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VITE

Blockchain

VeriBlock develop Decentralized, Transparent, Trustless & Permissionless technologies to secure and scale the blockchain ecosystem.

Date 11.06.2018 - 30.06.2018

Hardcap 10,454,400 $

Rating

silver

Pay attention

There will be no crowdsale!

Vite is a universal platform for decentralized applications. It is designed to support industrial applications, offering high throughput, low latency and scalability, and also providing security.

Vite aims to deliver a solid product, but at the moment it is playing in the same league as the recent competitors who entered the DAG field, since it does not have MVP, and while it is at the level of the idea. Although they showed some progress in Github regarding Vite Core. The earliest progress that can be expected in public is the launch of Vite Core Alpha, which, according to their roadmap, will be in October 2018.

Vite is the project with an open source code that has made its code freely available to Vite.net (blockchain explorer) and to go-vite (Go to implement the Vite protocol), encouraging open community development.

One of the new and important technologies developed by Vite is Snapshot Chain – an independent blockchain structure, consisting of Snapshot blocks. The snapshot block records the balance of each account and the hash of the last block in each account chain. Snapshot blocks can be issued by a group of delegated nodes using the DPoS consensus algorithm. When delegated nodes see brackets in any account chain, they will choose one of them and reach a consensus. Vite uses HDPoS as its consensus model, and the team recognizes its security restriction because the number of malicious nodes should not exceed ⅓.

As stated above, Vite uses HDPoS as a consensus model, which, in their opinion, will use at least 25 nodes in the Snapshot Consensus Group. They said that it is a compromise between security and storage efficiency, and we believe that it is a compromise in the field of decentralization, since the use of locking blocks means that all transaction data is stored only on certain nodes, which makes the entire network vulnerable.

The team also offers a new syntax that supports Solidity ++, and also supports the issuance of digital assets, the transfer of the cross chain, the exchange of tokens based on the Loopring protocol, which forms a complete value system.

Vite will have a built-in Loopring protocol, allowing the exchange of multiple tokens. Therefore, the Vite wallet has the functions of a decentralized exchange.

Vite also proposed a VCTP interworking protocol that allows transfer of assets between networks. The Vite team will implement gateways with Ethereum. With other target networks, gateways will also be open to the community.

Road map:

The release of the alpha version is planned on October of this year.

The site has a very good plan for months.

The release of the desktop version of Vite is planned on January 2019.

The alpha version of the mobile application is planned on February 2019.

The Solidity ++ compiler, smart contracts and API are planned on April 2019.

The release of the Vite testnet is planned on November 2019.

The finished version of Vite 1.0 is planned on January 2020.

Token:

The VITE token is a utility-token of the Vite platform. First it will be on the Ethereum platform (ERC-20).

After the development of its own blockchain (April 2019 according to the roadmap), the tokens will be replaced with the tokens of their own blockchain.

There was no mass sale of tokens and it will never be. Only private sale.

In total, about 60 thousand ETH were attracted.

400 million VITE tokens were sold, which is 40% of the total emission of 1 billion VITE.

The price of the token was set at 1 ETH = 7,000 VITE.

The release of all tokens will occur in 5 stages - 20% per month.

The distribution of the tokens is the following:

  • 40% - private sale;
  • 25% - ecological fund;
  • 20% - the team (is locked for 2 years);
  • 10% - marketing and promotion;
  • 5% - Airdrop.

Partners: Among the main partners are OK Blockchain Capital and Loopring. OK Blockchain Capital (affiliated with the OKEX exchange) provides both financing and advisory support. Loopring is also a strategic investor, and its founder, Daniel Wang, acts as a consultant of Vite. The decentralized Loopring exchange function will be offered in a wallet application built on the Vite platform.

Ticker

VITE

Token type

Own blockchain

Available for token sale

Private sale - 28 млн $

Total tokens

1,000,000,000
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