What is Vite Network? A DAG-Based Smart-Contract Platform for Fast Transactions at Zero Fees, secured by Snapshot Chain technology. Vite mainnet launched on 25th September 2019 and powers the ViteX decentralized exchange.
Bitesize Vite (VITE) Overview:
- Vite is a DAG-Based Smart-Contract Platform for Fast Transactions. A Directed Acyclic Graph (DAG) blockchain enables users to enjoy zero fees transactions.
- VITE does this with a unique concept known as a Snapshot Chain structure which uses a unique consensus model. The consensus model is Hierarchical-delegated-Proof-of-Stake (“HDPoS”).
- Vite virtual machine uses Solidity++ (what powers smart contracts) is fully compatible with Ethereum’s EVM. Thus, any DeFi apps and DApps on ETH are compatible with Vite Network.
- The Vite team has deployed three products on the Vite network: (1) a decentralized exchange ViteX, (2) VitePay a payment platform, and (3) a blockchain solution for large enterprises called VitePlus.
- Like many smart contract or staking platforms, VITE token will deploy and interact with Dapps along with initiating transactions. Holders can also use VITE to participate in the consensus model and vote on block producers.
VITE Token Key Metrics
- Recent Price: $0.026 (Check now)
- Current Trend: +74% last 30 days (05/08/2020)
- Market Cap: $11.9M
- Circulating Supply: 468,849,087
- Total Supply: 1,001,420,198
- All Time High: $0.115 (18/07/2018)
- All Time Low: $0.00533 (13/03/2020)
What is the VITE token?
VITE is the platform’s native token for interacting with smart contracts and making token transactions. However, it is different compared to Proof-of-Work chains such as Bitcoin or Ethereum. Because, users do not spend VITE to pay for transactions. Users on the Vite network need to stake their VITE for a transaction quota. There is no need to spend coins as gas costs. Namely, Vite is not like other blockchain ledgers, the team has built a Directed Acyclic Graph (DAG) based smart-contract platform. Which enables zero-fee transactions and increase transaction speed. VITE is also used to vote on Snapshot Block Producers, important for the network’s consensus model (more on that below!). Lastly, a VITE staker that has unused transaction quota can lease that quota to other projects. Meaning you can receive additional rewards such as the DApps’ native token.
What is a DAG (Directed Acyclic Graph)?
Blockchains allow one to track and verify any record stored in the ledger’s history. Hence when thinking about the data structure, you can think of Blockchains like a simple linked list. Each transaction on Bitcoin or Ethereum (and many other networks) follows the previous one. It holds a reference to the previous, which is how we build a chain. The important part to understand is that the sequence of digital events remains linear. A DAG operates differently, the data structure looks more like a flow chart that only moves in one direction. Therefore it is easier to think of a DAG being tree-like. The word Acyclic just means that nodes cannot refer back to themselves for verification.
The idea is that all network participants connect to each other. However, there are no blocks or miners because the two closest nodes verify the transactions themselves. Without miners and transaction costs, the network becomes much more scalable by default. Scalability is a major concern for growing smart contract capable blockchains, DAG technology provides a solution for this. Furthermore, DAG-based systems are faster than PoW chains with Vite’s TPS being in the hundreds of thousands.
Is Vite Network secure?
Vite uses a ledger structure known as block-lattice. It is true that a DAG-based data structure does inherent deficiencies in security. Firstly, transactions are grouped by accounts that only exist on their account-chain. Secondly, transactions issued by other users will not be appended onto this chain automatically. If a user stops producing new transactions then his/her account chain will no longer grow. In conclusion, the rollback probability of their transactions will not decrease over time. This is a security concern.
Vite uses its invention Snapshot Chain technology to address this issue through a HDPoS consensus model. Snapshot Chain is an independent chain built off snapshots blocks of the Vite network status. It records the latest account balances and the hash of the latest block in each account-chain, thus removing rollback concerns.
What is Hierarchical-delegated-Proof-of-Stake (HDPoS)?
It is a multi-tier dPoS algorithm, the top-level consensus prevents all transactions from tampering. The Snapshot Consensus Group deals with gaurenting top-level consensus. The Delegated Consensus Group and Private Consensus Group deal with verification at the smart contract level and user account level respectively. Therefore, transactions can always happen at high speeds. To incentivize participation in consensus supernodes can receive staking rewards.
Vite Networks’s Products
ViteX – a decentralized exchange that currently supports over 40+ different trading pairs. The platform sees on average over $1M daily trading volume. This may not sound like much compared to centralized platforms such as Binance. However, for a DEX these are some impressive numbers. ViteX is unique as it has an on-chain order book and matching engine. Whereas, most DEXs cannot provide order matching when their books are on-chain.
VitePay – a product intended for merchants as a fast and feeless payment solution and integrates flawlessly with Vite wallet. The idea is to build an ecosystem where users and merchants can make/receive payments with instant settlements and zero fees. VitePay also works online, being integrated with OpenCart (an e-commerce solution).
VitePlus – a Vite-based blockchain solution for governments or large enterprises. You could compare it to a business platform such as UniBright aimed at onboarding companies. The idea is to bring blockchain adoption forward without incurring massive overhead costs. For example, Vite has developed an application for the Syracuse government called SyraCoin. It rewards city housing fund donors with blockchain-based coupons that they can then redeem for certain services (within the city).
How will VITE Token grow?
- ViteX will soon be able to provide zero-fee conversions for wrapped stablecoins. An exciting, game-changing new feature for the platform. No other DEX provides zero-fee stablecoin conversion.
- One-step DEX deployment is already live. Beyond, ecosystem grants during Q3 will attract more teams to start using the tech. Thus we will have more DEXs powered by VITE technology.
- The team has pledged to continuously list new coins on ViteX. Thereby, bootstrapping liquidity, and building community links through the new listings.
- ViteX SDK (what developers use to build DEXs on VITE) is due for an update that will enable multiple programming languages. Theoretically, will make it easier to work with and more accessible.
- Vite HD Wallet is due to update that will allow users to store and manage their Bitcoin. This will allow Vite Wallet to capture BTC users who are currently outside of the Vite ecosystem.
- Additional order types to allow ViteX more trading strategies. Such as, market order, immediate or cancel order (IOC), and Fill or Kill (FOK).
- Third party algo-trading projects will integrate with ViteX. No projects have been announced as of yet so keep your eyes peeled for announcements. We would suspect support for a open source trading bot such as Hummingbot.
- Development outlines of the Vite 2.0 decentralized gateway which will enable users to transfer assets cross-chain. These bridges will allow Vite to tap into value and liquidity found on other blockchain ecosystems.
Stay safe and trade well!