How does Vite incentivize contributors and disincentivize spammers?
In Part 1 and Part 2 of this article, we introduced fundamental pros and cons of running a Layer-1 (L1) blockchain network. We explored how Vite is different from other L1 blockchains👇💡
Gas exists on prevailing L1s including Ethereum because it guards against anti-spamming and collects money to pay out decentralized contributors (e.g. validators and miners).
For anti-spamming, Vite uses a quota system. Basically, there is too high a cost for someone who wants to attack the Vite network.
For contributor incentives including validator rewards, Vite issues compensation through annual inflation (about 3% but declining over time). Vite has no gas fees to pay validators. All cryptocurrencies including BTC and ETH have some form of inflation. Vite’s set of validators is kept small through our Delegated Proof of Stake consensus mechanism. The inflation is meant to provide sufficient incentives for decentralized contributors.
Vite is able to achieve a zero-gas world by using clever alternatives to most L1 blockchains out there. Here’s to enjoying Web3 without ditching your Web2 habits of paying no fees😉 #0GL1
Continue learning in this overview of Vite’s economic model.
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