To celebrate the $VITE listing on CoinEx, the COO of Vite Labs Richard Yan sat down with the CoinEx Telegram community for an AMA session on Aug 24. In case you missed it, the following is a recap of the session entitled Ask Vite Anything.
Introduction
Vite is 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. The supernodes of the network, aka Snapshot Block Producers (SBPs), take only staking rewards and no transaction fees.
VITE is the native currency of the network. Users can lock VITE for Quota which is then consumed for transactions. Instead of consuming VITE as gas, the network consumes Quota which can be replenished automatically as long as a certain amount of VITE is locked in the network. In addition to this, VITE can also be used to vote for SBPs or staked to earn VX tokens on ViteX.
Vite’s current products include a trustless DEX (ViteX), a wallet-centric super-app (Vite App) and a Vite-based payment rail (VitePay).
Vite’s next ambition is ViteBridge, a universal cross-chain solution that allows easy asset transfer between any two chains in a decentralized manner.
Joining us for today’s AMA is Richard Yan, COO of Vite Labs. Richard runs operations, marketing and growth. He also hosts the crypto debate show “The Blockchain Debate Podcast.” Before crypto, he worked on Wall Street, at Goldman Sachs and Two Sigma. He will be answering questions you might have about Vite.
Q&A
Q: What is Vite?
A: Vite is a super-fast smart contract platform, where transactions incur zero fees.You may have noticed the speed and gas-less-ness when sending your VITE and VX around.This is possible mostly because we use the DAG (block-lattice) ledger. AFAIK we’re the first team to make smart contracts work on a DAG. We designed everything around performance, and made Hierarchical DPOS our consensus algo.
The idea of hierarchical is to allow each smart contract to designate its own set of “local” consensus nodes. This will further speed things up.
Since founding in May 2018, we’ve delivered a multi-chain wallet that evolved into an all-in-one app (DEX, campaigns, games).
You can get the Vite App here: https://app.vite.net
Our DEX https://vitex.net/ is the first DAG-based DEX.
It’s fast (because it’s built on the Vite chain) and for Vite-native assets, the transactions are truly trustless. Decentralized matching engine. Decentralized order book.Anyone can apply to create a gateway on ViteX and list digital assets of their choice.
$VX is the DEX’s native token. It’s mine-able. No pre-mine. No pre-sale. $VX holders get daily distributions of trading fees accrued on the DEX.
Q: What is the use case of the native currency VITE?
A: VITE is the token that will allow users to do fast transactions on the Vite network. The more tokens you lock, the more transactions you can do per unit of time. If you lock zero tokens, you can still transact, but with a small throughput.The unique thing about the Vite network is that there is NO gas. You lock VITE to get higher throughput. So you never need to “give up” tokens for gas if you want to send transactions. You still have access to your VITE after the transaction.
Q: Our customers wonder when the Vite mainnet was launched?
A: Our mainnet has been live since 2019. Currently, we are planning to make a canary network similar to Kusama/Polkadot. This is to help test upgrades to the production mainnet in an environment “more real” than a testnet. You can find out more information here.
Q:How fast can transactions be settled on the Vite network?
A: Within 1 second. This is the unique thing about our network. Vite means fast in French by the way.
Q: Recently there have been many attacks in the crypto space, we want to know how Vite secures its network.
A: DPOS + snapshot chain. Our version of DPOS is called Hierarchical Delegated Proof of Stake. We also have anti-spam mechanism in place (via VITE-locking as mentioned earlier)
Q:How scalable is Vite?
A: Nearly 2000 TPS. The best way to experience Vite is to try using our order book decentralized exchange. The user experience parallels that of centralized exchanges
Q: What is the tokenomics of VITE?
A: Total supply of 1 billion, with ~3% inflation. Most of the inflation actually doesn’t happen because of active burning of VITE (trading fees on ViteX in the form of VITE get burned). So three years after launch, we are still around 1 billion VITE in total. The current circulating supply is about 2/3 of that 1 billion.
Q: In what ways are VITE burned?
A: Here’s a great thread about how VITE gets burned. But the most important way is through ViteX. Basically users remit trading fees, and if the fees are in VITE, they will be burned. For instance, if someone trades BNB/VITE, the fees are paid in VITE. And that paid amount will get burned. Ultrasound money! :)
Q: What is ViteBridge?
A: When building ViteX, we encountered this challenge: how to trade non-Vite native assets in a trustless manner on ViteX? The answer is some kind of a bridge. We went out to design a bridge that is both trustless and universal. We call it ViteBridge. The initial version will be out this year. Check out the ViteBridge White Paper here.
Questions from the audience
Q: Are you planning to promote your project in countries / regions where English is not the first language? Do you have a local community for them to better understand your project??
A: We have many communities — Vietnamese, Arabic, Spanish, Russian, Korean, Turkish, German, Indonesian, Portuguese, Filipino, French and Indian.
Q: What is the main difference between Ethereum’s solidity and Vite’s solidity?
A: Vite uses solidity++. Asynchornous as compared to Solidity.
Q: How can we become community members and do community members have voting rights?
A:Community members are encouraged to launch their own DAOs. Check out our SBP DAO program here. We are paying people to create their own DAOs
Q: In which ways can I earn VITE?
A: Stake for a snapshot block producer (our supernode); or vote for a SBP that’s giving out rewards currently. This tweet has a lot of information on how to earn with Vite.
Official: https://www.vite.org/
ViteX Official: https://vitex.net/
Twitter: https://twitter.com/vitelabs
Vite Forum: https://forum.vite.net
Telegram:
- English: https://t.me/vite_en
- Chinese: https://t.me/vite_zh
- Russian: https://t.me/vite_russian
- Japanese: https://t.me/vite_japanese
- Vietnamese: https://t.me/vite_vietnamese
- Arabic: https://t.me/vite_arabic
- German: https://t.me/vite_german
- Turkish: https://t.me/vite_turkish
- Indonesian: https://t.me/vite_indonesian
- Portuguese: https://t.me/vite_portuguese
- Filipino: https://t.me/vite_filipino
- French: https://t.me/vite_french
- Spanish: https://t.me/vitespanish
- Indian: https://t.me/Vite_India
Korean Kakao Community: https://open.kakao.com/o/gWp9av5c
Reddit: https://www.reddit.com/r/vitelabs/
Discord: https://discordapp.com/invite/CsVY76q
Facebook: https://www.facebook.com/vitelabs/
Instagram: https://www.instagram.com/vite.labs/?hl=en
