VITE is supposedly building a next generation high performance Decentralized Application Platform.
It seems Ethereum is having its Bitcoin moment now. Just as a lot of altcoins started positioning themselves as a faster version of Bitcoin with cheaper transactions, now that Ethereum is facing scalability issues in terms of ability to accommodate multiple DApps smoothly (ref: CryptoKitties), other new platforms are coming up which promise to address the quintessential scalability issue.
But, in reality, none of the existing alternatives — EOS, NEO, ADA etc. are yet to prove themselves as a credible alternative to Ethereum. There was a lot of expectation with EOS’s mainnet launch after it successfully raised over $4 billion, but post-launch has been nothing less than a fiasco.
So, VITE needs to be looked at with an eye of skepticism. But at the same time, non-delivery by previous alternatives should not be a reason to discard VITE without a proper analysis.
Although the actual platform launch might be far away in future at this point of time, but atleast in terms of potential, let’s look at some of the core ideas proposed by VITE platform which could make it a high performance DApp platform.
Instead of using a blockchain which is seen as non-scalable coming as a cost of complete decentralization, VITE would use DAG (Directed Acyclic Graph) as a ledger similar to IOTA and NANO.
Transactions in VITE would be grouped by accounts and send transactions are separated from receive transactions, thereby obviating the need to wait for a transfer to be complete before the initiation of another transaction. The hierarchical design of the consensus algorithm is said to allow horizontal scalability in consensus groups.
This article throws more light on DAG ledger structure of VITE. However, it needs to be noted that IOTA has been found to have several issues recently, and so it needs to be seen how Vite implements DAG without the shortcoming of IOTA.
Vite splits transactions into transaction pairs according to a “request-response” pattern. The writing and verification of transactions are asynchronously decoupled, thereby supporting ultra-high throughput.Inter-contract communications are based on an asynchronous messaging model.
This is touted as the biggest innovation by Vite team and asynchronous design will be introduced in smart contracts, so that call and response of a smart contract can take place asynchronously.
DApp Mini Programs
The Vite client features an engine for creating HTML5-based decentralized mini programs. This engine simplifies the process of dApp development and deployment.
VITE proposes a roadmap of its product till Feb 2020 after which the team would start focusing on ecosystem development in Vite.
Team, Investor and Community Review
The stronger is the background of the core team and the investors, the likelihood of a project’s success increases and more vibrant the community means that there is a good userbase/potential retail investors who believe in the project.
The core team consists of ex-JD.com, ex-Goldman Sachs, ex-Google and ex-HBS among others. Additionally, there is along list of VC/PEs who have invested in VITE already which include Bitmain, OK Blockchain Capital, Byzantine Partners etc. Loopring is also a strategic investor in the project.
Talking about community involvement, its English Telegram group has around 50k members which is a good number. Not only this, it has dedicated Telegram groups for Russia, China, Korea, Vietnam and Thailand, which shows that the project has a major community support from Eastern parts of Asia as compared to rest of the world.
Vite is designed to address industrial applications by offering high throughput, low latency and scalability while also providing security. There is definitely a big use case here, as so much of enterprise interest in blockchain technology has shown in recent years.
But whether VITE becomes successful in executing an acceptable scalable solution, only time can tell!
Disclaimer: This should not be construed as an investment advice. Please do your own research before investing.