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Base Transaction Fee & ViteX Operator role

Recently, we had a vote to determine the trading fees to be used on ViteX. Following this vote, we received additional feedback regarding this economic structure with some proposed changes. As such, we are putting these proposed adjustments to another vote.

Voting period: May 9 to May 17, 2019

** Please note that the following rules will still apply in light of the proposed changes:

• Users can still stake 10,000 VITE in order to reduce the transaction fees by 0.1%.
• Shared dividend pool rules do not change.

Proposed Changes

1. Originally, we had two transaction rates (0.4% and 0.25%) depending on the preference of the trader. We propose that instead of having two tiers of transaction fees that we establish a Base Transaction Fee of 0.2% and give every trader VX mining privileges.
2. We are adding a ViteX Operator role to our DEX. You can think of the role of the ViteX operator as someone who can open and manage his or her mini-DEX, called a "Zone" that runs on top of ViteX. ViteX Operators will be able to:

• Choose which trading pairs they wish to list. It is the ViteX Operator's responsibility to list quality trading pairs; ViteX will not be responsible for a scammy and/or valueless coins that a ViteX Operator lists on his or her Zone.
• Choose the transaction fee (can be anywhere from 0–0.4%) they wish to charge traders who trade on their Zone.

Please submit your vote here. We look forward to hearing your thoughts and opinions!

A Quick Example

ViteX Operator Alice stakes 10,000 VITE to reduce the Base Transaction Fee to 0.1%. Alice decides to open her own Zone with a 0.3% transaction fee because she put in a lot of work to list some rare trading pairs.

ViteX Trader Bob really likes the trading pairs on Alice's Zone. However, Bob doesn't want to pay 0.3% in transaction fees on Alice's Zone. Bob also stakes 10,000 VITE to in order to reduce his transaction fees by 0.1%. Now, Bob only has to pay 0.2% in transaction fees whenever he trades on Alice's Zone.

Each time Bob makes a trade on Alice's Zone, he pays 0.2% in transaction fees to Alice. However, since Alice only has to pay 0.1% in transaction fees to ViteX, she keeps the extra 0.1% as profit.

For all the GRIN miners out there looking for an easier way to move your hard-earned tokens, look no further. The Vite Wallet now supports fast & easy GRIN transactions.

1. Download the Vite Wallet (if you haven’t already)
Simply search “Vite Wallet” on the App Store or download it straight from our website here: https://www.vite.org.

2. Set up your account
Create a password, spend 30 minutes memorizing your seed phrase, etc…etc… See here for a detailed Vite Wallet 101 article.

3a. Receive GRIN using an Http Address
Open up your Vite Wallet and hit the “GRIN” bar. Then, choose the "Receive" option. Hit the "Http Address" button:

On the following page, you'll see something like this:

You will need to copy this exact Http address onto your mining pool's payout page so that you can receive the transaction.

Now, go to your mining pool payout page and paste the http address. And...that's it! Your GRIN will be received shortly.

*Please note that prior to 10 confirmations, the transaction status will be marked as "Received". After 10 confirmations, the transaction status will change to "Confirmed" and your wallet balance will officially change.

3b. Receive GRIN using a transaction file
If you prefer to use a transaction file, the Vite wallet can open files sent through email, text & Airdrop. First, create a transaction file on your mining pool website. Send to yourself using whichever method you prefer. Open up the message or email that you attached the transaction file to and open it with your Vite Wallet app:

Once the file has been opened, you'll need to click "Receive and Share":

Share this file with your mining pool and you will receive those tokens in your Vite wallet after the mining pool processes the confirmation file. Once your mining pool confirms receipt of the file, the transaction will be sent. Again, after 10 confirmations, the transaction is fully complete.

On April 20, Vite officially joined Binance Info’s transparency initiative. The purpose of Binance Info is to provide users with the trusted and reliable information on crypto projects. By sharing project-related information such as news and progress reports on Binance Info, Vite is doing its part to keep the community informed. Check out our page here!

Binance Info is a cryptocurrency information platform providing users with accurate and comprehensive crypto market data, news, and project rating reports. As an open information platform, Binance Info encourages all users to participate in maintaining accurate information on crypto projects by creating token profiles, editing missing or incorrect project information, contributing to news sources, and more.