Vite Labs Leadership AMA (August 13, 2020) Review
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This is a review of the regular Vite Community AMA, which is held by the head team every 3-4 weeks.
Richard Yan (Vite Co-founder & COO)
Hey all - AMA is happening in a bit. Our engineering director @allenvit will also join usAllen
Hi guysRichard Yan (Vite Co-founder & COO)
Hey everyone, welcome to the AMA
Richard Yan (Vite Co-founder & COO)
Let me check out the questions on the forum firstAllen
Basically I will be answering the tech related questions todayRichard Yan (Vite Co-founder & COO)
Question from forum: When is the release date of 0fees transaction between stable coins ?Richard Yan (Vite Co-founder & COO)
This requires hardfork and will take place first week of September. This requires getting a quorum of SBPs to do the hardfork.
The code has already been released. @allenvit do you have the github link? If you have it handy, we can share it here
Allen
the code are written in the built-in ViteX smart contract on the githubRichard Yan (Vite Co-founder & COO)
Another question from forum:
How many active traders use vitex platform? Any information?
Any marketing strategies to attract traders ?
At our peak our daily volume in the order of 100BTC. We are making a one-year anniversary campaign for ViteX: There will be a free referral-as-mining program and a temp upgrade in mining rewards for market miningAllen
There is one question about Vite 2.0 on the forum - “what are the problems vite 2.0 mainly solve?Will vite realize fully decentralize chain cross?”Vite 2.0 is a fully decentralized cross-chain solution on which a fully decentralized exchange (ViteX 2.0) (as well as many other novel applications) is built. There will be multiple chains on Vite 2.0, some are native chains that support varying decentralized applications and blockchain projects born on Vite, some are cross-asset chains mapping to external blockchains like Ethereum, and some are validator chains responsible for confirming transactions across the chains on Vite 2.0.
Vad Bil
Are you going to issue stable coin on Vite and when?Richard Yan (Vite Co-founder & COO)
USDT is already tradable in ViteX. The zero fee stablecoin conversion feature will be our contribution in the stablecoin/vite space. Otherwise, we've been in conversation with trusts about issuing our own stablecoin, but that negotiation is ongoing. These trusts charge a significant amount for integrationCryptofan
What's unique about vite. And why vite much better to deploy smart contract.Richard Yan (Vite Co-founder & COO)
Free transactions, low latency, high throughput. These are the main features that make our smart contracts attractive.Allen
Vite smart contract has much better security than EthereumVad Bil
Have u thought about decrease inflation? Right now inflation is more than initial tokens issue. Did you find another way how to solve this?Richard Yan (Vite Co-founder & COO)
VITE inflation is necessary to pay the SBP and secure the network. Same idea as BTC inflation.Vad Bil
What about partnerships with Binance? How its going on? Are they going to become your SBP?Richard Yan (Vite Co-founder & COO)
We recently restarted this conversation. Our CPO Blackey Hou is negotiating with themDEX_lover,
What is the current status on VX listing ?
Any big news upcoming ?Richard Yan (Vite Co-founder & COO)
In conversation with a number of exchanges, including bitmax, kucoin, huobi etc. It comes down to a matter of negotiationTico Tico
Hello ! Regarding Dapps that are working on Eth and solidity++, is it possible to have eth's Dapps easily integrated on vite ?Allen
Yes! the programming language on Vite is called Solidity++. It’s a very similar language to solidity and shares more than 80% of syntax.
Contracts written in solidity can be easily moved to Vite.Cryptofan
Does smart contract on vite free?Allen
It’s free. The only cost is 10 VITE of deployment fee. Once deployed, it’s totally free for you and the users to use.
Do not forget to stake some VITE coins to the contract to make sure it has some quota.Super
What other new features do you consider to add on ViteX ?Richard Yan (Vite Co-founder & COO)
We will have problems with US exchanges like Coinbase, but not other more crypto-friendly jurisdictionsAllen
In short term, we are in the middle of implementing a decentralized gateway framework for ViteXRichard Yan (Vite Co-founder & COO)
Why taking too much time in vifi? Why taking too much times on listing of vitex ? Team size not sufficient to handle all pipeline tasks ? Also vitepay have no progress .We released a Medium article with our thoughts on this. But the important thing to keep in mind is that Open Finance is our ultimate goal, and decentralized exchange is a critical component of that goal.
On VitePay, our partner Alchemy is currently making waves. They held a big conference recently with many potential partners. Let me share you the conference details here
Cryptofan
Does vite labs devs have by any chance the abilities to cancel a smart contract on vite?Allen
As a blockchain project, smart contracts can not be canceled or removed on Vite, but they can be upgraded. The feature has been outlined in the Vite white paper and will be implemented soon.Bitcoinman
Your podcast can be a good material for marketing, vitelabs coo and cofounder of Harmony discussion about bitcoin or etc, why don’t you make it as brand for vitelabs?Richard Yan (Vite Co-founder & COO)
Vite is already getting lots of traction via the podcast. The co-creator of hyperledger, for example, follow Vite as a result of coming on the show.
Having explicit branding at this stage may cause problems. For example, some more established individuals (btc maxi's) may not come on what looks like an "altcoin podcast"
When there is even more audience, and when there have been more episodes (only 10+ so far), we can reconsider the branding strategyRichard Yan (Vite Co-founder & COO)
Here's another question a community member provided via DM:why the vite team stopped supporting vite. Since binance listing? No news. Binance is not all crypto and sharing pie on many exchanges is the key to support the coin.
Most projects are paying for listing so it's not something vite Team can not, and if the vite team can't afford a few BTC, that's means vite failed, projects aren't the only tech.Does listing on binance means the vite journey ended? And focus only ViteX?
If you are waiting for a free listing, that may never come, there are tons of projects out there, and exchanges Don't care much about tech.As a suggestion: if you want vitex to be famous you should support vite, its the key same as Binance did with bnb. Or vite will be just a coin and by time fewer traders, less vol and will be delisted
Btw: vite is the only coin that's been delisted in 3 different exchanges.
You should support it when it's still not late.listing VITE on other platforms, it comes down to negotiations. Overpaying is not the right way to go, and many exchanges are overpricing listings.
We are trying to get VX listed on the exchanges where VITE is already listed.
We have good support for VX on the major exchanges where we're traded.Allen
There will be a major update of the Vite app soon. The development is in progress. Besides the stablecoin exchange, a major UI update will be in the new release.
And in the following releases, some pages currently written in H5 will be rewritten in native code.Cryptofan
Vite tech is unique and great team. I personally ready to hold vite 10 years:) im getting profits by many ways. I believe in vite team and in near future will be in top 50
Vite team are really transparent and no hypeMiika Warsell
Vitex is a rough diamond, I love this project. Also the first DApp that I have tried and find useable. So congrats on that!Modеrn
why are not top coins added to vitex?Richard Yan (Vite Co-founder & COO)
Main criteria are: community, pace of software development, and lack of major exchange listings. Many top coins fail the last criterionVan
The financial markets, cryptos market ... all fell due to the covid-19 epidemic. Does this affect your project development plan?Richard Yan (Vite Co-founder & COO)
Covid affected us at the beginning of the year, but we've been fully back on track for a while nowVad Bil
Right now total supply is 1,0015 bln. Ehile it was 998 mln recetnly and 1 bln at the beginningRichard Yan (Vite Co-founder & COO)
That's because of the 3% inflation mentioned earlier. Again, the rewards need to be generated to pay the SBPs who secure the networkMiika Warsell
I'm impressed by Vitex, especially the well-thought out incentives. It should be more well-known. What kind of marketing and campaigns are you planning to do?Richard Yan (Vite Co-founder & COO)
Thank you. See answers regarding one year anniversary campaign mentioned earlier.
We've also recently done a few other things for marketing ViteX and Vite:- chainlink AMA
- binance roundtable discussion
- silicon valley btc meetup moderation
TSuBaSa
Currently attracting real users and mass Adoption is a problem for Blockchain projects. So how will Vite solve this problem?
What is your marketing strategy? What are your expectations for the Vite project in the cryptocurrency world in 2020?Richard Yan (Vite Co-founder & COO)
See VX mining campaign for one year anniversay (ViteX), answered earlierHoso
Tell us about your plans for 2020, what are you currently working on, and are you going to expand the list of big exchanges?Richard Yan (Vite Co-founder & COO)
Everything on the roadmap with the goal of making a modern, friendly, free and fast open finance platform, here are some highlights: zero fee conversion for stablecoins, decentralized gateways for additional security, integration with trading strategy projects for more powerful trading on ViteXModеrn
The community wants to trade top coins tooAllen
They could be listed. But before we do that we need think of that if we list those top coins, will there be enough traders to trade on ViteX. So this is a serious question and need all of us to think about it carefully.
for example, we listed BCH, BSV, XRP, and more. I don’t see much trading there at present.Lee
What are the major milestones you have achieved so far?Richard Yan (Vite Co-founder & COO)
ViteX, multi-chain Vite wallet, VitePay, super high performance public chain, many dApps running on-chainMiika Warsell
Vitex should list more projects. More pairs usually mean more traders. Look at Uniswap. Why hasn't vitex listed the big defi projects?Richard Yan (Vite Co-founder & COO)
It's a matter of attracting liquidity. Listing != LiquidityMiika Warsell
Other exchanges, like Bibox, even have a separate section for defi coins and they are very popularAllen
We are reaching out to the projects and in some talks so far. As Richard mentioned, liquidity is the most important if we list the coins, and we are discussing with the teams to get them to ViteX for liquidity making.Bitgraile,
Does VITE have plans to create its own stablecoin too in the future? Thank you.
Is there any big partner coming with real work?Richard Yan (Vite Co-founder & COO)
https://www.inclusive.money/
Take a look at this. We are actively talking to NY state senator about partnership. Note that nothing has been set in stone yet.John Nathan
What i like about vite: no fomo
Richard Yan (Vite Co-founder & COO)
https://www.inclusive.money/
Take a look at this. We are actively talking to NY state senator about partnership. Note that nothing has been set in stone yet.John Nathan
Talk about ledger, when the details tutorial is rewritten? The last one is outdatedAllen
We are working on it. Hopefully it will be published next week.
A detailed guide to introduce how to install Vite into Ledger Nano S.Miika Warsell
why score droped to 2, have u asked Coingecko team?Richard Yan (Vite Co-founder & COO)
That's very odd. We used to have a much higher score. I think our team is already talking to themMiika Warsell
2/10: not many are willing to put money inNo, so the coins will be listed eventually, maybe not soon but will. I can promise you.
Richard Yan (Vite Co-founder & COO)
Yep, understood. Just a month earlier we had 7/10 I believe. Our BD manager was already talking to them. I will find out what happenedJohn Nathan
Do you have plan for binance staking?Richard Yan (Vite Co-founder & COO)
Yes we restarted the conversation recently. Our CPO is talking to themVishU
Any information about listing of vx ?Richard Yan (Vite Co-founder & COO)
Talking to all the major exchanges - comes down to price negotiationCryptofan
Have you considered to add third party integration to vite app? So user can buy using credit card
Richard Yan (Vite Co-founder & COO)
Did due diligence with a few on-ramp providers recently. Will probably settle on a partner soonVad Bil
Btw, whats news about Binance? Are they going to be a Vite SBP?Richard Yan (Vite Co-founder & COO)
Yes, they restarted this conversation recently with our CPORichard Yan (Vite Co-founder & COO)
Let me share with you guys some images of the ViteX ambassador videos:
The videos will be released in a few days for the community to vote onRichard Yan (Vite Co-founder & COO)
And then we will have regular video AMAs with coins listed on ViteX to be conducted by the chosen ambassadorMiika Warsel
Also: why isn't VITE in Coingecko Defi list? The project is 100% defiRichard Yan (Vite Co-founder & COO)
Our BD director has been trying to get the DeFi label. I will check on his progressVad Bil
Why dont you use this oppotunity? If we go in top 50 we will stay there. I dont think that Elronf (for ex) will be dumped again. It backed by Binance
If we go in top 50 - we will stay there. With mcap 300 mln or 50 mln (if market go down). But it will be top 50 anyway
And top 50 coins have huge opportunity. Like Coinbase listing, big investors attract, investments from real business etcRichard Yan (Vite Co-founder & COO)
Getting to top 50 requires serious non R&D effort. We'd rather not do thatVad Bil
While we out of even top 100 - noone dont know about usAllen
We will be there
sooner or laterRichard Yan (Vite Co-founder & COO)
We are gradually building attention. You can see from the growth in our social media following, for instanceVad Bil
Why Elrond, Band (even more new projects than Vite) in top 50?Richard Yan (Vite Co-founder & COO)
Hopefully we've answered all questions raised so far, including the ones in the forum
The community managers can feel free to remind me/Allen if we haven't done soVad Bil
We have partnered with Link... Can you ask them help with marketing?
Richard Yan (Vite Co-founder & COO)
Yes, we already did AMA with them. We can have more activities like this with them in the futureRichard Yan (Vite Co-founder & COO)
Thanks everyone for participating in the AMA today. We got some great questions.
We will be posting a transcript on the forum
Thank you all guys, see you next time.
