Dear Vite community newcomers,
When you use Vite wallet, you probably have read this:
You may wonder why this image shows and what should you do. Before that, let's get to know some Definition of Terms:
- Quota： In Vite network, CPU cycles, storage space and network bandwidth consumed in transactions are paid by quota, instead of transaction fees or gas.
- PoW： Abbr. of "Proof of Work", representing a certain amount of computational work that has been performed
- Lock： Lock up an certain amount of VITE in account in exchange for quota
- Quota Beneficiary：The account receiving quota
What is Quota
In Ethereum, in order to have transaction executed quickly, user usually has to offer miner a competitive gas fee. The higher the fee is offered, the sooner the transaction will be executed. This is a typical bidding model, where system's processing capacity and pending transaction amount are balanced by gas price. This model works fine in Ethereum, however, it is not easy for a user to determine what price is "competitive but not exaggerated" at a certain time. Too low or too high offering will cause market failure. Moreover, Ethereum's gas is associated with transactions, there is no measurement to allocate computational resources efficiently at account level.
Vite does not charge transaction fee. Instead, an amount of quota is consumed when sending transaction. All operations, including transfer, deploying smart contract, calling smart contract, issuing token, registering SBP, retrieving mining rewards, voting and staking, consume quota. To meet this requirement, a unique quota generation and consumption model is implemented in Vite network.
To get quota for your account, you can
- Obtain a piece of small, one-time quota by calculating a PoW puzzle upon sending transaction, or
- Stake VITE coin
Calculating PoW is sufficient if you intend to send only a few transactions. But if many transactions are to be sent in a short time, you should stake.
We recommend you stake.
Quota Consumption Rules
The following table lists quota consumption of common transactions:
|Transaction Type||Quota Consumed||Minimum Staking Amount（VITE）|
|Send a transfer without comment||1||134|
|Receive a transaction||1||134|
|Create smart contract||1.4762||267|
|Update block creation address||8||1067|
|Update SBP reward retrieval address||8||1067|
|Cancel SBP registration||6||534|
|Retrieve SBP rewards||7||934|
|Stake for quota||5||667|
|Stake for quota with callback||5.5||800|
|Cancel staking with callback||5.5||800|
|Issue new token||9||1200|
|Re-issue an additional amount of token||6||800|
|Transfer token ownership||6.5||934|
|Change token type||5.5||800|
|Query token information||1.5||267|