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Introducing Vitality (VITA) — the First IoTeX Network Token

Over the past two years, IoTeX has built our global community organically. Along the way, we’ve appreciated every interaction and learned that our community is very diverse and unique — everyone wants to engage with IoTeX in different ways. IoTeX’s next stage of community growth and building comes to life with Vitality (VITA) — the first IoTeX Network Token.

Vitality is a token exclusively for IoTeX community members, which rewards them directly for being active in the IoTeX Network. We chose the name “Vitality” (VITA for short) as it accurately represents our vision for the IoTeX community:

VITA token will run on the IoTeX blockchain and power future community-facing products and DApps! We have big plans for VITA across many decentralized use cases: e-commerce, advertising, education (just to name a few). By putting community governance and incentives on the blockchain, we are deepening our commitment to decentralization and transparency across all aspects of IoTeX.

In this post, we explain the design of VITA, how to earn/use VITA, and future plans for VITA to reward/grow the IoTeX community.

“The top two skillsets for blockchain projects, in order: Technology development. Community development. That’s it.” — Naval Ravikant, AngelList founder

What is Vitality (VITA)?

Vitality (VITA) is the first token to be launched on the IoTeX Network. At a high level, VITA incentivizes community activeness and will power IoTeX products (e.g., IoT marketplace, Member Portal, Forum) and other apps. As the IoTeX community grows, VITA will also grow in utility and value!

IoTeX’s community growth plans include new token holders, DApps, IoT companies, Delegates, and ecosystem partners. VITA will be a critical tool to incentivize engagement between different populations and expand IoTeX’s influence to the outside world.

IoTeX community can earn VITA in various ways, including staking/voting, community tasks, and referrals. VITA can then be used to win IoT products, digital assets, and experiences within IoTeX and partner ecosystems. We provide additional details on earning/using VITA in the next sections.

How To Earn VITA?

Community can earn VITA by remaining active in the IoTeX Network. VITA is a pre-mined token that will be allocated daily across three different pools:

  • Staking/voting: VITA will be “claim-able” by all IoTeX voters every day. The voter’s share of daily VITA is based on their weighted stake.
  • Community growth: anyone can earn VITA by completing tasks, making referrals, testing products, and growing the IoTeX community.
  • IOTX-to-VITA Bidding Pool: anyone can “bid” IOTX to the daily Bidding Pool and get VITA in return (VITA received is proportional to IOTX bid)

The max supply of VITA will be capped and new daily allocations of VITA will diminish over time. Genesis voters (i.e., voted before Mainnet Alpha launch) will receive a VITA airdrop when VITA is launched!

How To Use VITA?

VITA does not have only one specific use; rather, VITA is a token that can be used across the IoTeX Network. Whether you are an investor, developer, or enthusiast, we hope to make VITA usable by all community. Stay active, earn VITA, and use it across the IoTeX ecosystem — it’s that simple!

In the near future, VITA tokens will be redeemable for exclusive IoTeX swag, IoT product giveaways, cryptocurrency lotteries, and more. We will soon be launching a new VITA Discord channel (“VitaMart”) with airdrops, giveaways, lotteries, and more fun ways to use VITA. We have 100+ IoT manufacturers and distributors that already committed thousands of the latest IoT products that you can win — get excited!

Over time, VITA will be integrated into new IoTeX products, DApps, and third-party ecosystems. Let’s all use VITA to grow our ecosystem of blockchain+IoT believers in a decentralized fashion. Start accumulating VITA today — we look forward to expanding the utility of VITA with you!

VITA Launch Timeline

June will be the official launch month for VITA! Are you ready to start earning VITA? Look out for new announcements in the coming week, and join the new VITA Discord (coming soon). Check out our launch timeline below:

Week of June 10 — VITA Launch

  • VITA Airdrop to Genesis voters
  • Launch of official VITA Discord channel
  • VITA can be claimed via IoTeX Web Wallet
  • IOTX can be exchanged for VITA
  • Community campaigns to win IOTX + VITA!

Rest of June

  • First batch of IoT product giveaways on Discord
  • Cryptocurrency lotteries on Discord
  • New ways to earn and spend VITA!

Stay tuned to the official IoTeX channels for new announcements!

About IoTeX

IoTeX began the journey in 2017 to build the Internet of Trusted Things, where all physical and virtual “things” — humans, machines, businesses, and dApps — can efficiently exchange information and value at global scale. Backed by a global team of research scientists and top engineers, IoTeX combines blockchain, trusted hardware and edge computing to realize the full potential of IoT.

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Founded as an open source platform in 2017, IoTeX is building the Internet of Trusted Things, an open ecosystem where all humans, machines, and businesses can interact with guaranteed trust and privacy.

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