FAQs

1. VITE has a total supply of 1 billion coins.

VITE is the native coin of the Vite public chain and it is the fuel to power transactions on the Vite chain. Unlike the traditional fuel (gas) which is consumed on other public chains such as Ethereum, VITE is locked to obtain computational and bandwidth resources, and can be retained at no cost once transactions are complete - and that means free! VITE is currently listed on many top tier exchanges for purchase.

2. ViteX or VX, has a precise supply of 29,328,807.8 coins.

As the platform token of ViteX, VX holders benefit from the exchange's dividend distributions and governance privileges. All VX are 100% mined through real trading, staking, coin listings, referrals, and market-making activities based on an agreed remittance schedule.

3. Vite Community Points (VCP), has a total supply of 10 billion.

VCP are Vite's community credits. They are distributed for free to recognize community members who have made significant contributions to our platform, such as developing applications on Vite, written public articles about our ecosystem, made videos about products, or tweeted about us. Currently, VCP is mainly used for redeeming Vite merchandise (such as t-shirts and hats) in our ViteStore at global.vite.store. VCP will not be listed or traded in our exchange.

Vite's mainnet was formally launched on September 25, 2019.

Our launch marked a significant milestone for Vite because it meant that our public chain can now formally support all functions and expansions of the Vite ecosystem. These features include high throughput, security, and scalability of Vite's public chain boosting the blockchain industry's revolutionary impact.

1. Vite is the first public chain to implement smart contracts on the basis of a Directed Acyclic Graph (DAG) ledger.

2. Vite utilizes asynchronous sending and receiving of transactions, resulting in fast transaction speeds with confirmations in seconds to create low-cost smart contracts.

3. Vite is a fee-less transaction model. It's free!

4. Vite utilizes a novel snapshot chain that strengthens the security of all transactions by eliminating vulnerabilities associated with DAG.

5. Vite features a built-in, High Performance Order-book Decentralized Exchange.

Vite's asynchronous transaction capability is hands down the most remarkable innovation of Vite. This is performed in three distinct areas:

1. Asynchronous smart contracts

Unlike the Nano project (one of the most well-known public chains that use DAG) which separates a transfer action into send and receive components with no smart contracts, Vite has an asynchronous smart contract model by separating its call into request and response actions so they can take place asynchronously and fast.

2. Asynchronous transaction writing and confirmation

In a traditional blockchain model like Bitcoin, the speed of writing transactions into a ledger is limited by the transaction's packing speed, which is Bitcoin's confirmation process. Vite allows the writing of many transactions into the ledger simultaneously without waiting for confirmation. Due to Vite's asynchronous model, transactions are processed at a relatively steady rate, thus reducing the peaks and troughs typically associated with traditional models limited by their packing speed. Additionally, with this setup there will no longer be situations in which a user that sends large numbers of transactions will prevent the completion of other users' transactions . This setup optimizes resource usage and increases overall system throughput.

3. Asynchronous, message-based calls between contracts

The calls between smart contracts in Ethereum are implemented through internal transactions. These calls either completely succeed or completely fail depending on its atomic ACID semantic. To solve this performance bottleneck, we take advantage of a message-driven architecture and a non-ACID BASE (Basically Available, Soft-state, and Eventual-consistency) model. As such, contracts do not share their status and communicate via messages.

Sending transactions has no cost on Vite. In Vite's economics, the benefits of users, developers, and miners should be balanced. It is reasonable to allow normal users and developers to use the Vite network at the lowest cost, to make sure they won't be excluded because of “Gas”. On the other side, miners, as the important party maintaining the network, must be incentivized. The annual inflation, as the mining reward, is 3% of the total supply of VITE, which is a fair number for miners, users and developers, and is beneficial to the long-term success of Vite.

Learn more about Quota: https://docs.vite.org/vite-docs/reference/quota.html

Think of Quota as the fuel that keeps the Vite public chain running. Every transaction sent requires a certain amount of Quota. For users that have high transaction frequency, they will need to obtain quota by staking VITE coins. A minimum amount of 134 VITE with a minimum staking period of three days is required to receive Quota. Nevertheless, users who do not send frequent transactions can choose to run a quick Proof of Work (PoW) on the Vite platform of their choice to receive Quota.

Vite's most remarkable contribution lies in the implementation of smart contracts based on the DAG ledger. Many projects have worked on this model, but only Vite has be able to successfully implement it by supporting intensive decentralized applications like DEX. In addition, Vite proposed the design of "asynchronous architecture", which was later adopted in Ethereum 2.0 - and we expect more public chains will adopt this model in the very near future. Vite's original "snapshot chain" and "multi-tiered consensus" technology has also made a significant effect on improving the security and scalability of DAG-based blockchain networks.

Blockchain is uniquely fit for public financing and the concept of city tokens is scalable to all municipal economies. The Syracuse Token Economy is a mechanism for cities to raise self-sufficient and self-directed funds for their own programs and infrastructure, without relying on solely on state or federal budgets and nonprofit grants. It can also help improve housing affordability and reduce high residential transience.

Our vision is to prove the model in one city to scale across all cities.

At present, Vite Labs is working closely with governments and non-governmental organizations (NGO's) such as UNICEF, the European Union, the Reserve Bank of South Africa, the Economic Community of West African States, the Seychelles Stock Exchange, the City of Berkeley, Rhode Island, and the State of New York to expand the usage of blockchain to currency, bonds, exchanges, social welfare and other key fiscal area.

SyraCoin White Paper: https://github.com/vitelabs/whitepaper/blob/master/SyraCoinWhitePaper.pdf

The supernode on Vite is called a Snapshot Block Producer (SBP). To register an SBP, you must submit an application form. You will also need to stake 1,000,000 VITE for a minimum lock-up period of 90 days. When your supernode is ready, you can solicit the community to vote for your SBP and receive mining rewards.

You can find the SBP Registration Guide here: https://medium.com/vitelabs/supernode-101-earn-vite-rewards-daily-a47027401cab

The total amount of SBP rewards is 30 million VITE per year, which is equivalent to 3% of the total supply of VITE. Of this 30 million VITE, 50% goes to block producers and 50% is distributed as voting rewards.

Yes you can! Vite's consensus mechanism is similar to EOS, of which the Delegated Proof of Stake (DPoS) algorithm selects 25 snapshot block producers in every round (approximately 75 seconds). The SBP's will receive mining rewards in VITE.

Currently, a specific group of SBP members distribute voting rewards to voters. Currently, a specific group of SBP members distribute voting rewards to voters. The investment (ROI) is around 15%, you can join our telegram group to ask about voting nodes