A DAG-Based Smart-Contract Platform for Fast Transactions.
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Vite operates a Directed Acyclic Graph (DAG)- based smart-contract platform that features "zero-fee transactions and optimizes for transaction speed, reliability, and security".
To achieve this, Vite uses a Snapshot Chainstructure featuring a consensus mechanism named Hierarchical-delegated-Proof-of-Stake (“HDPoS”). In addition, Vite’s virtual machine maintains fully compatibility with the EVM, and utilizes an asynchronous smart-contract language: Solidity++.
As of December 2019, the Vite team operates three self-developed products on the Vite network: (1) ViteX (a decentralized exchange), (2) VitePay (a payment platform), and VitePlus (for government and enterprise blockchain applications).
The VITE token is used to initiate transactions and fuel smart contracts (similar to Ethereum's gas). Additionally, VITE can be used to vote for (Snapshot) block producers.
1. What is Vite (VITE)?
Vite has built a Directed Acyclic Graph (DAG) based smart-contract platform, with a Snapshot Chain structure to facilitate zero-fee transactions and optimize transaction speed, reliability, and security. The Snapshot Chain of Vite utilizes Hierarchical Delegated Proof of Stake (“HDPoS”) to achieve network consensus, while supernodes take only staking rewards and no transaction fees. Vite virtual machine maintains compatibility with EVM, and utilizes asynchronous smart contract language, Solidity++.
The VITE token is the currency for simple token transactions and smart-contract executions on the Vite network, with users staking VITE for transaction quota instead of consuming gas. VITE can also be used to vote for Snapshot Block Producers. In addition, a VITE staker with unused transaction quota can lease such quota to dApps in exchange for their tokens. For instance, users can stake VITE in exchange of ViteX’s native decentralized exchange token, VX.
Vite’s current products include a decentralized exchange (ViteX), payments (VitePay), and government/enterprise blockchain applications (VitePlus):
ViteX is a decentralized exchange with on-chain orderbook and matching engine, and supports currently 20+ digital assets.
VitePay is a fast and feeless payment solution, currently available to use in Singapore’s Ce La Vi Sky Bar and taxi services under the Midwest Global network. Users can pay for merchants with Vite wallet, who in turn receive payment with zero fees with near instant settlement. VitePay is also integrated with the e-commerce platform OpenCart, and one can utilize VitePay at the official Vite store.
VitePlus is a Vite-based enterprise blockchain solution for governments and enterprises. Vite has developed a pilot app, SyraCoin, for the Syracuse government, allowing city housing fund donors to receive blockchain-based coupons that are redeemable for goods and services within city bounds.
November 2019: mobile Vite Wallet upgraded to enhance existing functions including: Mobile DEX (ViteX), GRIN integration, and Wallet Connect logins
November 2019: ViteX upgraded to existing functions including: Referral as Mining and Market-Making as Mining
October 2019: security firm, KnownSec, conducted PenTest on crucial components of Vite stack
October 2019: partnered with Ankr Network to empower snapshot block producers (Vite supernodes) with distributed cloud technology
October 2019: partnered with Harmony to enable decentralized trading of all Harmony-native digital assets
September 2019: launched Mainnet
September 2019: enabled transmining of ViteX token
July 2019: launched ViteX, Vite’s decentralized exchange
3. Economics and supply
3.1 Supply distribution
Private Sale tokens comprise 40.43% of total supply. It was conducted in May 2018 for 404.33MM VITE at a rate of 7,000 VITE = 1 ETH and raised a total of 57,762 ETH (~$40.43MM) at ~$0.10 per token, selling 40.43% of the total token supply.
Marketing tokens comprise 10.00% of total supply.
Ecosystem Development tokens comprise 23.57% of total supply.
Team tokens comprise 20.00% of total supply.
Airdrop tokens comprise 5.00% of total supply.
Advisor tokens comprise 1.00% of total supply.
Calculation is based on the total supply of VITE at TGE.
VITE token distribution (%)
3.2 VITE token release schedule
VITE token release schedule
Marketing, Team, Ecosystem Development, and Block Rewards tokens will continue to be released after December 2021.
4. VITE's activity and community overview
4.1 Development activity
4.2 Social and community data
Vite’s community development strategies will initially be focused on China, Russia, Korea, Vietnam, Japan, and Turkey communities. The Vite team will continue to explore other markets as the project develops.
Current community growth strategies of Vite include:
Addition of high-quality exchange operators to ViteX, so they can autonomously list coins, set and receive trading fees, and expand the Vite community
Integration of other chains into Vite Wallet
Capturing non-crypto customers via deployment of VitePlus
In-wallet airdrop campaigns with referral program
Online and offline community engagement
Monthly technical and non-technical AMAs to keep community informed
Future community growth strategies of Vite include:
Expansion of commercial partnerships via collaboration with crypto-fiat payment processor, Alchemy
Obtaining more trading users via release of one-step DEX deployment technology that allows people to conveniently create their own DEX
Capturing more customers via more DeFi applications in the Vite Wallet, providing opportunities to borrow and lend tokens within and outside the Vite ecosystem
Launch of Ecosystem Incentive Program to support key projects with rewards from ecosystem funds
Improving the developer toolkit and hosting local developer conferences
Launch of Blockchain Debate Podcast to improve brand awareness