Vite is a generalised decentralized application platform that meets the requirements of industrial applications for high throughput, low latency and scalability while taking into account security. Vite uses DAG ledger structure, and transactions in ledgers are grouped by accounts. The Snapshot Chain structure in Vite can make up for the lack of security of the DAG ledger. The HDPoS consensus algorithm, through which writing and confirming of transactions are asynchronous, provides high performance and scalability. The Vite VM is compatible with EVM, and the smart contract language extended from Solidity, providing more powerful ability of description. In addition, an important improvement in Vite design is the adoption of a asynchronous Event Driven Architecture, which transmits information through messages between smart contracts, which greatly improves system throughput and scalability. In addition to built-in native tokens, Vite also supports users to issue their own digital assets, and also provides cross chain value transfer and exchange based on Loopring Protocol. Vite realizes resource allocation by quotas, and light users do not have to pay transaction fees. Vite also supports contract scheduling, name service, contract update, block pruning and other features.
Features & Highlights
Vite makes use of a DAG ledger structure called block-lattice, which has far better performance than the traditional blockchain structure. To make up for the inherent security deficiency of the DAG structure, Vite incorporates the Snapshot Chain technology.
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 they 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.
Token Sale & Economics
- Project website: https://www.vite.org/
- Project whitepaper: https://github.com/vitelabs/whitepaper/blob/master/vite_en.pdf
- Token sale start time: TBA
- Ticker: VITE
- Token type: Own Wallet
- Total hard cap: 60,000 ETH
- Total supply: 1,000,000,000 VITE
- Public sale allocation: 400,000,000 VITE
Token Utility & Use Cases
Transaction quotas: The VITE tokens are primarily used to quantify the amount of computing and storage resources on the Vite platform. The more Vite tokens held by a user, the higher transaction quota he has. Users may lease unused transaction quotas for a profit.
Voting: VITE token holders have a number of votes proportional to their holdings in their decision to elect proxy nodes in snapshot consensus groups. The snapshot consensus group is the top-level consensus group of the system, which is responsible for verification of trading. The group consists of 25 nodes. Each time a snapshot block is generated, a number of forging rewards are granted, to incentivize node operations which improves the system’s robustness. Forged rewards come from additional offering of coins, with annual inflation rate no more than 3%.
Token removal: In some scenarios, Vite tokens are "burned" and removed from the system. Here are some examples: the temporary increase of quotas, the issuance of new tokens, the payment of cross-chain transfer fees and the payment for matching of looped transactions, the access to VNS naming services, and so on. The consumption of tokens will reduce Vite’s liquidity, thereby offsetting inflation. The growth of Vite’s ecosystem and the expansion of its user base will consistently drive the value of the Vite framework, and increase the value of Vite tokens accordingly.
Roadmap & Updates
- February 2018
- Project Initiation
- April 2018
- White Paper Completion
- May 2018
- Private Sale Fundraise
- Official Website
- Founding Team
- June 2018
- R&D Team
- Core Technology Development
- August 2018
- go-vite 0.1
- September 2018
- Web Wallet
- iOS Wallet
- Block Exploer
- October 2018
- Conversion of ERC20 VITE into VITE (56% of total token supply)
- November 2018
- Vite TestNet 1.0.0
- Snapshot Block Producer (SBP) Campaign
- December 2018
- Smart Contract/ Solidity++ Alpha Test
- Cross-Chain Gateway Alpha Test
- Multi-Token Wallet Alpha Test
- Decentralized Exchange (DEX) Alpha Test | View Forbes Article
- Website 2.0
- Official Forum Website
- Q1 2019
- Pre-MainNet Release
- Cross-Chain Gateway Open Beta Test
- DEX Open Beta Test
- Smart Contract/Solidity++ Open Beta Test
- Multi-Token Wallet Release
- Multi-VM (Virtual Machine) Support (EVM / WASM)
- Q2 2019
- Performance Optimization
- Timer-Triggered Smart Contract Scheduler
- Naming Service for Addresses
- Smart Contract Upgrades
- Q3 2019
- MainNet Release
- dApps (supported by mobile client application)
- Stable Coin Issuance on DEX
- Payment Fulfilment
- Q4 2019
- dApp Ecosystem Construction
Charles Liu, CEO, Veteran Blockchain Entrepreneur and Technical Expert. Standing Director at Blockchain Application Research Center of China. Graduated from University of Science and Technology of China and the Institute of Software. Chinese Academy of Sciences. Former Senior Architect of JD.com. Co-founder of Coinport. Engineering Director of Meituan Dianping. Extensive experience with distributed systems and high concurrency systems. Linkedin.
Frank Deng, Director of Vite Foundation, Seasoned expert in Digital and Mobile Marketing. Graduated from Tsinghua University. Previously held a strategic position for Google Ad Operations. Former CEO of Suizong Technology. Co-founder of Yunke Technology. Linkedin.
Leo Zhang, Co-founder, Seasoned Blockchain Investor and Senior Technical Expert. Previously led engineering efforts at Meituan-Dianping and Coinport. Linkedin.
Richard Yan, COO, Seasoned Wall Street Professional. Graduated with a B.A. from Dartmouth College and an MBA from New York University. Previously held roles as a Structured Product Trading Strategist at Goldman Sachs and Vice President of Two Sigma's high-frequency platform and Business Innovation & Growth group. Linkedin.
Allen Liu, Silicon Valley Technical Director, Senior Technical Specialist. Graduated from University of Science and Technology of China and Fudan University. Former HP Tech Lead. Former IBM Senior Architect and Product Manager. 10 years of experience working with high concurrency systems at multinational firms. Certified Scrum expert and Project Management Professional. Linkedin.
Luke Kim, CMO, Luke is a digital entrepreneur hailing from Seoul and Tokyo, currently based in California. Formerly, he was the Business Development Manager at City Innovate Foundation and SuperPublic CoLab at United Nations Plaza. He also held positions as Head of US Relations at European Innovation Academy and Director of Strategic Partnerships at Gateway Accelerator and VC. He is also a Co-founder of Startup Grind Berkeley, 3 Day Startup Berkeley, and Paladin Partners. Most recently, Luke worked on a crypto-asset fund and ICO for a Swiss asset management firm, while also channeling efforts into a tech accelerator for a South Korean startup. He holds a B.A. Bachelor of Art's degree in the Political Economy of Europe from University of California, Berkeley. Linkedin.
Chris Li, CSO, Chris is a seasoned practitioner in the blockchain industry. He has extensive experience in investing, business development, and business operations. He is the former Director of US Operations at GBiB. Chris has also worked for ZGC Capital, serving as an investment manager. His responsibilities at Zhongguancun Development Group were tied to and Silicon Valley incubator operations. Additionally, Chris has worked for a Wall Street-based incubator, taking a position with the Business Development and Investment team. Chris has a Master of Engineering degree from Lehigh University, with a focus Industrial Engineering. Linkedin.
Juliet Su, Operations Manager, Juliet got her degree in chemistry from the California Institute of Technology, where she conducted research at the Frances Arnold Lab (winner of 2018 Nobel Prize) using directed evolution to engineer proteins. Post-graduating, she decided chemistry was not quite right for her, and went on to explore the business world instead. She brings operating experience from a BioTech startup and from building a photography business. Linkedin.
Ada Zhu, Senior Researcher, Ada has previously worked in Tencent and JD and has over 5 years of experience in Machine Learning Algorithm Development and Big Data analytics.
Eric Wang, System Architect, Eric has previously worked with top IT firms in China, including Baidu. He is an expert in back-end services and data system development. He has experience with system architecture, designing systems that can process over 20,000 queries per second. Eric has also formerly led an engineering team of 15+ members, so he has management experience as well. GitHub.
Weichao Li, System Architect, Weichao has over 7 years of experience in back-end service architectural design. He has designed systems that process more than 20,000 queries per second. Linkedin.
Shan Wang, Back-End Developer, Shan has over 3 years of experience in IT development. He formerly worked for a well-known IT company in China. GitHub.
Tuprise Yuan, Back-End Developer, Tuprise has over 7 years of experience in back-end service development and architecture. He worked for a series of notable IT companies, including Yilong and Yaxin. Tuprise is a seasoned developer in Big Data Processing and high concurrency systems. GitHub.
Hubery Li, Back-End Developer, Hubery is a graduate of Xidian University, with over 5 years of experience in IT development. He previously worked for Tencent and Yuantiku. GitHub.
Rod Luo, Back-End Developer, Rod has over 5 years of experience in back-end design and development, previously working for a series of top-ranking IT firms in China. GitHub.
Alex Hu, Compiler Software Engineer, Alex has over 3 years of experience in back-end service development. He formerly worked as a back-end engineer for the well-known firm, Baidu. GitHub.
Liz Chen, VM Developer, Liz has over 3 years of experience in back-end service development. She formerly worked for a well-known IT company in China. GitHub.
Tiantao Zhu, Back-End Developer, Tiantao has over 4 years of experience in back-end service development, previously working for a select number of Chinese IT firms. GitHub.
Jerry Yin, Back-End Developer, Jerry has over 5 years of experience in back-end service development, previously working for a select number of Chinese IT firms. GitHub.
Jin Ge, Back-End Developer, Jin has 3 years of experience working in developing the Chinese Internet finance industry. GitHub.
Otis He, Back-End Developer, Otis has 3 years of experiences working on blockchain projects. He holds a Master's degree from Northeastern University. His academic research focused on blockchain technology and data storage studies. GitHub.
Stone Xia, iOS Developer, Stone has over 5 years of experience in iOS development, working with Chinese IT companies in the past. GitHub.
Logan Cao, iOS Developer, Logan has worked for 4 years in the iOS development field. He has previously developed 3 different applications, which have garnered hundreds of millions of daily active users. GitHub.
Shenyang Hao, iOS Developer, Shenyang has over 4 years of experience in iOS development, working for some popular IT companies in China. GitHub.
Tina Wang, Product Manager, Tina has 3 years of front-end development experience and 1 year of experience in PM. She graduated from Nanyang Technological University in Singapore, with a Master's of Science in Information Studies. Tina has previously worked at technology firms in both China and Singapore. Linkedin.
Cecelia Chen, Front-End Developer, Cecelia has 3 years of experience in front-end development and she has showcased at notable Chinese firms. GitHub.
Reg Yuan, Front-End Developer, Reg has worked in the front-end development field for 3 years with a variety of firms. GitHub.
Daisy Zhou, Front-End Developer, Daisy has 3 years of front-end development experience. She is proficient in Vue, Node, and other developmental frameworks. GitHub.
Abbott Jia, QA, Abbott has 4 years of experience working in Quality Assurance. Previously, he was in charge of testing driver-end issues within Meituan's ride-hailing services. Abbott is a seasoned expert in Testing and Risk Management. GitHub.
Hannah Fong, QA, Hannah has 2 years of experience in Development testing, partaking in projects that designed testing frameworks. She also has 2 years of experience in back-end storage system testing and is familiar with the Gluster File System. Hannah has formerly cooperated with military-related enterprises, evoking knowledge on how to manage both data security and encrypted storage fields. GitHub.
Blackey Hou, Director of Product, Zack graduated from Beijing University of Posts and Telecommunications with a Master's Degree. He has over 4 years of experience working with IT products and has worked for prestigious firms, the likes of DiDi and Baidu. There he was in charge of managing applications with millions of daily active users (DAU).
Lola Li, Product Manager, Lola is an experienced financial specialist who has worked for Deloitte as an investment manager dealing with private equity funds. She has also taken responsibility of managing TMT projects in the past. Lola's interdisciplinary background is highlighted by her Master's Degree in Finance from Xi'an Jiaotong University and her Bachelor of Science degree from Dalian University of Technology. Her focus was in Software Engineering. Linkedin.
Tony Wang, Director of Operations, Tony has over 6 years of experience working in the Product Operations field. He has previously worked for Meituan-Dianping and Tencent, handling products gross merchandise values of over 100 million active users. Tony is a truly seasoned project manager, responsible for leading many innovative projects.
Cassie Liu, Product Operations, Cassie has 5 years of experience implementing marketing strategies for business operations. She has previously worked in both the finance and technology sectors, respectively.
Helen Han, Product Operations, Helen has 3 years of experience in Product Operations. She has previously worked for Meituan SaaS and Fangtianxia Research Institute, serving as an Operations specialist who dealt with data maintenance, system requests and optimization, and surveillance. GitHub.
Flanke Zhang, Product Operations, Flanke has 3 years of experience studying brand operations and has previously worked for iHeima and Xiangshang Finance.
Nate Wong, Product Operations, Nate has 2 years of experience working in a well-known cryptocurrency exchange as an operation specialist.
Erin Yu, Data Operations, 3 years of experience in operation and risk management, previously worked for Sina Finance and Youfenqi as a data specialist.
Layla Wang, UI Designer, Layla has 5 years of design experience including brand, app, and website design.
Miya Li, UI Designer, Miya has 3 years of experience working on User Interface design and has participated in several industrial IT projects.Miya formerly worked at a large state-owned enterprise, serving as a Chief Designer.
Daniel Wong, Advisor, Seasoned blockchain entrepreneur. Graduated from China University of Science and Technology and Arizona State University. Founder of Loopring, former Google America Tech Lead, Co-founder and VP of Yun Yun Wang, Senior Research and Development Director at JD.com, and Co-Founder of Coinport. Linkedin.
Li Zhang, Advisor, Senior blockchain practitioner, investor. LinkVC Capital Partners, former CMO of F2pool , former business officer of Huobi.
Terence Lam, Advisor, 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. Linkedin.
Ivan Golovko, Advisor, VP Strategy and Investor Relations of LegalThings One. Co-founder of Distributed.Fund and Distributed Alliance. Former CMO of ICODrops. Linkedin.
Michael Gasiorek, Advisor, Michael is a founder, writer, and community builder. He's the founding partner of Truth Cartel, a marketing & product agency distributing emerging technologies. Michael was Editor in Chief at Startup Grind, and now serves as Director of the Startup Grind SF and OneSalon communities. His written work includes two books on living and working in Asia, and columns in Inc and Fortune.
Олег Игоревич (Oleg Igorevych), Community Manager, Seasoned blockchain & crypto enthusiast, engaged in trading and investment. Experienced in community management, business development and marketing. Linkedin.
Ha Viet Nguyen, Community Manager, Former CMO of a Blockchain & Crypto Marketing agency and BD of a Venture Capital in Vietnam. Previously joined as CM for several notable blockchain projects. Linkedin.
पंकज कटारिया (Pankaj Kataria), Community Manager, A seasoned IT professional with over a decade of experience performing diverse roles such as Developer, QA engineer, Data analyst and Business Analyst. He is a community manager for Vite social media and is looking to expand his interest in the world of blockchain and associated tech. Linkedin.
جوان محمود Juan Mhmod, Community Manager, Dr. Mhmod, Juan studied engineering science and Technology. Previously served as a project manager and assistant professor at a well-know German university. He holds a Ph.D and Postdoctoral degree from Jilin University in China. He graduated his Ph.D with honors in 2016.
Takeshi Kazumoto, Community Manager, Seasonal blockchain practitioner. Involved in the formation of crypto communities through a forex FX trader. Worked as a human resources manager of a well-know Japanese company.
Snaker Zhang, Community Manager, He has worked as an executive producer for a TV media and has 15 years of experience in the media industry. He is a blockchain technology enthusiast and digital currency investor, currently served as a Vite community manager.
Yang Li, Community Manager, He graduated from Beijing Institute of Technology and worked as a project manager in the R&D department of Beijing Guodian Technology Industry Group. With more than 7 years of development experience, he is a blockchain technology researcher and early participant in the Vite community. He has in-depth research on DAG-based infrastructure public chain technology.
Le Chen, Community Manager, He graduated from Changchun University of Science and Technology. He worked in the China Banknote Blockchain Research Institute under the Central Bank, and later engaged in stock trading development. He has three years of experience in virtual currency investment and two years of community management experience. He is currently a vite community administrator.
Qing Shui, Community Manager, Early investors in the currency circle have rich investment experience and currency resources. Participated in the early investment of many excellent projects such as EOS, Bell, IDA, Lud, etc., and assisted in community construction and operation with rich experience.
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Genesis Group - Genesis Group is a leading financial institution which consists of Genesis Capital, Genesis Lab and Genesis Investment Bank. They provide one-stop service for entrepreneurs in blockchain industry ranging from incubation, funding to investment banking, etc. With their expertise, they aim to bridge entrepreneurs globally to China's capital market.
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