Review on VITE by Temitope Babatunde
With Vite, Your Transactions Are Free And You Can Issue Your Token Effortlessly.
HISTORICAL BACKGROUND
Vite was launched in June 2018, and has it's mainnet in 25 September, 2019. Vite has Charles Liu as CEO, Leo Zhang as co founder and Richard Yan as COO. Vite was formerly registered in Beijing and later in Silicon Valley. The name Vite come from french word which means 'Fast'.
ABOUT VITE
Built on Directed Acyclic Graph( DAG) based smart contract platform. The way it's snapshot chain structure was built makes zero fee transaction possible, it also enhanced optimization of transaction with adequate reliability and security.
It uses Hierarchical Delegated Proof of Stake (HDPoS) to achieve network consensus, meanwhile supernodes will only take staking rewards and without transaction fee. Vite virtual machine is compatible with EVM and utilizes asynchronous smart contract language, Solidity++.
To make free transaction possible on the vite network, users have to stake vite for Quota instead of consuming gas. A user can also vote for Snapshot Block Producers (SBP), it is also possible for a user with unused Quota to lease it to dApps in exchange for their tokens( for example you can stake vite to recieve Vx token.
CURRENT PRODUCTS OF VITE ECOSYSTEM
1. Multipurpose wallet App payment( VitePay)
2. A decentralized exchange called Vitex
3. Government and Enterprise blockchain application( Vite Plus)
VITE ECOSYSTEM TOKEN
Vite has a token named after the project and is also called VITE. Initially built on the ethereum network before it was later migrated to Vite Chain. It is also good to know that the coin is an utility coin.
TOKENOMICS OF VITE COIN
1 billion vite tokens was minted on it's Genesis block and was allocated in the following way: Private sale 40.43 percent, Marketing 10 percent, Ecosystem Development 23.57, Team 20 percent, Airdrop 5 percent, and Advisor 1percent. The maximum supply is not known while the present circulating supply is over 400 millions. And is being traded on popular exchanges like Binance, Okex, Bittrex and Vitex . The current price is 0.013 cents.
USAGE OF VITE COIN
1. Stake to get Quota: To initiate transactions on vite network you need Quota, without it the transaction will be limited and delay, So to generate quota a user will need to stake at least 134 vite and if unstake it will take 3 days before one can get it back.
2. Become a Snapshot Block Producers( SBP): To do this one has to build a full node and stake 1 million vite, the operation will lock it up and if unlock it will take 3 months before the coin will be released.
3. Vote for SBP: With vite in your wallet you can vote for SBP of your choice some SBP give rewards inform of Vite daily, SBP with good votes do have chances to generate blocks.
4. Vitex Vip: A user can stake 10000 vite to have his trading fees cut by 50 percent.
5. Stake on Vitex: Vite can be stake on Vitex exchange to mine VX token
6. Vitex Super Vip: Stake 1million vite and have all your base trading fees removed.
7. Token Issuance: Called a built in smart contract and consume 1000 vite to issue your token.
8. To activate a trading Pair: This will cost 10000 vite.
9. Referral code: it cost 1000 vite to generate referral code on vitex exchange.
10. Contract Deployment: 10 vite is needed to do this.
11. Payment for Services: Some vendors and service providers are taking it as a means of payment in Singapore.
12. Quote asset: Users could trade vite with other asset and the vite will be charged as fees in this trade.
HOW TO GET VITE
Buy it from an exchange, run an SBP and recieve vite as reward, run a full node and recieve vite as reward from vite foundation and from time to time vite do run an unschedule airdrop or promotion and give vite as rewards.
CONCLUSION
Vite is an emerging project that will actually shake and rock crypro world when it will finally emerged.
Pros
- Transaction on the vite network is free, fast, secure and reliable.
- The language used to write the smart contract is simple being the language accustomed to by many developpers, which is Solidity++
- There are many ways by which you can earn from the project and it's ecosystem.
- It is legally registered in Silicon Valley.
- Dapps can be built on it's smart contract developpers.
- It has a native token called Vite coin.
- It has a good team both in Beijing and Silicon Valley.
- Has good presence on various social medias like telegram, twitter, medium, reddit, facebook etc.
- Has friendly, responsive and good support team.
- It is available in many languages
Cons
- Still a young project, so many people have not come to know about it.
- The maximum supply is not available.
New products
Comments (1)
January 12, 2021
Also it is what mentioning to say that Richard is also a Co founder.
Should anyone become SBP such one will be getting vite daily as rewards.
All vite collected in the following categories are burn (1) 10,000 vite collected during listing (2) all fees collected in Vite and (3) 1000 vite collected for issuing a referral code to a user.
Vite also have desktop wallet for Windows and Mac in addition to IOS and Android wallet.
