VITECOIN : RIDESHARING FOR THE BLOCKCHAIN GENERATION
Good day friends.I bring good news to you from the stable of VITE Company.Bynow,you should what it is this time around but relax i’m going to shed more light into the project.Follow me as I unravel the goodies this project.
What is Vite?
Vite is A Next Generation High-performance Decentralized Application Platform[1]. Vite is based on Directed Acrylic Graph (DAG). “DAG will be used for applications that require scalability in the thousands of transactions per second. The launch of CryptoKitties clogged the Ethereum network which resulted in slow transactions and high fees. Ethereum has a solution to this called sharding, but it is 5 years out. Applications will soon, I think, be turning to DAG to scale.”[2]
What is a DAG?
Let’s first define Blockchain. Blockchain is a decentralised public ledger. DAG is also a decentralised distributed ledger. DAG does the same thing what blockchain does. Purpose of DAG is same as blockchain i.e. to maintain a decentralised record of online transactions but DAGs achieves the same goal via different technology. Both DAG and Blockchain are different technologies trying to achieve the same goal. There is absolutely no relation between these two technologies barring the goal they are trying to achieve i.e scalable decentralised ledger.
What is asynchronous DAG?
All DAGs are asynchronous.
Why is asynchronous DAG important for blockchain technology?
Asynchronous DAG technology is important and superior to blockchain technology because it can achieve more than 100k transactions per second which is far more than what blockchain does at this moment.
Difference between synchronous and asynchronous?
When you execute something synchronously, you wait for it to finish before moving on to another task.
When you execute something asynchronously, you can move on to another task before it finishes.
What does it mean for Blockchain?
In blockchain, new transactions are processed only after previous transactions get confirmed. For eg. All transactions in a Bitcoin are first placed in a Mempool and then miners pick transactions from there and verify them. Miners pick new transactions only after previous transactions gets verified. This is what synchronous means, miners are moving to next task after completing the previous task (task here means processing a transaction) but in DAG technology which is asynchronous, all transactions are processed simultaneously even before the previous transactions get confirmed or not. This is what asynchronous means validators are moving on to another task even before completing the previous task (task here means processing a transaction).
Vit team offers its model for the development of this business in developing countries of Africa.
This model is simple and easy to use.
Taxis can be called from any area covered by this service.This can be done through the app for Android or IOS on your smartphone, by simply pressing a button.
And thanks to the presence of a sufficient number of free drivers in the network, it will be possible to reduce the waiting time for a taxi to a few minutes.
All drivers and all vehicles will be carefully inspected before going to work to make the journey safe for passengers.
Drivers who will work on this platform, too, will be in a better position, as the movement of their cars can be tracked on the map. And they will not need to fear for their lives and their wallet, as all orders will be recorded.
Payment for the trip will be carried out by Bank transfer, a unique digital currency Vit token, from the client’s wallet to the driver’s wallet.
First, the Vit team offers passengers to purchase Vit tokens for cash or via credit card. In the future, because of its convenience, digital money will completely replace another currency and will be used to pay for travel on transport everywhere.
Customers who will have this app on their mobile phone can book a trip at any convenient time without problems.
Thanks to the rapid and widespread use of the Internet, now the inhabitants of Africa with the help of mobile e-wallets can pay bills, transfer money from account to account and much more.
In order to access the Vit app you will need to enter your pin code.
Vit business model will help drivers to earn more, while 5-10% of earnings will be transferred to the Vite impact Fund(VIF), to support the technological infrastructure of Vite, addressing road safety issues in the area of coverage of this service.
In addition, the system will provide new jobs for drivers and improve working conditions and pay for already working drivers.
Vit is a company that will revolutionize the taxi industry in Africa. To do this, it offers to widely use the latest Blockchain technology, the use of cryptocurrency and will directly connect the carrier and the client.
Vit has already signed a partnership agreement with the Ministry of transport of Mauritius, which will promote this service among the population and make the Vite brand popular among the population and tourists.
The team acknowledges that there are shortcomings in the Current hdpos consensus. This will be another direction to optimize and improve the consistent algorithm.
Optimizing the virtual machine is also very important to reduce latency and improve system throughput. EVM has a simple design and a small set of instructions, so you will need to develop a more powerful virtual machine in the future, define a smart contract programming language with more description capabilities and fewer security vulnerabilities.
In addition to the core functions of the Vite, the creation of supporting facilities that support the development of the ecosystem is also an important aspect. In addition to the SDK support for dApp developers, it will be possible, for example, to build a dapplet engine based on HTML5 directly on a mobile device in the Vite wallet application. This will allow you to develop and publish dApp at a low price.
What is so special about VITE?
Vite is using Block Lattice DAG same as Nano but there are some security flaws in Block Lattice DAG. They’ll be making a snapshot chain to remedy the security issues with Nano DAG. And you can make smart contracts on VITE with Solidity++ language (which is compatible to Solidity). There is not much difference in Solidity and Solidity++ that’s why Ethereum apps are compatible with VITE. Vite’s competitior is Fantom (DAG + Smart contract platform). But Fantom is using Scala language for smart contracts so Ethereum Dapps are not compatible with Fantom.
In short, VITE is using the technology of Nano DAG and is adding smart contracts to it, plus using a smart language Solidity++ which is compatible to Solidity.
- Token Distribution
- Fund Distribution
.png)
Project team
The team is assembled very good. There are a lot of experts in the field of blockchain and experienced developers. Pleased with the presence of experienced financiers among them.
*Charles (Charles – listed on the site, on linkedin by Liu Chunmin) is the founder. The blockchain is an entrepreneur and technical expert. He graduated from the Chinese University of science and technology And the Institute of software of the Chinese Academy of Sciences. Former architect JD.com, co-founder of Coinport, and engineering Director of Meituan Dianping. Extensive experience in distributed systems and systems with a high level of parallelism.
*Richard (Richard Yan) – chief operating officer. An experienced wall street specialist. He graduated from Dartmouth College and MBA at new York University. Previously structured strategic trader at Goldman Sachs and Vice President of Two Sigma platform as well as Business Innovation & Growth.
Ming Wu (Ming Wu) is an Experienced scientist.He was educated at The Chinese University of science and technology And the Institute of computer science of the Academy of Sciences of China. Senior research fellow at Microsoft Research Institute, Asia. candidate of Sciences. Advisor at the Chinese University of science and technology. Published 10+ papers in distributed systems and artificial intelligence.
For more inquiry about Vite click the link below:
Website: http://viteapp.co/
Whitpaper: http://viteapp.co/assets/docs/Vite_Whitepaper_Draft.pdf
Medium: https://medium.com/@Vitecoin/introducing-vite-ridesharing-designed-for-the-blockchain-generation-b09434324988
Instagram: https://www.instagram.com/vite.app/
Youtube: https://www.youtube.com/channel/UC0-P3Sgj17PFOyMdXIjP9XQ
Twitter: https://twitter.com/vite_app
Facebook: https://web.facebook.com/viteapp.co/
Author: SanZoldyck
My BitCointalk profile: https://bitcointalk.org/index.php?action=profile;u=1045517;sa=summary