Tag Archive for: VTBCommunity

VTBCommunity Blockchain Updates: NFTs – Blockchain


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


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


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 – Special Security Announcement – How We Keep Your Money Safe


Security Report

 Date: November 15th, 2022

Available at https://vtbdex.com/


VTBDex – Special Security Announcement – How We Keep Your Money Safe

Dear VTBCommunity members,

From the moment the VTBCommunity Foundation was established a year ago, we took into account the massive challenges that financial technologies face in regulatory compliance and customer protection.

We remain true to our values and core objectives, as established in our White Paper, to bring about the transformative financial solutions that our organization can offer with world-class security measures to keep our members’ assets safe at all times.

We are entirely focused on building a community for the long term and have done so through a platform centered on members buying VTBC at will.

For this reason, we focus on the following key aspects that the VTBCommunity offers:

  • VTBCommunity and VTBDex leverage the security that blockchain technology offers, providing an unchangeable registry infrastructure characterized by distributed ledgers with transparency that is verifiable and accountable at all times.
  • VTBCommunity provides its solutions apart from any other cryptocurrency’s volatility. This is why VTBC keeps growing in value in contrast with other cryptos.
  • VTBCommunity is not linked in any way with FTX or Alameda.
  • VTBCommunity Members are not in danger of losing access to their funds, as these are solely owned by their users and will always remain in their full custody. Although VTBDex is a more complicated exchange platform & less user-friendly compared to other exchanges, users are and will always be in full control of their wallets and private keys.
  • VTBCommunity does not lend or leverage any crypto within the system including deposits, VTBC, and VTBT.
  • VTBDex only works with cryptocurrencies that we consider secure, which is why we limit the types of trading pairs to specific tokens. (EOS, Ethereum, USDT, and we are currently working on adding USDC & Bitcoin).
  • VTBCommunity Foundation is appropriately funded and stable.
  • VTBCommunity has mandated in the Foundation Rules and Charter that an annual financial audit is required.

VTBCommunity continues to optimize the infrastructure of the VTBDex to make it more efficient for our members. We remain congruent with our core belief that VTBC will bring about a positive financial impact on society and that the future of our technology is and will keep thriving worldwide.

As always, we are grateful to our members for their continued support to make the VTBCommunity a success.

Best regards,

The VTBCommunity Foundation

 

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.