Vite is a “next generation high-performance decentralised application platform” according to their website and is one of the most recent projects to be announced to gain a lot of hype in the cryptocurrency world. Vite is Co-founded by Richard Yan, who is a former Vice President of mortgage strategies at Goldman Sachs. Richard is part of what looks a very strong team at Vite. This article will look at what is Vite? including a brief overview of Vite and why there is so much anticipation around the project.
What is Vite?
Vite is a decentralised application platform which uses DAG (Directed Acyclic Graph) ledger structure. Vite will use this DAG structure in order to increase the speed of the network. Vite (pronounced V-ee-t) translates to ‘fast’ in French so it is clear that speed is at the heart of everything Vite are aiming to do.
Vite will be a public blockchain which aims to be secure while maintaining high throughout and low latency as well as scalability in order to offer a blockchain which developers will want to develop decentralised applications on top off.
With Vite, every single account will have their own blockchain meaning that transactions which occur on every blockchain will be specific to that account. This will mean that any transactions are specific to an account.
One of the main issues with DAG concepts is security, Vite aims to address the DAG security issue by introducing something called a “snapshot chain”, this will take a random snapshot which will feed back to the public blockchain. Therefore in order to change the public blockchain you would also need to alter the snapshot image provided by the snapshot chain.
Vite will use a more advanced version of solidity called “solidity++” which will allow a “more powerful ability of description” for creating smart contracts. “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.”
Vite will offer DApps, native tokens, cross chain swaps, name service and much more features we have come to expect on a decentralised application platform. What’s potentially more interesting for the crypto community is the way in which Vite will distribute their tokens. Rather than a traditional ICO in which investors must take a risk on the project, Vite are planning on airdropping their tokens to their community. Although there is no more information that that right now, they have stated they will keep everyone updated in their official Telegram channel.
This is definitely going to be added to our cryptocurrency fund which you can track the progress of here.