VITE AMA Review in GAINS Telegram group on 29 April 2020


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       ******VITE AMA REVIEW****** 
    

    A summary of Richard Yan, COO of Vite in GAINS telegram group.
    The AMA was held at 21:00 UTC+0 April 29, 2020.
    Host: Alexandre Raffin, co-founder of GAINS

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    Alexandre Raffin Co-Founder
    The man of the hour has arrived 👌
    Richard Yan (Vite Co-founder & COO)
    Hey there! Welcome!
    Nice to meet you all

    Alexandre Raffin Co-Founder
    We'll first have a short intro to learn about Richard and Vite
    Then we'll have questions from Twitter, then a quiz, and finally questions from everyone

    Alexandre Raffin Co-Founder
    Alright 🙂 let's get started 😁

    Alexandre Raffin Co-Founder
    Richard, can you tell us what you did before crypto, how you got into crypto, and if you've had any other venture in crypto previous to being involved with Vite Labs?

    Richard Yan (Vite Co-founder & COO)
    Hey there! A pleasure to be here

    Richard Yan (Vite Co-founder & COO)
    I used to work on Wall Street. Had stints at some of the largest financial firms in New York
    Got into bitcoin after receiving it as a wedding gift. And sold it right away

    Alexandre Raffin Co-Founder
    Oh wow, what a gift ahah.
    Richard Yan (Vite Co-founder & COO)
    Got back into crypto after a friend connected me with my other co-founders at Vite
    Richard Yan (Vite Co-founder & COO)
    Vite is my first crypto startup
    Richard Yan (Vite Co-founder & COO)
    That would be my answer!
    Alexandre Raffin Co-Founder
    Cool
    Alexandre Raffin Co-Founder
    You might be one of the rare people on Earth to have received Bitcoin as a wedding gift lol
    Alexandre Raffin Co-Founder
    Can you tell us what your role is at Vite Labs and what the project is about in a few simple sentences?
    Richard Yan (Vite Co-founder & COO)
    [In reply to Alexandre Raffin]
    Yeh it was special
    Richard Yan (Vite Co-founder & COO)
    [In reply to Alexandre Raffin]
    Chief operating officer
    Richard Yan (Vite Co-founder & COO)
    Vite is a fast layer 1 smart contract platform with free transactions. We make it happen with DAG
    Richard Yan (Vite Co-founder & COO)
    If you’re familiar with nano, we are known as adding smart contract on top of NANO.
    Alexandre Raffin Co-Founder
    [In reply to Richard Yan (Vite Co-founder & COO)]
    Pretty cool

    Richard Yan (Vite Co-founder & COO)
    We also have a DEX named ViteX, based on Vite’s ultra-performant tech
    Richard Yan (Vite Co-founder & COO)
    There you go!
    Lotfi (UTC+2),
    A friend of mine is a big follower of Nano 🙂
    Richard Yan (Vite Co-founder & COO)
    [In reply to Lotfi (UTC+2)]
    Awesome. Hopefully, he or she also becomes a follower of Vite
    Alexandre Raffin Co-Founder
    Thanks for the short and sweet explanation, it's very clear 🙂
    Let's get into some details now. I'm going to ask the winning questions from Twitter
    Lotfi (UTC+2),
    yep after the event 🙂
    Alexandre Raffin Co-Founder
    First winning Twitter question:
    There are many projects in the past that closed, and their team members left the project. What makes you not a scamm and how we can trust the Vite team if we're thinking about investing?
    from @Cenkgrob132
    Richard Yan (Vite Co-founder & COO)
    [In reply to Lotfi (UTC+2)]
    Nice
    Richard Yan (Vite Co-founder & COO)
    [In reply to Alexandre Raffin]
    Mainly our consistent pace of making products that people use

    Alexandre Raffin Co-Founder
    [In reply to Richard Yan (Vite Co-founder & COO)]
    Right, building trust by constantly delivering

    Richard Yan (Vite Co-founder & COO)
    ViteX has tens of btc’s of daily volume, reaching hundreds on some days - thanks to many altcoins not found in other major exchanges listed on ViteX
    Richard Yan (Vite Co-founder & COO)
    Our multi chain wallet supports many coins including ones that are notoriously hard to integrate such as Grin
    Alexandre Raffin Co-Founder
    Cool. How are the fees compared to other exchanges?
    Richard Yan (Vite Co-founder & COO)
    Our payment system has been in use at a number of merchants in Singapore
    Richard Yan (Vite Co-founder & COO)
    [In reply to Alexandre Raffin]
    Reasonable. Fees are set by different operators (that’s the other decentralization aspect of our DEX) but in line with CEX
    Alexandre Raffin Co-Founder
    [In reply to Richard Yan (Vite Co-founder & COO)]
    Interesting, so the fees can vary from day to day for example?
    Richard Yan (Vite Co-founder & COO)
    We entered into a pilot with city of Syracuse in the US for implementing a city coin on Vite
    Richard Yan (Vite Co-founder & COO)
    [In reply to Alexandre Raffin]
    Theoretically. But not normally so
    Alexandre Raffin Co-Founder
    [In reply to Richard Yan (Vite Co-founder & COO)]
    Ah, I thought about the Italian one first ahah
    Alexandre Raffin Co-Founder
    Alright, thanks for the explanations, looks like you have a lot going on
    Alexandre Raffin Co-Founder
    Let me continue with the questions from Twitter

    Alexandre Raffin Co-Founder
    Second winning Twitter question:
    You said ViteX exchange is the world's first DAG-based decentralized exchange. What is the difference between a DAG-based DEX and a normal one? Any advantages?
    from @nyeffz

    Richard Yan (Vite Co-founder & COO)
    [In reply to Alexandre Raffin]
    Performance is the key diff. DAG enables asynchronous translation processing. No need to wait for transactions to be entered into the mempool for mining purposes.

    Richard Yan (Vite Co-founder & COO)
    So a DAG based DEX provides a trading experience very similar to that of CEX

    Richard Yan (Vite Co-founder & COO)
    Try it for yourselves!

    Alexandre Raffin Co-Founder
    Sounds cool. Is it truly the best of both worlds or are there any drawbacks too?
    Alexandre Raffin Co-Founder
    And to add on to that, this is also the topic of the third winning question from Twitter:
    What are the main features of ViteX exchange that differentiates you from other similar platforms? Why is ViteX better?
    from @KathDM3

    Richard Yan (Vite Co-founder & COO)
    [In reply to Alexandre Raffin]
    The design focuses on speed; so we use DPoS. Some could argue that there’s an issue with decentralization. But we plan to have a large base of supernodes aka snapshot block producers to address that concern

    Richard Yan (Vite Co-founder & COO)
    [In reply to Alexandre Raffin]
    An important difference is VX, the exchange token. VX entitles you to proceeds from the exchange (trading and listing fees). You can earn VX in five different ways.

    Alexandre Raffin Co-Founder
    [In reply to Richard Yan (Vite Co-founder & COO)]
    Nice, what do the returns look like on average?

    Richard Yan (Vite Co-founder & COO)
    (Trying to get you the link for this now, but twitter is slow)
    https://twitter.com/vitexexchange/status/1203468831961673728?s=21

    Richard Yan (Vite Co-founder & COO)
    [In reply to Alexandre Raffin]
    Petty good. You can also stake VITE to get VX, another source of income as described in the tweet above
    Alexandre Raffin Co-Founder
    Alright, let's start with the quiz and see who has researched VITE in here 😎
    Richard Yan (Vite Co-founder & COO)
    I see, right
    Alexandre Raffin Co-Founder
    Guys, we're happy to have Richard from Vite in our group today. Let's have a good time.

    Questions from the community
    (There were over 200 Questions, will take only questions that Richard replied due limit AMA Time)

    Alexandre Raffin, co-Founder
    We're going to move on to the AMA now. You can start asking your questions!
    binance trustbison2.crypto loyalist
    Explain more about your Snapshot Chain technology
    How do you deal with the double spend issue associated with DAG consensus?
    Richard Yan (Vite Co-founder & COO)
    The issue with block lattice DAG, which we use, is that each account chain is short and not growing. And theoretically it could get attacked easily. We created snapshot chain to capture the content of each account chain, and this snapshot chain is maintained by the consensus group of supernodes (aka snapshot block producers)

    Ivan Letov
    The Vite platform does not charge fees for transactions and trading but uses quotas. How could quotas be obtained? Why to choose such a mechanism?
    Richard Yan (Vite Co-founder & COO)
    [In reply to Ivan Letov]
    Quota comes from staking. The more you stake, the more transactions you can send per second

    Albert
    What type of security software or technology does VITE use to protect the data of users entered by KYC? What are the requirements or results an operator must present to obtain a good rating and receive additional rewards?
    What progress is there on updating the gateway related to LINK, TRON, XMR, LTC?
    Richard Yan (Vite Co-founder & COO)
    [In reply to Albert]
    Great Q. Someone’s been paying attention! XMR and LINK already tradable. (Correction)
    Anyone can apply to be an operator after passing some KYC
    Elly
    Most of the users love to trade on centralized exchanges because they are easy to use. Can you tell us the advantageous difference between decentralized exchanges and centralized exchanges by comparing to ViteX Platform?
    Richard Yan (Vite Co-founder & COO)
    [In reply to Elly]
    ViteX has similar trading experience as centralized exchange while retaining benefits of decentralization

    Alexandre Raffin
    We're going to have a quick second round of questions 🙂
    Yuriy Belov,
    Is it possible to perform anonymous transactions on the Vite network to hide transaction details in order to protect the financial privacy of token holders?
    Richard Yan (Vite Co-founder & COO)
    [In reply to Yuriy Belov]
    Vite is not an anonymity coin. A big challenge with such is there’s no guarantee of total issuance amount. If need be, people can create and run mixers to protect privacy
    Ivan Letov,
    I heard that Vite has 3% annual inflation. Do you plan to burn coins to prevent hyperinflation and increase the price of the coin?
    Richard Yan (Vite Co-founder & COO)
    [In reply to Ivan Letov]
    Yes VITE coins are already being burned. For instance, fees from listing coins on ViteX (these fees are remitted as VITE) are getting burned

    Tony Montana
    What is the advantages of Vite coin over others types?
    Richard Yan (Vite Co-founder & COO)
    [In reply to Tony Montana]
    Performance. Also ViteX is a cool exchange based on Vite tech 🙂

    Murugan
    When VX on CEX?
    Richard Yan (Vite Co-founder & COO)
    [In reply to Murugan]
    Many are interested to list, but all require high fees. We will remain patient
    Alexandre Raffin
    Thanks for all the questions 🙂
    Thanks Richard for coming in today and telling us more about your DAG-based DEX with a comparable user experience to centralized exchanges.
    All the best and keep on building! Keep us updated on your development 🙂
    Richard Yan (Vite Co-founder & COO)
    And one important detail - I run a podcast that provides education in the crypto space RE: the tech and business aspect of this field. It’s called The Blockchain Debate Podcast. Please follow twitter.com/blockdebate. My personal Twitter is twitter.com/vitelabs
    Alexandre Raffin
    Cool, will check it out for sure 🙂

    Now end of AMA. Special thanks to GAINS for hosting the AMA


    Official: https://www.vite.org/
    ViteX Official: https://vitex.net/
    Instagram: https://www.instagram.com/vite.labs/?hl=en
    Twitter: https://twitter.com/vitelabs
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    • African: https://t.me/vite_africa
    Discord: https://discordapp.com/invite/CsVY76q
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