This week our COO Richard Yan and Research Officer Wes Erickson hosted an AMA, answering the questions our community care the most about.
In case you missed it, you can check out the full video below:
Here is a quick recap of what was discussed during the AMA.
ViteBridge
- We are currently working on ViteBridge 0.1, progressing towards ViteBridge 1.0 which has all the features from the ViteBridge White Paper. This progression is gradually moving from centralized solutions to decentralized solutions.
- ViteBridge 0.1 is designed with bridging to the BSC in mind. It is also suitable for other layer-1 chains.
ViteBridge vs. Gateways
- We view ViteBridge as a superior way of cross-chain asset transfer compared to the gateways. But this doesn’t mean that gateways on ViteX will go away.
- Even after the core of ViteBridge is done, there is still a need for building the last mile of infrastructure to plug in a chain that’s not currently supported.
- For example, for the ViNo custodial Gateway to be replaced by the ViteBridge, the last mile of infrastructure to connect Vite and Nano needs to be implemented first. In other words, till this happens, the gateway remains the only cross chain option. Once the core of ViteBridge is rolled out, we encourage our community to take on the task to work on the last mile infrastructure to connect with some of these chains.
Gateways
- Anyone is free to run a gateway. It’s completely up to the gateways to list any digital assets, including ERC-20 or BEP-20 tokens.
- The gateway infrastructure is to facilitate cross-chain asset transfer. This means if you want to have a non-Vite native asset traded on the ViteX exchange, you will need the gateway to facilitate this. Please solicit help directly from the gateways if you would like to list any non-Vite native coins. As for minting Vite native tokens, it has been completely permissionless from the very beginning.
- Different gateways have their different criteria for listing coins. They also have different policies on listing fees and development schedules.
- Gateways can function as launchpads in the Vite ecosystem.
- We would like to see more gateways onboarded in the Vite ecosystem. To incentivize this, we are open to the idea of sponsoring an SBP for a credible community or a group of people who are committed to developing a large community on Vite. The rewards from the SBP can be used to fund developer efforts towards a gateway.
ViteBridge vs. Thorchain
Thorchain’s technology allows you to exchange between native BTC and native ETH directly, whereas ViteBridge brings the native assets onto the Vite chain as wrapped assets and as a result these assets can be exchanged with each other on the Vite chain rapidly with no fees. Because of the design difference, ViteBridge has many additional use cases as outlined in the ViteBridge White Paper.
DeFi and AMM
ViteX is a DeFi platform where one can stake VITE for VX and stake VX for DEX dividend distribution. But AMM would be cool and this might be a community effort or a Vite team effort in the future.
List of Open Bounties for the Community
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
- Chinese: https://t.me/vite_zh
- Russian: https://t.me/vite_russian
- Japanese: https://t.me/vite_japanese
- Vietnamese: https://t.me/vite_vietnamese
- Arabic: https://t.me/vite_arabic
- German: https://t.me/vite_german
- Turkish: https://t.me/vite_turkish
- Indonesian: https://t.me/vite_indonesian
- Portuguese: https://t.me/vite_portuguese
- Filipino: https://t.me/vite_filipino
- French: https://t.me/vite_french
- Spanish: https://t.me/vitespanish
Korean Kakao Community: https://open.kakao.com/o/gWp9av5c
Reddit: https://www.reddit.com/r/vitelabs/
Discord: https://discordapp.com/invite/CsVY76q
Facebook: https://www.facebook.com/vitelabs/
Instagram: https://www.instagram.com/vite.labs/?hl=en
