Vite Q&A

Common
Tech

1. What is Vite?

Vite is a general-purpose platform for decentralized applications. It is designed to support industrial-strength applications by offering high throughput, low latency and scalability while also providing security.
The Vite team are dedicated to addressing current performance and scalability issues of infrastructural chains, so that truly practical applications with high-frequency data requirements can be built in a blockchain framework.

2. Where is the Vite team? How many people are there?

The Vite team offices are Silicon Valley, US, and in Beijing China, with a total of over 40 full-time team members, of which over the half are developers.
The engineering team are from top-tier IT companies, such as Tencent, JD, Baidu, Didi, and Meituan.

3. What cryptocurrencies did Vite release? What are the differences?

VITE - 1 billion
VITE is the native coin on Vite public chain. VITE ERC20 tokens were issued when Vite was first founded and can now be migrated VITE native tokens at a 1:1 ratio on the Vite wallet app. Both VITE native coins and Vite ERC20 tokens have investment value and can be traded on exchanges.
VX - 100 million
VX is the token related to ViteX. Users who hold VX enjoy payouts from a shared dividend pool comprised of transaction and listing fees. There will be no public nor private sale for VX. Users can only get VX through mining.
VCP - 10 billion
VCP stands for Vite Community Points. VCP can be earned from campaigns or activities. You can exchange VCP for physical or virtual goods in the Vite Store. Although VCP is stable in value, it has no investment value and will not be listed on exchanges.

4. Which exchange(s) will VITE be listed on?

Currently VITE is listed on ViteX, Bittex, Okex, and Upbit. We are also in contact with other exchanges. Stay tuned!

5. What is the current development stage? Is there a Mainnet?

Vite Mainnet is launched officially on September 25, 2019. The launching of Mainnet marks a significant milestone in Vite’s development as it signifies that the Vite public chain will now formally support the functions and expansions of the ecosystem built upon it. We have so far deployed several use cases, such as our Syracuse GovCoin pilot project, a Decentralized Exchange (ViteX), and many DApp games. However, with the launch of our Mainnet, we will be actively engaging and involving more users to help us grow our community-driven decentralized ecosystem.

6. What are the advantages of Vite compared to other public chains?

1. Vite is the first public chain to implement smart contracts within a DAG structure.
2. Vite introduces asynchronous sending/receiving of transactions, resulting in fast transaction speeds with transaction confirmation in seconds and low-cost smart contract creation.
3. Vite has a fee-less transaction model.
4. Vite utilizes a unique snapshot chain model that greatly strengthens the transaction security by eliminating the inherent security flaws associated with DAG.
5. Vite features a built-in decentralized exchange.

7. What is Vite’s biggest innovation as compared to other public chains?

The biggest innovation lies in our asynchronous design, which is implemented in three distinct areas:
1. Smart contracts.
The Nano project (one of three well-known chains that use DAG) separates a transfer action into send and receive components. We have built upon this mechanism by separating the call and response actions of a smart contract so they can take place asynchronously.
2. Writing and verifying transactions.
In a traditional blockchain setup (e.g., Bitcoin), the speed of writing transactions into a ledger is limited by the speed of packing. Vite allows the writing of many transactions into the ledger simultaneously. Due to the asynchronous setup, transactions happen at a relatively steady rate, thus reducing the peaks and troughs typically associated with traditional setups which are limited by the speed of packing. Additionally, with this setup there will no longer be situations in which a user sending large numbers of transactions twill prevent other users' transactions from going through. This setup optimizes usage of resources and increases overall system throughput.
3. Calls between contracts.
The calls between smart contracts in Ethereum are implemented through messaging (aka insider transactions). These calls either all succeed or all fail, per an atomic ACID semantic. To solve for this performance bottleneck, we took inspiration from well-developed solutions in centralized Internet technologies, and will make use of a message-driven architecture. As such, contracts do not share states and communicate via messages.

8. What products did Vite develop?

Multi-token wallet (iOS/Android app): currently supports VITE, ETH, ERC20 tokens and GRIN.
Block explorer
Vite merchandise store: a blockchain payment use case in which items can be purchased by VCP (Vite Community Points).
Vite decentralized exchange (ViteX): secure asset management, seamless trading experience, and VX (ViteX native token) mining capabilities. The current trading markets are: VITE, BTC, ETH, and a stablecoin.

9. How to download Vite wallet? Is there a reward for downloading the wallet?

You can find the Vite iOS wallet in the Apple Store and the Vite Android wallet in the Play Store. Once the wallet is downloaded, users can receive daily airdrop rewards of 10-1000 VITE everyday.

10. What should I do if my wallet transaction saying insufficient quota? What is the quota? How to get a quota?

Think of "quota" as the fuel that keeps the Vite public chain running. Every transaction that is sent requires a certain amount of quota. For users that have high transaction frequency, they will need to obtain quota by staking VITE. The minimum amount is 134 VITE with a minimum staking period of 3 days. However, users that do not send frequent transactions can choose to run a quick PoW on their respective device instead.

11. Token inflation (mining rewards) and consumption will be dynamically balanced under the premise of a total of 1 billion tokens?

The amount of one billion tokens demonstrates initial circulation. Mining rewards are generated from additional token issuance: the inflation. As the system becomes widely used, tokens will continue to be burned. We hope that the circulation of tokens will attain the dynamic balance needed.

12. What is the address of the VITE ERC20 token?

Currently, the VITE ERC20 token address hosted on Ethereum's platform is https://etherscan.io/token/0x1b793E49237758dBD8b752AFC9Eb4b329d5Da016, when Vite MainNet is launched, all of the ERC20 VITE tokens will be migrated to Vite MainNet tokens at a 1:1 ratio.

13. Can we mine Vite tokens?

Vite's consensus mechanism is similar to that of EOS. The DPoS algorithm selects 25 snapshot block producers who, in turn, receive mining rewards.

14. How to run a Vite supernode, what is the benefit?

To register a supernode, you need to submit the application information. You will also need to take 500,000 VITE. The staking period is 90 days. After the registration is completed, you can invite community to vote for your SBP. The top 25 SBP get more rewards.
You can find the SuperNode Registration Guide here: https://medium.com/vitelabs/supernode-101-earn-vite-rewards-daily-a47027401cab
The total amount of SBP rewards within the Testnet environment is 30 million VITE/year, which is 3% of the total VITE in circulation. Of this 30 million VITE, 50% goes to the block producers and 50% to be distributed as voting rewards.

15. What is the daily reward of voting?

The current annual return is expected to be 18%, but the total amount of distributed reward is fixed. Thus, as more and more users participate in voting, the amount of VITE received per person will be reduced.