How is a public blockchain used? Why should pacticality and balance be taken into consideration in the design of such a chain? What lessons can blockchain learn from the Internet use cases that require high-performance concurrent computing? In this article, Charles (Chunming) Liu, the CEO of Vite Labs, explains his philosophy of “balance.”
Please refer to the previous article: Blockchain “Balanced” Philosophy (Part 1)
In Selecting Use Cases of the Blockchain, Those with “High Demand” Should Come First
“There are many people who overestimate the Blockchain technology. Many people say that the chain iteration has experienced 1.0, 2.0, 3.0, and in my opinion we are still at 0.1”. In the eyes of Charles, the public chain is not even at the 1.0 stage.
“A bit like the early days of the Internet, the equipment and places on the Internet were highly restricted, the speed of the Internet was slow, and the cost was high. Only simple information such as hypertext could be transmitted. Today’s Blockchain technology is still in the ‘Stone Age’.” He believes that it may take five years for any real applications of Blockchain technology to be applied on a large scale.
Chunming Liu indicated that, for building dApps, Vite will initially select use cases in strong demand. This will allow our public blockchain to be truly useful, and then its uses can be expanded to other areas.
Regarding the use cases of digital assets, Vite will first create a “closed value loop”. Nodes in such a loop include the issuance, storage, and transaction of digital assets, and cross-chain transmission. At the same time, Vite will expand its application to financial services, digital asset management and offline payments.
Imagine that users can easily distribute their own tokens on Vite. They can transfer Bitcoin or Ethereum to the Vite system through a cross-chain protocol, or they can trade various tokens through Vite’s built-in DEX. With Vite’s app, users can purchase crypto wealth management products or enjoy virtual asset mortgage services.
One day in the future, users will be able to shop at one of Vite’s partners’ stores. They will be able to use the Vite App to scan a barcode and use tokens on Vite to pay. The day when the chain’s speed arrives at seconds level and there is no processing fee, Vite will be “in use” in the real world.
“This is not merely an idea, but what we are working towards now.” Charles said in regards to Vite working on practical applications of these rigid-demand scenarios.
In the next phase, through the smart contracts on Vite public chain and the dapplet engine of Vite clients, we will gradually expand the scope of applications to include game entertainment, social, life services, anti-fraud, and data transactions, as well as many other fields yet to be explored.
Look into the Long Run, Not Short-term Booms
As an early developer in the Blockchain space, Charles has gone through many of crypto’s low points andhas developed a deep understanding of the blockchain capital market. “If the development of the industry is driven by speculators, it can only experience short-term prosperity and it is not sustainable.”
At present, Vite has been circulating in the secondary market. The token price is not the project’s primary concern, but Liu Chunming believes that the team’s goals are aligned with long-term preservation and appreciation of the token.
“First, we must do a good job in product research and development, and fulfill project commitments; second, we must try our best to protect the interests of investors; third, we must pay attention to brand operation and community operations; fourth, we will actively promote the ecological development and seek use cases of applications.”
In terms of challenges, Liu Chunming believes it’s key to recognize that blockchain industry is very new and there are many uncertainties. It is necessary to move forward one step at a time.
As a senior technical expert who has come out of the traditional Internet enterprise, he has witnessed first hand, the development of China’s Internet industry. Charles explains what he sees as the biggest differences between the traditional Internet field and the Blockchain domain space.
“The Internet industry moves fast. So Internet products are iteratively updated almost every day. The Blockchain’s pace is even faster. However, Blockchain Product upgrade iterations are not as easy as Internet products. Internet products are centrally deployed, upgrades can be done through a single line; and Blockchain systems are decentralized, and to deploy a major upgrade, one needs to convince all users, through a soft or hard fork. Therefore, the iterative pace of Blockchain products is closer to traditional software, and objectively longer than the Internet product cycle.”
This is a new contradiction, which has caused many projects to fall into the embarrassing situation of disappointing expectations in its speed of development. Some projects are under immense external pressure.
In the case of insufficient iterations, the main net is rushed to completion with semi-finished products, which buries many hidden dangers for the long-term development of the project. The reason for this contradiction is caused by the gap between speculative expectations and objective reality.
Charles also hopes that industry participants can adjust their mentality and look at the development of the industry more rationally, based on the long-term goals.
“Delayed gratifications, realistic expectations.” Charles said this is the advice Jihan Wu, the founder and CEO of Bitmain, gave him. This is also the value that Charles and his team have always upheld.
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