Swap Announcement

We are pleased to announce the development for the new Vites coin is ready. Accordingly, we are going to 1:1 swap to our own blockchain.

The following reasons to swap to your own blockchain are:

  • the possibilities to stake the new PoS coin.
  • the new coin offers more stability. The current coin is a Waves assets. It’s platform was in a beta phase. During this period we experienced a lot of nuisance from the assets. Recently it has gone out of beta, but there still seem to be a lot of problems.

Stocks.Exchange (https://www.stocks.exchange/) will facilitate the swap. This means you have to send all your coins to the Vites wallet of your Stocks.Exchange account. Please note that it is required at Stock.Exchange to have Waves in your account for receiving the Vites tokens. If you are sending your Vites tokens without having Waves in your Stocks.Exchange account they might arrive with much delay.

The swap runs from 17th of August 2018 to the 17th of September 2018. This means the 17th of September 2018 at 23:59 GMT+3 time zone is the last day on which you can send coins. Coins sent after this date are not swapped. If all coins arrive before the end of the last day, the swap is executed immediately. Users will receive new coins within 2 days.

The process looks like this:

When all coins at Stocks.Exchange are in, the team of Vites sends the new coins. The swap is then executed. For full transparency, the status of the amount of coins inside Stocks.Exchange can be monitored via the block explorer. This can be done with the information below.

Vites wallet Stocks.Exchange

wallet address: 3PKA39AKwyVQhvzaBxFj5ahaCQwNgwYrdNZ

( NOTE!!! This is the Stocks.Exchange cold wallet. Do NOT send your coins to this address. This is only for coin tracking purpose)

Rich list: http://dev.pywaves.org/assets/FEhAiFpfrjADzYNWDy9jmVehPAVvEVV6HRjof8HVCmAR

Block Explorer: https://wavesexplorer.com/

Current supply distribution

Circulating supply: 30.000.000.000

Development fund: 20.000.000.000

Max supply: 50.000.000.000

New supply distribution

Circulating supply: 30.000.000.000

Development fund: 5.000.000.000

Staking: 15.000.000.000

Max supply: 50.000.000.000

The swap is being executed as soon as one of the following scenarios applies:

  1. As soon as there are 30,000,000,000 Vites in the Stocks.Exchange wallet
  2. As soon as the 17th of September 2018 at 23:59 GMT+3 time zone is over

To encourage option 1 we advise to continue trading on Stocks.Exchange.

The pre-mine was obtained over 1 address. For full transparency, we share the pre-mine address and block explorer from which you can see that no more than 35,000,000,000 has been pre-mined.

A blockchain is always maintained and secured by PoW and/or PoS. Now that the new PoS chain is ready, it means people have to start staking immediately to keep the chain running. There is, however, a problem. In about 1 month, the community will have new coins and only from that point people can start staking. If there are no stakers, we run the risk of seriously damaging the chain. In the meantime, the chain is mined on the lowest possible scale to keep it running.

Please note that for this reason the amount of the pre-mine will be a little higher than 35b.

Pre-mine address = Hq8GiVTVL55Lid2bdH6nf87Zo7owujZmXm

Block explorer:

http://80.211.105.222:3001 (temporary url)

http://explorer.vites.io (this will be the final url. It might not work yet)

The coins not claimed are going to be burned or used for bounties. However, depending on the amount of unclaimed coins, we will advise on the final decision for handling these unclaimed coins. The same applies to those extra coins above 35b.

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Specs information

Ticker: VITES

PoS algorithm: Nist5

Block time: ± 2,5 minutes

Block size: 8 MB

Block rewards: 20% year one

Difficulty: re-target 60 minutes

Confirmation time: 10 blocks (± 25 minutes)

Stake maturity: 30 blocks (± 75 minutes)

Minimum age to stake: 8 hours

PoS Period: Infinite

Time until all coins are mined: At current PoS rate 1,5–2 years. But, within or after the first year, we may re-adjust the PoS rate to a significant lower ROI. In addition, we’re going the explore the benefits of adding masternodes. All the changes within or after the first year will be for the health of the project.

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Website & social media

Website: https://vites.io

Twitter: https://twitter.com/viteseco

Facebook: https://www.facebook.com/vitesecosystem

Instagram: https://www.instagram.com/vitesecosystem

Discord: https://discord.gg/yk4ueMk

Telegram community: t.me/vitesofficial

Telegram announcements: t.me/vitesnews

Youtube: https://www.youtube.com/channel/UCvjD7HWY3OWBKAR0gmDj3QA?view_as=subscriber

Reddit: https://www.reddit.com/r/VitesEcosystem/

Bitcointalk: https://bitcointalk.org/index.php?topic=4740060.0

Author: Future

Image: Shof & 2+2=4