Richard Yan on Vite's layer 1 protocol and DAG consensus

0:00i'm ashton addison from block west capital for investmentpitch media in the Crypto Coin Show and today on blockchain interviews with richard yan co-founder of veet richard welcome to the show and thank you so much for taking the time thank you ashton it's an honor to be here thanks for having me very welcome let's dive straight into it veets public chain unique solutions

0:22That are driving innovation in the blockchain space let's start our conversation off with just a high level overview of the exact solutions that veet has been working on and what is your goal in innovating in this space and then we'll dive into the details okay great in one sentence veed is a zero fee layer one with an order book decentralized exchange so that's a

0:47mouthful let me unpack very quickly it's a layer one so it's a public blockchain with smart contract capabilities it is zero fee because the transactions that happen on beat whether it is a simple transfer or a smart contract transfer or smart contract transaction they incur zero fees there is no gas period and i'll explain how we get that and i also mentioned that we have order

1:13book decentralized exchange so i think the concept of a dex is important to your audience members but there aren't a lot of order book dexes out there and lots of amms such as unit swap sushi swap they are market order based that means you can only do trades at the top of the book or the worst or yeah so basically you can only buy at the highest price or sell at the

1:39lowest price possible and you work in the prevailing market you aren't able to provide a resting order of saying i won't buy above this price and i won't sell below that price and we provide that capability through a order book decentralized exchange very cool yeah a lot to dig into i would love to know more about the consensus you know when did you start working on

2:02it and why did you take this approach in the way that you've developed veed right so let me answer my own question earlier that i kind of threw out about the zero fee nature that is a very important part of our value proposition so we thought that for web3 to prevail users will carry over habits from the web two days they want things fast they

2:29want things now they want things free and so they like for example we already come across nft project creators that want to build on our chain because they do not think that their demographic there are their users like the concept of having to pay fees for transactions so that's why we decided to come up with a zero fee solution and the way we do it

2:55is it is a locking model the more read tokens you lock the more tps you get everyone gets a base a small amount of tps to begin with that you have to pay no fee for it's for sort of a freemium model and so in times of severe network congestion the amount of vt tokens that you would have to lock would need to go up in order for you to send a transaction

3:23and the same thing goes with smart contract transactions now the point is there's zero gas expenditure however so if you need to sell your v tokens after the transaction is over you can feel free to do so and you can do it essentially so you can do it with no feet lost in the process so the way we achieve this zero fee design there are really three

3:49components right so the first one i already mentioned that is locking the more feet you lock the more tps you get the second one is the ledger we have something called a dag ledger directed a cyclic graph that can scale much better than existing blockchain architecture and we are inspired by nano which created the first zero fee contract chain out there they don't want

4:16to put on smart contract and we were able to put it in but their architecture is something called the block lattice flavor of dag and we use the exact same sort of ledger and that scalability essentially means we don't have to resort to using fees to restrict people from trading and then the number three reason is we use delegated proof stake so the inflation from the

4:41coin base will go to reward the small number of validators for our chain so this way we compensate for the loss of transaction fees which normally consists of part of the income for the validators so those would be the three reasons why we are able to do zero fee chain and on top of all of that as i mentioned we have a decentralized exchange it's called vtex

5:06and the there's a few unique things about it i'm happy to get into that definitely yeah i would love to know more about that i let's let's go through that first and then i'd love to get a snapshot of you know how long your team's been working on it and where we're at right now but let's let's talk about the decks because it is a huge differentiator from uniswap and

5:30all of these decks where you can only place market orders which is a huge restriction in decentralized exchanges right now right so i think our angle has always been what the users want so you can see that manifested in the zero feed design for the chain you also see that in the decks because we think that most of the traders whale or retail alike they like the order book

5:55approach they don't just want to place an order in the form of a market order and if you look at all the centralized exchanges out there they don't opt for an amn they all opt for an order book as their initial design so we thought that if we wanted to make a decentralized version of those things then we should try to accommodate what users are familiar with and in this phase is the

6:22order book decentralized exchange so what's so special about it other than this number one is that the dex itself has its native token called vx you can earn vix by liquidity mining meaning placing order book orders on the order book you can earn it by trading on the exchange you can earn it by referring someone to the exchange or listing a coin on the

6:44exchange and alt and finally you can earn it by staking beat to the contract of the for the tax contract the bex is a huge smart contract and when you lock beat or stake beat for the benefit of that smart contract you are providing that contract quota to operate so this is the locking model i previously mentioned and now i'm saying you can lock b

7:09specifically for this smart contract in order to obtain vx the coin now what's the point of getting vx the vx actually entitles you to distribution from the exchange so all the fees collected by the exchange go into a pool and then it got sent out to the vx holders vx had no pre-mine sorry i had no pre-sale no private sale no public sale the development team takes 10 death tax

7:33but then everything else gets distributed to all the vx gets distributed to the miners and then whoever holds the vx as long as you stake it you receive the distribution as i previously talked about so one other inflection point about vtex is that we are about to go implement these bridges for vpex for cross chain trading so as you can imagine for vte native

8:01coins to trade on d-text that's completely trustless decentralized no problem no third-party middle man but to do cross-chain trading if you want to do bitcoin ethereum solana on v-text there needs to be a cross-chain process so currently we use these gateways which we hope to replace with decentralized bridges which we're working on the v2

8:29bsc bridge is already in our test net and that's that will go live into our mainnet in months and we are currently working on v2 other heath compatible chains at the moment i'd say i probably also need to mention one other thing which is these gateways for trading cross chain trading most of them are community run so we currently have

8:57 60 coins traded and adding five coins per month thanks to the permissionless coin adding effort by the community so we currently have incentive programs running that would allow the community to run their gateways to add liquidity and to essentially enrich the whole ecosystem of coin trading on vtex incredible yeah a lot to cover there richard and you mentioned there

9:24about getting outside of the ecosystem into ethereum so from what i understand the you know because a lot of the decentralized exchanges like uniswap only works with ethereum tokens and you can't do cross chain and that's a huge limitation so with v having a decentralized exchange that has some kind of evm compatibility to work with d5 on ethereum

9:48is that one of the top priorities of making like a more holistic blockchain inclusion envy yeah so i would say for something like unit swap or sushi swap they essentially allow trading of rap tokens so wptc and say w solana or something and we essentially provide the same if you want

10:16you have aspects on one chain enter another chain really have no other way than to just wrap those tokens i think the most important thing is the security of the original native tokens that get deposited through this process right so you don't want to get into a situation of the solana bridge hack the wormhole that costs 200 million or so and so that's why we want to switch from a

10:41gateway approach to the bridging solution but i think as any exchange business the way to scale is to provide a good user experience to have lots of coins for trading and have good order book liquidity and we're currently incentivizing on all three fronts and i think that the bridging will provide more security and therefore allow and give people more comfort in terms of

11:08trading doing cross-chain trading on our chain incredible and you know we've talked a lot about the decks and the chain itself and obviously the exchange of coins is going to be super important but i'm also curious just about the ecosystem for development on veet and if there's also a focus on creating other dapps or things outside

11:34of defy as blockchains start seeping into other industries outside of finance yes absolutely so we are a layer one as i mentioned earlier i said we're zero feed layer one with an order of decentralized exchange but we're more than that right so the focus is we are a layer one that means we're kind of like an operating system and then you can really build any kind of app on it then

12:00benefiting from the security of the chain itself and then so we currently already have a community built nfp platform we have a community wallet and then we have a community built a staking reward protocol similar to a pancake swap so i can let's see and then one other very important thing is we have our own programming language called solidity plus plus that is what all of

12:27these staffs are built upon absolutely plus plus is a asynchronous version of solidity so that means when you try to call a function instead of waiting for the return value from that function to execute the next line you can call a function and then execute the next line while waiting for the return so you don't have to wait to execute you can do things in parallel

12:53anyway the point is we are going to be evm compatible soon so that means all apps written in solidity can be deployed unbeaten and all developers familiar with celebrity can now also write liberty code that compiles into bytecode that's compatible with our virtual machines so to answer your question absolutely we already have applications that run on

13:19the v chain outside of the decentralized exchange the nft platform the staking protocol and the and a community wallet but other than these we are hoping to attract gamers game game developers social platform developers we have a hackathon out now and we have a hackathon we run a hackathon every

13:45quarter at least one hackathon currently with bitcoin we're talking about dora hacks and possibly that post to do more hackathons to appeal to more developers and plus the evm compatibility i think that we're going to see acceleration of the explosion of our ecosystem incredible great to know that there's already a community working on you know the wallet and other kinds

14:11of applications and it must be hard to manage an entire layer one that is working on you know different industries and different infrastructure layers all at the same time how do you manage to prioritize and focus you know what needs to be the most important thing that comes out next on veed oh yeah no it's incredibly hard that's why we're also recruiting like crazy so

14:38i just put four different roles in our linkedin we need a dex strategy lead to help expand our vtecs we are looking for business operations lee to be a second brain to the co-founders we have a software architect roll out where they hired someone for that role but we have more openings so we can hire yet another software architect this will be a person working on our consensus

15:00algorithm on the clients and the compiler all the backend hardcore things we also have a job ad out for blockchain blockchain blockchain developer so this would be full stack plus knowledge with solidity and if you have mobile app development that'd be even a plus so yes so recruiting is a big deal and we are also getting help outside of

15:28of our own immediate team we just on board the two advisors i know our community was asking about this so this is a perfect time to announce so one person is luke kim and he is a advisor to the blockchain berkeley blockchain accelerator he is advisor to multiple other web3 gaming and investment funds and he's

15:56basically a power connector in the crypto space so he's currently actually at new york yeah doing a solana hacker attending solana hacker house so hopefully he can bring us some good news from the developers that might not only be exclusively interested in building on zelana and one other advisor we have her name is sierra sierra sun she used to be the

16:18chief strategy officer at holby one of the biggest exchanges in the world and so she now runs her own fund called the c-square ventures also a power connector extremely extremely well-versed in the space and so we're hoping that she can also help us fill down all the right relationships with exchanges market makers capital allocators

16:46and so on and so both of them will be communicating with me on a regular basis as we make sure we have the we keep a pulse on the development of the industry which is extremely difficult to keep track of obviously it's increasing increasingly hard so i think yeah when to answer your question of how we manage the growth i think it just comes down to having more

17:08brains to help definitely yeah and i did see your community very active on twitter asking about this interview and you know when are you going to announce the advisors and the new team members and everything so it's great to have that feedback from the community just super involved now yeah if there's other people that you know want to either apply for those jobs that

17:31you mentioned or just want to participate or want to use the decks and the wallet and get involved with the community of veet what is the best way for them to learn more so for people that want to apply to those jobs just go to my linkedin so if you just google richard yen linkedin and you will find my most recent post being a collection of all the openings

17:55and you can just directly apply through those links for people that want to know more about beet vtex beet bridge beet bridge is the name for the bridging solution we're building for vtex go to our website v.org and also connect with me on twitter i'm at twitter.comgenso09 and yeah look forward to connecting and a good good comment about our community

18:22i'm actually very pleased to see a good growth in our community despite the fact that we're not yet solidity compatible so developers are investing their time to learn about solidity plus plus because i think they are interested in building on our chain and i'm very grateful for that and then in terms of the activeness of communities asking questions

18:46You know in preparation in anticipation of this chat between you and i ashton i also want to say thank you thanks for paying attention and vt will only thrive because of a strong community so we're happy you're here amazing thank you so much richard i will leave all those links as well just a fast track to your linkedin and to the vet website and the decks and everything

19:10in the description box below all the best with everything related to feet moving forward and let's follow up in the near future thanks a lot ashton look forward to connecting again you