Vite officially enter into the Indian market with its partnership with WazirX India’s leading crypto exchange.

6 min readSep 19, 2021

Namaste Tribe!

Today we are going to talk about $VITE a Directed Acyclic Graph (DAG)- based smart-contract platform that features “zero-fee transactions and optimizes for transaction speed, reliability, and security”

but before moving forward i want to clarify that actually i came to know about $VITE from WazirX exchange Twitter Page as they have organised a $VITE Listing + Grand $VITE Giveaway for their customers, so before investing i started to collect more information about $VITE and to be very frank after completing my research i am totally surprised to tell you that this project is really great and has a good potential in coming future, so i got into it more deeply and today i am here with this article to share my views about VITE with you because i personally think that we should have some amount of $VITE in our portfolio as it is full of potential, and yes this is my personal opinion and i am not a financial adviser, so please do your own research before investing.

So without getting late lets dive in and try to understand what exactly $VITE is and what are its key features.

Their Vision statement itself is very positive and interesting :

“We believe in a future where many blockchains will grow to serve different needs. Easy transfer of data and assets between blockchains will become increasingly important. We designed Vite to bridge every blockchain in a decentralized way.”

What is Vite (VITE)?

Vite has built a Directed Acyclic Graph (DAG) based smart-contract platform, with a Snapshot Chain structure to facilitate zero-fee transactions and optimize transaction speed, reliability, and security. The Snapshot Chain of Vite utilizes Hierarchical Delegated Proof of Stake (“HDPoS”) to achieve network consensus, while supernodes take only staking rewards and no transaction fees. Vite virtual machine maintains compatibility with EVM, and utilizes asynchronous smart contract language, Solidity++.

As of December 2019, the Vite team operates three self-developed products on the Vite network: (1) ViteX (a decentralized exchange), (2) VitePay (a payment platform), and VitePlus (for government and enterprise blockchain applications).

About VITE Token

VITE is the native coin of the Vite network. It can be converted to the VITE ERC-20 token or VITE BEP-20 token on the Vite web app. The total amount of VITE in circulation would not be affected by this conversion, with users staking VITE for transaction quota instead of consuming gas. VITE can also be used to vote for Snapshot Block Producers. In addition, a VITE staker with unused transaction quota can lease such quota to dApps in exchange for their tokens. For instance, users can stake VITE in exchange of ViteX’s native decentralized exchange token, VX.

VITE is the fuel powers transactions on Vite’s chain. Unlike the traditional fuel (gas) which is consumed on other public chains such like Ethereum, VITE is used to stake for computational and bandwidth resources, and can be retained at no cost once transactions are complete — and that means free!

VITE is currently listed on WazirX India’s leading crypto exchange for purchase and now you can buy, sell, trade VITE in INR and USDT market.

VITE’s current products include a decentralized exchange (ViteX), payments (VitePay), and government & enterprise blockchain applications (VitePlus):

· ViteX is a decentralized exchange with on-chain order book and matching engine, and supports currently 20+ digital assets.

· VitePay is a fast and fee less payment solution, currently available to use in Singapore’s Ce La Vi Sky Bar and taxi services under the Midwest Global network. Users can pay for merchants with Vite wallet, who in turn receive payment with zero fees with near instant settlement. VitePay is also integrated with the e-commerce platform OpenCart, and one can utilize VitePay at the official Vite store.

· VitePlus is a Vite-based enterprise blockchain solution for governments and enterprises. Vite has developed a pilot app, SyraCoin, for the Syracuse government, allowing city housing fund donors to receive blockchain-based coupons that are redeemable for goods and services within city bounds.

Decentralized Tech

· ViteX adopts the most cutting-edge decentralized exchange technology by implementing on-chain order matching, settlement, mining, and dividends distribution through smart-contracts on Vite’s blockchain.

· Assets on ViteX are secured not in the exchange but by users’ private keys. No need to about assets being frozen, misappropriated, or lost ever again.

Decentralized Governance

· Community-owned dividends allow 100% of the trading fees on ViteX to be distributed to VX holders.

· Community-owned governance empowers anyone to vote for the future of ViteX.

· Community-owned operations allows anyone to launch their own decentralized exchange (DEX) on ViteX.

Community strategy

Vite’s community development strategies will initially be focused on China, Russia, Korea, Vietnam, Japan, and Turkey communities. The Vite team will continue to explore other markets as the project develops, VITE is now officially listed for trading on India’s leading crypto exchange WazirX. Residents of India can now buy, sell or trade $VITE with both Indian Rupee and USDT.

Current community growth strategies of Vite include:

· Addition of high-quality exchange operators to ViteX, so they can autonomously list coins, set and receive trading fees, and expand the Vite community.

· Integration of other chains into Vite Wallet.

· Capturing non-crypto customers via deployment of VitePlus.

· In-wallet airdrop campaigns with referral program.

· Online and offline community engagement.

· Monthly technical and non-technical AMAs to keep community informed.

Future community growth strategies of Vite include:

· Expansion of commercial partnerships via collaboration with crypto-fiat payment processor, Alchemy.

· Obtaining more trading users via release of one-step DEX deployment technology that allows people to conveniently create their own DEX.

· Capturing more customers via more DeFi applications in the Vite Wallet, providing opportunities to borrow and lend tokens within and outside the Vite ecosystem.

· Launch of Ecosystem Incentive Program to support key projects with rewards from ecosystem funds.

· Improving the developer toolkit and hosting local developer conferences.

· Launch of Blockchain Debate Podcast to improve brand awareness.

The token supply distribution is as follows:

· Private Sale tokens comprise 40.43% of total supply. It was conducted in May 2018 for 404.33MM VITE at a rate of 7,000 VITE = 1 ETH and raised a total of 57,762 ETH (~$40.43MM) at ~$0.10 per token, selling 40.43% of the total token supply.

· Marketing tokens comprise 10.00% of total supply.

· Ecosystem Development tokens comprise 23.57% of total supply.

· Team tokens comprise 20.00% of total supply.

· Airdrop tokens comprise 5.00% of total supply.

· Advisor tokens comprise 1.00% of total supply.

VITE Market

· Trading Price (at the time of writing): $0.0831 USD

· Global Market Cap (at the time of writing): $40,611,790 USD

· Global Trading Volume (at the time of writing): $8,179,321 USD

· Circulating Supply: 488,731,848.90 VITE

· Total Supply: 1,021,302,959 VITE