Overview of the vote, staking VITE, staking VX rewards

SBP voting rewards

You can download app(ios, android).

https://app.vite.net

Desktop wallet:

https://github.com/vitelabs/vite-wallet/releases

Web wallet : https://x.vite.net

How to vote for SBP

Open Vite app > press on VITE >>Vote>>>choose the SBP and press vote (close run POW message, which should appear on upper blue window successfully voted)

Which SBP gives daily rewards?
Remember only those SBP gives rewards, it may change any time, (those are community SBP)
List of SBP that gives rewards: N4Q,v666fun, , N4Y, SwissVite.org, vite.bi23, Elegance Vite
Rewards
These are some of the examples done by Oleg Vite CM Lead
you can follow Oleg on twitter for daily updates

https://twitter.com/olegenthusiast/status/1264307960794267648?s=21, rewards for 1000 VITE.
The more VITE you have in your wallet the higher rewards you get.
The number of total votes effect. The higher number of total votes the smaller rewards you will get, total rewards shared to all voters.

Staking VITE rewards
A user can stake VITE at ViteX and get daily rewards in VX, more info about VX: https://vitex.net/faq/.

Staking VITE rewards distribution daily at 12 pm UTC+8, distribution is made by a smart contract.
You can retrieve your staking VITE after 3 days, and there are 7 days waiting period for your funds to arrive at your ViteX account. No rewards during the waiting period.

How to calculated your VITE staking rewards?

VITE staking rewards depends on daily VX release for staking and total VITE staking amount, which can be seen at ViteX.net. The minimum amount that you can stack is 134 VITE.

How to stake VITE?

•first transfer from wallet to ViteX exchange asset

Example:
If you have 1000 VITE staked, your VITE staking rewards can be followed:

The annual ROI currently for $100
How to calculate your Roi (based on VITE price today VITE= 0.01321 $):

          If you want to invest $100, you can buy now 7570 VITE at the current price.

Staking your 7570 VITE gives you daily 0.465 VX (VX price today is 0,185 USDT ) which is 0.0837 $ >>> your $100in a year from staking VITE $29.7 it can go 2x upper if VX price get higher or you bought VITE cheaper than the base of this calculation price.
Currently, the ROI is 29%. Note the ROI changes depends on the price of coin.

Staking VX for dividends

• Staking VX you get daily dividends in BTC, ETH, and USDT.
• Dividends pool are collected from the base trading fees on ViteX exchanges and total VX staking amount (check details at ViteX dashboard vitex.net)
  For more info about dividends, please check https://vitex.net/dividend
• The minimum 10 VX required to be eligible to receive daily dividends.
  Remember you can staking minimums 1 VX but to retrieve. it is required to have at least 10 VX. You can cancel staking right after VX submit, there will 7 days waiting period, no rewards during the waiting period.
  Rewards distribution time daily 12 pm UTC+8.

How to stake VX?

Dividends calculation

Dividends depend on trading fees and total VX staking amount (can staking or cancel any time). Which aren't fixed numbers, so there is no crystal accurate %.
All fees collected by the ViteX platform will be collected into a shared dividend pool and distributed at a rate of 1% daily. For any given day, the total fees collected during that day will be fully distributed by the 100th day.

BTC dividend
1% BTC dividends = BTC pool/100 (1)
Then dividends = (1)/total VX staking (2)
Your dividends in BTC = your VX staking amount *(2)

ETH dividend
1% ETH dividends = ETH pool/100 (1)
Then dividends = (1)/total VX staking (2)
Your dividends in ETH = your VX staking amount *(2)

USDT dividend
1% USDT dividends = USDT pool/100 (1)
Then dividends = (1)/total VX staking (2)
Your dividends in USDT = your VX staking amount *(2)

Example

If you staking 1000 VX, see details on the above dashboard.

BTC dividend
BTC dividend
BTC pool= 11.45451567
Total VX staked = 6403348,87
1% BTC dividends = 11.45451567/100 = 0.11454157 (1)
BTC dividends = 0.11454157 /6403348, 87 = 0.00000002 BTC (2)
Your dividends in BTC= 1000 *0.00000002 = 0.00001789 BTC

ETH dividend
ETH pool= 480.46865327
Total VX staked = 6403348,87
1% ETH dividends = 480.46865327 /100 = 4.8046865327 (1)
ETH dividends = 4.8046865327/6403348, 87 = 0.00000075 ETH (2)
Your dividends in ETH = 1000 *0.00000075 = 0.00075034 ETH

USDT dividend the same calculations
USDT pool= 86690.933636 USDT
Total VX staked = 6403348,87
Your Your dividends in = 0.13525788 USDT

Staking VX ROI after 1 year
VX staking ROI. In case vol keeps the same as today and all VXreleased by 27.05.2021staking (no trading VX at all)
Let’s calculate VX staking ROI in the lowest that it could be (vol keeps the same and all VX has been staked)
Check VX release details here: https://forum.vite.net/topic/3368/vx-daily-releasing-data.

Keep into account, not all VX are staked and volume trading of ViteX fluctuates.

By 27.05.2021 will be 18195518 VX already released.

If you staking 1000 VX . by 27.05.2021

BTC dividend
BTC pool= 11.45451567
Total VX staked = 18195518

1% BTC dividends = 11.45451567/100 = 0.11454157 (1)
BTC dividends = 0.11454157 /18195518 = 0.000000006295 BTC (2)
Your dividends in BTC = 1000 *0.000000006295 = 0.000006295 BTC

ETH dividend

ETH pool= 480.46865327
Total VX staked = 18195518

1% ETH dividends = 480.46865327 /100 = 4.8046865327 (1)
ETH dividends = 4.8046865327/18195518 = 0.00000026405 ETH (2)
Your dividends in ETH = 1000 *0.00000026405 = 0.00026405 ETH

USDT dividend
USDT applies the same calculations.

USDT pool= 86690.933636 USDT
Total VX staked = 6403348,87
Your Your dividends in = 0.0476 USDT

Content

1-Introduction
2-Contributions
2.1 Increase in new members
2.2 campaigns that you launch
2.3 Number and frequency of member activity within the group
2.4 Articles that have been translated
2.5 social media that published about Vite
2.5 extra managing and Activities
3- Report about bugs ,cheating on vite app
4- in my life community and suggestions
5-Future work

1.Introduction:

The Arabic group has created since 11 April 2019 ,Vite was new to Arab crypto community ,there was no any post about Vite in all groups and Arabic telegram Channels. I start group with 4 members which they are VITE team .
im responsible to solve and answer all questions in my group ,also making activities and task in order to attract crypt new members to Vite ,the budget spend until now for all activities and task 4090 vite .Telegram group 413 members ,vite Arabic face Facebook profile 631 friends and vite labs Arabic Facebook group 103 members those who can't join Telegram .16 articles on MEDIUM with over 550 viewed .

2.Contributions

2.1Increase in new members:
To increase the new members the first step was introducing Arab community to vite ,for this reason I have created FACEBOOK account for vite ,then I have joined many crypto groups as shows in photo (1) the introducing has done by publishing daily in all those groups and and reply to all comments .also joined many crypto airdrop groups .

1.Groups that for publishing about VITE

2.2 campaigns that you launch

1. To attract new members to our ARABIC group I have runed campaign as follow : let 10 new members join by them self to our group and get 10 vite for each new member . to avoid cheating and bot : there was rules . new user must join by him/her self and write in the group the same of person invited .they also must pm me ,to be sure it was a bot . tried to avoid a possible all cheating ways after this campaigns the group members became 315 as it shows in (2)
   

(2)Group members after first telegram campaign ,in creased from 15 members to 315
(3)
2.Run second telgram activity to

I have runed second telegram activity invited 1 new member and got 1 vite , it had also many rules to join . but it has canceled ,due some some posted in english group with translation and no admin has delete it ,so it was possiblity that non ARAB join and use this activity offer . there results was 34 new members (attached file about campaign )

Telegram group members now 413. and now preparing to make it bigger ther target 1000 new members ,,anti bot ,google fourm ...etc have been ready

2.3 Number and frequency of member activity within the group
I have run Facebooks task with name ‘ vite lab cars about all her user and due some user cannot join airdrop due of their old mobile we will run this activity for all and specially for whom cannot join airdrop . I have wrote a general article about vite and the task was to publish on their Facebook page for 24 hours and get 10 vite . the activity was for 3 days . which rules : must have minim 15 friends in friends list ,the post post be open to public not private . the must send photo ,Facebook profile link by private message to check .
Same user can share for 3days , as in advertising take effect when repeated more then 2 times
Must have minimum 10 Friends in friends list
ALL POSTS I HAVE CHECKED DIRCTLY THROUG THEIR FACEBOOK PAGE ;AND ITS WRITEN AND LINKED TO THEIR FACEBOOK PAGE IN XLS FILE
Result as follow
Post share directly from vite Facebook page 110 times ,and other shared through medium link ,still sharing continue by its self with out any cost .

1-Get 89 new members on fb

2-Got 180 views and 69 read on MEDIUM

4 Got 13 new members in Arabic telegram group

2.4 Articles that have been translated
I have translated and wrote personal articles about vite ,and combined many official article to one article depending on f.q until now 16 Articles and published on MEDIUM : links to my articles:
https://link.medium.com/BMF46rpC3W

https://link.medium.com/AD7EGmqC3W

https://link.medium.com/Yk9tiarC3W

https://link.medium.com/Xw7msRrC3W

https://link.medium.com/oODFiFsC3W

https://link.medium.com/FK1pHltC3W

https://link.medium.com/jViv52tC3W

https://link.medium.com/qcEfRJuC3W

https://link.medium.com/CxtApmvC3W

https://link.medium.com/NM0QZ3vC3W

https://link.medium.com/cQ2XN2wC3W

https://link.medium.com/zRM57JxC3W

https://link.medium.com/dCZIEAyC3W

https://link.medium.com/ghxYqdzC3W

2.5 social media that published about Vite

In order to make vite on all social media , I have succed to put vite and vite logos on facebook pages with about total members 400000 followers with out any cost .

published Vite in you tube channel of people whom i know ,with more than 1000 subscribers

Juan:
Youtube Video

Juan:
Youtube Video

2.5 extra managing and Activities

I am also admin of English group and vitex exchange.
I have created also Facebook vite labs arabic due Telegram is blocked in some counties

3- Report about bugs ,cheating on vite app
Due im also expret with softwaer ,I have tried all possibels ways to bypass vite app security and was reporting all the @Allenvit.

Adding many vite address was confusing our members ,due it was by mistake may new address was created ,also reported to Allen .

3-in my life community and suggestions
Im introducing vite to all my friends and research and coworkers around me ,I have already invite 52 new users .

One more thing: about adding other token address: i think it should be one word explain + . Vite app has many token address but no one ever asked to deposit some other token , seldom we get one question about it.this also has been reported to Allen

5-Future work
Make Arabic telegram group over 1000 ,running new activities ,new takes on YouTube crypto channels . and more activities will be launched on JUNE 2019

Takes and activities Campinas ,which already done and sent their rewards

Twitter/Telegram/Email/facebook Vite Address Post Amount

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 us

Allen
Hi guys

Richard 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 first

Allen
Basically I will be answering the tech related questions today

Richard 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 github

Richard 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 mining

Allen
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 integration

Cryptofan
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 Ethereum

Vad 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 them

DEX_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 negotiation

Tico 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 jurisdictions

Allen
In short term, we are in the middle of implementing a decentralized gateway framework for ViteX

Richard 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 strategy

Richard 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 hype

Miika 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 criterion

Van
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 now

Vad Bil
Right now total supply is 1,0015 bln. Ehile it was 998 mln recetnly and 1 bln at the beginning

Richard 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 network

Miika 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 earlier

Hoso
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 ViteX

Modеrn
The community wants to trade top coins too

Allen
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-chain

Miika 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 != Liquidity

Miika Warsell
Other exchanges, like Bibox, even have a separate section for defi coins and they are very popular

Allen
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 outdated

Allen
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 them

Miika Warsell
2/10: not many are willing to put money in

No, 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 happened

John 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 them

VishU
Any information about listing of vx ?

Richard Yan (Vite Co-founder & COO)
Talking to all the major exchanges - comes down to price negotiation

Cryptofan
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 soon

Vad 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 CPO

Richard 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 on

Richard Yan (Vite Co-founder & COO)
And then we will have regular video AMAs with coins listed on ViteX to be conducted by the chosen ambassador

Miika Warsel
Also: why isn't VITE in Coingecko Defi list? The project is 100% defi

Richard Yan (Vite Co-founder & COO)
Our BD director has been trying to get the DeFi label. I will check on his progress

Vad 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 etc

Richard Yan (Vite Co-founder & COO)
Getting to top 50 requires serious non R&D effort. We'd rather not do that

Vad Bil
While we out of even top 100 - noone dont know about us

Allen
We will be there sooner or later

Richard Yan (Vite Co-founder & COO)
We are gradually building attention. You can see from the growth in our social media following, for instance

Vad 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 so

Vad 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 future

Richard 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.

VX holders receive dividends on staked VX.
Users are able to stake VX through both Vite Wallet App (app.vite.net) or web exchange (x.vite.net). Staking guidelines and reward rules are as follows:

A minimum of 10 VX must be staked to receive dividends;
Participant is entitled to receive dividends starting the next distribution immediately after submission of staking request;
When retrieving stakes, the requested amount will be released after a 7-day waiting period. No dividend will be received during the waiting period.
Users can enable automatic staking. Mined VX will be automatically staked once enabled, purchased VX is not subject to this function.

Staking Guide
Make sure VX are held in the exchange account before proceeding to next steps.

Staking from Vite Wallet App

Staking from Web Exchange

Login to your account

On the trading page, go to Dividends and click stake

Put in the amount you wish to stake and confirm staking

View current dividend pool and earnings

Retrieving will take 7 days
bolded text

Dividends distributed daily.
Check Dashboard at vitex.net

VX holders receive dividends on staked VX.
Users are able to stake VX through both Vite Wallet App (app.vite.net) or web exchange (x.vite.net). Staking guidelines and reward rules are as follows:

A minimum of 10 VX must be staked to receive dividends;
Participant is entitled to receive dividends starting the next distribution immediately after submission of staking request;
When retrieving stakes, the requested amount will be released after a 7-day waiting period. No dividend will be received during the waiting period.
Users can enable automatic staking. Mined VX will be automatically staked once enabled, purchased VX is not subject to this function.

Staking Guide
Make sure VX are held in the exchange account before proceeding to next steps.

Staking from Vite Wallet App

Staking from Web Exchange

Login to your account

On the trading page, go to Dividends and click stake

Put in the amount you wish to stake and confirm staking

View current dividend pool and earnings

Retrieving will take 7 days
bolded text

Dividends distributed daily.
Check Dashboard at vitex.net

These are the winners
For forum questions:

Ultrapower
karl637
Liuchang
VISHANT KUMAR
tmartin

The four best questions from YouTube chat

Please get in touch with our community managers in the Telegram chat. They will collect your VITE address and a mailing address for getting your rewards!

Note.
When contacting our community managers, you would need to provide a screenshot of your Youtube account to prove your identity."

Vite English https://t.me/vite_en

Vite Labs Leadership AMA (Oct 13, 2020)

Review

Richard Yan (Vite Co-founder & COO)
Hey folks, I'm here
Good day to you all

Richard Yan (Vite Co-founder & COO)
Let me look at questions from the forum
This set of questions is from Vishant Kumar:
when vx listing
why team always lag in following roadmap
why no separate roadmap for vitex
why not operators interested in listing coins , why not increasing operators.

Richard Yan (Vite Co-founder & COO)
1 On VX listing - we already have a Chinese exchange committing to list, and we are in the process of getting a non-China based exchange. It looks like some of the bigger exchanges are ready to soften their terms.
I know this process is taking a while, and getting VX listed is a priority. But the team is seeking the biggest bang for our buck
2. In terms of roadmap, I'm not sure I agree. In the latest CEO's letter, we clearly laid out that we hit most of our goals for Q3. And we delivered items not originally on the roadmap.
3Deliverables for ViteX are incorporated in the Vite roadmap. Examples include ViteX features and integration with open source trading strategy projects
4 We have previously recruited new operators, such as chain hedge. Note that the work to keep an operator running is nontrivial. We are hoping that more operators will join with stronger awareness of ViteX over time

MD : Kawsar Chowdhury
What are your future plans or roadmaps with Vite And VX?
Richard Yan (Vite Co-founder & COO)
Vite 2.0 is a big deal. The whitepaper for this is due to be out by end of Q4.
With ViteX - more order types are included in Q4's roadmap. We are adding more coins (I'm a fan of the new listing PRV). And integration with open-source algo trading projects will also be done in Q4.

UBC_ro
Ween it wil be listed in that chinese exchange?
Richard Yan (Vite Co-founder & COO)
We are hoping to simultaneously list on a Chinese exchange and a non-Chinese exchange. But in principle, we can list any time on that Chinese exchange

Richard Yan (Vite Co-founder & COO)
More questions from forum:
When will ViteX be listed on major exchange 2020 or 2021?
Will there be more future benefits for VX holders and Stakeholders?
When VX is listed on a Major exchange will the PR release be widely spread and announced so that VX exchange can get the attention it deserves?
What is there for us to look forward in defi for ViteX

Richard Yan (Vite Co-founder & COO)
VITE and VX holders can expect other benefits such as airdrops from strategic partners, such as Banano
The act of listing VX on an exchange will be a powerful PR move. This is why it's important to get on a sufficiently big trading platform
In terms of DeFi for ViteX - our original vision for Vite is to be the backbone of an Open Finance platform. Our recent zero-fee stablecoin swap is one important feature towards that end goal.
Separately, some members have recently proposed ideas for AMMs on ViteX - and we're exploring this option

Donald Ogbolu
Please can you give a specific date for vx listing?
Are you not worried that the community has reduced from 12k+ to 8k+?
Are you not also worried that most people have lost excitement in the community, including when their is an ama coming up?
Please you people should try and meet up with your promises

Richard Yan (Vite Co-founder & COO)
Unfortunately, I can't give a date for VX listing. Our goal is to get this done by end of the year, but there are too many moving parts to make a hard guarantee.

Donald Ogbolu
Lastly, without vx listing I don't think vite will progress.
My own opinion.

Richard Yan (Vite Co-founder & COO)
About the community drop, I believe this has to do with Telegram clearing up bot accounts. Many accounts flock to random telegram channels to get airdrops, and inactive ones get auto-deleted

Maxi Info
"It looks like some of the bigger exchanges are ready to soften their terms." Uniswap change the game complitely. The big exchanges should get with feet on the ground now. We have been "hostages" by them for long time. Crypto really needs dex,

Richard Yan (Vite Co-founder & COO)
We have delivered almost everything per our roadmap laid out for Q3. See the latest letter from the CEO
It's true that the AMAs are a bit less active than before. We do still get lots of questions on the forum though. I still have questions from six other forum posts to answer at this point
I don't disagree here. With the recent DeFi hype, the fees for listing on exchanges seemed to have gone up again. And there are many projects out there that pay big fees at exchanges as an entrance fee for pumping-and-dumping on retail. We don't want to do that.
Thanks, again, the listing is a goal, not a promise. The biggest factor blocking a listing is the fees. If we aren't able to get a good bargain, then we won't list.

( ) Modеrn
Will there be some kind of application in VX?

Richard Yan (Vite Co-founder & COO)
The main application of VX is distribution of income from the ViteX exchange

Richard Yan (Vite Co-founder & COO)
Another question from forum:
When can we expect Open Finance implementation?
ViteX is an integral part of Open Finance. Free stablecoin swap is a critical feature of ViteX. I also mentioned exploration of AMMs earlier

UBC_ro
You said that an chinese exchange are agrread to list vx?
Richard Yan (Vite Co-founder & COO)
Correct, but we want to simultaneously list on a Chinese and a non-Chinese exchange to maximize the reach
UBC_ro
it will be more efficient

MD : Kawsar Chowdhury
How profitable is VX, Vite for short term and long term holders?

Richard Yan (Vite Co-founder & COO)
Hard to predict, but you can check distribution of proceeds here in the dividend dashboard: https://vitex.net/

Richard Yan (Vite Co-founder & COO)
Another set of questions from Vishant Kumar in the forum:
1 what are legal obligation making trouble in vx listing?
2. what is the progress of US city coin on vite ecosystem?
3. progress fiat gateways implementation to vitex?

Richard Yan (Vite Co-founder & COO)

1. To list VX anywhere, the project needs to get the proper legal opinion for the right jurisdiction. That legal opinion can be quite expensive depending on the jurisdiction.
2. SyraCoin pilot has been successfully completed. We have had a marathon of a conversation with the New York state on getting their applications on Vite chain. The process has obviously been extremely slow, to the frustratiton to my team and me.
3. Fiat gateway - we found one entity that serves many exchanges and offers very reasonable commercial terms. Our engineering director is discussing implementation details with them

MD : Kawsar Chowdhury
At present defi is a very popular and lucrative sector. Does Vite, VX have any plans to involve itself in the defi sector?

Richard Yan (Vite Co-founder & COO)
We call it Open Finance. The zero fee stablecoin swap is a feature we implemented for Open Finance

MD : Kawsar Chowdhury
Do You Have VX, Vite Buy Back And Coin Burn Any Plan In Future?

Richard Yan (Vite Co-founder & COO)
We are already burning VITE. This info is in the dashboard on vitex.net

Daniel Leedan

1. What are the criteria for listing by Vitlab?
2. Have the recent projects paid a listing fee?

Richard Yan (Vite Co-founder & COO)
Listing is up to the gateways. In general, the criteria for listing on our gateways are active community, consistent software development and a lack of listing on major exchanges. More details here: https://medium.com/vitelabs/vite-insights-4-what-types-of-coins-are-vitexs-gateways-looking-for-c24e9a52cb48
On fees, yes, some projects have paid a listing fee.

Logan
Why doesn't the Vite team have a greater presence on Reddit? Seems we are missing out on good marketing...

Richard Yan (Vite Co-founder & COO)
Which threads do you recommend posting on?

Logan
News needs to be cross-posted onto r/CryptoCurrency for better exposure.

Richard Yan (Vite Co-founder & COO)
We'd love suggestions
Yep, noted. We've been mostly focused on twitter/telegram

MD : Kawsar Chowdhury
ViteX Exchange Platform Is Safe Any Type Hacking Attacks? Recently Time Many Exchange Hack And He Is Lost Her Portfolio And It's A Many Big Problem In Total Crypto World .Do You Have A Mechanism To Prevent Such Attacks?

Richard Yan (Vite Co-founder & COO)
Our exchange is a true DEX. Gateways do custody your coins, but Vite 2.0 will seek to address this with multi-signature gateways

Richard Yan (Vite Co-founder & COO)
Another question from karl637:
I notice the dividend pool has diminished from 33 BTC to 28.4 BTC in the last 30 days. Is this something the team are worried about? It’s quite an alarming rate as an investor, if it continued in 7 months or so Vitex would be bust...

Richard Yan (Vite Co-founder & COO)
The dividend pool was reduced in BTC terms partially due to the increase in BTC/USD. Remember, the trading fees are not always remitted as BTC

Richard Yan (Vite Co-founder & COO)
From LanceLiu: what's the progress of TRX USDT integration now?.
Richard are you people trying to operate vitex on a low key?

Richard Yan (Vite Co-founder & COO)
This is not currently on our radar. But we have been adding various kinds of stablecoins over time. So this could make it into our queue

Richard Yan (Vite Co-founder & COO)
From LanceLiu: what's the progress of vitex gateway 2.0? What's the plan of it?
check our roadmap for this. The whitepaper will be done in Q4

Richard Yan (Vite Co-founder & COO)
From hassan:
What's the effictive plan to bring liquidity. The vitex's users flow away day by day.
Our products have lost much opotunities. Listings of new coins, and planned listing of VX on other exchanges

Daniel Leedan
In the current situation, what actually makes Vitex a real DEX if the operators "custody your coins"?

Richard Yan (Vite Co-founder & COO)
It is a true DEX in the sense that any Vite-native coins do not need to be custodied. No cross-chain transfer needs to take place.
But the best tech for cross-chain right now is gateways. And one way to decentralize it is via multi-sig in 2.0

Logan
What is being done to attract more developers to build on Vite? It seems Vite has already solved many on the issues the ethereum has, yet there has been little uptake so far

Richard Yan (Vite Co-founder & COO)
What we've observed is that the network effect of the Eth system is quite strong. We kickstarted the Vite Techie Club, which is meant to get more devs
See here for Techie Club: https://medium.com/vitelabs/call-for-vite-techies-c64201090a9c

Richard Yan (Vite Co-founder & COO)
Question from RedTrain:
Hey Team - Thanks for setting up the AMA and making some time for questions. I'll likely have more, but for now:
Has there been any consideration in lowering the cross-chain withdrawal fees for outflow from the exchange?
I realize there is some benefit to drive users to convert to vite in order to reduce the cost of outflow. However, with withdraw fees being so high, many people may see that and avoid Vitex altogether. When you have exchanges such as Binance that charge 0.005 to withdraw ETH and Vitex sits at 0.015 it gets a little absurd. I understand gas prices get high, and an increase could be justified. But on a regular basis it's just ridiculously/unnecessarily high.
Same goes for BTC. And Same for USDT, etc. If I'm an EPIC holder (just a hypothetical) and it only trades in BTC; or if I'm a BAN holder and it only trades in ETH ... and I am considering using Vitex ... I'd definitely FIRST look at the withdraw fees before I move funds into Vitex. And if I didn't look, and then saw that, I'd be shocked at how cost-prohibitive the withdraw would be, and avoid in future.
My point is, there is little upside (revenue) for high fees and significant downside. Perhaps you see it differently.

Richard Yan (Vite Co-founder & COO)
Great question. One diff b/w ViteX and Binance is that trading on ViteX gets you VX, from which you get distributions. This is a big difference with many exchanges out there
But let me talk this over with the team and see if there's anything we can do. I will follow up on this point, perhaps in the summary of the AMA, to be posted in the forum

Hakim First
There are a lot of différence bittwen real price in marketcap and in vitax for for differenta coin
Our marketing associate will start doing this on Reddit for more exposure. Thanks for the reminder

Richard Yan (Vite Co-founder & COO)
This could spell out arbitrage opportunities

Vishu
Why vitex vol decreasing

Richard Yan (Vite Co-founder & COO)
We need to consistently list new coins. This is one of the few ways to keep volume going.

Richard Yan (Vite Co-founder & COO)
Let me summarize a few takeaways so far:

1. We need to do more marketing work on Reddit. We will assign someone to work on this.
2. Withdraw fee may be high compared to other major exchanges. We will think this over.
3. There was also a question about fiat on-ramp. We're negotiating with two providers this matter already. In fact, our engineering director is already discussing onboarding details with them

Miika Warsell
Wouldn't it be beneficial to list a lot of popular big projects, even if there might not be a lot of liquidity? Because some people come to Vitex, see how few coins are listed and move on

Richard Yan (Vite Co-founder & COO)
We think it's a bigger problem if lots of major names are listed with no liquidity. This won't look good, and there's still cost to maintaining these listings. This is why major exchanges delist coins all the time

Miika Warsell
Coingecko Vitex score still 3/10
Richard Yan (Vite Co-founder & COO)
Yes we've been engaging with them on this for a while now. We will have to revisit this conversation with them

Miika Warsell
like at last AMA. Gecko is getting more popular than CMC, u can't afford to have that trust score

Richard Yan (Vite Co-founder & COO)
Takeaway 4. Coingecko rating

Miika Warsell
Vitex is an amazing dex with super great incentives: pls market it more

Richard Yan (Vite Co-founder & COO)
Thanks for all your questions, everyone. We will post a summary of this soon. Until next time!

Vite Labs Leadership AMA (Sep 10, 2020) Review

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!

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 us

Allen
Hi guys

Richard 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 first

Allen
Basically I will be answering the tech related questions today

Richard 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 github

Richard 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 mining

Allen
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 integration

Cryptofan
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 Ethereum

Vad 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 them

DEX_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 negotiation

Tico 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 jurisdictions

Allen
In short term, we are in the middle of implementing a decentralized gateway framework for ViteX

Richard 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 strategy

Richard 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 hype

Miika 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 criterion

Van
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 now

Vad Bil
Right now total supply is 1,0015 bln. Ehile it was 998 mln recetnly and 1 bln at the beginning

Richard 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 network

Miika 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 earlier

Hoso
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 ViteX

Modеrn
The community wants to trade top coins too

Allen
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-chain

Miika 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 != Liquidity

Miika Warsell
Other exchanges, like Bibox, even have a separate section for defi coins and they are very popular

Allen
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 outdated

Allen
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 them

Miika Warsell
2/10: not many are willing to put money in

No, 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 happened

John 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 them

VishU
Any information about listing of vx ?

Richard Yan (Vite Co-founder & COO)
Talking to all the major exchanges - comes down to price negotiation

Cryptofan
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 soon

Vad 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 CPO

Richard 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 on

Richard Yan (Vite Co-founder & COO)
And then we will have regular video AMAs with coins listed on ViteX to be conducted by the chosen ambassador

Miika Warsel
Also: why isn't VITE in Coingecko Defi list? The project is 100% defi

Richard Yan (Vite Co-founder & COO)
Our BD director has been trying to get the DeFi label. I will check on his progress

Vad 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 etc

Richard Yan (Vite Co-founder & COO)
Getting to top 50 requires serious non R&D effort. We'd rather not do that

Vad Bil
While we out of even top 100 - noone dont know about us

Allen
We will be there sooner or later

Richard Yan (Vite Co-founder & COO)
We are gradually building attention. You can see from the growth in our social media following, for instance

Vad 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 so

Vad 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 future

Richard 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.

Overview of the vote, staking VITE, staking VX rewards

SBP voting rewards

You can download app(ios, android).

https://app.vite.net

Desktop wallet:

https://github.com/vitelabs/vite-wallet/releases

Web wallet : https://x.vite.net

How to vote for SBP

Open Vite app > press on VITE >>Vote>>>choose the SBP and press vote (close run POW message, which should appear on upper blue window successfully voted)

Which SBP gives daily rewards?
Remember only those SBP gives rewards, it may change any time, (those are community SBP)
List of SBP that gives rewards: N4Q,v666fun, , N4Y, SwissVite.org, vite.bi23, Elegance Vite
Rewards
These are some of the examples done by Oleg Vite CM Lead
you can follow Oleg on twitter for daily updates

https://twitter.com/olegenthusiast/status/1264307960794267648?s=21, rewards for 1000 VITE.
The more VITE you have in your wallet the higher rewards you get.
The number of total votes effect. The higher number of total votes the smaller rewards you will get, total rewards shared to all voters.

Staking VITE rewards
A user can stake VITE at ViteX and get daily rewards in VX, more info about VX: https://vitex.net/faq/.

Staking VITE rewards distribution daily at 12 pm UTC+8, distribution is made by a smart contract.
You can retrieve your staking VITE after 3 days, and there are 7 days waiting period for your funds to arrive at your ViteX account. No rewards during the waiting period.

How to calculated your VITE staking rewards?

VITE staking rewards depends on daily VX release for staking and total VITE staking amount, which can be seen at ViteX.net. The minimum amount that you can stack is 134 VITE.

How to stake VITE?

•first transfer from wallet to ViteX exchange asset

Example:
If you have 1000 VITE staked, your VITE staking rewards can be followed:

The annual ROI currently for $100
How to calculate your Roi (based on VITE price today VITE= 0.01321 $):

          If you want to invest $100, you can buy now 7570 VITE at the current price.

Staking your 7570 VITE gives you daily 0.465 VX (VX price today is 0,185 USDT ) which is 0.0837 $ >>> your $100in a year from staking VITE $29.7 it can go 2x upper if VX price get higher or you bought VITE cheaper than the base of this calculation price.
Currently, the ROI is 29%. Note the ROI changes depends on the price of coin.

Staking VX for dividends

• Staking VX you get daily dividends in BTC, ETH, and USDT.
• Dividends pool are collected from the base trading fees on ViteX exchanges and total VX staking amount (check details at ViteX dashboard vitex.net)
  For more info about dividends, please check https://vitex.net/dividend
• The minimum 10 VX required to be eligible to receive daily dividends.
  Remember you can staking minimums 1 VX but to retrieve. it is required to have at least 10 VX. You can cancel staking right after VX submit, there will 7 days waiting period, no rewards during the waiting period.
  Rewards distribution time daily 12 pm UTC+8.

How to stake VX?

Dividends calculation

Dividends depend on trading fees and total VX staking amount (can staking or cancel any time). Which aren't fixed numbers, so there is no crystal accurate %.
All fees collected by the ViteX platform will be collected into a shared dividend pool and distributed at a rate of 1% daily. For any given day, the total fees collected during that day will be fully distributed by the 100th day.

BTC dividend
1% BTC dividends = BTC pool/100 (1)
Then dividends = (1)/total VX staking (2)
Your dividends in BTC = your VX staking amount *(2)

ETH dividend
1% ETH dividends = ETH pool/100 (1)
Then dividends = (1)/total VX staking (2)
Your dividends in ETH = your VX staking amount *(2)

USDT dividend
1% USDT dividends = USDT pool/100 (1)
Then dividends = (1)/total VX staking (2)
Your dividends in USDT = your VX staking amount *(2)

Example

If you staking 1000 VX, see details on the above dashboard.

BTC dividend
BTC dividend
BTC pool= 11.45451567
Total VX staked = 6403348,87
1% BTC dividends = 11.45451567/100 = 0.11454157 (1)
BTC dividends = 0.11454157 /6403348, 87 = 0.00000002 BTC (2)
Your dividends in BTC= 1000 *0.00000002 = 0.00001789 BTC

ETH dividend
ETH pool= 480.46865327
Total VX staked = 6403348,87
1% ETH dividends = 480.46865327 /100 = 4.8046865327 (1)
ETH dividends = 4.8046865327/6403348, 87 = 0.00000075 ETH (2)
Your dividends in ETH = 1000 *0.00000075 = 0.00075034 ETH

USDT dividend the same calculations
USDT pool= 86690.933636 USDT
Total VX staked = 6403348,87
Your Your dividends in = 0.13525788 USDT

Staking VX ROI after 1 year
VX staking ROI. In case vol keeps the same as today and all VXreleased by 27.05.2021staking (no trading VX at all)
Let’s calculate VX staking ROI in the lowest that it could be (vol keeps the same and all VX has been staked)
Check VX release details here: https://forum.vite.net/topic/3368/vx-daily-releasing-data.

Keep into account, not all VX are staked and volume trading of ViteX fluctuates.

By 27.05.2021 will be 18195518 VX already released.

If you staking 1000 VX . by 27.05.2021

BTC dividend
BTC pool= 11.45451567
Total VX staked = 18195518

1% BTC dividends = 11.45451567/100 = 0.11454157 (1)
BTC dividends = 0.11454157 /18195518 = 0.000000006295 BTC (2)
Your dividends in BTC = 1000 *0.000000006295 = 0.000006295 BTC

ETH dividend

ETH pool= 480.46865327
Total VX staked = 18195518

1% ETH dividends = 480.46865327 /100 = 4.8046865327 (1)
ETH dividends = 4.8046865327/18195518 = 0.00000026405 ETH (2)
Your dividends in ETH = 1000 *0.00000026405 = 0.00026405 ETH

USDT dividend
USDT applies the same calculations.

USDT pool= 86690.933636 USDT
Total VX staked = 6403348,87
Your Your dividends in = 0.0476 USDT

@Richard_Yan
Questions from Vite community

1- 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

   ******VITE AMA REVIEW****** 

A summary of Richard Yan, COO of Vite in GAINS telegram group.
The AMA was held at 21:00 UTC+0 April 29, 2020.
Host: Alexandre Raffin, co-founder of GAINS

Alexandre Raffin Co-Founder
The man of the hour has arrived
Richard Yan (Vite Co-founder & COO)
Hey there! Welcome!
Nice to meet you all

Alexandre Raffin Co-Founder
We'll first have a short intro to learn about Richard and Vite
Then we'll have questions from Twitter, then a quiz, and finally questions from everyone

Alexandre Raffin Co-Founder
Alright let's get started

Alexandre Raffin Co-Founder
Richard, can you tell us what you did before crypto, how you got into crypto, and if you've had any other venture in crypto previous to being involved with Vite Labs?

Richard Yan (Vite Co-founder & COO)
Hey there! A pleasure to be here

Richard Yan (Vite Co-founder & COO)
I used to work on Wall Street. Had stints at some of the largest financial firms in New York
Got into bitcoin after receiving it as a wedding gift. And sold it right away

Alexandre Raffin Co-Founder
Oh wow, what a gift ahah.
Richard Yan (Vite Co-founder & COO)
Got back into crypto after a friend connected me with my other co-founders at Vite
Richard Yan (Vite Co-founder & COO)
Vite is my first crypto startup
Richard Yan (Vite Co-founder & COO)
That would be my answer!
Alexandre Raffin Co-Founder
Cool
Alexandre Raffin Co-Founder
You might be one of the rare people on Earth to have received Bitcoin as a wedding gift lol
Alexandre Raffin Co-Founder
Can you tell us what your role is at Vite Labs and what the project is about in a few simple sentences?
Richard Yan (Vite Co-founder & COO)
[In reply to Alexandre Raffin]
Yeh it was special
Richard Yan (Vite Co-founder & COO)
[In reply to Alexandre Raffin]
Chief operating officer
Richard Yan (Vite Co-founder & COO)
Vite is a fast layer 1 smart contract platform with free transactions. We make it happen with DAG
Richard Yan (Vite Co-founder & COO)
If you’re familiar with nano, we are known as adding smart contract on top of NANO.
Alexandre Raffin Co-Founder
[In reply to Richard Yan (Vite Co-founder & COO)]
Pretty cool

Richard Yan (Vite Co-founder & COO)
We also have a DEX named ViteX, based on Vite’s ultra-performant tech
Richard Yan (Vite Co-founder & COO)
There you go!
Lotfi (UTC+2),
A friend of mine is a big follower of Nano
Richard Yan (Vite Co-founder & COO)
[In reply to Lotfi (UTC+2)]
Awesome. Hopefully, he or she also becomes a follower of Vite
Alexandre Raffin Co-Founder
Thanks for the short and sweet explanation, it's very clear
Let's get into some details now. I'm going to ask the winning questions from Twitter
Lotfi (UTC+2),
yep after the event
Alexandre Raffin Co-Founder
First winning Twitter question:
There are many projects in the past that closed, and their team members left the project. What makes you not a scamm and how we can trust the Vite team if we're thinking about investing?
from @Cenkgrob132
Richard Yan (Vite Co-founder & COO)
[In reply to Lotfi (UTC+2)]
Nice
Richard Yan (Vite Co-founder & COO)
[In reply to Alexandre Raffin]
Mainly our consistent pace of making products that people use

Alexandre Raffin Co-Founder
[In reply to Richard Yan (Vite Co-founder & COO)]
Right, building trust by constantly delivering

Richard Yan (Vite Co-founder & COO)
ViteX has tens of btc’s of daily volume, reaching hundreds on some days - thanks to many altcoins not found in other major exchanges listed on ViteX
Richard Yan (Vite Co-founder & COO)
Our multi chain wallet supports many coins including ones that are notoriously hard to integrate such as Grin
Alexandre Raffin Co-Founder
Cool. How are the fees compared to other exchanges?
Richard Yan (Vite Co-founder & COO)
Our payment system has been in use at a number of merchants in Singapore
Richard Yan (Vite Co-founder & COO)
[In reply to Alexandre Raffin]
Reasonable. Fees are set by different operators (that’s the other decentralization aspect of our DEX) but in line with CEX
Alexandre Raffin Co-Founder
[In reply to Richard Yan (Vite Co-founder & COO)]
Interesting, so the fees can vary from day to day for example?
Richard Yan (Vite Co-founder & COO)
We entered into a pilot with city of Syracuse in the US for implementing a city coin on Vite
Richard Yan (Vite Co-founder & COO)
[In reply to Alexandre Raffin]
Theoretically. But not normally so
Alexandre Raffin Co-Founder
[In reply to Richard Yan (Vite Co-founder & COO)]
Ah, I thought about the Italian one first ahah
Alexandre Raffin Co-Founder
Alright, thanks for the explanations, looks like you have a lot going on
Alexandre Raffin Co-Founder
Let me continue with the questions from Twitter

Alexandre Raffin Co-Founder
Second winning Twitter question:
You said ViteX exchange is the world's first DAG-based decentralized exchange. What is the difference between a DAG-based DEX and a normal one? Any advantages?
from @nyeffz

Richard Yan (Vite Co-founder & COO)
[In reply to Alexandre Raffin]
Performance is the key diff. DAG enables asynchronous translation processing. No need to wait for transactions to be entered into the mempool for mining purposes.

Richard Yan (Vite Co-founder & COO)
So a DAG based DEX provides a trading experience very similar to that of CEX

Richard Yan (Vite Co-founder & COO)
Try it for yourselves!

Alexandre Raffin Co-Founder
Sounds cool. Is it truly the best of both worlds or are there any drawbacks too?
Alexandre Raffin Co-Founder
And to add on to that, this is also the topic of the third winning question from Twitter:
What are the main features of ViteX exchange that differentiates you from other similar platforms? Why is ViteX better?
from @KathDM3

Richard Yan (Vite Co-founder & COO)
[In reply to Alexandre Raffin]
The design focuses on speed; so we use DPoS. Some could argue that there’s an issue with decentralization. But we plan to have a large base of supernodes aka snapshot block producers to address that concern

Richard Yan (Vite Co-founder & COO)
[In reply to Alexandre Raffin]
An important difference is VX, the exchange token. VX entitles you to proceeds from the exchange (trading and listing fees). You can earn VX in five different ways.

Alexandre Raffin Co-Founder
[In reply to Richard Yan (Vite Co-founder & COO)]
Nice, what do the returns look like on average?

Richard Yan (Vite Co-founder & COO)
(Trying to get you the link for this now, but twitter is slow)
https://twitter.com/vitexexchange/status/1203468831961673728?s=21

Richard Yan (Vite Co-founder & COO)
[In reply to Alexandre Raffin]
Petty good. You can also stake VITE to get VX, another source of income as described in the tweet above
Alexandre Raffin Co-Founder
Alright, let's start with the quiz and see who has researched VITE in here
Richard Yan (Vite Co-founder & COO)
I see, right
Alexandre Raffin Co-Founder
Guys, we're happy to have Richard from Vite in our group today. Let's have a good time.

Questions from the community
(There were over 200 Questions, will take only questions that Richard replied due limit AMA Time)

Alexandre Raffin, co-Founder
We're going to move on to the AMA now. You can start asking your questions!
binance trustbison2.crypto loyalist
Explain more about your Snapshot Chain technology
How do you deal with the double spend issue associated with DAG consensus?
Richard Yan (Vite Co-founder & COO)
The issue with block lattice DAG, which we use, is that each account chain is short and not growing. And theoretically it could get attacked easily. We created snapshot chain to capture the content of each account chain, and this snapshot chain is maintained by the consensus group of supernodes (aka snapshot block producers)

Ivan Letov
The Vite platform does not charge fees for transactions and trading but uses quotas. How could quotas be obtained? Why to choose such a mechanism?
Richard Yan (Vite Co-founder & COO)
[In reply to Ivan Letov]
Quota comes from staking. The more you stake, the more transactions you can send per second

Albert
What type of security software or technology does VITE use to protect the data of users entered by KYC? What are the requirements or results an operator must present to obtain a good rating and receive additional rewards?
What progress is there on updating the gateway related to LINK, TRON, XMR, LTC?
Richard Yan (Vite Co-founder & COO)
[In reply to Albert]
Great Q. Someone’s been paying attention! XMR and LINK already tradable. (Correction)
Anyone can apply to be an operator after passing some KYC
Elly
Most of the users love to trade on centralized exchanges because they are easy to use. Can you tell us the advantageous difference between decentralized exchanges and centralized exchanges by comparing to ViteX Platform?
Richard Yan (Vite Co-founder & COO)
[In reply to Elly]
ViteX has similar trading experience as centralized exchange while retaining benefits of decentralization

Alexandre Raffin
We're going to have a quick second round of questions
Yuriy Belov,
Is it possible to perform anonymous transactions on the Vite network to hide transaction details in order to protect the financial privacy of token holders?
Richard Yan (Vite Co-founder & COO)
[In reply to Yuriy Belov]
Vite is not an anonymity coin. A big challenge with such is there’s no guarantee of total issuance amount. If need be, people can create and run mixers to protect privacy
Ivan Letov,
I heard that Vite has 3% annual inflation. Do you plan to burn coins to prevent hyperinflation and increase the price of the coin?
Richard Yan (Vite Co-founder & COO)
[In reply to Ivan Letov]
Yes VITE coins are already being burned. For instance, fees from listing coins on ViteX (these fees are remitted as VITE) are getting burned

Tony Montana
What is the advantages of Vite coin over others types?
Richard Yan (Vite Co-founder & COO)
[In reply to Tony Montana]
Performance. Also ViteX is a cool exchange based on Vite tech

Murugan
When VX on CEX?
Richard Yan (Vite Co-founder & COO)
[In reply to Murugan]
Many are interested to list, but all require high fees. We will remain patient
Alexandre Raffin
Thanks for all the questions
Thanks Richard for coming in today and telling us more about your DAG-based DEX with a comparable user experience to centralized exchanges.
All the best and keep on building! Keep us updated on your development
Richard Yan (Vite Co-founder & COO)
And one important detail - I run a podcast that provides education in the crypto space RE: the tech and business aspect of this field. It’s called The Blockchain Debate Podcast. Please follow twitter.com/blockdebate. My personal Twitter is twitter.com/vitelabs
Alexandre Raffin
Cool, will check it out for sure

Now end of AMA. Special thanks to GAINS for hosting the AMA

---

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/

1- Increase in new members
2- social media that i mange beside Telegram
3, Articles that have been translated
4-Future work

Since the last time I applied for star manger, I continued to attract new members and make vite labs Arabic community bigger, in November i focused on Facebook community, since Telegram restricted in many Arabic countries. i started discuss about crypto and how vite is better and faster with zero fee
Telegram November 730
Twitter : 90
Facebook vite labs Arabic friends : 780
Vite labs Arabic Facebook group : 135 members
Medium viewers : over148 time
Articles that you translate
all articles were written in gruops and in short and answered to all questions dirctly, regarding vx mining ....etc

Future work
Make Arabic bigger and effective not just a number in groups new activities related to vitex ,new takes on YouTube crypto channels . and more activities will be launched onDecember , to encourage our users to use vitex
Suggestions :
1-vitex in app is slow a bit
2-Eth tokens on vite app should be more clear to users(most users dont know that vite app also a wallet for all eth tokens
3-Issue a token as rewards for local group for and set limit min withdraw then exchange the rewards by admins to vite . to keep user participate in activities since min exchange will be limited
4-Notification about up received transaction