Vite Bi-weekly Report
By: Khun Sir
Tags: Vitex, Project Updates, Blockchain, Cryptocurrency, Vite

Recent Milestones

Vite Labs Plans to Integrate Chainlink Oracle

Oracles are important for Vite’s ecosystem development. High-quality oracles ensure reliable, diverse and decentralized off-chain data feeds. Chainlink is one of the longest-running and best-known oracle technology providers. After integrating Chainlink oracle, Vite will bridge the on-chain and off-chain data gap, more efficiently integrate decentralized systems with traditional centralized systems, further expand the function of the Vite gateway, and lay the foundation for building and improving applications such as decentralized derivative trading, VitePlus, VitePay, crypto ATMs, blockchain-enabled IoT, and more.

Technology Series

On May 27, we released the technical article Design and Implementation of ViteX Back-End Service. This article explains built-in smart contracts within ViteX, from three angles: design, performance and system reliability.

Vite Community Star Election

On May 20th, we released the Vite Community Star Global Election Campaign. The selected “Community Stars” will be displayed on the new version of vite.org.

Vite Mentions on Twitter Soared

Per XTrading, Twitter mentions of Vite increased by 331% over the last month. This growth rate ranked #2 among all cryptos tracked.

Data on ViteX

As of June 1, 18,042,819 VITE have been burned, accounting for 1.8% of total issuance.

138,435,458 VITE are staked on ViteX exchange, accounting for 13.83% of total issuance.

7,110,327 VX has been released, of which 6,563,963 VX is being staked for dividends.

To-date, 58.4 BTC worth of dividends have been distributed. The pool of undistributed dividends stands at 32 BTC.

System Developments

Vite App

Vite App V3.7.0 has been finished developing. On May 28, we submitted iOS version to the App Store for review. On May 29, we submitted Android version to Google Play for review.

V3.7.0 mainly solved the following problems:

Rewriting the transaction detail page in native code. In previous versions, when users viewed the detailed information of Vite transaction records, it jumped to H5 page of the block explorer, which took a long time to load, and cannot copy fields such as address and transaction hash. In V3.7.0, when users click on transaction record, the transaction details will be displayed directly in the App. The user can also copy address, transaction hash, and other fields with a smoother experience.

Optimization of the exchange page. After the V3.6.0 was released, users provided us with suggestions for improving the exchange page experience. We have optimized it in V3.7.0. These optimizations include:

No prompt of quota consumption will be displayed before the order is placed or cancelled.

Users will be asked to confirm the pending order about price and quantity after clicking “buy” or “sell” in order to avoid mis-operation of placing an order.

Display of order positions have been added to the candlestick page and the trading page.

Maximum quantity limit has been added at the amount of buying/selling. A prompt of “insufficient balance” will no longer be displayed.

“+” and “-” buttons have been added to the price and quantity input area, which is easier for changing price or quantity.

A prompt of effective market-making order ranges has been added.

Renamed Comment in English. Recently, there were feedbacks about where to fill memo when transferring VITE to Binance or OKEX exchange. Therefore, we renamed Comment to Memo for the habits of our community.

We have fixed some bugs in V3.7.0. For example: the missing of candlestick subscription data; incorrection of price automatically filled when the order page is switched to buy/sell.

ViteX Exchange

On May 27, Vite Mainnet successfully completed its fourth hard fork. ViteX built-in contract has also been upgraded. As of now, Vite Mainnet is stable and has a normal block production rate. New functions have all been effective. After this upgrade,ViteX order operation logic from clients and API will remain consistent, and the result of order matching will also be deterministic.

In the previous version, the candlestick data needs to be calculated locally on the client side, resulting in data out of sync among different clients. In the new version, we have optimized the candlestick service by calculating data on the server side to secure data consistency.

In addition, the official ViteX Python SDK and Java SDK have been developed and will open source soon.

Official Website Upgrade

After the community vote, the design style of the new official website has been determined. At present, we are revising according to the selected design style, and optimizing the content of the website.

Activities

On May 22, our BD Director Isda, core developer Jie, and Marketing Manager Christy participated in the “Pizza Day Carnival” organized by Jinse Finance and Huobi, and commemorated the “festival” with many Chinese blockchain practitioners

Our COO Richard hosted Messari’s advisor Qiao Wang and Bitcoin maximalist Jimmy Song on a new episode of The Blockchain Debate Podcast. The topic was on corporate bailout and capital market rescue. This is on the back of unprecedented amount of quantitative easing from the US Fed. The crypto-native narrative is that such actions would enable growth of bad debt fueled by excessive liquidity and rob the people of their wealth by increasing prices of goods and assets. As such imprudent monetary policies created the need for crypto, this debate topic is apt for the crypto community. As previously mentioned, this podcast is one way for us to expand our brand recognition and network with industry thought leaders.

All episodes are available at: https://blockdebate.buzzsprout.com

You’re also welcome to follow Richard (https://twitter.com/gentso09) and the podcast (https://twitter.com/blockdebate) on Twitter.

On May 21, our COO Richard conducted an AMA in Vite telegram group, answering over 20 questions from the community including suggestions for product improvement and marketing plans. Our development team has made targeted developments on these improvement suggestions. The AMA record can be viewed here: https://forum.vite.net/topic/3856/vite-labs-leadership-ama-may-21-2020-leave-your-questions-here/1