Centralization Vs Decentralization
For couple of days, i have been wanting to write extensively on the concept of centralization and decentralization in the blockchain industry but gathering facts about the two subjects has been a recurring task perhaps this articles triggers surface discussion but for deep aspect of it. Blockchain can either be public, private and distribute, in some cases can encompass a blend of two. These kinds can be likened to decentralization, centralization and/or hybrid model. However, each of them has advantages over the other together with setbacks. In this post, i will not deep-dive into what centralization and decentralization entails but a basic knowledge of them is needed especially for a complete rookie.
In blockchain, centralization is concentration of power of decision in one single man or a group of person operating as one. In contrast, decentralization spreads the power to decide to many
or everyone involve in the network. That can be seen in various blockchain projects most especially exchanges. Blockchain perhaps is known for its improved technological performance in the areas such as scalability, security which is achieved through distributed networks etc. However, there might be a serious challenge if mining pools could aggregate sufficient hashing power to launch a 51% attack on the chain hence a more reason so many crypto users clamor for complete decentralization.
Exchanges are like wheels with which cryptocurrencies move. Centralized exchanges operate at the realm being in control of users funds leaving the latter at the mercy of the former which is why attention is needed. Although centralized exchanges (CEXs) in some areas receive claps over decentralized ones (DEXs) but it is believed the benefit of complete control over one's assets and freedom is rather preferred to having it splitted with higher portion rested on the third party. A lot of blockchain pops up almost every moonlight claiming to have improved features over the existing ones. Therefore, permit me to introduce to you a high performance decentralized exchange called Vite.
What is Vite?
Quoted from Vite's whitepaper, Vite is a generalised decentralized application platform that meets the requirements of industrial applications for high throughput, low latency and scalability while taken into account security. It is a blockchain where decentralized application (dApps) can leverage their full functionality packed with immense inbuilt supports for effective performances. It is quite pleasing to know that Vite uses a ledger structure of DAG (Directed Acyclic Graph) where transactions stored are distinguished by accounts (state of the world).
In practice, DAG ledger have shortcomings in area of security which is curbed with the introduction of snapshot chain. improving over existing chains gave rise to developing a strategy that brings solution to the inherent setback of the DAG ledger. To provide high scalability and performance, Vite employed HDPOS as a consensus algorithm. Through this, writing and confirming of transactions are asynchronous. For more technical information about Vite, check here
Relevance of Vite Concept
The core concept of Vite is centered around building a user-friendly platform for dApps and enterprises for successful deployment and sustainability removing as much as possible barriers to adoption. This extends to solving problems some of which includes:
- Fixing existing security loopholes
The onus of determining the order of transactions rests solely on the ledger. Transactions are recorded on a blockchain with the help of distributed ledgers. Even with the use of DAG ledger structures, anomalies may occur where it state of accounts can easily be tampered with when transactions are infrequent as an instance. To avoid such occurrences, Vite devised an algorithm referred to as Snapshot Chain. Snapshot chain as the most vital of storage structure in vite was conceived to maintain consensus among vite ledgers and to aggrandize the tamper-resistance of the block-lattice structure.
In snapshot chain, every block represents the state of the world i.e a set of of all account status and each block is a reference to the previous one. Only the change in each successive state of the world are carried to the next block. This was done to reduce the aggregate storage. In this model, every transaction does not generate a snapshot block since blocks are generated on a fixed time.
At different times, users initiated different quantity of transactions but the speed at which transactions are written and confirmed by the system is relatively fixed. This creates irregularities in the system hence the need to design the three steps involve in transaction life cycle into a more robust asynchronous model on the consensus mechanism to improve overall throughput. It uses a paradigm where transaction is first split into transaction pairs based on
- Improve System Throughput/Performance
"response - request" model, whether is a transfer or contract call, and the transaction is successfully launched when a request transaction is written to the ledger. See Whitepaper for more details.
Other relevant information and interesting read.
Vite token is the token for Vite is listed on CMC and traded for now as an ERC20 Token until mainnet launch and be migrated to its native token.
Vitex - a future decentralized exchange. Join the testing stage here
Vite Airdrop is ongoing as at the time of writing this post. See details here
Vite team comprises of about 37 persons who are experienced in the field and related ones. Below are some of the core team members. You can view all members of team here
|Richard Yan||COO||Click||Silicon Valley|
|Frank Deng||Director of Vite Foundation||Click||Beijing|
|Allen Liu||Silicon Valley Technical Director||Click||Silicon Valley|
Check Vite's pages and forum for more information
Official Website | Twitter | Discord | Reddit | Whitepaper
For Token Information on CoinMarketCap, see here