Full Transcript: Vite COO Richard Yan Delivers Remarks on Vite 2.0 at #Binance Blockchain Week

Check out Richard’s remarks and the rest of the conference video at https://youtu.be/6b28I0XX9qg?t=10991.

Also, follow Richard on Twitter @Gentso09 and his podcast The Blockchain Debate @blockdebate.

Hi everyone, my name is Richard Yan, and I’m the co-founder of Vite Labs.

It’s an honor to be a part of Binance’s annual conference. I’m excited to share with you today what Vite is about, what kind of progress we’ve been making since our founding in 2018, and what we’re looking to do in the near future.

Vite is a smart contract platform, and we process transactions at a high throughput and with zero transaction fees. The reason why the network process so many transactions at once is because the smart contracts are built on a block-lattice ledger. The reason why the transactions are free is because our consensus algo is delegated proof of stake, and our block producers are paid with roughly 3% annual inflation of the token base, and don’t require additional fees.

Our flagship product is our DEX called ViteX. It has an on-chain order-book and matching engine. All Vite-native assets trade with no centralized custody. This is different from Ethereum based DEX, for example, because transactions on Ethereum are slow and expensive. So Ethereum can’t accommodate use cases like high frequency trading. But we can.

Technical features aside: users get ViteX native coins, which we call VX, when they trade on ViteX. They can also get VX by listing new coins. And there are a few other ways to earn VX — in general, users are rewarded when they do a few things in support of ViteX. Also, anyone can make a gateway on ViteX, so that means any coin can get listed as long as they can find a gateway willing to list them. And the owner of that gateway can collect listing fees and trading fees on the coins that get listed.

So in summary — Since the two and a half years we’ve started this project, we implemented almost everything we set out to do in the whitepaper, and we created a product that served real demand.

So what’s next? Well, let me first tell you about an observation we made during these two and half years of building the project. Perhaps this is nothing groundbreaking, but still worth bringing up. Obviously, many public blockchains have made their debut in the last few years. Everyone is trying to solve the scalability problem. Some had very legitimate solutions and have achieved genuine success in building community.

So what’s next? Well, it’s become increasingly clear to us that the blockchain space is moving toward a multi-chain future. Each chain is its own tech, community, and network. It’s possible it will look like a one-chain-fits-most, but probably not a one-chain-fits-all type of deal. Projects with deep pockets, lots of early adopters and influential community leaders will certainly try to push for a multi-chain universe. Binance smart chain is one example. Also, there is already tech out there making it easy to make your own chains. Think Polkadot and Cosmos. Lastly, there may also be a need for application specific chains, where the community for such apps may not want the health of their network to be subject to the whims of the community of the underlying public blockchain.

So, we think there will be a lot of needs for cross chain services. Allow holders of tokens in one chain to participate in activities of another chain, without spending additional resources to acquire tokens in the target chain. One example is cross-chain DeFi. Say you want to move your tokens from Solana into Ethereum to yield-farm on Compound, for instance.

So that’s what we’re focusing on next. Cross-chain solutions. We will make Vite become the easy way to cross tokens between chains.

So this is how we plan to do it:

Say Alice wants to move her assets from Bitcoin chain to Ethereum chain. Vite will serve as a relayer chain between these two chains. So she would request a Bitcoin address from a special Vite smart contract. Then after she deposits into that Bitcoin address, relay nodes will notice this deposit and inform a Vite wallet contract. That contract will then mint an equivalent amount of wrapped tokens on the Ethereum chain.

And when Alice wants to move her asset back from Ethereum to Bitcoin, the opposite process occurs. She sends her wrapped BTC tokens on Ethereum into a special address. Then relay nodes notice this and inform the Vite wallet contract to release the commensurate amount of Bitcoin.

Anyone can run a relay node. To prevent nefarious behavior from relay nodes such as colluding to communicate an incorrect transaction in order to steal assets, the relay nodes are required to provide collateral as a security mechanism.

Note that this approach is generic enough to work across all source chains and target chains.

In addition, note that in Vite, each smart contract belongs to a consensus group, which is a group of nodes responsible for producing blocks for said contract. So this provides decentralized governance for the proper functioning of the relevant smart contracts.

So to sum up, the Vite cross-chain solution has both universality and trustlessness.

To roll out our cross-chain product, we will be releasing a number of things, including a detailed whitepaper and future milestones. And we will be looking for opportunities to become the cross-chain solution of choice for various source chains and target chains.

We are excited for this next step in Vite’s journey. Thank you!

Official: https://www.vite.org/

ViteX Official: https://vitex.net/

Twitter: https://twitter.com/vitelabs

Vite Forum: https://forum.vite.net

Telegram:

• English: https://t.me/vite_en
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• Arabic: https://t.me/vite_arabic
• German: https://t.me/vite_german
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• Indonesian: https://t.me/vite_indonesian
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• Filipino: https://t.me/vite_filipino
• French: https://t.me/vite_french

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