The Revolution of DEX — ViteX
Lee last edited by Lee
ViteX, a true decentralized exchange on the Vite public chain
ViteX, the new decentralized exchange created by Vite Labs, was launched in April of 2019.
As a meaningful component of Vite’s full ecosystem of products, ViteX is developed on the Vite public chain and features absolute decentralizations, higher security of digital assets and robust economic models for both sending/receiving transactions and confirming transactions. See the end of this article for more details about the Vite blockchain.
Initially, ViteX allows trading for these coins: VITE, BTC, ETH and USDT. Anyone can list their tokens on ViteX and our community can certainly do so as they build on the Vite public chain. VITE tokens are available to trade with pairings of VITE/BTC, VITE/ETH and VITE/USDT on our decentralized exchange.
Introduction of ViteX
Unlike other decentralized exchanges that are semi-decentralized, ViteX is a completely decentralized system.
Transactions matching engine is realized by Smart Contract of Vite Chain. All orders will be completed through the chain and the order book will be stored on it, which make the completely decentralization come true.
Bonus of transaction fees will be distributed through Vite Chain to keep the result completely public and the rules unable to change.
The private key is kept by the user himself, and no one can misappropriate the user’s assets.
ViteX is developed on top of Vite Chain, with features including high throughput, fast confirmation, zero gas cost, multi coins model, cross-chain gateway, and others. All these characteristics help deliver a user experience close to that of a central exchange, with none of its problems of course.
Trading to Earn VX
Trade in BTC, ETH, VITE and USDT markets and receive VX rewards. (It only works for the mining enabled pairs)
Dividends for VX Holders
All transaction fees and other income created by ViteX will be totally distributed to the holders of VX tokens. The rules for distributing these proceeds will be written in smart contracts, so they are unchangeable.
Openness to the Community
Anyone can list their own cryptocurrency on the ViteX exchange, as long as they comply with the agreements of Vite and ViteX. The community has 100% autonomy over forging tokens, building cross-chain gateways and listing trading pairs. Also, ViteX’s order book is fully open via API, which allows community users and partners to launch their own exchanges based on ViteX’s liquidity.
- Listing as Mining (Operators Only)
Become a ViteX operator and list trading pairs to collect user transactions fees and receive VX rewards.
Introduction of VX (ViteX Tokens)
Uniqueness of VX
ViteX Coin, VX, is the coin native to the ViteX platform. It is mined exclusively by the ViteX community and is used to allocate rewards back to the community.VX holders can receive daily dividends from a shared dividend pool which aggregates all trading & listing fees accumulated by ViteX and redistributes back to VX holders.
Supply of VX: 29328807.8 (no inflation)
The total supply of VX will be fully distributed in two phases.
Phase 1: Buffer phase that has ended on December 6, 2019. A fixed amount of 10,000 VX was released daily.
Phase 2: Standard Phase. In this phase, all un-mined VX will be released according to below schedule:
Sub-phase 1: Starting at 10,000 from December 7, 2019, daily release will increase for 90 days at a fixed rate until reaching 50,000 on March 6, 2020
Sub-phase 2: Starting from March 7, 2020, annual release will decrease by half each year until fully distributed after 8 years.ining Rules**
Trading as Mining: Trade in BTC, ETH, VITE and USDT markets and receive VX rewards. (It only works for the mining enabled pairs)
Staking as Mining: Stake VITE to help ViteX obtain higher level operational quota and receive VX rewards.
Listing as Mining: Become a ViteX operator and list trading pairs to collect user transactions fees and receive VX rewards.
Referring as Mining:Generate a referral code to invite friends to join the ViteX platform and receive VX rewards.
Inviter will be rewarded with 5% of all invitees’ trading as mining proceeds and 2.5% of their market making as mining proceeds.
Invitees will enjoy 10% off platform trading fees, and receive an extra 2.5% of trading rewards and extra 1.25% of market-making rewards.
Market-making as Mining
Help improve order book depth by placing buy and sell orders and receive VX rewards. (It only works for the mining enabled pairs)
Vite’s ecosystem of products includes the following:
- Web wallet, iOS and Android wallets
- Decentralized exchange (DEX)
- Crypto powered e-commerce platform
- Point of sale (POS) solution for merchants
- Platform for decentralized applications (dApp)
And these products are in turn empowered by these capabilities:
- Payment infrastructure without time lags nor fees
- One-click token issuance
- Smart contracts programmed in Solidity++
As always, our development is open source and we encourage community members to give their own input. Such input can be given through our GitHub, Vite Forum and social media channels listed below:
- English: https://t.me/vite_en
- Chinese（中文）: https://t.me/vite_zh
- Russian: https://t.me/vite_russia
- Korean: https://t.me/vite_korean
- Vietnamese: https://t.me/vite_vietnamese
- Thai: https://t.me/vite_thailand
Michi last edited by
@Lee said in The Revolution of DEX — ViteX:
Trading to Earn VX
Trade in BTC, ETH, VITE and USDT markets and receive VX rewards.
@Lee ; please note that this only works for the “mining enabled pairs” and not all trading pairs
@Lee ; same goes for market making