Reddit AMA with Vite Labs (Part 1)
Vite Labs Founder and CEO Charles Liu’s AMA on Reddit
In late August, Vite Labs CEO Charles (Chunming) Liu took questions on our Reddit page. Topics ranged from our current progress, the tech and where Vite sees itself in the future. Here is an excerpt of some of the Questions and Answers.
(azizma7c): What if somebody starts a very popular smart contract with 10,000+ simultaneous participants?
(Charles): Vite’s quota mechanism is designed for such a scenario. If the quota of such contract is insufficient, there will be many transactions waiting for confirmation. But the system will also have resources to process other transactions instead of paralysis. If the owner of this contract holds enough Vite, the situation will be different and it will have a higher quota to meet the TPS needs.
gentso2018: What kind of blockchain programming experience does the team have?
(Charles): Our team has experiences on smart contract, cryptocurrency exchange and payment systems, but there is not much experience on blockchain protocols. Fortunately, we have extensive experience in real world Internet systems, such as storage, network communications, data structures and algorithms, virtual machines, compilers, system performance optimization, engineering, etc.
(MrChikan): How does the team plan to tackle the instability in the market for future growth?
(Charles): As a technology-driven team, we focus more on product development and ecosystem building than market. The bursting of the crypto bubble will provide a more quiet environment for serious teams to achieve their goals. We will expand our tech team and accelerate product development to consolidate our comparative advantages.
(vandinhnam): How HDPoS consensus algorithm of Vite can guarantee transaction confirmation within 1 second?
(Charles): Vite cannot strictly guarantee that a transaction is confirmed within 1 second, but in most cases, a new transaction written to the ledger will have a high probability of being snapshoted by the snapshot node into the next snapshot block. Since the interval between snapshot blocks is 1 second, most transactions will be confirmed within 1 second.
(ignatsdlkh): How do you plan to beat EOS in throughput?
(Charles): Based on the advantages of the DAG structure, we plan to improve throughput by increasing parallelism, including exploiting CPU’s multi-core processing power, and clustering the DPOS delegate node as well as the full node.
(vananh2210): What’s the advantages of Snapshotchain compared to others with the same function?
(Charles): The snapshot chain is a separate blockchain. In the Vite system, the DPOS delegate node periodically “snapshots” the DAG ledger and performs consensus. The resulting snapshot block is the consensus result, and the snapshot chain can be regarded as the record chain of all system historical consensus results.
The snapshot chain enhances security by providing a global timestamp that supports account TPS quota metric. Ledger pruning on snapshot chain could be an optimization direction in the future. The snapshot chain is one of Vite’s most important innovations, and we are also applying for patents on snapshot chain technology.
(drkenpoleninja): The DAG plus smart contracts line is a pretty powerful selling point. Why has this not been done before? Why is VITE particularly positioned and equipped to execute on this promise?
(Charles): The most essential point of implementing smart contracts on DAG is to determine the order between transactions, or to provide an accurate timestamp. Because the transactions in the blockchain are globally ordered, it is easy to implement smart contracts on blockchain.
However, there are less partial orders of transactions recorded in DAG, sometimes the different orders of the two transactions will cause the system to enter different world states. In a DAG structure like Tangle, there must be an additional service or protocol to sort the transactions to implement smart contracts.
Vite’s DAG structure is designed to implement smart contracts, so it records all the partial orders of transactions required for smart contracts. Any node that traverses the transactions from Vite’s DAG ledger will always get a certain world state.
(jadq): What do you personally, Charles, consider to be the strongest and weakest side of Vite?
(Charles): From technical perspective, Vite has the advantage of having a clear technical roadmap to implement smart contracts on DAG and provide higher performance. The disadvantage is that some cutting edge technologies are not verified by other projects and technical difficulties may arise during implementation.
From project perspective, Vite’s strength lies in having decent investors and professional team. The team members have proved themselves in China’s Internet industry. The disadvantage is that the project starts relatively late and there are more objects to be achieved. No matter product development, community building, or application landing will take a long time.
(JustTookaCrypto): Is the Vite Virtual Machine focusing on being compatible with the Ethereum Virtual Machine?
(Charles): That’s right, to the maximum extent the Vite virtual machine will support the migration of the Ethereum project. But it won’t be fully compatible, especially the implementation of asynchronous semantics, which will be quite different.
(Samyssamy): how have the partners/ key investors have helped your team and your project in the long and short term?
(Charles): The partnerships are mainly reflected in the ecosystem cooperations. For example, recently one of our partners has been helping us to deploy POS payment applications via Vite tokens to merchants in some countries.
In the longer term, we will build more partnerships, including security review, delegate nodes election, token issuance, dApp development, cross-chain gateways and so on.
(CryptoFonzie): Ethereum’s main usage currently has been for ICOs which many times results in network congestion. Would you and the team be happy with Vite being primarily used for ICOs as well?
(Charles): Token issuance is an important scenario. We will support token issuance and DEX on Vite, but we will ensure that such applications do not block the Vite network. In addition, we are currently trying to establish a payment scenario by connecting to a number of merchants in Japan and allow their POS devices to accept Vite token payments. In the future, we will develop more application scenarios, such as games, e-commerce, and local services.
(naijnaij123): What are your thoughts on China’s latest ban on crypto and Blockchain events?
(Charles): We appreciate the government’s efforts to fight against fraud and crime, which is beneficial to the healthy development of the blockchain industry. A serious team like us will prefer a quiet and fair environment.
Moreover, the Chinese government has been supporting the development of blockchain technology, and Vite as a technology-driven project will not be affected by the bans.
By the way, I personally just joined the CBAC (China Blockchain Application Center) as executive member of the board.
(To be continued)
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