Vite Labs Leadership AMA (May 21, 2020) - Leave your questions here!
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We will be having regularly scheduled AMAs via Telegram or YouTube. Please leave your questions in this thread!
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What is the state of the Vitelabs finances with the COVID episode, are you working on a new funding round?
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@SwissVite We are not actively working on a funding round. The Covid situation only prevented team members from returning to the office for work at the beginning of the year. But that situation has been ameliorated, as lockdowns have been gradually lifted. We are conscientious in managing our treasury and still allocating almost all expenses to R&D.
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@Richard_Yan
Questions from Vite community1- From Isato BTC 20k
Why we cannot check ViteX history order at Vite explorer? It is not on chain?,
and What’s the main focus of Vite 2.0?
Do you think VITE is undervalue? What about the trading volume at ViteX, mostly bot trading? Any plan to featuring VITEX better? Coingecko rates ViteX top 1 dex but is depth is not ideal.2-From Donald Ogbolu
Good evening Mr. Richard.
Thanks to you and team for the great work. Vite/Vx are both promising coin, all we just need is proper marketing. There is no body that will see the potential of what this coins had and will not want to grab it.
My advice should be a change of marketing strategy and we are .3- From Modеrn
Try in Russia, there will be successful, I think, and the coverage is large
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Transcript of AMA by Richard Yan, COO of Vite in VITE English Telegram Group on May 21, 2020
Richard Yan (Vite Co-founder & COO)
Hey all! I'm here now.Richard Yan (Vite Co-founder & COO)
Happy to answer any questions you have.Richard Yan (Vite Co-founder & COO)
I see posting in the forum. So let me answer questions there first.--
SwissVite SBP
What is the state of the Vitelabs finances with the COVID episode, are you working on a new funding round?Richard Yan (Vite Co-founder & COO)
We are not actively working on a funding round. The Covid situation only prevented team members from returning to the office for work at the beginning of the year. But that situation has been ameliorated, as lockdowns have been gradually lifted. We are conscientious in managing our treasury and still allocating almost all expenses to R&D.
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Makesushi
Firstly Thank you for taking the time to do this Richard, I really appreciate it.These are a few things i have noticed that could be improved:
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I have noticed admins have to tell many users that the comment section is where to write the memo for binance it would save admins a lot of time if we just called comment => memo when sending vite or write both like this “Comment/memo” on sending transactions that way new users will not have that question as much and admins can focus on more important issues.
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Seems like very little of the crypto community knows about vite/vx. What marketing is vite/vitex doing? And can you do more marketing? Are you planing any big marketing pushes?
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My marketing recommendation is to pay 10 crypto youtubers to cover vite and vx and the passive income and fast free transactions, it will cost about 2500$ each and with that 25000$ you will have videos that will reach hundreds of thousands of people and will continue to get exposure for years to come, because youtube videos live for ever.
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Referral code should be free or at most 1 vite, pricing it at 1000 vite so people can share your website is crazy, its making it difficult to grow. You want people to get a free referral code and when they do they will talk about vite/vitex and promote you. No other crypto project or general website charges to make a referral code. I understand that some people have paid 1000 vite to get these but its in the greater interest of vite/vitex to make these free, i recommend refunding 1000vite to those that paid and making it free.
Richard Yan (Vite Co-founder & COO)
[In reply to Makesushi]
Let me take a look at these questions
On #1 - If I understand correctly, you are saying the "comment" in the Vite wallet's send screen should be relabeled "comment/memo" or "memo." Correct? I think this makes sense. Let me check with our design teamOn #2 - We've done multiple types of marketing tactics in the past, but found them not to be cost-effective. These tactics included: Articles on Forbes and Distributed magazine via PR firms, campaigns in bitcointalk, sponsorships of meetups, ads on social media platforms.
Instead, what we found to be the most cost-effective is onboarding new coins, attracting members from communities of those coins, and letting the product do the talking.
Indeed, our ranking soared to #1 at one point on coingecko just about a week ago.
We're in the midst of a slow period for altcoins. So what you are observing may be just that effect
#3 - yes we also did youtube videos, but again, the cost-effectiveness doesn't seem to be there. We had videos with many top KOLs (boxmining, cryptolark, etc). We do still have a few that we work with actively. Blockchainbrad, for example. We might do another video with him again soon.
#4 - we can consider lowering the threshold for referrals, good suggestion.
Ok your feature requests are noted. Will check with our product team
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Lee Jose
Is there a plan to make the VX as stablecoin?Richard Yan (Vite Co-founder & COO)
[In reply to Lee Jose]
We have interest in creating a stablecoin on the Vite network. This requires working with a trust to integrate on the Vite network. And there is a negotiation process involved, which is a bit slow now.VX can't be a stablecoin because that was not the intention of the coin.
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super
My questions are:- What are you (VITE labs) currently working on ?
- I talked a while ago about the SVIP pricing. My opinion is that it's way too much for this feature. A SVIP is equivalent to an SBP, i think it should be way lower to bring more traders that want to have 0% base transaction fee. Do you agree?
Richard Yan (Vite Co-founder & COO)
[In reply to super]-
ViteX liquidity bootstrapping, Vite Labs gateway coin selection, integration and maintenance. ViteX operator onboarding - a new Russian operator just joined (Chain Hedge). Vite.org website facelift. Re-structuring of ViteX gateway tech for third party use. ViteX API release after major code refactoring. And a few other things as in our biweekly reports.
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We need to an analysis on this, to see if this makes sense. Thanks for raising this
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said leee
I want to know news about the defiRichard Yan (Vite Co-founder & COO)
[In reply to said leee]
The DeFi security issue is serious. tBTC shut down two days after rollout due to a bug problem. So we are moving cautiously here. After much deliberation, right now our focus is on other items.--
Bigmopap
How is everyone on the team? Are they all in good health? What you guys are doing is innovative and alot of crypto projects do not come close. Especially with the all inclusive vite wallet. Which has a dex, multi chain deposits and withdrawals, staking and much more. How do we get more people exposed to the vitelabs project and vite wallet.Richard Yan (Vite Co-founder & COO)
[In reply to Bigmopap]
I elaborated on our cost-effective marketing philosophy a bit earlier.In addition, we have a podcast - which all of you should follow
知乎:https://zhuanlan.zhihu.com/p/135365763币乎:https://bihu.com/article/1272263024
CSDN:https://blog.csdn.net/weixin_45235748/article/details/105713686
微信:https://mp.weixin.qq.com/s/KVva_FXG6c42xMXumSsvjA
微博:https://weibo.com/6572727462/IEFJzsysO
支点:https://www.zdpvt.com/pc/p/5ea1693d6e7c9572b0f86b96
链节点:https://www.chainnode.com/post/424374
比特财经网:https://bi8.btcmoney.cc/group/topic/id/424213.html
链闻:https://www.chainnews.com/articles/906006848814.htm
币快报:https://www.beekuaibao.com/article/702950937335934976币看:https://bitkan.com/zh/ksite/articles/88504
币乎:https://bihu.com/article/1272263024
简书:https://www.jianshu.com/p/a0b59bc9d902
金色财经:https://www.jinse.com/blockchain/641190.html
火星财经:https://news.huoxing24.com/20200424113623043709.html
链向:https://www.chainfor.com/news/show/110241.html
币世界:http://i.bishijie.com/detail/926254
twitter.com/blockdebate
We have stepped up on outputting articles - both telling the Vite story (our products, tech) and sharing our thoughts on the industryMake sure to follow our Medium
Our leaders are also more active on twitter. Make sure to follow twitter.com/gentso09
Also twitter.com/chunming_liu
twitter.com/soliuryThis is our way of building connection with industry thought leaders and learning from the best. Co-founder of Hyperledger now follows our Medium and our Twitter as a result of the podcast effort. A few other thinkers in the space started following ViteX
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Daniel
Can't find any paid advertising, Pr or marketing about Vite or VitexRichard Yan (Vite Co-founder & COO)
[In reply to Daniel]
We recruited in-house marketing professionals. We spent money on various China media: Here's an example of a tech article that went out to many Chinese outlets:These outlets are quite cost-effective. As mentioned earlier, we tried western media, but the ROI is weak.
Our customer acquisition strategy is still mostly in ViteX and multi-chain wallet.
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Modеrn
Can Vite do community voting for coin listing? For the community to decide which coin to add ViteRichard Yan (Vite Co-founder & COO)
[In reply to Modеrn]
That's a fine idea. The challenge now is the shortage of great coins to be listed, because of conflicting qualities we seek in these coins. We need coins that have a strong community, but simultaneously haven't been picked up by a major exchange. Also, importantly, we need the target coin operator to be willing to co-market the listing (this is not always easy).We thought about making a list of coins that the community can vote on, but that list isn't very long to begin with.
We do still find great coins from time to time, however. There is a major one being worked on now.
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said leee
we want to know any new plans you have for development vite ecosystemRichard Yan (Vite Co-founder & COO)
[In reply to said leee]
Due to circumstances, some features or products will take priority over others.Aside from software development, we are now focusing a lot of time producing content to better tell our story and share our insights on the industry. It's our cost-effective, content-marketing strategy, if you will.
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Yoh Wah
[In reply to Richard Yan (Vite Co-founder & COO)]
True,I know about vite/vitex bcause of this and regular airdrops program is also helpful imoRichard Yan (Vite Co-founder & COO)
[In reply to Yoh Wah]
A Vite two-year anniversary rewards campaign is coming. So stay tuned for that!--
Modеrn
China is a huge market. We also did English media in the past, but the return-on-investment is rather low.Richard Yan (Vite Co-founder & COO)
[In reply to Modеrn]
China is a huge market. We also did English media in the past, but the return-on-investment is rather low.Our English media presence can be found in:
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Our various social media channels
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Our medium
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And lately, our podcast: twitter.com/blockdebate
(I know I'm repeating myself - but you should follow :))
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Sonic Alex| Epiccash ViteX fan
[In reply to Richard Yan (Vite Co-founder & COO)]
If Western ROI is weak, how will you improve it?Richard Yan (Vite Co-founder & COO)
[In reply to Sonic Alex| Epiccash ViteX fan]
With in-house media channels as mentioned above.
Many of our podcast episodes gets 500-1000 downloads, and the tweet from the debaters gets many impressions. This is part of the marketing strategy.--
Daniel
We have a team working on this. Christy, Zack, Chris, me, Isda and othersRichard Yan (Vite Co-founder & COO)
[In reply to Daniel]
We have a team working on this. Christy, Zack, Chris, me, Isda and others--
Serafim
Good evening dear team. Are you planning to add any other functions for vx besides dividends? To expand the scope.Richard Yan (Vite Co-founder & COO)
[In reply to Serafim]
That's pretty much the scope of VX. We are working on a bunch of other things ViteX related. See my response to @superflux1 above--
Modеrn
Can Vite do community voting for coin listing? For the community to decide which coin to add ViteRichard Yan (Vite Co-founder & COO)
[In reply to Modеrn]
Only operators decide coins to list. That's the point. One can apply to become an operator. We just added Chain Hedge, a Russia-based operator.
Richard Yan (Vite Co-founder & COO)
[In reply to Sonic Alex| Epiccash ViteX fan]
Have you tried making an order on global.vite.store? It should be functional. Also, the campaign will involve VCPWe recently sent some products to customers that ordered off the store
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Артём
Hi, can you disclose what will be an interoperability solution declared after Kardia partnership, general scheme at least. For now i see a dex with centralised point of failure - gateways, will it be improved by this solution?Richard Yan (Vite Co-founder & COO)
[In reply to Артём]
The point is that anyone can become a gateway. That's the best remedy now. We are also considering atomic swaps for more decentralized gateways, but there are tradeoffs there and will take time to figure out if they're worth it.--
Sonic Alex| Epiccash ViteX fan
Any plan staking at others exchange?Richard Yan (Vite Co-founder & COO)
[In reply to Sonic Alex| Epiccash ViteX fan]
Yes, in talks with a major exchange now. No promises however, because it depends on outcome of negotiation--
End of AMA.
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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/
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- ViteX trade history is transactions within the DEX smart contracts. So this is on chain but not recorded on the block explorer. But the trading of coins is indeed happening on-chain.
Vite 2.0 will tackle inter-chain operability, similar to Cosmos.
We are bootstrapping liquidity by onboarding more coins and working with more operators.
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Thanks for your suggestion. We discuss cost-effective marketing strategies in the full AMA thread.
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Sure. We do have a Russian telegram group. We may look into region- and language- specific campaigns in the future.
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Follow-ups to various requests from the AMA:
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We will be changing the "Comment" field to "Memo" in the Vite app. This will hopefully reduce confusion in sending VITE to Binance from the app.
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The referral codes for "referral as mining" are meant for influencers, SBPs and other community members with abilities to refer other users. As such, the cost to acquire the referral code will be gradually offset by accruals in mined VX (remember, the remitted VITE will be burned, benefiting all VITE holders). And therefore we will not be reducing the cost to generate referral codes in the near term. We may consider launching a campaign to incentivize user invitation in the future, where we will partially or fully reimburse the cost of referral code generation.
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The cost to become SVIP is originally intended for market-makers. After considerations, we believe the current cost is reasonable and will maintain the charge at this level.
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The VX dev reward (10% of daily release) that the Vite team receives is being staked.
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