Vite TestNet Incentive Plan (Updated: Nov 9, 2018)

Snapshot Block Producer Election and Mining Rewards

Khun Sir
Khun Sir
Oct 25, 2018 · 4 min read
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SBP (Snapshot Block Producer, aka Supernode) Election

Each full node will be eligible for becoming a SBP on the TestNet and collecting mining rewards. At the time of MainNet launch, all SBP on the TestNet will automatically become SBP on the MainNet.
To become a SBP, a node must:

  • Run a server and have necessary skills to maintain said server;
  • Have community influence and be able to call for votes from VITE holders.

SBP Incentive Plan

In the TestNet, the VITE tokens originally reserved for airdrop & marketing (which has been migrated from ERC20 to TestNet per a previous article), will be used to reward the miners. After the MainNet is launched, miners will be rewarded through additional issuance of tokens (aka inflation).

  • Staking & Voting rewards: The other 50% will be distributed based on the amount staked and the amount of votes received by each SBP as a percentage of the total amount staked and amount of votes received (by the top 100 SBPs).

Rules for SBP Block Creation

The Vite system generates one snapshot block per second. The mining reward is calculated in terms of blocks. All SBPs produce 86,400 blocks in one day. Each block is rewarded approximately 0.95 VITE.

Rewards for Voting — Voters will receive Mining Rewards obtained by Vite’s Official SBP

In TestNet, all mining rewards obtained by official SBPs will be distributed to the community. Recipients of the rewards include voters and users that run full nodes.

Voluntary Migration for User-owned VITE ERC20 Tokens to Vite TestNet

Vite ERC20 holders may choose to convert their own VITE ERC20 tokens to VITE in a 1:1 ratio.

Additional information

The TestNet Incentive Plan will kick off after the TestNet is launched, AND after we release a system for users to migrate their ERC20 tokens to the TestNet.

Vite Labs

Official blog for Vite, a new-generation public blockchain

Khun Sir

Written by

Khun Sir

Crypto enthusiast. Experienced in investment, business development, marketing, and community management.

Vite Labs

Vite Labs

Official blog for Vite, a new-generation public blockchain

Khun Sir

Written by

Khun Sir

Crypto enthusiast. Experienced in investment, business development, marketing, and community management.

Vite Labs

Vite Labs

Official blog for Vite, a new-generation public blockchain

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