As it happens every week, we will dedicate a small article to talk about the project behind the best performing token reported in our last weekly recap, which means that this time we will cover VITE, an ambitious team that wants to find a way to implement blockchain technology into high-end spheres like governments and multinational enterprises. By applying renown concepts like DAG and adapting it to new needs via new structures and consensus algorithms, they want to create a stable, low latency and high-throughput network suitable for the requirements of the most demanding industrial applications.
Repurposing is Key
In theory, blockchain has been around since the early ‘90s, but only gained popularity after the original whitepaper for Bitcoin was released in 2008 by Satoshi Nakamoto, and more in recent years since the launch of Ethereum and many other models for blockchain deployment. However, these models have inherent limitations that prevent them from being implemented in real day-to-day applications.
Scalability and quick transaction processing times are the main challenges to overcome for a blockchain to realistically compete against current payment methods and banking systems, which could bring the most benefits to society if they started being based on such a decentralized, trust-less model.
VITE is taking advantage of the DAG (Directed Acyclic Graph) model, a type of directed graph that allows for the constant creation of new nodes in the line, while linking them pseudo-randomly to other nodes besides the one immediately before it. This allows for variable communication between nodes, which turns into decentralized storage of information, while allowing for organized growth in an apparently endless manner.
They also combine this model with a system of asynchronous confirmation of transactions, which allows for various number of transactions to be sent for validation in between certain timepoints, called “snapshots”, where the HDPoS (Hierarchical Delegated Proof of Stake) consensus algorithm decides which transactions are valid to enter the chain. To participate in this model, much like in a traditional PoS model, participants must stake part of their token holding to gain the right to vote, but in this case, they assign their voting power to a delegate. This allows for consensus to be reached faster, as less signatures are required to validate a group of transactions, while following strict restrictions so a single delegate cannot swing the entire chain at their will.
A Complete Toolkit
Besides a solid model that can withstand the necessities of areas that work around urgency and extreme security, like governments and high-end companies, VITE are offering all the required elements for complete blockchain implementation and managing. These include a token available at multiple exchanges (including OKEx, Bittrex and their own decentralized exchange: ViteX), the possibility for everyone to become a node and participate in their rewards program, fee-less and fast transactions secured by their model, built-in smart contracts and even their own opensource wallet application, readily available to a variety of devices.
This entire model is aimed to catch the attention of potential users that manage top-priority information or very big amounts of money, along with allowing the implementation of blockchain into systems that require fast performance without sacrificing security. What VITE has done to have an edge above its competitors is to integrate the best iterations of each aspect that composes a blockchain system, taking on the hard task of combining these elements efficiently. And whether this model will fulfill its goal of reaching the highest levels of trading spheres, only time will tell.