VITE

VITE is a cryptocurrency token that powers the Vite network, a high-performance decentralized ecosystem that aims to provide a fast and fee-less platform for payments, decentralized applications (dApps), and smart contracts. It utilizes a Directed Acyclic Graph (DAG) ledger with a Snapshot Chain structure to improve scalability and transaction throughput. VITE tokens are used for staking, governance, and as a means of payment within the Vite ecosystem.

• Total Supply:

• The total supply of VITE tokens is capped, ensuring scarcity and potential value appreciation over time.

• Staking:

• VITE tokens can be staked to participate in the network’s consensus and governance, secure the network, and earn rewards.

• Utility:

• The token is used for transaction fees (in the form of quotas) and payments and as a medium of exchange on the ViteX decentralized exchange.

• Allocation:

• Initial token allocation details, such as distribution to early investors, teams, and reserves, are typically outlined in the project’s whitepaper or official documentation.

As of today #{today’s date}, the price of VITE is ₹1.09 INR or 0.0125 USD, with a 24-hour trading volume of 2579233.51 USD. The market capitalization for VITE is 13791086.12USD. The circulating supply is 1106142603.03 VITE, with the total supply also being 1106142603.03 VITE.

Pros:

• Feeless Transactions:

• VITE offers zero-fee transactions, a significant advantage for users and developers.

• High Throughput:

• The DAG-based ledger allows for high transaction speeds and scalability.

• Decentralized Exchange:

• ViteX provides a platform for decentralized trading, enhancing the utility of VITE.

• Staking Incentives:

• Users are incentivized to stake VITE, which helps secure the network and offers rewards.

• Governance Participation:

• Holding VITE allows users to participate in the network's decision-making process.

Cons:

• Competition:

• VITE faces competition from other DAG-based and high-throughput blockchain projects.

• Adoption:

• The success of VITE is dependent on the adoption of the Vite network and its dApps.

• Complexity:

• The technology behind VITE may be complex for the average user to understand.

• Market Volatility:

• VITE is subject to market volatility, as with all cryptocurrencies.

• Regulatory Risks:

• Changes in cryptocurrency regulations could impact the adoption and functionality of VITE.

• Innovative Platform:

• VITE’s DAG-based infrastructure offers a unique scalability and transaction processing approach.

• Growing Ecosystem:

• The Vite network is continuously developing, adding new dApps and functionalities.

• Staking Rewards:

• Investors can earn passive income through staking VITE tokens.

• Decentralized Governance:

• VITE holders have a say in the network’s future through decentralized governance mechanisms.

• Potential for Appreciation:

• As the network grows and gains more users, the demand for VITE could increase, potentially leading to price appreciation.

• Zero-Fee Transactions:

• VITE’s zero-fee transaction model is a standout feature in the blockchain space.

• DAG Ledger:

• Using a DAG ledger sets VITE apart from traditional blockchain structures, offering faster transaction speeds.

• Integrated DEX:

• ViteX, the native decentralized exchange, provides an in-ecosystem platform for trading and liquidity.

VITE addresses the issues of slow transaction speeds and high fees in traditional blockchain systems by providing a scalable, fee-less environment for transactions and smart contracts.

Richard Yan co-founded Vite Labs, the organization behind the VITE token.

• Token Sale Duration:

• June - July, 2018

• Ticker

• : VITE

• Token Type:

• Requires own wallet for participation

• ICO Token Price:

• 7,000 VITE = 1 ETH

• Market Competition:

• VITE operates in a highly competitive space, with many projects vying for market share.

• Regulatory Uncertainty:

• The evolving regulatory landscape could pose risks to the VITE token and its ecosystem.

• Technology Adoption:

• The success of VITE is contingent on the widespread adoption of its underlying technology.

• Market Volatility:

• Cryptocurrency markets are known for their volatility, which can lead to significant price swings.

• Complexity and Usability:

• The advanced technology of VITE may present a barrier to entry for non-technical users.

The whitepaper outlines a series of improvements to the EVM, including introducing new stack memory storage control operations that maintain semantics similar to those in the EVM but with some differences in semantics for certain operations like obtaining available gas.

Smart Contract Programming Languages

The document mentions that some projects offer more abundant smart contracts programming languages, such as Rholang in RChain, NeoContract in NEO, and EOS’s use of C/C++. These languages aim to provide more flexibility and ease of development for smart contracts.

Ledger Structure Improvements

The paper discusses the transition from a linear ledger with a global order of transactions to a non-linear ledger that records partial order relations, specifically a Directed Acyclic Graph (DAG). Projects like Byteball, IOTA, and Nano have implemented cryptocurrency functions based on DAG’s account structure. The non-linear ledger structure aims to reduce the probability of false forks and improve the system’s throughput.

Consensus Algorithm Improvements

The whitepaper also addresses the improvement of consensus algorithms to suppress the generation of false forks and enhance system throughput. It mentions various consensus algorithms used by different projects, such as Ouroboros (PoS) by Cardano, BFT-DPoS by EOS, Qtum’s PoS algorithm, and Casper (PoS) by RChain. NEO uses a BFT algorithm called dBFT, and Cosmos uses Tendermint.

Ledger Design

The role of ledgers in determining the order of transactions is crucial for the consistency of the system state and the effectiveness of hash references. The design of the ledger has two main objectives: reducing the false fork rate and ensuring tamper-proof transactions. The document describes a trade-off between these objectives and the use of a DAG structure to represent the ledger, which can be more or less resistant to tampering based on the partial ordering of transactions.

Single Degree of Freedom Constraint

The whitepaper introduces the concept of a single degree of freedom constraint for transactions, where a transaction only changes the state of one account without affecting others. This simplifies the relationship between transactions and allows the grouping of transactions according to accounts.

Snapshot Chain

Finally, the document presents the snapshot chain, which is a key storage structure in Vite. The snapshot chain maintains the consensus of Vite ledgers and is composed of snapshot blocks that store state snapshots of the Vite ledger. Each snapshot block includes the balance of the account, the Merkle root of the contract state, and the hash of the last block in each account chain. The snapshot chain helps to confirm transactions and provides security against double-spend attacks by requiring an attacker to rebuild hash references not only in the Vite ledger but also in the snapshot chain.

In summary, the whitepaper describes the Vite platform’s approach to improving blockchain technology through enhancements to the EVM, introducing more flexible smart contract languages, a DAG-based ledger structure, improved consensus algorithms, and implementing a snapshot chain for secure transaction confirmation.