At the time of its release, Ethereum became very popular thanks to smart contracts. Most ICOs are held on Ethereum blockchain which helps cultivate future competitors. The platform called Vite is different from those kinds of projects because developers will not be launching the usual ICO.
Funds have already been obtained from private investors including Bitmain, LinkVC and Starwin Capital. At first glance, the project has many advantages and no disadvantages. Let’s try to figure out whether this is true.
Vite concept and features
Vite (https://www.vite.org) positions itself as a new generation blockchain for dApps. In our nOS ICO review we got news that they also plans the development of dApps on their OS.
The developers plan to solve the key problems of cryptocurrencies associated with the lack of scalability by introducing the new design of smart contracts, consensus algorithm and asynchronous architecture. High network bandwidth will allow conducting transactions quickly and without delay. It will become possible thanks to:
- Introduction of an asynchronous design of smart contracts. Its action splits into two transactions – sending and receiving, which will not occur simultaneously. Each smart contract is a separate service. The contracts will exchange messages without sharing their state.
- The application of a similarity principle to the transaction – Vite will group the transactions into pairs on the principle of request-response. Recording and validation will happen asynchronously. Thanks to this, transactions will be recorded evenly, which will increase the network bandwidth. The start of a transaction changes the status of the user account. The platform will simply not allow the user to make subsequent transactions until the current one is complete. This means that the user will not block other transactions with a large number of transactions.
- Improved messages architecture which eliminates their limitations. Smart contracts “communicate” with each other through messages that use asynchronous design.
Changes made by developers differentiate Vite platform from Ethereum and despite similar semantics of programming languages, their smart contracts are not compatible. But developers will be able to port decentralized applications from Ethereum to Vite platform without much effort because they are almost identical.
Vite will become an ideal place to exchange assets as it is also a decentralized exchange. The platform will support the release of digital assets and their transfer between different blockchains. Ordinary users will save on commissions thanks to the network architecture focused on industrial applications.
Vite project team
Despite the young age of the team members, there are some blockchain veterans among them:
- Chunming Liu – For simplicity he posted his name on the project’s website as Charles. He graduated from two higher education institutions in China, worked as a senior architect in JD.com and is a co-founder of Coinport.
- Richard Yan – The Wolf of Wall Street. University of New York graduate. He worked as a strategist for MBS trading at Goldman Sachs and held a Vice President position at Two Sigma.
- Frank Deng – He is graduate of Tsinghua University in China. Worked as an Account Manager at Google and is currently the CEO of two companies in China.
- Ming Wu – The scientist. He is a graduate of two universities in China. Works as a SRM at the Microsoft Research Institute. He writes scientific papers on decentralized systems and artificial intelligence.
- Daniel Wang – Experienced blockchain entrepreneur. Graduate of China University of Science and Technology and Arizona State University. The founder of Looping. Worked as a Tech Lead at Google.
- Li Zhang – Senior blockchain practitioner and investor. Worked at Huobi as a business officer.
- Terence Lam – Veteran investor. Graduated from Harvard Business School. Has more than twenty years of experience as a STM at Global 500 companies.
Development plans and Vite ICO
Vite is positioned as a long-term project. The developers plan to move slowly but surely along their Roadmap. As of July 2018 White Paper has already been published, the official website has been launched, a Roadmap has been developed and the development of the platform has begun. By the end of 2018, they plan to release the alpha version of the platform core, Vite SDK and blockchain browser, as well as work on the consensus algorithm and the release of assets.
In 2019 it is planned to release Vite client for PC, the alpha version of the mobile application, work on the beta version of Vite Core, including smart contracts, documentation and the compiler of the programming language as well as Ethereum cross-chain gateway and Loopring. Later they plan to optimize all components of the system. In November 2019 they plan to launch the test network.
In January 2020 Vite team plans to release the first full version and start development of the platform ecosystem.
Conclusion on Vite ICO
Platform developers combine the performance of DAG-Ledger with the functionality of smart contracts using a programming language that is very similar to Solidity. Developers of decentralized applications will be attracted by the advantages of the new platform and the similarity of Solidity and Solidity++ will facilitate the transition of decentralized applications from the Ethereum blockchain. So if Ethereum developers will not solve current problems of their network then Vite platform threatens to take away their userbase.
The fact that there will not be a crowdsale will upset potential investors. On the other hand, the project already has funds to work on the development. Thanks to this, a small but experienced team of developers will be able to cope with the task at hand. Vite has a lot of competitors who want to create a new blockchain and take Ethereum’s crown. The future will show which one of them will finish their innovative development first.