Voting at Vite and IOTEX



  • Every voting program of projects has differences, like in IOTEX, people vote tokens with some basic terms accordingly.
    Explaination
    1 IOTX= 1 Vote, similiar with Vite, 01 VITE =01 Vote
    The same criteria is that you stake the tokens for voting, not spending it, unvote can be done anytime. In Vite you are allowed to vote for only 01 SBP while in Iotex you can vote to multiple BPs.
    The interesting thing is that while Iotex, you can vote/stake right in MEW, backed by Metamask (introduction is not released yet), Vite provides a convension tool right in Vite wallet, where you can convert ERC20 tokens to Vite Test net (it also means you are locking your tokens, which is tradable once Mainnet launches)

    Required number of tokens to run a BP (Block producer) 1.200.000 IOTX and 2.000.000 votes (self-vote and community votes) (notice: IOTEX is now on mainnet stage)

    Vite requires 500.000 VITE and 200.000 votes (self-vote and community votes) to run a SBP (Snapshot BLock Producer) (notice: Vite is on testnet stage now).
    Iotex now has 36 BPs (the number of nodes owned by Iotex team is not announced, while there are 42 SBP, excluding 547 full-node in Vite. But again, Vite has run their programs for several months, since October as I know.

    Some other requirements and reward
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    IOTEX: The amount of rewards distributed to Delegates will be ~200 million IOTX per year. Block reward (fixed): for every epoch, 24 of the 36 Consensus Delegates are randomly selected to produce blocks and receive 16 IOTX for each block mined. As an epoch is currently 8,640 blocks (one day), a total of 138,240 IOTX is issued as block rewards every epoch.

    VITE: Reward amount (SBP rewards): All SBPs running for a full year will receive a mining award of 3% of the total supply, which is 30 million VITE.

    Those are the basic information. I think I need to do more research to write in deep about those two voting mechanism 😌 😅


  • Reward

    a good share👍 👍


  • Reward

    That's very thoughtful of you ! 😁


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