Analysis News

Vite (VITE) ICO Review: Public Platform For Industrial dApps

Vite is announced as a next generation high-performance decentralized application platform.

Idea

Vite is a «Reactive Blockchain» that adopts a message-driven, asynchronous architecture and a DAG-based ledger. The goal is to provide a reliable public platform for industrial dApps, with features of ultra-high throughput and scalability.

Main benefits that Vite announce are:

  • Ultra High Performance
  • Reactive Contract
  • Integrated Decentralized Ecosystem

Ultra High Performance is based on DAG Ledger and asynchronous architecture. This last – asynchronous architecture is the most important innovation of Vite. The main asynchronous characteristics are:

  • Asynchronous model of requests and responses
  • Asynchronous model of writing and confirmation of transactions
  • Asynchronous model of communications between contracts

As for DAG Ledger – Vite makes use of a DAG ledger structure called block-lattice, which has far better performance than the traditional blockchain structure.

Vite’s consensus algorithm, called HDPoS, is a hierarchical consensus algorithm with low latency and high scalability.

In order to accommodate the existing ecosystem, the Vite virtual machine maintains maximum compatibility with EVM, while providing a more powerful smart contract language, which we call Solidity++.

Vite’s original quota-based resource model and resource-leasing function ensure that system resources get allocated with maximum efficiency. Commercial Heavy users can be guaranteed sufficient quotas, while lightweight users do not have to pay commissions.

Vite’s design of token issuing, token exchanging via loopring protocol and cross-chain protocol constitutes a complete closed-loop value system. Users can conveniently issue, store and exchange their digital assets in Vite system.

In the future, Vite’s mobile app will come with an HTML5 engine for creating dApplets (Decentralized Applets). Smart contracts on the Vite platform and corresponding SDK support will make it easy to develop and deploy dApps on Vite.

What are the benefits in practice

Generally the project team tries to improve the existing decisions as for throughput, delay, scalability, usability and smart contracts.

High throughput with DAG ledger structure means that the orthogonal transaction can be written in parallel to the book. And multiple conconsensus groups do not depend on each other in the HDPoS consensus algorithm, and can work in parallel. Vite’s inter contract communication is based on the asynchronous model of the message

Low delay is reached with HDPoS consensus algorithm to collaborate to complete the rotation production block through the proxy node, without PoW. The block interval can be reduced to 1 second.

Scalability will occur due to grouping the transactions in the account according to the account dimension, allowing the block production of different accounts to be completed by different nodes. Nodes no longer save all the state of the world, and the data are saved in the entire distributed network in sharding mode

Usability is improved by providing standard library support in Solidity++, dedicated to processing message syntax, timing scheduling of contract, VNS naming services, support of contract upgrading, and so on.

Value circulation is better due to fact that Vite supports digital asset issuance, cross chain value transfer, token exchange based on Loopring protocol. From the user’s point of view, Vite is a fully functional decentralized exchange.

Economy is a benefit for users. Because Vite adopts quota based resource allocation model, lightweight users who do not trade frequently do not have to pay high fees or gas charges. Users can choose a variety of ways to change the calculation. Extra quota can also be transferred to other users through quota leasing agreement to improve the efficiency of system resource utilization.

So – true decentralized exchange with high throughput, low delay, user friendly smart contracts and complete value system – this is Vite. Plus – compatibility with Ethereum as for smart contracts and Ethereum Virtual Machine.

Tokenomics

TOKEN SALE: PERIOD ISN’T SET

Ticker: VITE

Token type: OWN WALLET

ICO Token Price: 1 VITE = 0.0620 USD (0.00014286 ETH)

Fundraising Goal: 26,000,000 USD (60,000 ETH)

Total Tokens: 1,000,000,000

Roadmap

Feb 2018 – Initiation of Project

June 2018 – Beginning of Vite Core’s R&D

Oct 2018 – Vite Core alpha

Dec 2018 – Vite Core beta M1: Trading / Issuance of assets / Hierarchical consensus algorithm / Snapshot chain; Release Vite SDK; Vite Blockchain browser

Jan 2019 – Desktop client of Vite

Feb 2019 – Alpha version of Vite mobile app

April 2019 – Vite Core beta M2: Smart Contract / Solidity++ Compiler / Smart Contract API Documentation

Feb 2020 – Kickoff of plan for ecosystem development in Vite

 

Core team and advisors

Charles (Liu Chunming)- veteran blockchain entrepreneur and technical expert. Graduated from China University of Science and Technology and the Institute of Software of the Chinese Academy of Sciences. Former senior architect of JD.com, co-founder of Coinport, and engineering director of Meituan Dianping. Abundant experience in distributed systems and high concurrency systems.

Richard Yan – seasoned Wall Street professional. Graduated B.A. from Dartmouth College and MBA from New York University. Previously structured product trading strategist at Goldman Sachs and Vice President of Two Sigma’s high-frequency platform and Business Innovation & Growth group.

Frank Deng – Expert in digital and mobile marketing. Graduated from Tsinghua University. Served in Google Ads Operations Group, COO of Suizong Technology and co-founder of Yunke Technology.

Terence Lam – seems to be the advisor of the project. He is “veteran investor”. Graduated from Harvard Business School. Partner of Zhizi Blockchain Investment Fund. Adjust professor of SPACE China business school at Hong Kong University. 20+ years’ experience as senior technical manager at Global 500 companies. Started many technology startups.

Investors

The list of investors is pretty long. It includes principally crypto funs from Asia, Hong Kong, Singapore. But strange that it is headed by Bitmain Technologies known as developer of bitcoin miners using Bitmain’s ASIC chip technology. On the firs lines are too: Node Capital -a venture company focusing on blockchain industry; OK Blockchain Capital (OKEX).

Conclusions

The project appears to be serious, with a well-developed mathematical apparatus. Its general charm is that it does not try to make scientific discoveries, but uses in practice already known improvements in existing technologies in blockchain.

This is appreciated by institutional investors – their list looks impressive. And their support means that the project will be developing.

This is also indicated by the well-developed Roadmap, which is prescribed until 2020.

The most important parameter of any project is the team – Vite also looks good from that point. There are not random people gathered, all of them are with a positive background and certain achievements.

The distribution of tokens and the use of funds are very attractive. Little on marketing and hype, a lot on the R&D and Ecology Fund.

The claim to create a complete ecosystem with its own wallet when it is open to other chains is also a plus.

Of the minuses – only a technical Whitepaper. And it is not very clear who are in the board of advisors.

There is an assumption that the project will hold an airdrop. Although, taking into account the hype, this would not be economically justified.

Obviously, the token will grow from the ICO price – if it will be ICO. And the more interesting, if the airdrop will take place.

Coinstelegram Rating: High.