How does Vite’s Layer-1 compare to others?
In Part 1 of this article, we outlined major issues with Layer-1 (L1) blockchains and gas fees Now, let’s see why gas exists on prevailing L1s👇💡
There are mainly two reasons. One reason is anti-spamming. Without gas, users can flood the network with transactions, blocking legitimate transactions from getting through. The second reason is that validators and miners that secure the network need to get paid; part of their payment comes from transaction gas fees.
So, at this point, it might seem like gas is indispensable. After all, if decentralized contributors who run and secure the network need compensation, the money has to come from somewhere.
So, how does Vite work without gas? Let’s look at the two reasons mentioned earlier. For anti-spamming, Vite uses something called quota. Think of quota as the “invisible gas,” if you will. You can get quota in two ways. One way is to run proof-of-work (not the same thing as Bitcoin’s POW), which is basically a math puzzle that takes time to solve. This process slows down your transactions. The second way to get quota is to lock (or stake) VITE coin(s). The more you lock, the more quota you get, and the more transactions you can send per second.
When you need to send many transactions in a short period of time, like taking part in a token sale, it’s best to get lots of quota by locking VITE (the second way). Of course, if someone wants to spam the network, they would get lots of quota, meaning lots of POW or lots of locked VITE. Therefore, there is a massive and untenable cost for anyone who decides to attack the Vite network.
Continue learning in Part 3 of this article and an overview of Vite’s economic model.
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