In the ever-evolving world of blockchain technology, VITE stands as a remarkable innovation designed to push the boundaries of transaction efficiency and security. Built on a Directed Acyclic Graph (DAG) based platform, VITE leverages a unique Snapshot Chain structure to ensure zero-fee transactions, exceptional speed, and robust reliability. With its Hierarchical Delegated Proof of Stake (HDPoS) consensus mechanism, and the utilization of Solidity++, an asynchronous smart contract language compatible with EVM, VITE is engineered for superior performance. This article delves deep into how VITE token powers ecosystem interactions, enables feeless transactions, supports decentralized exchanges, and much more. Read on to discover the cutting-edge features and real-world applications of the VITE network.

What Is 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++.

The VITE token is the currency for simple token transactions and smart-contract executions on the Vite network, with users staking VITE for transaction quota instead of consuming gas. VITE can also be used to vote for Snapshot Block Producers (aka supernodes). 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 for ViteX’s native decentralized exchange token, VX.

Vite’s current products include a decentralized exchange (ViteX), a multi-purpose wallet application (Vite App), payments (VitePay), and government/enterprise blockchain applications (VitePlus):

• ViteX: A decentralized exchange with an on-chain order book and matching engine, supporting over 20 digital assets.
• Vite App: A mobile application that allows trading (ViteX), asset management (wallet), and dapps (e.g., Vite-based games) in one place.
• VitePay: A fast and feeless payment solution, currently available in Singapore’s Ce La Vi Sky Bar and taxi services under the Midwest Global network. Users can pay merchants with the Vite wallet, who in turn receive payment with zero fees and near-instant settlement. VitePay is also integrated with the e-commerce platform OpenCart, and one can utilize VitePay at the official Vite store.
• VitePlus: 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.

How Can You Buy or Mine VITE?

You may purchase VITE at major exchanges such as Binance, OKEx, and Bittrex. To 'mine' VITE, you may run a Snapshot Block Producer (aka supernode to partake in the HDPOS consensus process) on the Vite network and receive block rewards in the form of the annual inflation of 30 million VITE coins. You may also run a full node and receive VITE rewards from the Vite foundation.

Supply Distribution

Private Sale tokens comprise 40.43% of the 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: 10.00% of total supply.
• Ecosystem Development tokens: 23.57% of total supply.
• Team tokens: 20.00% of total supply.
• Airdrop tokens: 5.00% of total supply.
• Advisor tokens: 1.00% of total supply.

Token Market Data

Coin Statistics:

• Current Price: $0.0331
• Market Cap: $35,751,121.45
• 24h Price Change: -1.64%
• 7d Price Change: 12.01%
• 30d Price Change: 93.96%
• 24h High: $0.0356
• 24h Low: $0.0320
• All-Time High: $0.3486 (2021-04-10T01:03:11.000Z)
• All-Time Low: $0.0053 (2020-03-13T06:07:03.000Z)
• Circulating Supply: 1,078,896,958.74
• Total Supply: 1,087,211,242.74

Vite's Technological Innovations

Directed Acyclic Graph (DAG) Architecture

Vite's DAG-based architecture is a significant departure from traditional blockchain structures. Unlike linear blockchains, DAG allows for parallel transaction processing, which significantly enhances transaction throughput and scalability. This architecture is particularly beneficial for applications requiring high transaction volumes and low latency.

Snapshot Chain Structure

The Snapshot Chain structure is another innovative feature of Vite. It ensures that transactions are confirmed quickly and securely without the need for high transaction fees. This structure works in tandem with the DAG architecture to provide a robust and efficient transaction environment.

Hierarchical Delegated Proof of Stake (HDPoS)

HDPoS is Vite's consensus mechanism, designed to enhance network security and efficiency. In this system, supernodes are elected by VITE token holders to validate transactions and produce blocks. Unlike traditional Proof of Stake (PoS) systems, HDPoS separates transaction validation from block production, which helps in achieving higher transaction speeds and lower energy consumption.

Solidity++: The Asynchronous Smart Contract Language

Solidity++ is an extension of the popular Solidity language used in Ethereum. It introduces asynchronous programming capabilities, allowing for more complex and efficient smart contracts. This makes Vite's virtual machine compatible with Ethereum's EVM, enabling developers to port their existing Ethereum smart contracts to the Vite platform with minimal modifications.

Real-World Applications of Vite

ViteX: The Decentralized Exchange

ViteX is Vite's decentralized exchange (DEX) that offers an on-chain order book and matching engine. Unlike centralized exchanges, ViteX provides a trustless trading environment where users retain control of their funds. The DEX supports a wide range of digital assets and offers features like staking, liquidity mining, and trading fee rebates.

Vite App: The All-in-One Mobile Application

The Vite App is a versatile mobile application that integrates various functionalities into a single platform. Users can trade on ViteX, manage their digital assets, and interact with decentralized applications (dApps