VITES Fork Talk

VITANS! Hello!

Its been awhile. First off, apologies for the delay in updates. We at the VITES team have individually been dealing with the current pandemic situation so that has been the priority. I myself intended to release an update a week or two ago, but here I am now!

A few weeks ago, we shared some amazing news that our upcoming fork will be based off the Electra Blockchain! On the development front we will be working to provide a brand new chain coupled and work with the VITES community to manual swap their coins.

For now here is what has been confirmed:

Algorithm: SHA256
Consensus: POS 3.0e
Max Supply: 5 Billion after a 10:1 Swap

Shrinking the Max Supply

VITES in its current manifestation has a 50 Billion Max Supply. While we feel a 2–3 Billion max supply is generally on the high end to peer to peer coins, we thought the 50 Billion limit was definitely something we wanted to eliminate. We decided a 10:1 swap is a good compromise to this, capping the supply at 5 billion and bringing us closer to what we find to be a more comfortable max supply. But it doesn’t stop there.

A manual swap will eliminate ALOT of coins that have been produced with the previous leadership mainly through lost wallets. At the time of this writing, we have a circulating supply of around 36 billion VITES. Our highest prediction here is the manual swap will only bring about 25 percent of the current circulating supply so lets do the math:

36 billion swapped at the 10:1 rate gives us 3.6 billion.

We predict at the most only 25 percent of current VITES will make the swap so: 25 percent of 3.6 billion gives us 900 million.

Add a potential dev fund and room for staking (details that have not been yet confirmed) and we should be sitting pretty against a 5 billion max supply.

The Vites Coin & Electra Project FAQ

I’ve gotten some questions regarding the upcoming fork so I’d like to answer some of those:

Is this a partnership with ECA?
Call it what you want, but we see it more as a proof of concept! We thought rather than start from scratch, we work off of a chain built by pure hard work by a true crypto community initiative.

For more on Electra we encourage you to check out their website at https://electraproject.org.

Is ECA involved in the development of the new chain?
All development work will be done by folks on the VITES team. Of course ECA is the inspiration and would graciously offer advice or counsel but the VITES team is driving the development process.

Is this based on the latest ECA fork?
Yep, this is the latest fork based on the SHA256 algorithm. We won’t be following the same staking schedule though. That information will be revealed later.

Will VITES stay available on the same exchanges?
This is TBD, but with coin swaps come negotiations with exchanges so re-evaluating exchanges will be one of the line items on this phase of the project.

Will VITES continue to aim to serve the freelancer community?
The goal first is to come out with a solid peer to peer payment system that we can get behind. We do understand the original premise from the last team which brought a lot of interest.

From a project perspective, we are focusing more on shorter term goals (essentially we are looking at this in phases) before we commit to anything long term until we solidify the foundation of the project (mainly the new chain itself).

Any other questions, send my way on twitter or discord and I’ll gladly publish the question and answer in a later medium update if its worthy of being shared with the community. I do believe in getting vital information out to as many people as possible!

TheGrandRenaming

FYI, my twitter handle, ‘@VitanThe’ has been properly renamed to ‘@TheGrandVitan’, I must of had a little too much to drink the night I created the account!

The Road Ahead

We have alot to look forward to with VITES but it will definitely take some time. Crypto-winter seems to be back with a vengeance so that gives us the time we need to come out with something the team can be proud of.

In the meantime. We encourage you all to keep accumulating VITES and keep STAKING!

Get more VITES below:

AltMarkets — VITES/BTC — https://altmarkets.io/trading/vitesbtc
Crex24 — VITES/BTC — https://crex24.com/exchange/VITES-BTC
GuildEX — VITES/LTC — https://guildex.io/market/LTC-VITES

Until the next update!

#TGVApproved