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, a total of 1 billion. VITE is native token on Vite public chain. We are released ERC20 tokens in the beginning. VITE can be traded on exchanges with have an investment value.

VCP, a total of 10 billion. VCP stands for Vite Community Points. You can exchange physical or virtual goods in the Vite Store. VCP can be earned from campaigns. The value is stable, similar to stablecoin. No investment value, will not be listed on exchanges.

VTT, no total amount. VTT is test tokens. Users can test transactions and smart contract functions by using VTT.

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

Our official account: vitelabs

Vite is still in the TestNet phase. The current TestNet supports SBP mining. VITE ERC20 token can be transferred to Vite wallet to participate in SBP voting to earn more VITE.

The MainNet is expected to be launched in the 3rd quarter of 2019.

1. Vite is the public chain to implement smart contracts on DAG. Vite introduces asynchronous settings, faster transaction speed, second-level confirmation, and low-cost of creating smart contracts.

2. Vite has a fee-less transaction model.

3. Introducing the snapshot chain and built-in Dex to make up for the DAG security flaws and make the transaction more secure.

The biggest innovation is the asynchronous design, which can be understood in three aspects:

First, we are introducing the concept of asynchronous design into smart contracts. The Nano project (one of three well-known chains that uses DAG) separates a transfer action into a send and a receive transaction. We are building upon this mechanism, and will separate the call into the request and the response of a smart contract, so they can take place asynchronously.

Second, the writing and verification of a transaction also happen asynchronously in Vite. In traditional blockchain setup (e.g., Bitcoin), the speed of writing transactions into a ledger is limited by the speed of packing. But Vite allows writing of many transactions into the ledger within the constraints of the TPS. Because the asynchronous setup allows the transactions to happen at an even speed, this reduces the peaks and troughs of the speed of transaction writing, thus optimizing usage of resources and increasing system throughput. Also, the transactions of two users will no longer be blocked; that is, we will no longer see a scenario where a user sends a large amount of transactions that prevents the transactions of other users from taking place.

Third, calls between contracts will also happen asynchronously in Vite. The calls between smart contracts in Ethereum are implemented through messaging (aka insider transactions); and the calls either all succeed or all fail, as per an atomic ACID semantic. To solve for this bottleneck in performance, we take a page 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 Store: One of the blockchain payment use case. Users can use VCP to the purchase on the online store.

Vite decentralized exchange, ViteX, with safer assets management, trading experience close to a centralized exchange, and support mining economic model. The current trading markets are: VITE, BTC, ETH, and a USD stablecoin.

iOS App is in Apple Store:

Android App is in Play Store:

Users can receive daily airdrop rewards of 10VITE everyday.

Quota is a proof of workload. Sending transactions requires quota. Single transaction does not need to stake VITE to obtain quota. Select and run PoW instead. Frequent transactions will require a certain amount of quota.

You can get a quota by staking VITE in your wallet. The minimum freezing period is 3 days. You can choose to redeem it after that period.

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 EOS's. It generates 25 snapshot block producers through the DPoS algorithm. The block producers, 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.

The total amount of SBP rewards in the TestNet phase is 30 million VITE/year, which is 3% of the VITE circulation. Such reward is divided into two parts, 50% out of the block producing reward and 50% voting reward.

SuperNode Registration Guide: https://medium.com/vitelabs/supernode-101-earn-vite-rewards-daily-a47027401cab

The current annual return is expected to be 18%, but the total reward is fixed. As more and more users participate in the voting, the reward will be diluted for each person.