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What are VITE and ViteX? Learn and participate in $30000 Giveaway

VITE is a Decentralized Network using aHierarchical-delegated-Proof-of-Stake Consensus Mechanism allowing zero-fee transactions.

Indian Crypto Exchange WazirX is running a partnered giveaway with Vite over multiple activities since Thursday for a total value of over $30000 in VITE tokens. In this article, we will learn what is Vite and how users can participate in the giveaway.

What is Vite?

Vite operates a Directed Acyclic Graph (DAG)- based smart-contract platform that features “zero-fee transactions and optimizes for transaction speed, reliability, and security”. To achieve this, Vite uses a Snapshot Chain structure featuring a consensus mechanism named Hierarchical-delegated-Proof-of-Stake (“HDPoS”). The VITE token is used to initiate transactions and fuel smart contracts. 

Vite’s nodes have expanded to 184 countries and regions across the globe, with a total number of over 1,200 nodes. There are two types of Vite nodes: Full Node and Snapshot Block Producer (SBP). Each year, 30 million VITE are minted and distributed to SBPs as mining rewards.

VITE has a total supply of 1 billion coins. VITE is the native coin of the Vite public chain and it is the fuel to power transactions on the Vite chain. Unlike the traditional fuel (gas) which is consumed on other public chains such as 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!

Decentralized Exchange ViteX

ViteX offers on-chain order matching, settlement, mining, and dividends distribution through smart contracts on Vite’s blockchain.

ViteX or VX, the token powering the DEX has a precise supply of 29,328,807.8 coins. As the platform token of ViteX, VX holders benefit from the exchange’s dividend distributions and governance privileges. All VX is 100% mined through real trading, staking, coin listings, referrals, and market-making activities based on an agreed remittance schedule.

Vite Community Points (VCP)

Vite Community Points (VCP), has a total supply of 10 billion. VCP are Vite’s community credits. They are distributed for free to recognize community members who have made significant contributions to our platform, such as developing applications on Vite, written public articles about our ecosystem, made videos about products, or tweeted about us. Currently, VCP is mainly used for redeeming Vite merchandise (such as t-shirts and hats) in our ViteStore. VCP will not be listed or traded in Vite’s exchange.

Vite products:

Some of the key apps launched on Vite include:

  • ViteX Exchange
  • Vite App
  • Web Wallet
  • Desktop Wallet
  • ViteScan – Blockchain Explorer

Here are some VITE stats (as of Sep 20, 2021):

  • Trading Price (past 24 hr): $0.081 USD
  • Global Market Cap: $40,613,587.75 USD
  • Global Trading Volume (past 24 hr): $7,359,581.86 USD
  • Circulating Supply: 488,893,085.20 VITE
  • Total Supply: 1,021,464,196 VITE

Trading VITE on WazirX

VITE is trading on both INR and USDT markets on WazirX. VITE is part of the Rapid Listing Initiative, which means the users can move VITE between their connected Binance and WazirX wallet.

  • Deposits – Participants can deposit VITE to WazirX from connected Binance Wallet.
  • Withdrawals – Participants can withdraw VITE from WazirX only to connected Binance Wallet.
  • Trading – Participants can buy, sell, trade VITE in their USDT and INR markets.

Giveaway and Program Schedule for VITE Giveaway

  • Friday, Sep 17: YouTube Live with Vite COO Richard Yan on WazirX YouTube.
  • Monday, Sep 20: AMA with Richard Yan. Learn everything about VITE and win total prizes of $250.
  • Tuesday, Sep 21: Trivia contest on WazirX Instagram page with prizes of $50. Learn interesting trivia about VITE and win.
  • Tuesday, Sep 21:  Quiz in our Telegram group with prizes of $500. Show off your VITE knowledge in a fun quiz session and win.
  • Thursday, Sep 23: VITE Airdrop worth $9,850 for top WRX holders for always supporting us.
  • Friday, Sep 24 – Sunday, Sep 26: 48-hour long Highest Trader Kaun Marathon with prizes of INR 15,48,300 ($20000) worth VITE for top 300 traders.

Youtube Live with VITE

The live interview of Richard Yan, COO of Vite, by Archit Sinha to learn everything about VITE tokenomics took place on Friday. You can watch it on WazirX’s youtube channel.

🔸 When it ended: Friday, September 17, 6:30 PM IST

🔸 Where: https://www.youtube.com/watch?v=p23aKGnRRCQ

AMA with VITE

The AMA with co-founder and COO Richard Yan to learn everything about VITE took place on Monday.  The questions were sourced from WazirX’s Twitter followers and telegram users.

Giveaway:

$150 for the top 10 questions selected from Twitter.
$100 for the top 5 live questions from the Telegram group.

Instagram Trivia Contest for VITE

The exchange will conduct Instagram trivia on VITE. Users can answer the questions posted on WazirX Instagram Stories and win Prizes.

When: Tuesday, Sep 21, 12 PM IST

Where: instagram.com/wazirx

Giveaway:

5 lucky winners will win each $10 worth VITE.

VITE Quiz

WazirX will host a quiz session about VITE in the WazirX Telegram group. Users are able to show off their VITE knowledge and win prizes.

When: Tuesday, Sep 21, 6 PM IST

How to participate in future Quizzes?

Giveaway:

 1st prize: $100
 2nd – 5th prize: $50 each
 6th – 10th prize: $20 each
 11th – 20th prize: $10 each

Reading resources:

Highest Trader Kaun Marathon: VITE/ INR

Highest Trader Kaun Marathon welcomes participants with prizes for the top 300 traders.

About the Contest:

  • The trading contest is from Friday, Sep 24, 9 AM to Sunday, Sep 26, 9 AM IST.
  • It will be run non-stop for 48 hours. 
  • Total prize of INR 15,48,300 (~ $20000 USD) worth VITE. Participants can win rewards based on their trading performance for the entire 48-hour long trading contest marathon!

How can participants take part in the contest and win?

Winners will be determined based on the volume of VITE traded in WazirX’s INR market.

What are the prizes?

Prizes for top 300 traders in the contest:

Trader RankPrizes/person (VITE)INR worth
136,922.892,32,245
224,615.261,54,830
312,307.6377,415
4 – 1012,307.6346,449
11 – 203,446.1421,676
21– 301,723.0710,838
31 – 40984.616,193
41 – 50738.464,645
51 – 100492.313,097
101-150270.771,703
151-200123.08774
201-30073.85464

Happy Trading!

Note: For the entire giveaway, VITE price will be considered at $0.0813, i.e., INR 6.29 and all prizes will be distributed by October 10, 2021.

Previous WazirX Listing and Giveaways:

You can watch the video on Vite here:

Disclaimer: Coin Crunch partners with multiple projects for consulting and marketing initiatives. Our editorial however remains uninfluenced by our partners unless specifically mentioned. For more details about our policies, please check out this disclaimer.

Risk Warning: Crypto trading is subject to high market risk. Please ensure that you undertake sufficient risk assessment when trading newly listed tokens as they are often subject to high price volatility. WazirX will make best efforts to choose high-quality coins, but will not be responsible for your trading losses.

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