Article Summary, Automatically Generated By AI
About VITE
Key Points
- Vite is a DAG-based smart-contract platform with a Snapshot Chain structure.
- Vite utilizes HDPoS consensus and has a virtual machine compatible with EVM.
- VITE token is used for transactions, staking, and voting for Snapshot Block Producers.
- Vite’s products include ViteX (decentralized exchange), Vite App (wallet), VitePay (payments), and VitePlus (government/enterprise blockchain applications).
- VITE can be purchased on major exchanges or “mined” by running a Snapshot Block Producer or full node.
Numbers and Figures
- 30 million VITE
About VITE
VITE is a decentralized, open-source, and community-driven blockchain platform that leverages asynchronous smart contracts to facilitate high-performance transactions, low latency, and real-time settlements.
Vite: A Revolutionary Blockchain Ecosystem
Vite has developed a cutting-edge Directed Acyclic Graph (DAG) based smart-contract platform, featuring a novel Snapshot Chain architecture that enables zero-fee transactions while optimizing transaction speed, reliability, and security. The Vite Snapshot Chain leverages Hierarchical Delegated Proof of Stake (“HDPoS”) to achieve robust network consensus, wherein supernodes solely receive staking rewards, sans transaction fees. Notably, the Vite virtual machine ensures seamless compatibility with EVM, and employs an asynchronous smart contract language, Solidity++.
The VITE token serves as the primary medium of exchange for facilitating seamless token transactions and executing smart contracts on the Vite network. Notably, users can stake VITE to secure transaction quotas, thereby eliminating the need to consume gas. Furthermore, VITE tokens can be utilized to cast votes for Snapshot Block Producers, also referred to as supernodes. Additionally, VITE stakers with unused transaction quotas have the opportunity to lease their quotas to decentralized applications (dApps) in exchange for their native tokens. For example, users can stake VITE in exchange for VX, the native decentralized exchange token of ViteX.
Vite’s current offerings comprise a decentralized exchange (ViteX), a versatile wallet application (Vite App), payment solutions (VitePay), and bespoke blockchain applications for governments and enterprises (VitePlus).
- ViteX is a decentralized exchange boasting an on-chain order book and matching engine, currently supporting an extensive array of over 20 digital assets.
- The Vite App is a comprehensive mobile application that seamlessly integrates trading (ViteX), asset management (wallet), and decentralized applications (dApps), such as Vite-based games, all in one convenient platform.
- VitePay is a rapid and feeless payment solution, currently operational in Singapore’s Ce La Vi Sky Bar and taxi services under the Midwest Global network, enabling users to make payments to merchants via the Vite wallet, with recipients receiving payment with zero fees and near-instant settlement. Furthermore, VitePay has been integrated with the e-commerce platform OpenCart, and is also available for use at the official Vite store.
- VitePlus is a bespoke enterprise blockchain solution, tailored for governments and enterprises, leveraging Vite’s technology. Notably, Vite has developed a pilot application, SyraCoin, in collaboration with the Syracuse government, allowing city housing fund donors to receive blockchain-based coupons redeemable for goods and services within the city’s boundaries.
Acquiring VITE: A Comprehensive Guide to Buying and Mining
You can acquire VITE on prominent exchanges, including Binance, OKEx, and Bittrex. Alternatively, you can participate in the Vite network’s HDPOS consensus process by running a Snapshot Block Producer (also known as a supernode), thereby earning block rewards in the form of 30 million VITE coins, which are distributed annually as part of the network’s inflation mechanism. Furthermore, you can operate a full node and receive VITE rewards courtesy of the Vite foundation.
Token Supply Distribution
The private sale tokens constitute 40.43% of the total supply, which was conducted in May 2018. During this period, 404.33 million VITE were sold at an exchange rate of 7,000 VITE per 1 ETH, thereby raising a total of 57,762 ETH, equivalent to approximately $40.43 million, at a token price of $0.10, thereby allocating 40.43% of the total token supply.
- The marketing allocation constitutes 10.00% of the total token supply.
- A substantial 23.57% of the total supply is earmarked for ecosystem development.
- The team’s token allocation represents 20.00% of the total supply.
- Airdrop recipients will receive 5.00% of the total token supply.
- Advisors have been allocated 1.00% of the total token supply.