High-Performance Decentralized Ecosystem: VITE review
By Lorenzo - 2019-10-27
What is VITE?
VITE is a platform and decentralized ecosystem that provides cryptocurrency users with a few products including a multi-token wallet, a decentralized exchange called ViteX. The native token for VITE is also called VITE and it uses the HDPoS (Hierarchical Delegated Proof of Stake) consensus algorithm.
The main goal of the Vite’s platform is to provide a reliable and public platform for industrial DApps.
|Block time:||1 sec.|
|Max supply:||1 000 000 000|
|Minimu Coin for HDPoS:||100|
|Minimum Staking/Leasing Age:||none|
|Reward Scheme:||Not fixed|
Vite platform is led by Charles Liu, a veteran blockchain entrepreneur and technical expert with more than 10 years of experience in total. Vite is intended to be a platform for DApps (Decentralized Applications) that meets all the requirements of industrial-level applications. This means that Vite is offering high throughput, scalability and low latency.
Vite uses an innovative system to realize resource allocation through quotas, this means that light users do not have to pay transaction fees as they can either stake Vite tokens for quota or run PoW momentarily for transactions to complete.
Vite has recently partnered with ANKR and it’s now able to use Ankr’s distributed cloud computing network to host Vite nodes. The cryptocurrency will also be listed on the ViteX exchange. Additionally, Vite is working in the ANKR token cross-chain gateway support and is preparing the release of the V2.3.0-alpha which will including optimization of functions and return value as well as rewriting the private key dispatch structure.
High-Performance Decentralized Platform
The Vite platform is also the main product and intends to become home to industrial DApps. This platform offers high performance through a DAG ledger and an Asynchronous Architecture. These features ensure a fast and high throughput of the Vite platform.
Additionally, the Vite platform focuses specifically on scalability and intends to achieve it through the use of a new consensus algorithm called HDPoS and cross-chain gateways and smart contracts. The platform has built-in smart contracts that are used when a new token is issued on the ViteX exchange, for staking and SBP registration.
Users on the Vite platform have the ability to vote for supernodes by ‘leasing’ their Vite tokens. This process doesn’t have a locked period and the vote can be changed at any time. Supernodes will reward voters with Vite tokens at different rates.
The Vite platform offers no transaction fees. In order to confirm the transactions, users will need to run a momentary PoW or stake Vite tokens in order to acquire quota which is spent on each transaction.
The Multi-Token Wallet
The Vite Multi-Token Wallet offers zero transaction fees as they consume quota which can be acquired by running PoW for free or staking Vite tokens. The wallet includes an airdrop that is still currently available. Users can earn 10-1000 Vite per claim which are limited to 1 claim per 24 hours.
The wallet also offers DApp games, usually gambling games like Dice and others. Users can play these games in the wallet itself but will have to pay a small fee depending on the game. The wallet is available for iOS, Android and Web.
Users can vote for supernodes using the Vite wallet. A minimum of 100 Vite tokens are required in order to receive a reward from supernodes. Users can easily change their votes at any time or cancel it. The wallet will require your password for every single action.
Users can also exchange their balance from the wallet to the ViteX exchange easily. The wallet has a tab showing all the current trading pairs on the ViteX exchange as well as your portfolio and its value. Additionally, the wallet offers an option called ‘Instant Purchase’ which allows users to buy VITE with ETH-000 (The official Vite Labs Gateway).
The ViteX exchange was launched only 1 month ago and offers true decentralization. Private keys are stored locally, which means that only you have access to them. ViteX has a high transaction throughput, faster than almost any other decentralized exchange out there. Confirmation happens within seconds and there are zero transaction fees.
The trades on ViteX are basically like in a centralized exchange but with the benefit of being in full control over your assets. ViteX has a complete on-chain order matching and order book storage.
ViteX has issued a token called VX. This token allows users to receive dividends from the fees collected by ViteX. The system will distribute 1% of the total pool of fees to VX users proportional to the amount of VX they hold. It’s important to note that users will need a minimum of 10 VX in order to receive dividends.
The dividends are paid in BTC, ETH, USDT and VITE and are distributed every day at a fixed time. The current total supply of VX is 100,000,000 but this is subject to change. The current issuance of VX is as follows:
- 60% distributed for Trading and Referring
- 20% distributed for Staking Vite tokens
- 10% distributed for Market Making
- 10% distributed to Vite Labs.
Currently, the number of VX mined decreases by 0.5% daily in the first year, however, this is also subject to change as the VITE team is currently exploring other options.
The VX token can be ‘mined’ through different processes like Trading, Staking Vite tokens, Market-Making, Listing tokens and through referrals. In order to list a token on the ViteX exchange, users will need to pay a fee of 10,000 VITE. For assets not listed on the Vite chain, a gateway is required.
The VitePay is a low-cost, secure and convenient payment system created by the Vite team. Vite has a store where users can buy merchandise like clothes, souvenirs and electronics with VCP tokens. Some supernodes also offer VCP tokens when voting for them. Additionally, users can earn VCP tokens by participating in different contests held by Vite.
VitePay is a secure payment system with instant confirmation. It stores order books on a decentralized public chain that is fully transparent and open, which means it’s unforgeable. Vitepay supports industrial-strength requests, making this payment system available to giant businesses.
Vite consists of a huge team with a group focused on Beijing and the other in Silicon Valley. Charles Liu is the CEO of Vite and the Standing Director at Blockchain Application Research Center of China. Liu is a veteran on the blockchain industry and has extensive experience with distributed systems. Leo Zhang is the co-founder of Vite and a Senior Technical Expert.
The Silicon Valley Team counts with Richard Yan, the COO of Vite and a Seasoned Wall Street Professional that has worked at Goldman Sachs.
The Beijing Team has more than a dozen of members with more than 100 years of experience combined.
Where to buy VITE?
The Hierarchical Delegated Proof of Stake
Vite uses an innovative consensus algorithm called HDPoS. This algorithm is a multi-tier dPoS algorithm. This consensus mechanism has multiple delegated consensus groups and Private Consensus Groups in the network.
The main goal of this new consensus protocol is to achieve better performance with low delay and high throughput as well as scalability with the use of smart contracts. Security is also a key factor and Vite strives to ensure enough safety to effectively guard against any attack.
The ledger structure of Vite is organized into multiple account chains, which means that Vite can easily define the right of the production of the blocks in the ledger.
The HDPoS protocol consists of different groups. The first one is the Consensus Group of Snapshot and it is the most important group in the Vite network. The Private Consensus Group is only applicable to the production of transaction blocks in ledgers. This group is created in order to reduce the probability of forks, this doesn’t mean it makes it impossible.
Finally, we have the Delegate Consensus Group which uses a set of designated proxy nodes instead of the traditional user accounts.
How to Stake using VITE
Staking on Vite is different than most of the other cryptocurrencies. Users can choose to stake VITE tokens in order to earn quota, which is used for transactions to avoid having to run PoW. This process, however, doesn’t reward users with Vite, just quota.
Users can vote for supernodes on the Vite ecosystem. This essentially means to ‘lease’ your tokens to supernodes in order to receive daily rewards that are set individually by each supernode. Rewards come in the form of Vite tokens, however, some supernodes might additionally reward voters with VCP tokens.
Users can also stake Vite in the official ViteX exchange in order to obtain VX tokens. Users can earn dividends by holding more than 10 VX tokens in the exchange. There is a 3-day locking period for Vite staking, however, users can add more Vite tokens to stake at any time.
Masters of Nodes do not recommend investing in any coin. Always do your own research.