Q1: When can I participate in the SBP election?
SBP registration and election started from November 23th. You may join the election after converting your VITE ERC20 tokens to VITE tokens on the TestNet.
Q2: How many votes do I need to receive to be elected as an SBP?
At present, you must have at least 200,000 votes to be eligible. Due to competition, you may need more votes after over 20 community SBPs are registered.
Q3: How often does the SBP election take place?
Once every 75 seconds.
Q4: A minimum of 200,000 votes are required for SBP election. Is there a minimum limit on the number of voters?
There are no voter number limitations, but you should win at least 200,000 votes.
Q5: When I vote for an SBP candidate who fails to be elected, what happens to my votes?
You can re-vote for another SBP candidate at any time, or vote for Vite official SBPs for rewards. You can also choose not to vote and just play with the TestNet.
Q6: We want to run an SBP. May I solicit votes from community?
Yes, soliciting votes from the community is permitted.
Q7: Do the SBP rewards come from token inflation?
In the TestNet, the VITE tokens originally reserved for airdrop & marketing will be used to reward the miners. After the MainNet is launched, miners will be rewarded through additional issuance of tokens (aka inflation, which is approximately 3% a year).
Q8: Can I get my VITE back after I register an SBP?
SBP election requires a 500,000 VITE stake and 200,000 VITE of voting, both can be taken back. Additionally, each of the elected top 25 SBPs will receive mining reward plus staking&voting reward.
Q9: When can I withdraw my VITE staked for SBP election?
There is a 3-month lockup period. A user will be able to send a special transaction to withdraw his stake after 3 months.
Q10: What are the hardware requirements for an SBP node?
Recommended system requirements: 8-core CPU, 16GB memory and 100Mbps bandwidth. Higher system demands may be required when transaction volume increases.
Q11: If I am an SBP, when will I receive my mining rewards?
The mining rewards are calculated by the amount of blocks produced and must be retrieved manually (not automatically). You are able to retrieve the mining rewards 12–1 am EST everyday.
Q12: Are there a step-by-step guide on how to setup an SBP node?
Detailed documentation for SBP setup and configuration is available at https://test.vite.wiki/tutorial/node/install.html.
Q13: How do you run a SBP?
Someone that intends to be an SBP operator should register as an SBP candidate here. A step-by-step guide is at https://vite.wiki.
Q14: Will TestNet mining be open for anyone to participate?
Yes. Anyone will be able to register to be an SBP, vote for an SBP and run a full Vite node.
Q15: Is there a reward for just participating in the voting process?
No. Only those voting for a Vite official SBP will be rewarded. The reward amount depends on the total number of voters. Note that more voters will mean less income for each voter. Therefore, vote early to earn higher rewards!
Q16: How do you vote for a Vite official SBP?
There is a voting page in the release of Vite Wallet. You can choose one of the official Vite SBPs from the list of candidates. Web wallet: https://wallet.vite.net
Q17: When will the rewards from voting be distributed?
The same as SBP rewards, voting rewards will be distributed 12–1 am EST everyday.
Q18: Are the voting rewards proportional to how many VITE are held?
The voting rewards are proportional to the amount of VITE that user votes in the voting pool.
Q19: Can I switch my vote between a Vite official SBP and a non-official SBP?
Yes, any time.
Q20: How do I convert VITE ERC20 tokens in my ETH wallet into VITE on the TestNet?
You need to send a transaction in your ETH wallet to transfer the VITE ERC20 tokens and bind your ETH address with your Vite address. See this article for details: https://medium.com/vitelabs/testnet-an-update-erc20-token-migration-guide-7c200bef7337
Q21: My VITE tokens are still in an imToken wallet. Will there be any impact during these updates?
Your VITE ERC20 tokens can still be stored in any wallet or traded on the open market without any impact. However, when Vite MainNet is launched, you will be required to map your tokens to the MainNet, at a 1:1 ratio.
Q22: When will the Vite MainNet launched?
The Vite roadmap shows that the MainNet will be released in January 2020. However, according to current development progress, the Vite MainNet will very likely be released ahead of schedule. No specific time is determined at this time.
Q23: Will full node operators be rewarded after the Vite MainNet is launched?
Incentivizing Vite full node operators with rewards is an arrangement in the TestNet. This reward is not defined in the Vite protocol. It is yet to be determined if this arrangement will continue in the Vite MainNet.
Q24: What happens if I have converted my VITE tokens and the TestNet crashes? Will the Vite team compensate for my loss?
We will try hard to maintain the stability of the system. Accidental loss of VITE tokens caused by system flaws can be retrieved through rollbacks. The transactions during a rollback will be erased. Please note that we will not take responsibility for transaction loss during the rollback.
Vite is a decentralized system. It is the user’s responsibility to practice due diligence to ensure that they protect their own property and mnemonics. We are not responsible for the losses caused by user mistakes, including but not limited to wrong transactions, leaking or forgetting mnemonics.
In addition, we do not bear responsibility for asset losses caused by force majeure (such as the temporary network shutdown due to government regulation, spam or hacking, etc.), which directly or indirectly impacts the normal service of the network.
Q25: How will the staking requirement change from 500k to 1M VITE (when we switch to MainNet) be handled?
We will not require nodes to change their staking requirements till their three months of staking is over.
Q26: What is the typical monthly cost for your recommended server?
We recommend 8 core 16 GB, which is ~$250/month.
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