Announcement: VITE Coin Burning

Don’t worry, this is all according to plan…

Published in

Vite Labs

2 min readJul 11, 2019

As outlined in our Pre-Mainnet Launch article, after the Vite Mainnet is launched, 3% of the annual VITE inflation will go towards SBP rewards.

The current version of the Vite Pre-Mainnet will accurately simulate the way that SBP rewards will function after the Mainnet is launched. However, in order to ensure that the total VITE circulation remains unchanged at 1 billion going into the Mainnet launch, the Vite labs team will manually burn the corresponding amount of VITE rewarded to SBPs.

The total SBP rewards (block producing reward + voting award) generated during the period from May 21st (when the Pre-Mainnet was officially launched) to July 9th was 3,800,873.45 VITE. Accordingly, 3,800,873.45 VITE was burned on July 11th. In the future, we will burn coins on the 10th day of each month until the Mainnet is launched.

Proof-of-Burn

NOTE: the new total circulation after burning = old total circulation – burn quantity. Since some SBPs did not withdraw their rewards in time, after the burning the total circulation will be less than 1 billion for a period of time.

As of July 11, 2019, 2:00 PM PST, the total VITE in circulation stands at 999,578,215.