Vite Labs is proud to announce major milestones within our TestNet, which is scheduled for November of 2018. Since our founding, we have been carefully restrained in our marketing and completely focused on our technology. After months of research and development, our TestNet has entered the joint debugging phase. Once our TestNet is live, our technical team of thirty engineers will conduct multi-dimensional defensibility testing in order to guarantee stability as we later transition to MainNet.
TestNet Features and Functions
The main modules included in the TestNet are as follows:
- DAG (Directed Acyclic Graph) Ledger Structure
- Built-In Smart Contract
- HDPoS (Hierarchical Delegated Proof of Stake) Consensus Mechanism
- Asynchronous Communication
- Snapshot Chain Security Function
- Vite Token Forge
- Trading Quota
- Super Node Registration and Election
Explanation
1. Service-Free Transaction
Vite allows low frequency users to obtain basic levels of TPS (Transactions Per Second) through a simple PoW (Proof of Work). The high frequency users obtain large quotas through staking Vite Tokens. The validation of all transactions is guaranteed by the automatic receipt function, which is configurable by the individual user. The support for this kind of transaction and quota allocation is not possible in Bitcoin and Ethereum.
2. Built-In Smart Contract
Vite lays the foundation for timed scheduling, decentralized exchanges and other functions through the TestNet built-in smart contract capability. The smart contract mechanism will become fully functional in early 2019.
3. HDPoS Consensus
User accounts achieve consensus through the Private Consensus Group. Smart contract accounts achieve consensus through the Delegated Consensus Group. The Snapshot Chain achieves consensus through the Snapshot Consensus Group. The DAG consensus mechanism ensures that the ledgers are written quickly and the Snapshot Chain improves the immutability of each ledger. Subsequent versions will support side chains, private chains and consortium chains.
4. Speed — High Throughput and Low Latency
In order to improve the performance of the public chain, the DAG ledger structure and asynchronous architecture are also core parts of the TestNet. There are three main parts: 1) asynchronous design of request and response; 2) asynchronous design of transaction writing and confirmation; 3) asynchronous design of communication among contracts. These features assist system performance improvement through push-pull combined P2P (peer to peer) data transmission.
5. Security
The Snapshot Chain periodically records all DAG ledgers to ensure that transactions cannot be tampered with. Conceptually, the Snapshot Chain is an extra blockchain layer which oversees all accounts and contracts.
6. One-Click Token Forge
The TestNet supports built-in smart contract token forging. In effect, Vite eliminates the high cost of token issuance on Ethereum. Vite users can issue digital currency with lower cost and safer technology.
7. Super Node
The TestNet supports registration and election of super nodes. For users interested in becoming Vite super nodes, they must undergo the registration and election process in advance.
More details to come! Stay tuned.
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