Vite Labs Leadership AMA (Sep 10, 2020) Review



  • Vite Labs Leadership AMA (Sep 10, 2020) Review

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    Richard Yan (Vite Co-founder & COO)
    Hey folks, I'm here!
    Welcome to the AMA!
    Let me get the questions from the forum

    VISHANT KUMAR
    what steps vitex team taking to increase dividend pool? Any projection on expected dividend pool in future projected ?

    Richard Yan (Vite Co-founder & COO)
    It’s hard to project the growth of the dividend pool. But the pool will grow as a result of increased trading. So the usual strategy applies - new coin listing, cross-community marketing, liquidity mining for more pairs.

    hassan
    1.虽然不想直接的聊价格,但外面的DeFi项目各种翻倍,Vite及VX怎么应对
    2.Vx上其他交易所,并开展铺天的宣传是关键;Vx上所现在到底怎样了?如果Vx没有成功上所,如何给Vitex带来更好的曝光度,plan B 是什么?
    3.ViteX的优势会不会被其他团队抢占?毕竟时间耗不起,模仿太容易,流量拉起来就是关键。

    Richard Yan (Vite Co-founder & COO)
    Let me get another question from the forum
    It’s in Chinese, so let me translate
    How is VX thinking about the price increase of various DeFi projects?
    The DeFi projects did breed some very rich people. See Master Nomi at Sushi. But the volatility also created many unhappy traders.
    Our Open Finance initiative including zero fees for stablecoin conversion has garnered quite a bit of attention and increased the liquidity of stablecoin trading pairs on our platform
    Unfortunately we can’t promise the trajectory of our prices

    super
    1- There is quite a while since the development of the new website started. When the new website will be released?
    2- VX needs to get listed on other exchanges to bring more visibility to the DEX, i know you said that it comes to a fee negotiation but i think it should be done.

    Richard Yan (Vite Co-founder & COO)
    The website development is done. We are polishing the English language translation. Also we’re looking to get a new slogan. The ideal slogan will need to capture the fact that we’re at the helm of the Open Finance movement and the various things we’re trying to achieve with Vite 2.0.
    We want to list VX ASAP. We are principally in agreement with an exchange with large China presence. Currently seeking a non-China exchange to list simultaneously. For that - We have spoken to the likes of bitmax, but can’t agree on the price

    巴山夜雨
    1、公布一下财务支出吧
    2、公布一下现有人数和团队成员吧
    3、现有资金还能撑多久
    4、目前最大的难题是什么

    Richard Yan (Vite Co-founder & COO)
    It’s in Chinese again, let me translate
    The question is about financial situation, runway, and team
    We always have about 12 months of runway in fiat, and then keep the rest of the treasury in crypto.
    Because of various recent factors (crypto price increase being a major one), our financial situation has only been strengthened.
    We recently also received a questionnaire from one of our exchanges, a financial health checkup, if you will. And we easily
    passed the “inspection.”

    slimcan
    It's previously been mentioned that you are planning upgradeability for smart contracts. How is this progressing and when do you expect this to be released?
    Stress test/TPS: What kind of testing has been done either on testnet or mainnet of network capacity? Can you publish details of this?
    ViteX downtime: Will you thoroughly analyze and explain the downtime that happened?

    Richard Yan (Vite Co-founder & COO)
    1- Regarding smart contract upgradability - we published a notice at the beginning of this quarter about changes to our roadmap. This item has been de-prioritized because of ViteX-related tasks and Vite 2.0.
    2. We can do 2000 TPS and that’s more than sufficient for the operations we support now.
    3- We sustained a DDOS attack, which we countered via various tech mechanisms on our side. I don’t want to go into specifics to avoid tipping off the attacker.
    Our engineering team did an internal postmortem and I think we’re in a good place.
    Also, note that the attack was faking many legitimate requests in hopes of paralyzing our various services. The attack would NOT be able to steal coins in wallets.
    Regarding smart contract upgradability - we published a notice at the beginning of this quarter about changes to our roadmap. This item has been de-prioritized because of ViteX-related tasks and Vite 2.0.

    We can do 2000 TPS and that’s more than sufficient for the operations we support now.

    We sustained a DDOS attack, which we countered via various tech mechanisms on our side. I don’t want to go into specifics to avoid tipping off the attacker.
    Our engineering team did an internal postmortem and I think we’re in a good place.
    Also, note that the attack was faking many legitimate requests in hopes of paralyzing our various services. The attack would NOT be able to steal coins in wallets.

    xand714
    Are there plans for there to be more transparency with how VX mining rewards are finalized, such as proofs or at least being able to see the potential VX mined based of individual transactions?

    What is the teams plan for attracting new/more users? There are still a lot of well known/big market cap coins/tokens that aren't listed and I feel like wIth ETH gas fees being so high this is the perfect time for ViteX to capitalize on having such low trading fees and no transaction fees on the Vite chain.
    What do you feel like is the most important milestone your team is currently working on and why?

    Richard Yan (Vite Co-founder & COO)
    This question is asking how traders can be more sure that VX is being distributed correctly. The only way to do this absolutely correctly is by checking ViteX’s code, which is open source. Obviously one can also check the math from the ViteX dashboard, although this won’t help you be sure of the total trading volume.
    The issue with listing major coins is that they’re already traded on much more liquid platforms, and it’ll be hard to bring the volume over. It hurts the exchange more to have un-traded coins despite their prominence.

    Donald Ogbolu
    My question is very simple.
    When are you going to list vx?
    Am holding alot of vite for almost 2 years now and I believe without vx listing vite will still be under value.

    Richard Yan (Vite Co-founder & COO)
    We want to list VX ASAP. We are principally in agreement with an exchange with large China presence. Currently seeking a non-China exchange to list simultaneously. For that - We have spoken to the likes of bitmax, but can’t agree on the price.

    faf Bk
    Any plans for more vx use in vitex except mining?
    Richard Yan (Vite Co-founder & COO)
    You can earn income by holding VX. There might be a governance function in the future, but maybe that will be more VITE than VX.

    Cryptofan
    Thanks Richard for your close to community which seldom you see it in crypto projects space,
    My question, Have any big crypto companies contact vite to use it or issue their own token?

    Richard Yan (Vite Co-founder & COO)
    Inclusive Value Ledger based in New York City has talked to us for a while about creating a token on VITE chain.
    Also our partner Alchemy who will support payment on Vite recently made news by listing on Huobi

    Donald Ogbolu
    Okay👍
    Hope it will be this year?

    Richard Yan (Vite Co-founder & COO)
    For that Chinese exchange, there’s a high chance that this will happen this year. For a non-Chinese exchange, we are in business development mode now.
    A few target exchanges have been having problems lately - see Gate and Bithumb

    Ultrapower
    what about letting the vx holders get a shorter retrieval period for a fee?

    Richard Yan (Vite Co-founder & COO)
    Okay that’s interesting. Let me revert this to my team. Please follow up with me in a week if you don’t hear a response from me.
    What is an acceptable and fair retrieval period to you?

    Ultrapower
    i would give 2 or 3 options with different fees 1 day being the most expensive and 3 days less expensive or maybe even give an hour for a very large fee.

    Ultrapower
    on this page https ://learn.namebase.io/starting-from-zero/buy-hns is listed a number of ways to buy HNS but not the one on ViteX, why?

    Richard Yan (Vite Co-founder & COO)
    We need to get in touch with them. I’ll make sure my team is aware

    Ultrapower
    can we please list ARRR and KMD? and especially IDENA $IDNA
    IDENA is the first project based on proof of person, it has so many use cases that’s incredible, i sent the form anyway but it was not chosen, it was only on one exchange when i sent it, now it is on 3

    Richard Yan (Vite Co-founder & COO)
    I think you’ve raised these projects before. Did you also recommend via the coin listing contest? If so, then our gateways have looked at it and decided they didn’t need the criteria. If you did not recommend via the contest, I encourage you do so.

    C W
    Also good question is why it needs to be locked?

    Richard Yan (Vite Co-founder & COO)
    I think a coin like digibyte would’ve been perfect. They have good visibility and weren’t on many exchanges. We worked very hard with them (business negotiation and then tech integration) to get them listed, but then they went dark and got listed on Binance!

    Richard Yan (Vite Co-founder & COO)
    This is because the staked VITE are providing quota for the ViteX smart contract. A delay will cushion the drop in quota which might destabilize the DEX.

    C W
    Yes it was a good idea, Pls have an eye for other major coins where you think it would bring visibility to vitex exchange especially to grow the volume for vite and vx. Then you don't need too many exchanges for listing vite and vx and you could grow vitex. Safe money and make money. This is marketing. But like the community here said, for the beginning especially vx needs an another big exchange for more liquidity and trading.

    Richard Yan (Vite Co-founder & COO)
    Agreed.

    Ultrapower
    it’s like a wall to climb, i did it one time and i had enough

    Richard Yan (Vite Co-founder & COO)
    https://twitter.com/vitexexchange/status/1299295768142966784?s=21
    If it’s a good coin, it’ll be worth it. Plus you might get that prize money

    Richard Yan (Vite Co-founder & COO)
    I will recommend these coins to our biz dev associates and see if they can due diligence them further.

    Артём

    1. What is ETA for roadmap of Vite 2.0?
    2. I know your priority is ViteX, but are you thinking about more usecases for Vite, especially "real world"?

    Richard Yan (Vite Co-founder & COO)
    The 2.0 white paper is expected by end of 2020
    Yes, we’ve been talking to Inclusive value ledger in New York. Check:
    https://www.inclusive.money/partners?splash=1
    Lastly I mentioned Vite Pay with Alchemy above. Alchemy is our partner in getting merchants to pay with VITE

    Richard Yan (Vite Co-founder & COO)
    I think I answered all questions on forum as well
    So to summarize a few todos:

    1. Send the three coin recommendations to our biz dev associates
    2. Discuss shortening VITE staking periods for fees

    Thanks so much for your participation today. Talk to you guys next time!


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