Vite has built a Directed Acyclic Graph (DAG) based smart-contract platform, with a Snapshot Chain structure to facilitate zero-fee transactions and optimize transaction speed, reliability, and security. The Snapshot Chain of Vite utilizes Hierarchical Delegated Proof of Stake (“HDPoS”) to achieve network consensus, while supernodes take only staking rewards and no transaction fees. Vite virtual machine maintains compatibility with EVM and utilizes asynchronous smart contract language, Solidity++.
The VITE token is the currency for simple token transactions and smart-contract executions on the Vite network, with users staking VITE for transaction quota instead of consuming gas. VITE can also be used to vote for Snapshot Block Producers (aka supernodes). In addition, a VITE staker with unused transaction quota can lease such quota to dApps in exchange for their tokens. For instance, users can stake VITE in exchange for ViteX’s native decentralized exchange token, VX.
Vite’s current products include a decentralized exchange (ViteX), a multi-purpose wallet application (Vite App), payments (VitePay), and government/enterprise blockchain applications (VitePlus):
- ViteX is a decentralized exchange with an on-chain order book and matching engine and supports currently 20+ digital assets.
- Vite App is a mobile application that allows trading (ViteX), asset management (wallet), DApps (e.g., Vite-based games) in one place.
- VitePay is a fast and feeless payment solution, currently available to use in Singapore’s Ce La Vi Sky Bar and taxi services under the Midwest Global network. Users can pay for merchants with Vite wallet, who in turn receive payment with zero fees with near-instant settlement. VitePay is also integrated with the e-commerce platform OpenCart, and one can utilize VitePay at the official Vite store.
- VitePlus is a Vite-based enterprise blockchain solution for governments and enterprises. Vite has developed a pilot app, SyraCoin, for the Syracuse government, allowing city housing fund donors to receive blockchain-based coupons that are redeemable for goods and services within city bounds.
Mainnet is released on Sep 25, 2019.