VTBDex IPFS Integration


VTBDex IPFS Integration

 Date: June 3rd, 2022

Available at https://vtbdex.com/ipfs


VTBCommunity Announcement

Dear VTBCommunity members,

We are thrilled to announce that the VTBDex has successfully integrated IPFS and included a tab on its menu for ease of access!

In this article, we will be explaining what IPFS is, how blockchain technologies face in terms of data storage and management, and finally, how the VTBDex makes use of IPFS in the most amazing ways!


What is IPFS?

The InterPlanetary File System (IPFS) is a protocol and peer-to-peer network launched in 2015 by Juan Benet, founder of Protocol Labs, with the purpose of storing and sharing data in a distributed file system. It uses content-addressing to uniquely identify each file in a global namespace connecting all computing devices in a secure, transparent, and scalable manner.


The Challenges of Blockchain Technologies

It is important to understand that blockchain technology in general, suffers from several fundamental issues related to how it stores such large amounts of data to operate proficiently. It regularly holds complete instruction data on the blockchain which increases its size, slows down replication speed, downgrades performance, and ultimately increments computation expenses.

By integrating IPFS into blockchain processes with clever methodologies, as the VTBCommunity has been able to achieve, users can consult information and complete as many transactions per second as required at any given time, competently resolving most, if not all of the issues mentioned above.

“The VTB project has chosen to employ blockchain technology for various reasons. The challenge was to deliver transparency and auditability, only delivered by public blockchains. Therefore, since none of the current public blockchains met the Foundations criteria, the Foundation built a custom blockchain for all the project’s requirements that will come in stages.” – VTBCommunity White Paper


How is IPFS used on the VTBDex?

As described in the VTBCommunity White Paper, the IPFS protocol allows the VTB Blockchain to function in full transparency and with improved scalability, stability, and security. It does so by performing back-ups of the blockchain data on IPFS and using the Ethereum public chain to hold the IPFS address.

The VTB system runs on a methodology using a Layer-2 coupled with a sidechain pattern, resulting in fast and flexible performance and maintaining a very low operational cost, while ensuring its users’ private/public key pairs are operating under their control. This makes the most of the system with improved scalability and enables great management of the entire project.

The various chain interactions which incur operational costs, including cloud-based services, chain maintenance, APIs, and the transactions themselves, are completely covered and accounted for in the present VTB system by means of intelligent and cost-effective procedures. This is carried out by not reporting every transaction, but rather by submitting the runtime state to an IPFS address and therefore to Ethereum’s expensive chain, clearly grouping all transactions for a specified time.

“A multi-source configuration is used for APIs, such as Infura for ETH and Block Producer snapshots and or APIs for EOS, to reduce risk and prevent any breaking changes. In conjunction, external smart contracts and accounts are used to accept deposits of their respective native currency. The Ethereum smart contract will also keep a stored IPFS address to allow users to constantly view the VTB Blockchain and verify their VTBC balances through third-party applications.” – VTBCommunity White Paper


The new IPFS Tab on the VTBDex

The VTBDex publishes balances, prices, and other critical information at least once per day to IPFS so that members can verify their balances independently. Using JSON files, an open standard file/data interchange format used to store and transmit data objects, the VTBDex circulates data to IPFS to keep transparency and reliability always accessible to the public.

Even though this data transmission process to the IPFS protocol is taken care of quite effectively as a regular VTBDex operation, the data becomes bulky and awkward to read in its JSON format. For this reason, an IPFS tab on the VTBDex has been added to display up-to-date “snapshots” of the most recent data sent to the IPFS protocol in order to enhance the overall experience of our users.

Image source: https://vtbdex.com/ipfs


Moving Forward

With this IPFS upgrade, VTBDex users will benefit from having access to a better-looking IPFS interface and easily navigating through IPFS-published information with convenient search functions.

Visit the VTBDex and have a look at the newly added features of IPFS integration at vtbdex.com/ipfs.

 

VTBDex Official Release


VTBDex Official Release

 Date: February 14th, 2022

Available at https://vtbdex.com


VTBCommunity Announcement

Dear fellow members of the VTBCommunity,

The VTBDex and the VTB Blockchain, the decentralized exchange and distributed ledger ecosystem that govern the dual-asset offer by VTBCommunity Foundation (VTBC & VTBT), have officially launched as of February 14th, 2022, and are accessible at https://vtbdex.com.

It is, without a doubt, an enormous step towards establishing a presence in the algorithmic finance sector and bringing forth the entire VTB proposal created by the VTBCommunity Foundation. Through the VTBDex, community members can now carry out purchases and sales of VTB digital assets in a truly reliable and convenient manner.

Notwithstanding, the initial launch of the VTBDex is accounted as a first phase of the entire range of solutions offered and is still going through some additional adjustments. These modifications do not interrupt the current service that the decentralized exchange has, and community members are effectively able to conduct their exchanges activities today.

However, later additions to the VTBDex will further empower users in various ways, including but not limited to financial calculators, a broader e-wallet integration, comprehensive graphical interface solutions, and many more features.

As always, if any members encounter any issues while using the phase 1 rollout of the VTBDex, we are happy to receive member feedback via our contact form on https://vtbcommunity.org, so that our technical staff can attend to the matter accordingly.

We encourage all the VTBCommunity members to visit the VTBDex Migration Guide for further reference on successfully integrating their wallets (for Ethereum users) to the new Dex, which you can access at https://bit.ly/VTBDex-Migration-Ether.

Once again, we are proud to announce our official release of the VTBDex and the VTB Blockchain, reiterate our commitment to serving you better, and convey our gratitude to VTBCommunity members for their trust, patience, and cooperation.

VTBDex Launch Announcement


VTBDex Launch

Official Launch Date: January 31st, 2022

Available at https://vtbdex.com


VTBCommunity Announcement

Dear fellow members of the VTBCommunity,

As a tremendous step towards offering safe and cutting-edge financial technology solutions to our members, we are proud to give an official notice of the successful completion of the VTB Blockchain. However, while this instrumental feat is undoubtedly the backbone for the VTBDex and its entire operation, it is essential to keep in mind that we are still performing adjustments to prevent inadequate migration incidents for any of our members once it becomes publicly available.

With this in mind, we hereby state that the official launch of our proprietary decentralized exchange platform, the VTBDex, will take place on the 31st of January, 2022, and that it will be open for access at the domain https://vtbdex.com.



VTB Migration Guide (Ethereum)

The VTBCommunity Foundation is aware of the challenges for both new and experienced users of blockchain technology. Therefore, we’ve decided to aid in conducting the VTBDex migration process in a seamless and clear-to-follow manner.

We have created a step-by-step guide on a particular topic with the knowledgebase section of the VTB Forum. We comprehensively cover Polkadot & MetaMask account creation and wallet synchronization with the VTBDex in support of Ethereum users.

The VTBDex Migration Guide can be accessed by going to bit.ly/VTBDex-Migration-Ether.

Additionally, as part of our commitment to providing the proper support for our French-speaking members, we make the guide available in French and English versions, offered as a downloadable PDF file with the access links within the same topic of the forum mentioned above.

 

New VTBCommunity Foundation Website

We are proud to announce the completely renovated website launch for the VTBCommunity Foundation!

The new website for the VTBCommunity Foundation is located at vtbcommunity.org, and it comes with a completely renovated technical document, the VTBCommunity Project White Paper that is readily available for download at the foundation’s website (English Version | French Version | Spanish Version).

 

VTBCommunity Website Launch

The new website for the VTBCommunity Foundation comes with a completely renovated technical document, the VTBCommunity Project White Paper that is available for download in English, French & in Spanish.

MAIN FEATURES:

  • VTBCommunity Foundation Organization Profile
  • Extended Technology & Concept Description
  • VTBCommunity Members’ Forum
  • VTB Knowledge Repository
  • Frequently Asked Questions Area
  • Terminology Appendix
  • News Corner: Announcements & Events
  • Consolidated Support & Contact System

 


INTRODUCTION

The VTBCommunity Foundation (VTB – “Validus Tutis Beneficium” stands for “Strong Secure Benefits”) is a non-profit entity established in Gibraltar in September of 2021 that offers a revolutionary financial assembly and predictable ecosystem developed as a bold response to the dynamically inflationary money mechanic. It will perpetuate the principal objective of providing expectable economic value and unmatched stability to its users based on temporality, capital injection, and transactional numericity.

In its development stages, the VTBCommunity Foundation has been through extended periods of complex restructuring and reassessment to evolve its financial proposal, ensuring stability, scalability, and predictability.

“The new website for the VTBCommunity Foundation is located at vtbcommunity.org, and it comes with a completely renovated technical document, the VTBCommunity Project White Paper that is readily available for download at the foundation website.”


VTBCOMMUNITY WEBSITE LAUNCH & MIGRATION ANNOUNCEMENT

It is with immense pleasure that we reach out to the community to announce the successful migration of our decentralized exchange to its final stage, the VTBDex.

We also introduce the new foundational structure, technicalities, and new frontiers of our endeavours as an integrative financial proposal, the VTBCommunity Foundation.

2021 will go down in history as the rebirth of the project. The Foundation was aware earlier this year that the entire system needed to be rebuilt from scratch, as it was fundamentally impossible to try and save the old to make it look like the new.

You may download the VTB Announcement PDF by going to bit.ly/vtb-migration.

So, we had no choices to redo everything and that is exactly what we did.

The new token system is now titled “VTB.” Therefore, we will use the VTBC and VTBT terminology as the dual-token root to work with.
It is essential to emphasise that it is an entirely new project and that everything is completely different from past iterations.

VTBDEX

The new Decentralized Exchange is now VTBDex and operates under the www.vtbdex.com domain with an optimised infrastructure, an enhanced performance, and an extended e-wallet compatibility.

VTBCOMMUNITY FOUNDATION

The new website for the VTBCommunity Foundation is located at www.vtbcommunity.org, and it comes with a completely renovated technical document, the VTBCommunity Project White Paper that is readily available for download at the foundation website.

*Note: The two websites are now the official websites of the Foundation. Additionally, all social media channels appropriately listed on such websites are in place as the Community’s only official accounts. Anything that is not linked on the official websites is not and will never be considered as a part of the VTBCommunity Foundation.

Please make sure to share these facts with other members of the community that you may be in touch with.

 


 

It is the reason why the VTBCommunity Foundation has decided to perform a complete overhaul & reestablishment of its solutions, primarily considering our community members’ financial wellbeing and, of course, staying true to our core values and overall mission as a non-profit entity with our distinctive forward-thinking envisioning.

IT IS ALSO IMPORTANT TO STATE THAT WE NOW HAVE A PROPRIETARY BLOCKCHAIN, THE VTB BLOCKCHAIN.

This fact is something that you will be able to read in our White Paper.

To build a business ecosystem around the VTB, we needed to ensure that we secured the Foundation and that the project (token) would be protected in time.

In the coming weeks, you will see announcements of the progress and the expected beginning dates of the different parts of that ecosystem.

 


THE FORUM & TELEGRAM

We have also launched our VTB Forum section where feature requests, announcements, and traders corner, among others, will become active and prominent sections of our website, acting as a repository of information for every VTBCommunity Member to consult.

You can visit the VTB Forum by going to vtbcommunity.org/forum and you may find the VTB Forum’s Rules at vtbcommunity.org/forums/topic/vtb-forum-rules.

On the other hand, we are now attending to VTBCommunity members on our new Official Telegram Group, offered at t.me/VTBCommunity. You may find the rules to our Telegram Group on bit.ly/vtb-telegram-rules


THE BENEFITS

The Foundation designed this project to bring stable value-added assets to people, businesses, and merchants alike at the lowest possible risk while reducing the impact of an increasing cost of living. Also, this project allows the individual to be intentional about the financial system they wish to use instead of using the default. Price predictability, stable low fees, and simplified access to blockchain assets are salient benefits that set it apart. To drive the use of the asset, VTB is working with a profit-driven entity, whose goal is to offer financial tools in a business ecosystem delivering unique features to the community, such as a cash advance program, a merchant platform that includes a fee-less payment system, a reward program for the merchants, and many others incentives for the users.

VTB is not only building the foundation for an ecosystem; it is also creating the associated network that follows. This is a complete project comprising an interactive movement between assets and users: assets need users, and users require these assets to work for them; it just makes sense.

Additionally, VTB welcomes businesses, for-profit, non-profit, even governments so that, thrust by their utilization, the fundamental asset will continue to grow accordingly.

Coherent with the blockchain space of tomorrow, VTB is honing its efforts to drive solutions for several of the barriers mentioned above. These solutions result in a blockchain-based architecture that not only people can use in an easy, low-risk manner, but businesses can as well by removing some of their overhead costs in an equally low-risk environment. The ease of use allows adopters to utilize their smartphones to perform these VTB interactions.

Data Transfer Technologies

Digital technologies have propelled our every communication and transaction into a new era of interconnection where data is transmitted rapidly from one part of the globe to another. In that same manner, electronic transactions are gradually replacing the need for tangible bills. Indeed, money has become increasingly virtual and synonymous with mere data transmission, especially with the emergence and expansion of the digital economy.

Having become mainstream nearly around the world, these data transfer technologies now require an expansion of their availed infrastructures, enabling users to move value in a safer, more accessible and utmost convenient manner.

Globally, people are seeking improvements in the current financial system. According to a study conducted in 2015 by Accenture gathering 2000 senior decision-makers around 15 countries, their use of analytics and Cloud-based infrastructure had increased by 34% and 30%, respectively, and in doing so, their primary concerns were security and keeping pace with digital advancements. In another more recent study, because of the surge of digital network use during our global crisis, masses ask for easy access, fast delivery and increased security for everything from bill payments to sending money to loved ones without going to a financial institution.

These necessities have driven the development of online banking and other electronic payment systems; many will show up in web searches. Money, assets, and wealth have been changing, and the next generation of financial instruments and vehicles will likely be built using something like regulated blockchain technology that enforces laws and protects people from fraud.

Meanwhile, a simple internet search will show that banks are starting to adopt blockchain technology globally. Having already proven its effectiveness and given its global demand, the time has come to expand upon its initial design and avail it to the world. In that respect, we believe that our project, VTBCommunity (VTB), cannot only achieve this task but provide other innovative financial opportunities.

VTB is designed to advance the digital money infrastructure by offering a stable and predictable growth asset. It is more straightforward, user-friendly and renders a rich end-user experience while lessening the often-cumbersome cost burden otherwise charged by the current financial systems and some alternatives.

More specifically, the VTB system is based on methodically increasing the asset value, thus progressively increasing users’ net worthwhile charging a fixed fee within the VTB system. This enables an expanded purchasing power to meet their goods and services requirements. Although its inherent vision may seem somewhat utopian, or as some may think, “too good to be true,” the fact is that its design is meant to transform the financial system’s past four to five decades of macroeconomics (since Simon Kuznets won the 1972 Nobel Prize in Economics) into something new. Take inflation, for instance, even with its annual fluctuations, the cost of living has continuously risen, and this year, 2021, has seen the highest yet (macrotrends.net). In terms of perspective, the CPI inflation calculator estimated that the purchasing power of US$1.00 in 2000 had decreased to 0.60 cents in 2021[1]. That being true, one could also say that similar assets to VTBC already exist, such as “Risk-free Bonds” typically seen as United States Treasury Bonds, but the ROI is far from sufficient to help anyone become financially comfortable let alone independent.

[1] https://www.in2013dollars.com/us/inflation/2000?amount=1

How is it remedied?

Let’s face it, whatever increase in wages employees have received or sales generated by most Small to Medium Enterprises (SME), their bottom line has flattened due to an equal or sometimes higher inflation rate simultaneously applied on goods and services for at least the last 20 years. This decreased buying power dwindles most people’s potential to live within their means. Home prices, for example, have become unaffordable to most, while the cost of food, another basic need, has substantially risen due to a high rate of inflation across many countries. Unfortunately, this never-ending cycle in a financial system serving its ends, not humankind’s, can only lead to an increasing lack and poorer societies.

The question that begs an answer is, “Why is this happening?”—followed by perhaps an even more important one, “How is it remedied?”. This project has considered these questions and found a way to transform them into remedies. Simply put, the refined and efficient solution is to take the rising cost of living and apply it to a system that works for the VTB users (community members) instead of against them. In this way, such community members can buy goods and services, food, housing, etc., in a safe, secure, and abundant manner using a new infrastructure built on blockchain.

Most debates about money are philosophical, but the real question is, “Are people willing to adopt positive changes?” or “What are they willing to accept in exchange for labor and or products?”. Recently, people in prominent positions are now accepting Bitcoin for their wages. Realizing that fiat money is only backed by debt, would everyone be willing to continue using it, even at a loss? Or would they happily switch to a medium of exchange based on growth and abundance? A brilliant person once said about finance and banking, “These are man-made rules; they are not natural laws, such as gravity.”

It means that humans can create any exchange system for their goods and services. VTB has created a system that will generate abundance for its users and holders.

In short, the VTB contribution to the digital money ecosystem is integrated into existing technologies utilizing a “layer-2” methodology using a sidechain pattern to ensure uncompromised security and stability. Moreover, this innovative system utilizes Ethereum and IPFS technologies to back up its data with transparency. In this manner, VTB provides a secure environment. For those already acquainted with cryptocurrencies, it is similar to an NFT where a token can be seen in a decentralized environment by accessing IPFS addresses through Etherscan. This transformation to the next level of digital money, assets and wealth was inspired by the now renowned giants, such as Bitcoin and Ethereum. Now is a time for the next generation of cryptocurrencies to meet the financial demand of the world with projects like VTBCommunity.

VTB Protocol Assertions

1. Equitability

This system was designed to benefit all its users (VTBC purchasers) equitably. It would be senseless to build a community otherwise, whereby solely the first members and/or owners would receive benefits. According to its mission, no matter what holding position one VTB member holds in the community, they receive the same benefits, as long as VTBCs are in their possession.

2. Redistribution

The sale of the asset reserve is redistributed to all asset holders, as per VTB’s distribution mechanism. The initially minted VTBC are sold to all community members, who then received the proceeds of future reserve sales on a reoccurring basis (thirty days). This distribution mechanism is done by sending Ethereum, or any other integrated cryptocurrency, to all members based on the percentage of VTBC value held, by the member, at the end of each 30 days, which is certainly an Anti-ICO mentality.

3. Growth

The VTBC value will always increase using an algorithm to that effect. This algorithm can be improved upon based on informal assessments and their interpretations by professionals. To that effect, the VTB team has been working with a professional mathematician (Ph.D.) to help refine this algorithm. Even if the algorithm may be altered occasionally, it will do so under strict guidelines, ensuring that it benefits the community and meeting applicable governing laws.

4. Primary Asset (VTBC)

The primary VTBC asset is not peer-to-peer transferred. This is meant to protect the enforcement of the algorithm within the protocol. If there was a means to transfer VTBC directly, attempts to circumvent the pricing algorithm would certainly be made.

5. Secondary Asset (VTBT)

  • Must be fully backed by the primary asset.
  • Can be peer-to-peer transferred.
  • Does not participate in the value increase algorithm.

The secondary asset is entirely backed by the primary asset in the protocol coding. This standard is meant to ensure that users can convert back to VTBC at any time to take advantage of its hourly value increase.

Unlike the primary asset, the secondary VTBT can be transferred peer-to-peer. This is done using methods similar to ERC20 functions, such as “Transfer”.

It should be noted that VTBTs should be quickly converted back to VTBCs to take full advantage of its incremented value increase, not available to VTBTs.

6. Future Assertion

  • Governance token.
  • Governance incentives based on action.

Some others may be added only if they are in the community’s best interest. Out of those considered, two have been visited:

  • To fully decentralize the project with democratic governance using governance tokens or some other mechanism. This type of democracy enables users to vote on changes to the white paper and, naturally, the runtime (smart contract).
  • The incentivization of democracy.

These future assertions include creating a governance mechanism and related voting incentives. As it may, several projects have had to substantially change their overall protocol because they expected token holders to participate in the democracy; however, a meager turnout prevented changes from occurring initially. To remedy this potentiality, the VTB team will use incentivization along with the governance mechanism to encourage participation in the democracy from its onset. Careful consideration will be given to advancing the democratic and incentivization systems so that they may benefit the community.

Let it be known that the system operates under rules strictly followed by and binding to the VTB project. Any change to it must benefit the community.

VTB Mechanics

This section covers the VTBC behind-the-scenes mechanism and the details of its functions concretely, not only conceptually. To begin with, there are two tokens: one increases with time and use, while the other is a tradable token similar to an ERC20. The remainder of this section provides more information on the VTBC and VTBT tokens:

VTBC

VTBC uses fundamental mathematics to increase its value according to usage and time. As previously mentioned, this increase offers stability and predictable growth that can be relied upon for wealth-generating financial projects, including savings, cash advances, insurance, and utilities. The user accepts VTBC (through VTBT) as payment for goods or services and others. In other words, VTBC users and holders receive a continuous value increase while holding or using the asset. The transaction-based increase is calculated on the actual VTBC liquidity vs. injected value in the system. For example, the resulting price increase will be slight if the value of the VTBC sales (from the sell order book) is much higher than that of the current transaction purchase value. Conversely, the correlated increase will be more significant if the current purchase value exceeds the total sell order book. This offset serves to balance the injected liquidity in the system and the hourly value increase. This time-based increase has been set as a minimum to ensure that the asset’s value increases based on the curve described below. If the transaction-based increase value is equal to or greater than the scheduled time-based increase, the latter’s growth will not be triggered. The value increases calculation will be further explained in subsequent sections.

VTBT

VTBT is valued at par with the US dollar regarding VTBC. At this time, VTBT can only be converted into VTBC. Our team may add a full Ethereum-based ERC20; meanwhile, a substrate-based token with similar features to the ERC20 is used.


The distribution mechanism is unique in the industry. Most projects use the sale of the tokens in an ICO fashion. Even if funding projects is essential and ICOs typically provide funding for these projects, in some cases, they can be scams, whereby the project creators walk away with millions of dollars. Instead of asking for money upfront with an ICO, the Foundation has opted to operate by simply tying the project’s success to its community. Consequently, as money is injected into the system as ETH, the project can sell some of the pre-allocated VTBC to fund any ongoing development. At the same time, the initial VTBC buyers are rewarded through a continuous redistribution of ETHs and VTBCs. Eventually, ETH will stop being redistributed in this manner because the initial token reserve will be depleted, but while the supply lasts, VTBC holders will gain in multiple ways.

This value control algorithm provides users with a predictable price, thus improving their financial plans and, in the meantime, allowing the VTBC assets to perhaps the member’s economic standing.

VTB Blockchain and Democratic Policy

The VTB project has chosen to employ blockchain technology for various reasons. The challenge was to deliver transparency and auditability, only delivered by public blockchains. Therefore, since none of the current public blockchains met the Foundations criteria, the Foundation built a custom blockchain for all the project’s requirements that will come in stages. The custom blockchain is a layer-2 sidechain system, the information contained therein is neither auditable nor seen by anyone outside the community. Conflicting with the project’s core values of being transparent and democratic, the team had to find a method to reasonably go from sidechain and non-transparent to fully transparent and democratic. After investigating several options, reading other white papers, and learning from some icons in the industry, it can be achieved in steps. Designing a blockchain and releasing it “into the wild” takes courage, time, and countless trials before success is completed. Several key questions were asked, such as “How to protect the community and keep the project operational?”. Truth be known, most blockchains spend years in development. Finally, between an upgradable blockchain where nodes periodically report to public entities such as IPFS, the project’s core values achieved the first step: it would deliver transparency, auditability, and accountability. Following these phases, a Foundation was founded in Gibraltar to legally enforce identification requirements and accountability to the blockchain’s changes, upgrades, and operation during its infancy.

Ultimately, the Foundation is the technology owner and has a legal guardian who upholds and enforces this white paper’s advancement. Meaning that the Council Members of the Foundation are required by law to follow the rules. In this manner, no one can change the blockchain without the transparent vote of the Council and the approval of the Guardian. This is the first step in becoming a true democracy, which requires time and careful planning. Until then, the Foundation Councilors use legal tools and frameworks to protect the community and add new features and pivots as needed. The blockchain will be upgraded in a multi-signature pattern, and its keys will be held and executed by the Council members.

As the project increasingly moves towards decentralized democratic operations, the vote will be handed over to the community in some voting token or directly through the VTBC asset. This vision is still in its early conceptual phase. A consensus will also be reached as to the future of the VTB blockchain, whether it should become public for anyone to run a node or possibly connect it into an already existing blockchain consensus system, such as Polkadot.

As we move towards these subsequent phases, interested parties may connect to our various channels: