VITE AMA Review in GAINS Telegram group on 29 April 2020
-
******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 GAINSAlexandre Raffin Co-Founder
The man of the hour has arrived
Richard Yan (Vite Co-founder & COO)
Hey there! Welcome!
Nice to meet you allAlexandre 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 everyoneAlexandre Raffin Co-Founder
Alright let's get startedAlexandre 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 hereRichard 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 awayAlexandre 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 coolRichard 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 useAlexandre Raffin Co-Founder
[In reply to Richard Yan (Vite Co-founder & COO)]
Right, building trust by constantly deliveringRichard 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 TwitterAlexandre 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 @nyeffzRichard 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 CEXRichard 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 @KathDM3Richard 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 concernRichard 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=21Richard 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 secondAlbert
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 decentralizationAlexandre 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 burnedTony 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 techMurugan
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 sureNow 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
Vite Forum: https://forum.vite.net
Telegram:
• English: https://t.me/vite_en
• Chinese: https://t.me/vite_zh
• Russian: https://t.me/vite_russian
• Korean: https://t.me/vite_korean
• Japanese: https://t.me/vite_japanese
• Vietnamese: https://t.me/vite_vietnamese
• Thai: https://t.me/vite_thai
• Arabic: https://t.me/vite_arabic
• German: https://t.me/vite_german
• French: https://t.me/vite_french
• Turkish: https://t.me/vite_turkish
• Indonesian: https://t.me/vite_indonesian
• Spanish: https://t.me/vite_spanish
• Portuguese: https://t.me/vite_portuguese
• Malaysian: https://t.me/vite_malaysian
• Filipino: https://t.me/vite_filipino
• Bengali: https://t.me/vite_bengali
• African: https://t.me/vite_africa
Discord: https://discordapp.com/invite/CsVY76q
Reddit: https://www.reddit.com/r/vitelabs/
Facebook: https://www.facebook.com/vitelabs/