Vite is one of the 2000+ crypto projects floating around on CoinMarketCap right now. In order to get to know how this project is any different than the rest, BlockPublisher got in touch with the Engineering Director of Vite International, Allen Liu.
The following Q&A with Allen gives one a clear-cut insight into the project. Here’s what the project is all about.
- What is Vite’s long-term vision?
Allen: “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.”
- What consensus algorithm is used at its core and why?
Allen: “The consensus is HDPoS(Hierarchical Delegated Proof of Stake). In general, consider it as a multi-module DPoS algorithm where each module represents an independent DPoS consensus implementation. In Vite system, there are multiple private consensus groups, multiple delegated consensus groups and one snapshot consensus group. Each private consensus group is responsible for the consensus on a specific user account blockchain. Delegated consensus groups handle consensus on smart contracts and logical consortium chains. The consensus reached in private consensus groups and delegated consensus groups should yield to the consensus in snapshot consensus group, which is in charge of the consensus on the entire network. Compared to original DPoS, this algorithm has the advantage of maximum flexibility and, in essence, better performance.”
- What products are present in the Vite ecosystem as of now?
Allen: “We have Vite TestNet, Vite wallet products(web wallet, iOS wallet and desktop wallet), Vite block explorer and VitePay(having ViteStore built on) available now.”
- What is the project’s main focus right now?
Allen: “Vite MainNet will be launched in the first half of 2019, almost one year ahead of original schedule. The MainNet has the fully functional Vite smart contract and Solidity++, the smart contract programming language and its compiler – this is our primary focus at [the] current time. In addition, Vite Android wallet, VitePay, Vite DEX and Vite cross-chain gateway will also be released in the beginning of next year.”
- Is the team local or global?
Allen: “Vite has a global team of 40 members, among them 35 persons are located in Beijing, including software engineers, QA, product managers, marketing&operation professionals and senior management. Also we have [a] Silicon Valley team in the US, with 5 people from BD, marketing to operation.”
- What is the target audience of the platform?
Allen: “We are not particularly focusing on some certain type of users. Actually, we are building a high-performance and secure blockchain system with a wholesome ecosystem, which shall meet different purposes of different kind of users from industry to commerce, and from individual to enterprise. For example, VitePay serves both individual customer and retail seller with nearly instant (in 1s) transaction settlement and zero fee; Vite dApp games may attract interests of younger people; the fast ledger and consensus algorithm could satisfy most of [the] industrial demands; logical consortium chain solution could allow 3rd party company/institution to implement consortium chain on Vite network.”
It seems like Vite is trying to establish a full fledge blockchain ecosystem on its own. With its mainnet launch almost one year ahead of its original launch, it sure looks like that the project is on the right track in terms of its development.
The crypto space is saturated with different blockchain-based platforms right now, with most of them providing the same redundant services. It is not likely that all the projects looming around on CoinMarketCap will survive. Let’s see how Vite tackles the trials of time with all the services and products that it offers to the users in the crypto space.
You can read more about the project here.