VITE is a utility coin generated on the Vite network. There are several scenarios that you can use it.
Type A: Staking Related
1. Get Quota
Stake VITE to get more quota (for any user or ViteX) to obtain more computing power from Vite network and improve user experience.
Unlike most blockchain networks, VITE coin can not be paid as the gas fee because it cost 0-fee to make transactions on Vite network. To protect the whole network from massive malicious usage, users have to stake very little amount to get quota. It will cost Quota to initiate transactions and Quota will respawn over time.Without enough quota, transactions will be limited and the image on the right side would be shown very often. It will like 3~5 sec to complete the transaction without enough quota, and it's a bit longer than a normal procedure which only takes 1 sec.
To get Quota, you need to select any asset with Vite token label in Wallet Asset and click to enter.
Click on ‘Get Quota’ and you can find the image on the right side.
*Warning: It will take 3 days to take back your Vite after withdrawal.
2. Become an SBP
SBP( Snapshot Block Producer) is the supernode on the Vite network. Vite network utilizes Hierarchical Delegated Proof of Stake (“HDPoS”) to achieve network consensus, while supernodes take only staking rewards and no transaction fees.
To become an SBP, it requires users to build a full node and stake 1 million VITE for the full node. This operation will lock up VITE and unlock operation is only available 3 months later.
ROI of SBPs is from 8% to 18%. (Statistics in Jan 2022)
3. Vote for SBP
VITE holders could vote for an SBP with their VITE to increase that SBP's reward.
In return, some certain SBPs will share their rewards with voters. Please consult in community (discord or telegram) for more info.
1. Open your Vite wallet and the sub page of Vite;
2. Click "Vote" and you will find the list of SBPs;
3. Find the SBP you want to vote for and click "Vote".
*Users can vote for ONLY one SBP at a time with all VITE in wallet balance. This operation will NOT lock VITE. Users may vote for another SBP at any time.
ROI of Voting is from 4% to 7%.
4. Stake as Mining on ViteX
Users could stake VITE for ViteX to get VX(ViteX coin) as a reward. This is similar to the scenario of 'Get Guota'. The difference is that the beneficiary is ViteX, not the users themselves.
5. Become a (ViteX) VIP
Users can stake 10,000VITE on ViteX to become a VIP and enjoy a 50% off the Base Trading fee.
6. Become a (ViteX) SVIP
Users can stake 1,000,000VITE on ViteX to become an SVIP and enjoy a zero Base Trading fee.
Type B: Smart Contract Related
7. Contract Deploy
To deploy a smart contract on the Vite network, 10 VITE will be consumed.
8. Token Issue
To mint a new token on Ethereum, users should deploy a new contract. On the contrary, it requires no contract to do so on the Vite network.
A built-in smart contract will be called and 1000 VITE will be consumed.
9. Trading Pairs Activate
To active a trading pair of any token on ViteX, a built-in smart contract will be called. The operation will cost 10K VITE and those VITE will be burnt within 24 hours.
10. Referral Code Generate
To generate a referral code, a built-in smart contract will be called and 1000VITE will be consumed.
Type C: Transaction Related
11. Billing and Payment
VITE is accepted by some vendors in Singapore. Guests could pay VITE when taking a taxi and dinning there.
When checkout, you may ask the vendor to show the bill in the form of a QR code. When guests scan the code with their Vite wallet, the charge will be converted to a certain amount VITE coin. After confirmation, VITE will be sent from the guest's wallet to the vendor's wallet.
12. Quote Asset
There are 4 base markets on ViteX.net( Built-in DEX on Vite）and one of them is taking VITE as the quote asset.
Users could trade VITE with other tokens and VITE will be charged as the trading fee in this market.
Those trading fee will be burnt everyday.
How to get VITE?
Purchase: VITE is listed on exchanges such as Binance, OKEx, ViteX and Bittrex.
Mining: Run an SBP and receive block rewards in the form of the annual inflation of 30 million VITE coins.
You may also run a full node and receive VITE rewards.
- Non-scheduled campaigns, Vite will be distributed as rewards.
Inflation and Deflation of VITE
- There is only one way to increase the total amount of VITE: SBP reward, 30M each year.
- There are sever ways to decrease the total amount of VITE: use case 7-10 and 12 as previously mentioned.
There are 1 billion VITE minted on Genesis Block on the Vite network. The initial allocation is like this:
Private Sale tokens comprise 40.43% of the total supply. It was conducted in May 2018 for 404.33MM VITE at a rate of 7,000 VITE = 1 ETH and raised a total of 57,762 ETH (~$40.43MM) at ~$0.10 per token, selling 40.43% of the total token supply.
Marketing tokens comprise 10.00% of the total supply.
Ecosystem Development tokens comprise 23.57% of the total supply.
Team tokens comprise 20.00% of the total supply.
Airdrop tokens comprise 5.00% of the total supply.
Advisor tokens comprise 1.00% of the total supply.