Vite Labs, creators of a high performance asynchronous decentralized application platform, has announced ViteX, its decentralized exchange, is almost ready to launch and will be live in April of 2019.
As a meaningful component of Vite’s full ecosystem of products, ViteX is developed on the Vite public chain and features absolute decentralization, higher security of digital assets and robust economic models for both sending/receiving transactions and confirming transactions.
Initially, ViteX will allow trading for these coins: VITE, BTC, ETH, and USDT. Anyone can list their tokens on ViteX. VITE tokens will be available to trade with pairings of VITE/BTC, VITE/ETH, and VITE/USDT as soon as the decentralized exchange is officially launched.
Introduction of ViteX
True Decentralization
Unlike other decentralized exchanges that are semi-decentralized, ViteX is a completely decentralized system.
- The transaction matching engine is realized by Smart Contracts of Vite Chain. All orders will be completed through the chain and the order book will be stored on it, which makes complete decentralization a reality.
- The bonus of transaction fees will be distributed through Vite Chain to keep the result completely public and the rules unable to change.
Asset Security
The private key is kept by the user himself, and no one can misappropriate the user’s assets.
Trading Experience
ViteX is developed on top of Vite Chain, with features including high throughput, fast confirmation, zero gas cost, multi coins model, cross-chain gateway, and others. All these characteristics help deliver a user experience close to that of central exchanges, with none of its problems of course.
Staking to Earn Tokens
A user that executes a transaction on ViteX will receive VX tokens accordingly. All transaction fees and other income created by ViteX will be totally distributed to the holders of VX tokens. The rules for distributing these proceeds will be written in smart contracts, so they are unchangeable.
Openness to the Community
Anyone can list their own cryptocurrency on the ViteX exchange, as long as they comply with the agreements of Vite and ViteX. The community has 100% autonomy over forging tokens, building cross-chain gateways and listing trading pairs. Also, ViteX’s order book is fully open via API, which allows community users and partners to launch their own exchanges based on ViteX’s liquidity.
Introduction of VX (ViteX Tokens)
Uniqueness of VX
There is no private sale, public crowd sale, pre-mining or pre-sales of VX. VX is only earned through mining, which means confirming transactions on ViteX. By holding VX, users enjoy dividends in the form of transaction fees and other income garnered through ViteX.
Economic Model
- Supply of VX: 100,000,000 (no inflation)
- The release of VX will gradually slow down to a full mining timeline of 2 years.
Mining Rules
- Trading is Mining: VX tokens are obtained proportionally to the number of transactions completed on ViteX.
- Staking is Mining: User staking of Vite tokens to ViteX’s contract address will provide the exchange with the required quota for its operation. In return, the user will obtain a corresponding amount of VX tokens.
- Listing is Mining: The listing community or entity obtains a corresponding amount of VX tokens when listing new trading pairs on ViteX.
Vite’s blockchain ecosystem of products includes the following:
- A web wallet, iOS, and Android wallets
- Decentralized exchange (DEX)
- Crypto powered e-commerce platform
- Point of sale (POS) solution for merchants
- A platform for decentralized applications (dApp)
- Payment infrastructure without time lags nor fees
- One-click token issuance
- Smart contracts programmed in Solidity++
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