Vite is a general-purpose platform for decentralized applications. It is designed to support industrial-strength applications by offering high throughput, low latency and scalability while also providing security.
The Vite team are dedicated to addressing current performance and scalability issues of infrastructural chains, so that truly practical applications with high-frequency data requirements can be built in a blockchain framework.
Currently we have launched on BITTREX and OKEX exchanges, we are also in contact with other exchanges. Stay tuned.
Our official account: vitelabs
The biggest innovation is the asynchronous design, which can be understood in three aspects:
First, we are introducing the concept of asynchronous design into smart contracts. The Nano project (one of three well-known chains that use DAG) separates a transfer action into a send and a receive transaction. We are building upon this mechanism, and will separate the call and the response of a smart contract, so they can take place asynchronously.
Second, the writing and verification of a transaction also happen asynchronously in Vite. In traditional blockchain setup (e.g., Bitcoin), the speed of writing transactions into a ledger is limited by the speed of packing. 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.
Third, calls between contracts will also happen asynchronously in Vite. The calls between smart contracts in Ethereum are implemented through messaging (aka insider transactions); and the calls either all succeed or all fail, as per an atomic ACID semantic. To solve for this bottleneck in performance, we take a page from well-developed solutions in centralized Internet technologies, and will make use of a message-driven architecture. As such, contracts do not share states and communicate via messages.
Unfortunately, these calls are not compatible with Vite. Synchronous calls need to be changed to asynchronous calls to work in Vite.
On a high level, the differences are similar to those of C and C++. In basic syntax, the two languages are largely compatible. The largest difference is in the synchronous (Ethereum) vs asynchronous (Vite) calls as mentioned earlier.
In addition, a series of standard libraries, such as string manipulation, floating-point operations, basic mathematical operations, containers, and sorting will be provided in Solidity++.
Vite will provide Solidity++ contract language and a complete SDK to reduce the cost of asynchronous programming.
After rigorous research, we find that in practical use cases, strong consistency semantics can be replaced by BASE semantics. Since the HDPoS consensus algorithm of Vite can guarantee transaction confirmation within 1 second, any potential latency increase is still under control.
Vite employs a ledger structure called block-lattice. Each account corresponds to a blockchain and each transaction refers to the hash of the previous transaction in the account. Transactions are divided into two types: "request transactions" and "response transactions.” A response transaction needs to quote the corresponding hash of the request transaction.
The DAG structure has an inherent deficiency in security. This is because transactions are grouped by accounts, and each transaction is only attached to the chain associated with the relevant account. Transactions generated by other accounts do not automatically become the subsequent nodes of the previous transaction. Therefore, for some transactions, the rollback probability will not drop over time. The Snapshot chain technology is meant to address this issue.
Yes. Vite will support value transfers between different chains but not other inter-chain functions such as message transfers or smart contract calls between chains.
Yes, one of Vite’s goals is to reduce the cost of porting over dApps from Ethereum. Vite tries to maximize compatibility with EVM.
Vite won’t support mobile. There are no current plans to support other languages. In the future, we will set up a VM Lab to continue research in smart contract language and virtual machine. We welcome participation from experts in these areas.
Vite has taken Solidity's problems into account and has adopted countermeasures when designing smart contracts. These operational improvements are seen within our Solidity++ language. One of those improvements, for example, would be the incorporation of a series of standard libraries. This serves a dual purpose of increasing security protection while simplifying programming complexity. Because Solidity++ inter-contract calls rely on asynchronous architecture, the attacks facilitated by contract synchronous calls are inherently prevented. The classic Ethereum example of a "reentrancy attack" scenario is not applicable in Vite's case. Vite will implement contractual formal verification technology to tackle smart contract development and we are considering offering a smart contract solution based on WASM. In short, we present users with a variety of solution-based options.
Currently, public chain technology is still in its early stage of development. There is still a long ways to go before the industry matures. We will be open-minded when it comes to working with other teams to promote the development of public chain technology. In the future, the competition within the public chain sphere will evolve into ecosystem development. Vite will develop an ecosystem layout, contributing to the applications of blockchain technology.
The amount of one billion tokens demonstrates initial circulation. Mining rewards are generated from additional token issuance: the inflation. As the system becomes widely used, tokens will continue to be burned. We hope that the circulation of tokens will attain the dynamic balance needed.
Vite's asset issuance is similar to ERC20, but in other ways it is different. ERC20 is a specification, but not a part of the Ethereum protocol. The issuance of new tokens with Ethereum requires the user to develop and deploy a smart contract. Token balance is maintained by the state of the contract. If contract development is flawed, security risks surface. For example, if a user forgets to refer to the SaftMath library, an overflow may occur. Vite token is built into the Vite protocol. The token balance is maintained in the state of the user's account. The new token and the Vite native token share the same underlying protocol thus bringing the same measure of security to the new token and native token. When a user decides to issue a new token in Vite, all they need to do is initiate a transaction. The transaction then puts the new token parameters in the transaction data. The fact that our network does not require smart contract writing inherently leaves less room for bug generation to occur.
Currently, the VITE ERC20 token address hosted on Ethereum's platform is https: //etherscan.io/token/0x1b793E49237758dBD8b752AFC9Eb4b329d5Da016, when Vite MainNet is launched, all of the ERC20 VITE tokens will be migrated to Vite MainNet tokens at a 1:1 ratio.
Vite's consensus mechanism is similar to EOS's. It generates 25 snapshot block producers through the DPoS algorithm. The block producers, in turn, receive mining rewards.