The Revolution of DEX — ViteX
KhunSir_Vite last edited by Lee
ViteX, the new decentralized exchange created by Vite Labs, was lived in April of 2019!
As a meaningful component of Vite’s full ecosystem of products, ViteX is developed on the Vite public chain and features absolute decentralizations, higher security of digital assets and robust economic models for both sending/receiving transactions and confirming transactions. See the end of this article for more details about the Vite blockchain.
Initially, ViteX will allow trading for these coins: VITE, BTC, ETH and USDT. Anyone can list their tokens on ViteX and our community can certainly do so as they build on the Vite public chain. VITE tokens will be available to trade with pairings of VITE/BTC, VITE/ETH and VITE/USDT as soon as our decentralized exchange is launched in the near future.
Unlike other decentralized exchanges that are semi-decentralized, ViteX is a completely decentralized system.
Transactions matching engine is realized by Smart Contract of Vite Chain. All orders will be completed through the chain and the order book will be stored on it, which make the completely decentralization come true.
Bonus of transaction fees will be distributed through Vite Chain to keep the result completely public and the rules unable to change.
The private key is kept by the user himself, and no one can misappropriate the user’s assets.
ViteX is developed on top of Vite Chain, with features including high throughput, fast confirmation, zero gas cost, multi coins model, cross-chain gateway, and others. All these characteristics help deliver a user experience close to that of a central exchange, with none of its problems of course.
Trading to Earn VX
A user that executes a transaction on ViteX will receive VX tokens accordingly.
Dividends for VX Holders
All transaction fees and other income created by ViteX will be totally distributed to the holders of VX tokens. The rules for distributing these proceeds will be written in smart contracts, so they are unchangeable.
Openness to the Community
Anyone can list their own cryptocurrency on the ViteX exchange, as long as they comply with the agreements of Vite and ViteX. The community has 100% autonomy over forging tokens, building cross-chain gateways and listing trading pairs. Also, ViteX’s order book is fully open via API, which allows community users and partners to launch their own exchanges based on ViteX’s liquidity.
Uniqueness of VX
There is no private sale, public crowd sale, pre-mining or pre-sales of VX. VX is only earned through mining, which means confirming transactions on ViteX. By holding VX, users enjoy dividends in the form of transaction fees and other income garnered through ViteX.
- Supply of VX: 29328807.8 (no inflation)
- The release of VX will gradually slow down to a full mining timeline of 2 years.
- Trading as Mining: Trade in BTC, ETH, VITE and USDT markets and receive VX rewards.
- Staking as Mining: Stake VITE to help ViteX obtain higher level operational quota and receive VX rewards.
- Listing as Mining: Become a ViteX operator and list trading pairs to collect user transactions fees and receive VX rewards.
- Referring as Mining:Generate a referral code to invite friends to join the ViteX platform and receive VX rewards.
Inviter will be rewarded with 5% of all invitees’ trading as mining proceeds and 2.5% of their market making as mining proceeds.
Invitees will enjoy 10% off platform trading fees, and receive an extra 2.5% of trading rewards and extra 1.25% of market-making rewards.
- Market-making as Mining
Help improve order book depth by placing buy and sell orders and receive VX rewards.
Vite’s ecosystem of products includes the following:
- Web wallet, iOS and Android wallets
- Decentralized exchange (DEX)
- Crypto powered e-commerce platform
- Point of sale (POS) solution for merchants
- Platform for decentralized applications (dApp)
And these products are in turn empowered by these capabilities:
- Payment infrastructure without time lags nor fees
- One-click token issuance
- Smart contracts programmed in Solidity++
As always, our development is open source and we encourage community members to give their own input. Such input can be given through our GitHub, Vite Forum and social media channels listed below:
- English: https://t.me/vite_en
- Chinese（中文）: https://t.me/vite_zh
- Russian: https://t.me/vite_russia
- Korean: https://t.me/vite_korean
- Vietnamese: https://t.me/vite_vietnamese
- Thai: https://t.me/vite_thailand
fonzie last edited by Reward
Great read! Really looking forward to ViteX release. It's gonna be a game changer!
Need to understand the usage of VX token a bit more. Can you give more examples and scenarios on how the two tokens, Vite and VX, will complement each other.
A must read for all VITE enthusiasts!
So you need user's quotas to run the exchange! VITE coin is the fuel to run your DEX solution, that's a big usecase.
Kabuto last edited by Reward
Nice read! Please also read my analysis of ViteX highlighting its unique proposition compared to other DEXs here: https://forum.vite.net/topic/1000/vitex-a-potent-endeavor-to-solve-dex-challenges
I will write more elaborate comparisons for ViteX viz. other popular decentralized exchanges on a case by case basis if I see a lot of interest from the community!