Vite Q&A

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.

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.

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.

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.

VTT - no total amount.

VTT stands for Vite Test Tokens. VTT only exist in Testnet so that users can test transactions and smart contract functions.

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

Vite is still in the Testnet phase. However, VITE does have a value as the current Testnet supports supernode mining.

Pre-Mainnet is launched on 15:00 on May 21, 2019 in PST. The MainNet is expected to be launched in the 3rd quarter of 2019.

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.

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.

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.

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.

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.

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.

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.

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

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.

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.