for joining us! Please vote for Vite if you bold BNB in the community vote!!!

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