Vite Bi-weekly Report

Dec 1–15, 2019

Khun Sir

Published in

Vite Labs

4 min readDec 19, 2019

Recent Milestones

VITE Listing on Binance Exchange:

On December 12, Binance exchange held community vote round 4 for listing. After 24 hours of voting, VITE finally won the competition and received 89,025 votes. On December 13, Binance opened VITE / BNB, VITE / BTC, and VITE / USDT trading pairs.

On December 3, ViteX announced an important upgrade:

the new VX release curve will be implemented;
VX dividend and staking as mining rules will be changed;
Proxy staking SVIP function will be added;
Extra benefits to participants in “referral as mining” will be added.

On December 5, EOS deposit and withdrawal was opened on ViteX. On December 6, EOS / BTC trading pairs was opened.

On December 6, 70,671,192.1 VX were burned. The total number of VX after the burning activity is 29,328,807.8, which will be released in 8 years. Details can be viewed at: https://medium.com/vitelabs/70-million-vx-and-4-million-vite-will-be-burned-with-important-upgrade-for-vitex-9c766d5a3de.

On December 7, Vite locked 200 million team coins in smart contract and published a VITE Circulating Supply: https://medium.com/vitelabs/announcement-vite-locked-200-million-vite-team-coins-on-smart-contract-20-of-total-supply-920a7a62097b.

On December 8, all VITE accumulated in the dividend (about 3.9 million) pool was burned. Burning hash: 07b323eeb1a5baf41e4b47634b0557104aab17449bb8f27efe07d30712ab874b.

On December 9, our CEO Charles Liu wrote a letter to the community: looking back and forward at the end of 2019. https://medium.com/vitelabs/charles-liu-a-letter-to-the-vite-community-d17c116068bc

On December 9, we announced a partnership with Ferrum Network for co-listing. FRM will be on ViteX and Vite wallet. VITE will be on Ferrum’s UniFyre Wallet and Infinity DEX. https://medium.com/vitelabs/partnership-vite-labs-and-ferrum-network-co-listing-9e583b8c760

On December 11, we announced to integrate BNB in Vite wallet. The new version of Vite iOS wallet supports BNB now.

System Developments

go-vite: hard fork V2.7.0 & V2.8.0 were released

ViteX Contract

Adjust VX Release Curve, revised based on community voting results.
Update Rules for Staking Rewards, stake VX to earn dividends, and a new mode that auto-stakes freshly mined VX.
Adjustment of rules for staking as mining. Retrieving staked VX requires a 7-day waiting period. The waiting period does not count for participation in mining and therefore earns no rewards.

Built-in Smart Contract

Remove total supply and decimal restrictions for new token issuance. For newly minted re-issuable token, the total supply can be 0. Allow non-reissuable tokens to be burned.
Add a new role, other than SBP owners, with capabilities to manage and withdraw SBP rewards.
Staking for Quota now allows for partial withdrawals.

Vite Wallet App

Android:

V3.2.0 was released to support GRIN native coin.

iOS:

V3.3.0 was released. BNB is integrated into Vite wallet.
DeFi feature development finished 70%

ViteX Exchange

Hard fork has finished. VX release curve has been changed. Added VX staking function.
V3.2.2 is in development. A new UI is planned to be added.
The new version of ViteJS V2.3.0 was released.
The development of staking and voting for full node has completed 90%.

Activities

On December 13, our Chief Strategy Officer Chris attended a blockchain conference in San Francisco held by Silicon Valley based incubator OnePiece. Chris participated in a panel and discussed the application of blockchain in different fields, and the future of 2020 crypto market.