Tuyanto: VITE BOUNTY

What is Vite? Vite is A Next Generation High-performance Decentralized Application Platform[1]. Vite is based on Directed Acrylic Graph (DAG). "DAG will be used for applications that require scalability in the thousands of transactions per second. The launch of CryptoKitties clogged the Ethereum network which resulted in slow transactions and high fees. Ethereum has a solution to this called sharding, but it is 5 years out. Applications will soon, I think, be turning to DAG to scale."[2]

What is a DAG?

Let's first define Blockchain. Blockchain is a decentralised public ledger. DAG is also a decentralised distributed ledger. DAG does the same thing what blockchain does. Purpose of DAG is same as blockchain i.e. to maintain a decentralised record of online transactions but DAGs achieves the same goal via different technology. Both DAG and Blockchain are different technologies trying to achieve the same goal. There is absolutely no relation between these two technologies barring the goal they are trying to achieve i.e scalable decentralised ledger.

What is asynchronous DAG?

All DAGs are asynchronous.

Why is asynchronous DAG important for blockchain technology?

Asynchronous DAG technology is important and superior to blockchain technology because it can achieve more than 100k transactions per second which is far more than what blockchain does at this moment.

Difference between synchronous and asynchronous?

When you execute something synchronously, you wait for it to finish before moving on to another task.

When you execute something asynchronously, you can move on to another task before it finishes.

What does it mean for Blockchain?

In blockchain, new transactions are processed only after previous transactions get confirmed. For eg. All transactions in a Bitcoin are first placed in a Mempool and then miners pick transactions from there and verify them. Miners pick new transactions only after previous transactions gets verified. This is what synchronous means, miners are moving to next task after completing the previous task (task here means processing a transaction) but in DAG technology which is asynchronous, all transactions are processed simultaneously even before the previous transactions get confirmed or not. This is what asynchronous means validators are moving on to another task even before completing the previous task (task here means processing a transaction).

What does it mean for Blockchain?

VITE ICO Review

bitcoinstartrek (34) in vite • last month

Vite ICO Review

by Zebra Crossing

What is a DAG?

What is asynchronous DAG?

All DAGs are asynchronous.

Why is asynchronous DAG important for blockchain technology?

Difference between synchronous and asynchronous?

When you execute something synchronously, you wait for it to finish before moving on to another task.

When you execute something asynchronously, you can move on to another task before it finishes.

What does it mean for Blockchain?

What is so special about VITE?

Vite is using Block Lattice DAG same as Nano but there are some security flaws in Block Lattice DAG. They'll be making a snapshot chain to remedy the security issues with Nano DAG. And you can make smart contracts on VITE with Solidity++ language (which is compatible to Solidity). There is not much difference in Solidity and Solidity++ that's why Ethereum apps are compatible with VITE. Vite's competitior is Fantom (DAG + Smart contract platform). But Fantom is using Scala language for smart contracts so Ethereum Dapps are not compatible with Fantom.

In short, VITE is using the technology of Nano DAG and is adding smart contracts to it, plus using a smart language Solidity++ which is compatible to Solidity.