Vite is a zero-fee, lightning-fast blockchain for the decentralized economy. It is a public chain project that provides a high-performance decentralized application (dApp) platform that uses the Directed Acyclic Graph (DAG) structure, and Snapshot Chain technology to facilitate zero-fee transactions and improve transaction speed, reliability, security, and scalability.
The consensus mechanism of Vite utilizes Hierarchical Delegated Proof of Stake (HDPoS) to achieve network consensus. Supernodes are responsible for confirming transactions and maintaining the network, and they take only staking rewards as their incentive without collecting any transaction fees.
The Vite Virtual Machine is EVM compatible while utilizing Solidity++ language, an advanced smart contract programming language that allows developers to easily create smart contracts and dApps. Its unique architecture allows for higher transaction speeds than traditional blockchain networks and its decentralized storage system provides greater scalability, making it an ideal platform for app development.
VITE also offers users a customized economic model that caters to their specific requirements. It uses a quota-based resource model and resource leasing function to optimize the allocation of system resources, ensuring maximum efficiency. This guarantees commercial heavy users ample quotas while exempting lightweight users from commission charges.
The token issuing, token exchanging via Loopring protocol, and cross-chain protocol all work together to form a fully integrated closed-loop value system in Vite. This makes it easy for users to issue, store, and exchange digital assets within the network.
In the coming years, The Vite mobile app will come with an HTML5 engine for creating dApplets (Decentralized Applets). Along with the smart contracts and SDK support available on the platform, it will be easy to develop and deploy dApps on Vite. This makes VITE a great choice for developers looking to create powerful decentralized applications.
Who Are The Founders of Vite (VITE)?
Information about the founders of Vite isn’t readily available online.
What is Vite (VITE) Used For?
Vite offers various products that are used for various use cases in its ecosystem. They include:
ViteX
ViteX is a decentralized exchange (DEX) that operates with an on-chain order book and matching engine. This feature allows it to maintain transparency and security while providing users with a seamless trading experience. It currently supports over 20 digital assets, offering a wide array of trading options for its users.
VitePay
VitePay is a free payment solution available at Ce La Vi Sky Bar in Singapore and taxi services under the Midwest Global network. Users can make payments using the Vite wallet, with merchants receiving payments instantly and without any fees. VitePay is also integrated with OpenCart, providing added convenience for users. Additionally, it can be used at the official Vite store, highlighting Vite’s dedication to creating a user-friendly ecosystem for digital assets.
Vite App
The Vite App is a mobile application that houses multiple features on a single platform. It integrates the ViteX decentralized exchange, enabling users to trade digital assets directly from their mobile devices. The app also includes a built-in asset management tool, functioning as a digital wallet where users can store, manage, and monitor their portfolio of digital assets. Further, the Vite App serves as a hub for decentralized applications (dApps), including games and other interactive tools developed on the Vite chain.
VitePlus
VitePlus is an enterprise blockchain solution built on the Vite platform, designed for governments and corporations. It enables transparent, efficient data management. A notable application is SyraCoin, a pilot app for the Syracuse government, where donors receive blockchain-based coupons as rewards for city housing fund donations. This encourages citizen participation and stimulates economic activity.
How is Vite (VITE) Unique?
Vite is unique in its approach to a public blockchain. It has solved scalability issues and efficiently implemented zero fees via its use of the DAG structure, Snapshot Chain technology, a new consensus mechanism, and an optimized resource model. This makes it more suited for enterprise-grade dApps than other blockchains.
Its innovative economic model of quota-based resource management also ensures that lightweight users are exempt from any commission charges. This makes it more attractive for the new and average user looking to use blockchain applications.
The Vite team has also made sure that the platform is user-friendly for developers. Its EVM-compatible Virtual Machine provides great support for smart contracts and its Solidity++ language makes it easier to create them quickly. This allows developers to easily build their own dApps and decentralized applications on the network.
How many Vite (VITE) coins are in circulation?
At the moment, there is a circulating supply of 1,030,619,914 VITE out of a total supply of 1,072,519,298 VITE coins.
The allocation of the total supply of VITE is as follows:
10% is reserved for Marketing
23.57% is reserved for Ecosystem Development
20% is reserved for the Team
5% is reserved for Airdrops
1% is reserved for Advisors
How is the Vite Network secured?
The Vite network is secured using the Hierarchical Delegated Proof of Stake (HDPoS) consensus mechanism. Supernodes are responsible for confirming transactions and maintaining the network, and they take only staking rewards as their incentive without collecting any transaction fees. This ensures there are no commission charges on transactions and users experience zero latency when performing actions on the network.
How do I buy Vite (VITE)?
The VITE token can be used for a wide range of purposes, like staking, transfers and governance.
It can be easily purchased by following the steps below:
- Open an account with the crypto trading platform.
- Transfer the specific amount of your fiat currency to your account.
- Wait for your deposit to be confirmed and buy VITE through your trading account by swapping with BTC, ETH, or USDT pairs.
Which Cryptocurrency Wallet Supports Vite (VITE)?
The PTPWallet platform supports many cryptocurrencies, with VITE soon to be included. Because of its vast use case, PTPWallet has grown to become one of the most used platforms, as it serves as an exchange and an engine to discover other cryptocurrencies. The platform offers a simple user interface, is supported by both Android and iOS devices, and comes with its own mobile wallet app.
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