Vite VITE Price

What is Vite (VITE)?

Launched in 2019, Vite stands as a trailblazer in blockchain technology, developed by Vite Labs. At its core, Vite is a Layer-1 blockchain boasting a Directed Acyclic Graph (DAG) structure. This innovative framework anchors on a Snapshot Chain system, engineered to deliver lightning-fast, feeless transactions while upholding top-tier security. The network's genius lies in its utilization of a quota-based mechanism, steering clear of traditional gas fees. Users stake VITE, the native token of Vite, to acquire transaction quota, revolutionizing the typical fee model in blockchain transactions.

Fueling the Vite ecosystem is the VITE token, employed for executing smart contracts and conducting straightforward token transactions. Interestingly, VITE isn't confined solely to transactional purposes; it's also the means through which users cast votes for Snapshot Block Producers, the network's supernodes. Moreover, VITE holders have the flexibility to lease their unused transaction quota to decentralized applications in exchange for their native tokens, fostering an environment of collaboration and utility. Notably, Vite's programming language, Solidity++, facilitates asynchronous smart contracts, further enhancing its adaptability. This cutting-edge platform has birthed a suite of groundbreaking products, including ViteX, a decentralized exchange boasting an on-chain order book, Vite App, a versatile mobile application offering trading, asset management, and dApp access, and VitePay, a rapid and feeless payment solution already integrated into various merchant services. Additionally, VitePlus spearheads blockchain solutions tailored for governmental and enterprise use, exemplified by the pioneering SyraCoin app, designed specifically for the Syracuse government.

What is unique about Vite (VITE)?

Vite stands out for its feeless transactions, driven by a quota-based system using the native VITE token, and its diverse utility beyond transactional purposes.

Who are the founders of Vite (VITE)?

Vite was developed by Vite Labs, founded by Richard Yan, who played a key role in its inception and development.

Who are the backers/investors of Vite (VITE)?

The primary backers and investors behind Vite include top-tier venture capital firms and strategic partners like Node Capital, OK Blockchain Capital, and more.

What is the consensus mechanism of Vite (VITE)?

Vite employs Hierarchical Delegated Proof of Stake (HDPoS) as its consensus mechanism, utilizing staking and voting to achieve network consensus.