OIP-5: OKExChain & Vite Partnership proposal

Author Vite Labs (@vitelabs)
Status Draft
Type Standard Track
Category Core
Created June 5, 2020

Introduction

About Vite

Vite is a feeless, high-performance public blockchain, and the first of its kind to implement DAG-based smart contract capabilities. The original asynchronous architecture, hierarchical consensus and snapshot chain technology make Vite an industry-leader in terms of performance and commercial-level application support. To date, Vite has a steady record of deploying practical applications on its platform, with products including a decentralized exchange, a public financing dApp as a pilot program for the City of Syracuse, multiple on-chain games, and micropayment platforms.

Vite users are distributed in 180 countries around the world, with a community size of over 200,000, wallet daily active users of 20,000, 50 supernodes, and over 1500 full nodes. The Vite team was established in June 2018, with a founding team of technical and financial experts from China and the United States. Vite raised capital from Bitmain, OK Capital, Node Capital, Link VC, Genesis Capital, and other well-known funds. Vite Mainnet was launched on September 25, 2019.

Vite Labs:

  • https://vite.org

  • https://github.com/vitelabs

About OKExChain

OKExChain is a public blockchain and independently developed by the world-leading digital asset exchange OKEX. It was 100% open-sourced on April 16, 2020.

OKExChain and Vite hold common visions in public chain governance, ecosystem building, DEX development, and cross-chain solutions. Both parties advocate open-source and decentralization. The concepts of ViteX’s “operator” and OKExChain’s “DEX operator” give the community the right to build their own decentralized trading platform and independently decide assets to list.

This decentralization model for the community will democratize the trading platform, and will benefit the future growth of the entire blockchain world.

OKExChain: https://www.okex.com/okexchain

Details of Plan

As an ecosystem partner, Vite will cooperate with OKExChain in the following aspects:

1. Vite Labs will participate in the OKExChain Supernode Plan, and OKEx will continue to operate the SBP(Supernode) of Vite.

At present, OKEx is an SBP(Snapshot Block Producer) of Vite. After the announcement of more related details on OKExChain, Vite Labs will join OKExChain’s network and become an active contributor.

Both Vite and OKExChain reached global consensus through the DPOS mechanism. As of now, the first batch of SBPs(Supernode) on the Vite blockchain has been operating steadily for over a year and accumulated great experience through the many successful hard forks, which can be shared with OKExChain.

2. The two parties will jointly develop an open decentralized trading ecosystem, and share DEX operation and governance experience.

From the information released by OKExChain, OKchain’s DEX and ViteX decentralized exchange are highly consistent in terms of governance, and are aimed at promoting decentralization for crypto trading. Vite Labs will be sharing experience of decentralized governance in aspects such as operator policies and platform token scenarios.

3. OKExChain’s native token OKT will be listed on the ViteX exchange.

ViteX is a decentralized exchange built on the Vite blockchain that supports listings of cross-chain assets. Vite Labs has integrated many cryptocurrencies, including OKB, into ViteX via a cross-chain manner. After OKT’s issuance, ViteX will be the first batch of exchanges to list OKT.

4. Vite Labs will support OKExChain in its Vite wallet.

Vite Wallet is a multi-chain mobile HD wallet. At present, the wallet has integrated multiple blockchains such as Ethereum, Vite, Grin, and Binance Chain. In the future, Vite Labs plans to integrate OKExChain into Vite Wallet to provide a convenient asset management tool for OKExChain users.