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 Chain structure 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.
2. Economics and supply
2.1 Supply distribution
The token supply distribution is as follows:
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 (%)
2.2 VITE token release schedule
VITE token release schedule
Marketing, Team, Ecosystem Development, and Block Rewards tokens will continue to be released after December 2021.
3. Vite's community overview
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.