Did you miss the AMA with Luke? Here is the recap!
On Friday, December 16th, our CEO Luke Kim held an AMA session on the official Binance exchange telegram, as part of the VITE marketing campaign for the recent listing of the VITE/BUSD pair on the exchange on November 18th, 2022.
The AMA has been conducted by the cordial hosts Ribka and BNB_Angel and was separated into 3 phases, where the first phase of the AMA the host asks predefined questions to our CEO. In the next block, the ViteLabs team sends a Google form with 5 questions that will be open for 5 minutes so that users can participate in a $5.000 VITE jackpot to all those who answer 5/5 questions correctly. As the last phase, the telegram chat is left open for a couple of minutes, for attendees to ask their questions to Luke, who selects a few to be answered.
Without further ado, let’s go through this recap and the questions answered by Luke.
Phase 1
Ribka: Hi chat and welcome to a special AMA with the Vite team! It is my pleasure to introduce you to your speaker Luke, who is Vite’s CEO!
Hi Luke, thank you for joining us today, would you please introduce yourself to the chat and, share a quick overview of Vite and VITE?
Luke: Hey, I’m Luke, CEO of Vite! I’ve spent seven years in Web3, heading marketing for various products and tokens. Years ago, I was the CMO of Vite and this community is close to my heart 🤝
Besides Vite, I spent time in venture acceleration as a cofounder of Berkeley Blockchain Xcelerator and you can see some interviews with cohort entrepreneurs here.
Lastly, RaidGuild is my beloved DAO. Think of it as a Web3-native dev shop. If you’re into DAOs and decentralization, you’ve probably heard of us somewhere 😉
We’ll have all the time in the world to go in-depth, so I’ll keep this high level. Vite is a layer-one blockchain and we have an ecosystem of DApps. We have a flagship product called ViteX, which is a decentralized exchange. We recently wrote up a summary which you can see here.
Ribka: Thank you Luke for that quick introduction!
Chat, if you’d like to learn more about Vite, do check out these links below. Follow the team on Twitter and join in on conversations about Vite via their Telegram channel.
Website: https://www.vite.org/
Telegram: https://t.me/vite_en
Twitter: https://twitter.com/vitelabs
Reddit: https://www.reddit.com/r/vitelabs/
Linkedin: https://www.linkedin.com/company/vite-labs-limited/
Facebook: https://www.facebook.com/vitelabs/
Let’s jump right into the first segment of today’s AMA session. Here is our first question for you Luke
Q1: Who is the main target audience for Vite and why?
Luke: Vite’s main target audience = Web3 developers. We have about 5,000 developers in the Vite ecosystem and that number has steadily grown. Vuilder DAO is gaining traction 💪
As of late 2022, Vite fielded over 30 bounties on Gitcoin worth nearly $200,000. Ultimately, developers are the ones who build software-based industries and we are focused on this.
We’re proud of applications like VITCSwap, Viva, Viterium, Vita Inu, 51 Aliens, VitePunks, and others for experimenting on various use cases and bringing awareness to the ecosystem 👏
If you have a team or you’re a solo dev with lots of personal inspiration, we encourage you to join us as a #Vuilder. You can see ecosystem projects here.
As for the token ecosystem and ViteX, Vite’s decentralized exchange (DEX), builders are encouraged to find gems with a small but active following that aren’t listed on centralized exchanges and to bring them to ViteX. Examples that have worked out well on ViteX are EPIC and IXI.
Ribka: Thank you for sharing, and on to our next question.
Q2. What is special about Vite’s tech and crypto?
Luke: Transactions on the Vite network don’t require fees. Instead of fees, we have a quota model wherein you can lock VITE token(s) in order to facilitate/expedite your transaction. The more VITE is locked, the more throughput (smoothness/speed of transaction) you get.
For the devs among you — we use a Directed Acyclic Graph (DAG) ledger and a hierarchical delegated-proof-of-stake (HDPOS) consensus algorithm. That’s why the network is fast and feeless.
To bring back some old inspiration for the Vite team… Vite was inspired early by Nano. Nano is zero-fee crypto, but it doesn’t have smart contracts. So there’s no way to do decentralized finance (DeFi) in the world of Nano.
And you certainly can’t build something like a DEX on Nano. We built Vite to make smart contracts possible in a zero-gas (zero fees) chain 😎
Ribka: Nice, people here like zero FEE. Thanks for sharing! I bet we have lots of audience members watching and supporting your every step!
Q3. Where do you prioritize growth in the overall Vite ecosystem?
Luke: ViteX is the flagship product of Vite. It’s undervalued in the Web3 community — particularly the sophistication and easefulness of the mobile experience. Vite seeks to have more cross-chain gateways and crypto-assets on ViteX.
The ecosystem, particularly Snapshot Block Producers (SBP), would do well with new energy and more contributors. Learn more here to become an SBP and get help doing so.
In terms of existing users and the user experience of these core community members, we would do well to communicate the coolness of Vite and ViteX, aiming for mass adoption by facilitating the creation of more consumer-friendly tools/applications for Vite. This means developers building on Vite!
Ribka: That’s awesome! Moving on to question 4.
Q4. How can developers try building on Vite and what incentives do they have?
Luke: Great question. Let’s be action-oriented.
We’re all out here trying to make it! Concisely: 1) running a cross-chain gateway on ViteX 2) being a trading pair operator on ViteX 3) winning hackathons and bounties 4) being a Snapshot Block Producer (SBP) 💰
I recently put out some information about how developers can get involved and what tangible incentives there are, more in this tweet thread. Remember, ViteX provides a native source of liquidity for projects built on Vite.
More details are available here.
Ribka: Awesome if you are a dev go check it out. On to the last question for this segment!
Q5. Is there anything special about Vite that has previously been unmentioned?
Luke: Hmm, there’s quite a lot but I’ll share a couple of big things from long ago and very recently!
Here are a couple of “now you know” facts about Vite:
SyraCoin was the earliest-ever attempt at public finance/sector blockchain: https://github.com/vitelabs/whitepaper/blob/master/SyraCoinWhitePaper.pdf.
Vite secured this project officially with the City of Syracuse, New York, through the prestigious Startup In Residence program that connects tech companies to governments for accelerated innovation.
Check out this article published in Cointelegraph. It relates closely to this project and I still believe in blockchain technology making monetary systems better. At the time, Vite was working on a viable model of smart contract micro-bonds for municipalities to create true sharing economies and to take economic control from higher-level entities like states and federal administrations.
We were also working on government utility tokens to provide in-kind value, in partnership with private sector entities, meaning you’d be able to pay for ride shares and local eateries using your City Tokens. We’re fans of decentralization and individual sovereignty but we acknowledge the power of blockchain tech to make even centralized monetary systems more efficient.
Now, part two of this answer = Recently Vite graduated from Berkeley Blockchain Xcelerator. You can see a recording of Demo Day here. The Xcelerator is a non-dilutive program by UC Berkeley that helps great researchers and entrepreneurs get important resources. If you’re looking to do a project soon, especially as a “Vuilder” on Vite, I recommend you take a look!
Ribka: Awesome, chat go check out that vid. Thank you for sharing your thoughts and answers with all of us. Once again chat, here below are links to all things Vite!
Make sure you follow and join their telegram.
Luke: And this too 😉
https://open.spotify.com/show/68j9fBN7L5afplagNLlruM
Phase 2
BNB_Angel: Let’s Move on the #Segment 2 Quiz Part
Participants will fill out the Google Form:
— Telegram Username
— Binance UID
— Answer
Luke, Are You Ready..?
Great, chat, here is the form with all the questions, you have 5 minutes to answer, users that get all 5 answers right will share a bag of $5,000 in $VITE tokens
https://forms.gle/MExGghZHefA1J8nT6
So Luke, While our users are answering the form, let me know what the first quiz question is! Without The Answer 😁
Luke:
-First Question: What is a way developers can earn rewards in Vite?
-Second Question: What is the native source of liquidity for applications built on Vite?
-Third Question: What is Vite’s consensus mechanism?
-Fourth Question: Which government did Vite work with on public finance crypto?
-Fifth Question: Which accelerator did Vite go through recently?
BNB_Angel: And, time’s up!!
Luke, please share with us the answers to the questions!
Luke:
-Answer 1 (all of the above): 1) running a cross-chain gateway on ViteX 2) being a trading pair operator on ViteX 3) winning Vite hackathons and bounties 4) being a Snapshot Block Producer
-Answer 2: ViteX
-Answer 3: Hierarchical Delegated Proof of Stake (HDPOS)
-Answer 4: Syracuse
-Answer 5: Berkeley Blockchain Xcelerator
BNB_Angel: I hope all of you got these questions correct! And now, for the next segment.. ⚠️ In order to be eligible for any prizes for Segment 2, you need to have joined the Vite Telegram Group!
Phase 3
BNB_Angel: As we move on to Segment 3, here’s a quick reminder.
— Segment #No3: Chat asksVITE Team questions. Please take the time to think of some good questions, which will underline quality and uniqueness
Guys, are you ready?
The Group Is Unmuted Now
>Himanshu: @LKK153 there are multiple examples of bridges being hacked in crypto however Ethereum founder Vitalik has stated that multi-chain is the future can you share how you plan to secure its bridge and its Decentralized cross-chain system @LKK153
>>Luke: The recent bridge hacks of 2022 show us how important it is to have cross-chain security. This is a prerequisite to the mainstream adoption of decentralization. Vite has been looking at all attack vectors within our system — not only related to ViteBridge but also, to other internal systems. We believe in technology as a way to safeguard against bad actors and believers of Web3 are on the same page!
https://cointelegraph.com/news/report-half-of-all-defi-exploits-are-cross-bridge-hacks
>Sayanth: what are the special features of vite?
>>Luke: Vite’s decentralized exchange (DEX) and layer one (L1) tech already represent tons of real-world utility and value. Vite can be used anywhere Ethereum is useful, but faster: DeFi such as borrowing/lending, payment rails, NFTs, Web3 gaming, etc.
To learn more, see below:
VITE: See “Use Case” here: https://vite.org/token
VX: See “How do I get VX rewards?” here: https://vitex.net/faq
This is generally useful: https://vite.org/faq
>John Athan: Why will investors invest in your project?
>>Luke: Vite has quite a bit of investor attention these days. We’re speaking with both institutions and angels. We haven’t yet opened ourselves up for new investment but it’s in the process — sophisticated investors take their time for obvious reasons. That being said, fundraising is not existential. It’s a boost for our ecosystem. Crypto projects have a runway for R&D — resources reserved for various purposes including team incentives, ecosystem development, and developer relations.
>Lemon Jush: What is Vite’s strategy for dealing with the winter season?
>>Luke: I’ll give you an obvious answer that is nonetheless true and honorable — keep building. During winter, keep building. Support builders. Focus on developers and development. That’s what we’re about these days.
>Ola: What is the next big project coming from VITE?
>>Luke: We’re dedicated to nurturing a decentralized ecosystem of projects. Meaning Vite’s development team continues to improve and maintain Vite’s tech offerings, but also, we’re at a point in Vite’s journey where we want to support developers in their own projects. You can see some of our ecosystem projects here:
>Wishper: Do you have a developer community forum? Something like stack overflow?
>>Luke: There’s a Vite Forum which you’re all welcome to use!
>Sasuke: What is the roadmap of vite?
>>Luke: The most up-to-date information on Vite’s progress and priorities will be available on our Medium page. We post comprehensive community updates once every two to three weeks. If there’s any aspect of Vite you’d like to learn more about, feel free to tweet at me and we’ll put out good info!
BNB_Angel: It has been great to have you, Luke, with us today to talk more about Vite.
Here are some important links for our community to follow
Website: https://www.vite.org/
Telegram: https://t.me/vite_en
Reddit: https://www.reddit.com/r/vitelabs/
Linkedin: https://www.linkedin.com/company/vite-labs-limited/
Facebook: https://www.facebook.com/vitelabs/
Thank you chat for your time! For those of you who got 5/5 questions right in Segment 2, please make sure you have joined Vite’s Telegram group.
Luke: Thanks to the Binance team for running this fantastic AMA! And thanks to all who showed up.
Have a happy holiday season and new year, everybody.
BNB_Angel: Thank you to the wonderful team at Vite!
Venkyy: Thanks a lot @Ribka7 @BNB_ANGEL for being such a wonderful host.
Thanks @LKK153 for being a guest speaker with us for today’s AMA.
We wish Project VITE great success ahead!
Luke: Thanks again 👍
