Vite is a reactive cryptocurrency and blockchain that uses an asynchronous message-based architecture and a Dag ledger. The main goal of VITE is to develop a robust public platform for dApps with high bandwidth and scalability, and furthermore, Vite is an extremely fast, zero-fee blockchain for the decentralized economy. Build Web3 without giving up the free and fast features of Web2. Read on to learn more about the Vite project.[lwptoc]
What is Vite Coin (VITE)?
Vite Coin is a smart contract platform that aims to provide good services to its users. This platform allows cryptocurrency lovers to freely make fast blockchain transactions. We see various products being offered to users under the Vite project. These services include options like the Vite app or the Vitex exchange. When we talk about what the Vite project brought to the ecosystem, let’s first consider the platform the team built.
A smart contract platform called Directed Acyclic Graph (DAG) stands out as the innovative platform developed by the Vite team. This platform, which uses a structure called Snapshot Chain, allows its users to make free transactions. The cryptocurrency of the platform is known as VITE coins. Vite’s current products include a decentralized exchange (ViteX), an all-in-one wallet app (Vite App), payments (VitePay), and government/enterprise blockchain apps (VitePlus).
What is a DAG (Directed Acyclic Graph)?
Blockchains allow you to track and verify any record stored in the ledger history. So when thinking about the data structure, you can think of Blockchains as a simple linked list. Every transaction in Bitcoin or Ethereum (and many other networks) follows the previous one. Contains a reference to the previous one, which is how we build a chain. The important part to understand is that the sequence of digital events is still linear. A DAG works differently, the data structure is more like a flowchart that only moves in one direction. So it’s easier to think of a DAG as a tree. The word Acyclic just means that nodes cannot refer to themselves for verification.
The idea is that all network participants connect to each other. However, there are no blocks or miners because the two closest nodes verify the transactions themselves. With no miners or transaction costs, the network becomes much more scalable by default. Scalability is a major concern for the growth of smart contract capable blockchains, DAG technology provides a solution for this. Additionally, DAG-based systems are faster than PoW chains, with Vite’s TPS in the hundreds of thousands.
How does Vite Coin (VITE) work?
The Vite Coin platform, which has a structure called Direct Acyclic Graph (DAG), directly targets smart contracts. Vite, which also hosts another framework called Snapshot Chain in its ecosystem, offers quality cryptocurrency services to its users. The transactions offered by Vite are considered to be low cost, high speed, reliable and durable. Furthermore, the platform can continue its activities thanks to a consensus mechanism called delegated proof of stake. Consequently, the network nodes only earn revenue from staking transactions. Since the network nodes do not charge for transactions, users should also enjoy low-cost transactions. The Vite virtual machine uses a smart contract language with asynchronous capabilities. This language is called Solidity++.
The consensus algorithm used by the VITE platform allows users to stake this cryptocurrency. Furthermore, VITE coins are also used to vote in the ecosystem. VITE owners can weigh in on the future of the network by participating in these surveys. In this sense, it can be said that the VITE ecosystem has a structure managed by its own community. We can say that this is a feature that goes hand in hand with the basic philosophy of cryptocurrencies. Following its path under the leadership of Blockchain, cryptocurrencies also aimed to give financial freedom to their users. Networks run by your community bring freedom ever closer. The platform’s cryptocurrency, VITE coins, was given to its users for the first time in a secret sale event.
ViteX is a decentralized exchange that currently supports more than 40 different trading pairs. The platform averages over $1 million in daily trading volume. This may not seem like much compared to centralized platforms like Binance. However, for a DEX, those are impressive numbers. ViteX is unique in that it has a chain order book and matching engine. While most DEXs cannot provide order matching when their books are on-chain.
ViteX, powered by Vite Labs, is the world’s first decentralized exchange based on DAG technology. ViteX Coin, VX, is the native currency of the ViteX platform. It is mined exclusively by the ViteX community and is used to assign rewards to the community. VX holders can receive daily ViteX dividends from a shared dividend pool that aggregates all trading fees accumulated by ViteX and redistributes them to VX holders.
VitePay is targeted at merchants as a quick and easy payment solution and seamlessly integrates with Vite Wallet. The idea is to build an ecosystem where users and merchants can make/receive payments with instant settlements and zero fees. VitePay also works online, being integrated with OpenCart (an eCommerce solution).
VitePlus is a Vite-based blockchain solution for governments or large companies. You can compare it to a business platform like UniBright, aimed at integration companies. The idea is to move forward with blockchain adoption without incurring large overhead costs. For example, Vite developed an app for the government of Syracuse called SyraCoin. It rewards city housing fund donors with blockchain-based vouchers that they can redeem for certain services (within the city).
ViteBridge is a generic, decentralized cross-chain transfer protocol to connect all blockchains. ViteBridge will enable the unrestricted transfer of information and value across heterogeneous ecosystems and drive the industry towards greater openness and interoperability.
Characteristics of the VITE blockchain
Many investors believe in the VITE blockchain because this platform has the following features:
- Dag Ledger – All transactions on this platform are assigned to accounts. This means that a transaction changes the status of an account. Send transactions are independent of receive transactions.
- Asynchronous architecture: The platform decouples transactions into pairs of transactions. Transaction checks are split asynchronously, thus achieving a high level of performance. Integrations between contracts are based on an asynchronous messaging model.
- Solidity++: The language is combined with almost all of Solidity’s self-executing contracts. This syntax supports asynchronous semantics, contract programming, and allows multiple standard libraries.
- Integrated Decentralized Ecosystem: An end-to-end system for value transfer supports crypto asset issuance, cross-link chain transfer, and token-to-token transactions in the Loopring protocol.
High performance is achieved through the use of a DAG book structure. An orthogonal transaction can be written in parallel to the ledger. Multiple consensus pools are independent of each other in the HDPoS algorithm and work in parallel. The basic concept is that the integration between contracts is based on an asynchronous messaging model. Minimal latency is achieved thanks to the fact that VITE encryption uses HDPoS, which completes the creation of a block rotation using a proxy node.
Vite Wallet is a unique platform to buy and sell, participate, node and sell opened by Vitex Exchange. The Vite cross-chain wallet has moved to the Mainnet and now supports Vite and tokens Vite, ETH and ERC20 tokens, GRIN. You can buy and sell using BTC, ETH, VITE, USDT Markets, plus earn extra income from mining VX tokens.
Vite wallet features include:
- Full control of private keys and wallet access
- Transact quickly with no fees
- View transaction logs in real time
VITE and VX tokens
The VITE token is the currency for simple token transactions and smart contract executions on the Vite network, with users betting on VITE for the transaction fee instead of consuming gas. VITE can also be used to vote for snapshot block producers (also known as supernodes). Additionally, a VITE staker with an unused transaction fee can lease that fee to dApps in exchange for their tokens. For example, users can stake VITE in exchange for ViteX’s native decentralized exchange token, VX.
The VX token is the second currency on the Vitex platform. Since the VX mining feature was released, they are still collecting data on the best way to implement VX distribution. Trading, Benchmarking and Quoting 2% of VX posted daily will be distributed to traders who mine in this category. There are currently four markets: BTC, ETH, VITE, and USDT. Each market will be responsible for 60% of the daily distribution of VX. The 15% share of the VX released daily will be distributed to users who mine in this category. Market Making 20% of the VX posted daily will be distributed to traders who create orders. The remaining 10% goes to the ViteX Reserve.
Where to buy the VITE token?
The token can be purchased from several major cryptocurrency exchanges, some of the largest being: Binance, Bitrue, BitMart, and Uniswap (V3).
screw Coin is an innovative cryptocurrency project designed for smart contracts. Among the outstanding features of the project, it is highlighted that it can bring together many blockchain platforms. In the Vite team thinking, we will see blockchain in almost every field we can think of in the future. This diversity of blockchains will create the need for networks to work in harmony. That is exactly what the Vite platform promises. PortalCripto hopes that the article has brought the necessary information about the Vite project.