We are proud to announce that functions of SBP (Snapshot Block Producer, aka Supernode) registration & election are available in Vite TestNet 1.0.0. You can register your SBP in the TestNet to win mining rewards now!
Voter Rewards (Incentives for Casting Votes)
As mentioned in our TestNet Incentive Program, Vite Labs will run at least 5 SBPs. All tokens mined by our official SBPs will be allocated to community. 70% of these tokens will be rewarded to voters for Vite’s official SBPs, and 30% will be rewarded to all full nodes.
On a daily basis, over 8,000 VITE will be distributed to users who vote for the 5 Vite Labs official SBPs. Join immediately to earn your VITE!
Specifically, this means the amount of rewards being distributed to voters by EACH Vite Labs official SBP is calculated as:
(8,219 VITE from mining rewards + Candidate Additional Rewards) * 70%,
where Candidate Additional Rewards is explained in the below section.
SBP Rewards (Incentives for Operating a SBP)
- SBP rewards are equally divided into two parts, 50% is from reward for mining, and 50% is from reward for voting & staking. This second part of the reward is known as the “Candidate Additional Rewards.” On an annual basis, within the total SBP rewards of 30 million VITE, 15 million are awarded to block-producing SBPs, and 15 million are awarded to top-N SBPs according to their share in voting + staking (in TestNet, N = 100).
- As an example, suppose you have been running your SBP node for 1 year, and have been consistently producing blocks in every round. You can earn 600,000 VITE mining rewards (30 million / 25 SBPs * 50%), plus Candidate Additional Rewards, calculated as: (your staked VITE amount + votes you received) / (the sum of top-100 SBPs’ staked VITE amounts + votes received by top-100 SBPs) * 15 million. Both the mining rewards and the Candidate Additional Rewards are calculated every 75 seconds. On a daily basis, an SBP that has been producing blocks throughout the day will receive mining reward of 1,643.835 VITE, and the Candidate Additional Rewards.
- In the TestNet, the total amount of VITE will not undergo inflation. All mining rewards will come from official marketing budget pool.
- An SBP may only retrieve the rewards issued at least 24 hours ago.
Since the token mining program only exists in our TestNet, VITE ERC20 holders that want to participate must convert their own VITE ERC20 tokens to VITE. The conversion will be at a 1:1 ratio. The converted tokens can be used for SBP staking or voting for a SBP. Please note that the migration is one-way and not reversible. After the migration, your VITE will be temporarily un-tradable in the secondary market, until the MainNet is launched.
For more information, please visit www.vite.org for SBP registration and operation guide.
ERC20 Token Migration Guide
VITE ERC20 token migration will be processed though an Ethereum smart contract (address: 0x2c31b23b80a13feaba3ecc4a92e2e4e5fa2fc3dc).
The migration contract has been verified by etherscan.io (view result: https://etherscan.io/address/0x2c31b23b80a13feaba3ecc4a92e2e4e5fa2fc3dc#code).
IMPORTANT: Please note that this migration is voluntary and all rules have been specified in the contract. Participants should be aware of all necessary risks of Ethereum contract before executing the migration.
- Approve the migration contract to transfer a specified amount of your ERC20 VITE tokens that you would like to migrate (this step is executed by the user);
- Bind the Ethereum address to your Vite address (this step is executed by the user);
- Send the allowed amount of ERC20 VITE tokens to Ethereum black hole address: 0x1111111111111111111111111111111111111111 (this action automatically takes place with steps above);
- You will receive the same amount of VITE at your Vite address (this step is executed by Vite Labs).
Recommended Steps
To be able to execute the migration, you must have your VITE ERC20 tokens stored in a wallet that supports the “approve” function (We recommend MyEtherWallet + MetaMask).
At present, VITE ERC20 tokens are mainly stored in exchanges or multi-functional wallets like “imToken.” If this applies to you, you will need to move your tokens to another wallet as mentioned above.
Once you have your tokens in the right wallet, confirm that there are enough VITE and ETH (as gas) in your Ethereum address. A total gas of 0.01 ETH is suggested.
Install Google Chrome and https://metamask.io extension. Then log in to MetaMask.
Attention: Binding ETH address to VITE address consumes a small amount of ETH as transaction fee (the specific fee depends on how many transactions are processed on Ethereum at that time). If you don’t have ETH in the account, you can convert some VITE into ETH and then transfer to MetaMask.
Attention: Both approve transaction and bind transaction must be initiated from the same ETH address.
Approve
Open MyEtherWallet (https://www.myetherwallet.com) and click “Contracts” tab.
Fill in “Contract Address” with Vite Token contract address: 0x1b793e49237758dbd8b752afc9eb4b329d5da016.
Open a new browser window and navigate to “Contract ABI” section at https://etherscan.io/address/0x1b793e49237758dbd8b752afc9eb4b329d5da016#code. Copy all text.
Return to MyEtherWallet and paste the text content of the previous step in “ABI / JSON Interface”. Click “Access” button.
In “Read / Write Contract”, click “Select a function” button and select “approve”.
Fill 0x2c31b23b80a13feaba3ecc4a92e2e4e5fa2fc3dc(the migration contract address) in “_spender”;
Fill in “_value” with the quantity of VITE you want to migrate, followed by 18 zeros. For example, to migrate 100 VITE, just fill in 100000000000000000000.
Attention: The approved amount of VITE must be no more than the total VITE in the account.
Select “MetaMask”, then click “Connect To MetaMask”. Please confirm the information in the pop-up window and click “CONNECT”.
Follow the instructions to make the transaction. Click “CONFIRM” in “MetaMask” window, then click “WRITE” button.
The transaction progress can be viewed in “MetaMask.” After the transaction status is successful, we can proceed with address binding and transfer in the next step.
You can also choose the Ethereum official wallet to do ERC20 contract approval. The steps are similar.
Bind Vite address and make transfer
Open MyEtherWallet (https://www.myetherwallet.com) and click “Contract” tab.
A. Type 0x2c31b23b80a13feaba3ecc4a92e2e4e5fa2fc3dc (the migration contract address) in “Contract Address”;
B. Open a new browser window and navigate to “Contract ABI” section at (https://etherscan.io/address/0x2c31b23b80a13feaba3ecc4a92e2e4e5fa2fc3dc#code). Copy all text;
C. Return to MyEtherWallet and paste the text content of the previous step in “ABI / JSON Interface”. Click “Access” button;
D. In “Read / Write Contract”, click “Select a function” button and select “bind”.
Type your Vite address in “_viteAddr” and an optional invitation code in “_invitationCode”.
Attention: Make sure you have made backup of the mnemonic of your Vite account before you begin this step.
Follow the instructions to make the transaction. Click “CONFIRM” in “MetaMask” window, then click “WRITE” button.
After the transaction is successful (it may take 7–8 minutes), sign in Vite wallet with the address bound in step 3 to find your VITE migrated from ERC20.
Please strictly follow the steps in this article. If you encounter any problems during the migration process, please contact us on our Discord channel: https://discordapp.com/invite/CsVY76q.
Disclaimer
Be sure to fill in the correct VITE address and keep account password and mnemonic in mind. The correctness of filled-in address cannot be verified by the contract. Vite shall take NO responsibility for any loss of digital assets due to operational mistakes.
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