Tag Archive for: VTB Blockchain

VTBCommunity Blockchain Updates: NFTs – Blockchain

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VTBDex Updates

 Date: September 21st, 2023

Available at https://vtbdex.com/

VTBCommunity Announcement – VTBDex Technical Updates – VTBCommunity Blockchain: NFTs – Blockchain

Dear VTBCommunity members,

The VTBCommunity Foundation is pleased to announce a series of incredible updates that are set to transform your experience on the VTBDex platform. Committed to endowing our community members with pioneering technology solutions, the VTBCommunity Foundation is delighted to bring you good news about the latest key updates regarding NFTs and blockchain optimizations.

Functionality: NFTs (Non-Fungible Tokens)

We are proud to introduce our latest new functionality in the VTBDex: NFTs (Non-Fungible Tokens), dubbed NFVTBs. This significant enhancement adds a new layer of functionality to our platform bestowing our community, in a friendly user way, a world of opportunities for creators, collectors, and enthusiasts to easily tokenize and securely trade and showcase their digital assets.

NFVTB will empower our community to participate, through the VTBDex, in the world of blockchain-powered digital asset exchange like never before!

With the introduction of NFVTB on our platform, we believe it’s essential to delve into what NFTs are, how they function, and the myriad ways they can revolutionize the digital landscape.

What are NFTs and how do they work?

Non-fungible tokens (NFTs) are a powerful innovation in the blockchain world that is transforming the way we perceive, trade, and interact with digital assets. They are a specialized type of digital asset that represents ownership or proof of authenticity of a unique item, piece of content, or creation. Each NFT is distinguishable from others and carries metadata that makes it truly one-of-a-kind.

The magic of NFVTBs lies in our underlying blockchain technology. Each NFVTB is created, stored, and verified on our unique blockchain, which is a decentralized and secure digital ledger, making them transparent and immutable, eliminating concerns of counterfeit or duplicate copies. Moreover, ensures that the ownership and transaction history of each NFVTB are publicly verifiable and tamper-proof. Once minted (created), an NFVTB is assigned a one-of-a-kind digital signature, ensuring its authenticity and provenance.

When you own an NFVTB, you essentially hold proof of ownership for the underlying digital asset. This ownership can be bought, sold, or traded on the VTBDex, creating a lively marketplace for digital creations and collectibles.

Exploring the Uses of NFVTBs

The uniqueness and versatility of NFVTBs make them perfectly suited for representing individual digital assets which leads to a remarkable array of use cases across various industries, such as artworks, collectibles, virtual real estate, music, videos, fashion, and more.

Optimization: Data Structure Reduction and Simplification

In our commitment to delivering an optimized and seamless experience, the VTBCommunity Foundation is excited to announce that we implemented substantial data structure reduction and simplification within the VTBDex.

Through meticulous data structure reduction, we’re reducing the size of data blocks within the blockchain. This not only translates to faster transaction processing but also contributes to lower storage requirements and improved network performance. Smaller data structures mean quicker synchronization for nodes and more efficient utilization of resources. Additionally, by simplifying the data structure transactions are processed with greater efficiency. This streamlining minimizes complexities that can lead to network congestion and delays.

We are convinced that these enhancements will not only improve the overall efficiency of the platform but will also contribute to faster transaction processing and reduced network congestion, which translates into a smoother and more reliable user experience.

Conclusion

These successful updates add a significant milestone in the evolution of the VTBDex and the VTBCommunity Blockchain. We are entirely committed to fostering a user-friendly, vibrant, and innovative platform where users can engage with cutting-edge technologies and seize new opportunities in the digital world. The introduction of NFVTBs and blockchain optimization showcases our compromise to delivering a sustainable, secure, and efficient blockchain ecosystem for our valued community members.

Once more, please allow us to extend our heartfelt gratitude to all our members for your unwavering support to make the VTBCommunity a success.

Thank you,

The VTBCommunity Foundation

VTBCommunity Blockchain Updates: EOS Nodes, APR Efficiency, and Expanded Fee Payments

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VTBDex Updates

 Date: July 27th, 2023 – Available on July 31st, 2023

Available at https://vtbdex.com/

VTBCommunity Announcement – VTBDex Technical Updates – VTBCommunity Blockchain: EOS Nodes, APR Efficiency, and Expanded Fee Payments

Dear VTBCommunity members,

The VTBCommunity Foundation is excited to bring you the latest key updates regarding the VTBCommunity Blockchain. The Foundation’s team has been diligently working to improve various aspects of the platform, with a focus on optimizing performance and enhancing the overall user experience.

Updated EOS Node: Embracing the Latest Advancements

The VTBCommunity Foundation is pleased to inform you that it has implemented a comprehensive update to its EOS node. By upgrading to newer versions, the Foundation ensures that the VTBCommunity Blockchain remains at the forefront of technological advancements, enhancing its capabilities and security.

This update also involves removing overhead from the node, resulting in a more streamlined and efficient system. As a result, the response time for transactions and other activities on the blockchain has significantly improved. VTBCommunity users can now experience faster and smoother interactions within the platform.

Furthermore, this update provides us with better control over data management, ensuring that the blockchain operates with enhanced stability and reliability.

Optimizing APR Calculation Computational Overhead: Ensuring Efficiency and Accuracy

The VTBCommunity Foundation understands the importance of computational efficiency in blockchain operations. To that end, the Foundation’s team has diligently worked on optimizing the APR (Annual Percentage Rate) calculation computational overhead on the VTBCommunity Blockchain.

By reducing the computational requirements, the platform’s performance is enhanced, allowing for smoother and quicker APR calculations. This optimization also improves the robustness of the calculations, ensuring accurate and reliable results.

The commitment of the Foundation to efficiency and accuracy ensures that its users can enjoy transparent and precise APR information, enabling them to make informed decisions within the VTBCommunity ecosystem.

Expanded Fee Payment Options: A More Versatile Crypto Experience

To enhance accessibility and flexibility, the VTBCommunity Foundation is delighted to announce the expansion of fee payment options on the VTBCommunity platform. Users now have the convenience of using all cryptocurrencies, including VTBT and VTBC, for fee payments.

This enhancement eliminates the need for users to make ETH/EOS deposits for fee payments, offering a seamless and efficient transfer process between accounts. Additionally, users can convert their cryptocurrencies directly, simplifying their interactions within the ecosystem.

With these changes, the VTBCommunity Foundation strives to create a more user-friendly experience, making it easier for community members to engage with the VTBCommunity Blockchain and enjoy its various features.

Conclusion

The VTBCommunity Foundation remains committed to constant improvement and innovation. With the updated EOS node, optimized APR calculations, and expanded fee payment options, the Foundation aims to provide community members with an exceptional blockchain experience.

The VTBCommunity Foundation extends its heartfelt gratitude to all VTBCommunity members for their unwavering support and active involvement in its journey. Your valuable feedback and continued participation drive the Foundation forward as we strive to build a stronger, more efficient, and user-centric blockchain ecosystem.

Thank you,

The VTBCommunity Foundation

VTBCommunity Blockchain Completes Transition to Proof-of-Stake (PoS) Consensus Mechanism

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VTBDex & PoS

 Date: July 26th, 2023

Available at https://vtbdex.com/

VTBCommunity Announcement – VTBDex Technical Updates – VTBCommunity Blockchain Completes Transition to Proof-of-Stake (PoS) Consensus Mechanism

Dear VTBCommunity members,

The VTBCommunity Foundation is delighted to announce the successful completion of the transition to the Proof-of-Stake (PoS) consensus mechanism on the VTBCommunity Blockchain. This momentous achievement marks a significant milestone in the Foundation’s commitment to providing a robust and sustainable blockchain ecosystem for its valued community members. Through this strategic move, the Foundation aims to foster greater trustworthiness and enhance the overall user experience within the VTBCommunity platform.

What is Proof of Stake (PoS)?

Proof of Stake (PoS) is a blockchain consensus mechanism where participants validate transactions and secure the network by staking their cryptocurrency tokens, reducing energy consumption and increasing efficiency compared to traditional mining methods like Proof of Work (PoW).

In PoW, participants compete to solve complex mathematical puzzles to validate transactions, which requires significant computational power and energy consumption. In contrast, PoS eliminates the need for resource-intensive mining and instead allows validators to be chosen based on the number of tokens they hold and are willing to “stake” as collateral, making it a more environmentally friendly and cost-effective approach to maintaining a secure blockchain network.

The switch to PoS empowers the VTBCommunity to build a stronger, greener, and more reliable ecosystem, providing its members with enhanced security, efficiency, and participation opportunities.

PoS Migration: Enabling Individuals to Run Nodes

One of the significant advantages of the PoS migration for the VTBCommunity Blockchain is the opportunity it presents for individuals to run nodes. This feature solidifies the network further, as community members can actively participate in securing and validating transactions by running their own nodes. By staking their VTBC tokens, these participants become validators, playing an essential role in the network’s consensus process and enhancing its security and resilience.

Adding Detailed Logging and Chain Monitoring Services

As part of its commitment to continuously improve the blockchain’s performance, the VTBCommunity Foundation has implemented more detailed logging and chain monitoring services. These monitoring services play a vital role in ensuring the blockchain’s stability and reliability:

  • Close Monitoring of Nodes and Storage: Detailed logging and monitoring services allow the Foundation to keep a close eye on the health and performance of individual nodes and storage systems. This real-time monitoring ensures that nodes are running optimally and that potential issues are detected and resolved promptly.
  • Traffic and Demand Monitoring: The Foundation closely monitors network traffic and demand for scaling. This proactive approach allows the team to anticipate and address any increased demand on the network, ensuring smooth and efficient transaction processing.
  • Node Management and Maintenance: With detailed logging, the Foundation can efficiently manage and maintain its nodes. This proactive maintenance approach helps prevent potential downtime and ensures that the blockchain remains operational and accessible to its community members.

Recap: Balanced Total Supply through Token Burning

To recapitulate on its official announcement made on the 27th of June on its official Telegram channel, the VTBCommunity Foundation created 1 million VTBC tokens as rewards for participants engaging in Proof of Stake (PoS) activities during its maintenance phase. However, this token creation led to an increase in the Total Supply, reaching 41 million VTBC. To ensure a balanced and equitable distribution, the Foundation proactively burned 1 million VTBC tokens from the Foundation’s wallet, effectively reducing the Total Supply back to 40 million VTBC. This prudent action aims to maintain a harmonious token economy and reinforces the Foundation’s dedication to transparency and fair distribution within its blockchain network.

Advancing Towards Integrity and Reliability

With the completion of the token-burning process, the VTBCommunity project takes a significant stride towards achieving a reliable blockchain ecosystem. The PoS consensus mechanism ensures that participants can actively contribute to the network’s security and validation by staking their VTBC tokens. This innovative approach empowers community members to play an integral role in the decision-making process and ensures the continued integrity and reliability of the VTBCommunity Blockchain.

Benefits to VTBCommunity Members

The successful transition to the PoS consensus mechanism brings an array of benefits to the VTBCommunity members:

  • Greater Network Security: The PoS consensus enhances the network’s security and resilience by encouraging active participation and stakes from community members, effectively deterring malicious actors.
  • Energy Efficiency: Unlike traditional Proof-of-Work (PoW) systems, PoS reduces the energy consumption required for mining, making it an eco-friendly alternative.
  • Incentivized Participation: By staking VTBC tokens, community members receive rewards, creating a thriving ecosystem that encourages active engagement and knowledge sharing.

Gratitude to the Community

The Foundation extends its heartfelt gratitude to each and every VTBCommunity member for your unwavering support and commitment throughout this remarkable journey. Your active involvement and engagement have been instrumental in driving us forward, and the VTBCommunity Foundation is thrilled to have you as part of this growing community.

As the Foundation forges ahead in shaping the present and future of the VTBDex, it remains steadfast in its dedication to delivering cutting-edge blockchain solutions and fostering a dynamic and inclusive ecosystem.

With continued support from its valued community members, the VTBCommunity Foundation looks forward to propelling the VTBCommunity project to greater heights and creating a pioneering blockchain ecosystem that stands at the forefront of innovation.

Conclusion

The successful transition to the Proof-of-Stake (PoS) consensus mechanism marks a significant milestone for the VTBCommunity Blockchain. With PoS migration allowing individuals to run nodes and the implementation of detailed logging and chain monitoring services, the VTBCommunity Foundation reinforces its commitment to delivering a sustainable, secure, and efficient blockchain ecosystem for its valued community members.

Thank you,

The VTBCommunity Foundation

VTBDex IPFS Integration

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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

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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

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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.