Vite Tokens

This document is only for introduction. if you need more detail on vite, please move to White Paper (opens new window)

Transaction quotas

The VITE tokens are primarily used to quantify the amount of computing and storage resources on the Vite platform.

The more Vite tokens held by a user, the higher transaction quota he has. Users may lease unused transaction quotas for a profit.

Voting

VITE token holders have a number of votes proportional to their holdings in their decision to elect proxy nodes in snapshot consensus groups. The snapshot consensus group is the top-level consensus group of the system, which is responsible for verification of trading. The group consists of 25 nodes. Each time a snapshot block is generated, a number of forging rewards are granted, to incentivize node operations which improves the system’s robustness. Forged rewards come from additional offering of coins, with annual inflation rate no more than 3%.

Token removal

In some scenarios, Vite tokens are "burned" and removed from the system. Here are some examples: the temporary increase of quotas, the issuance of new tokens, the payment of cross-chain transfer fees and the payment for matching of looped transactions, the access to VNS naming services, and so on. The consumption of tokens will reduce Vite’s liquidity, thereby offsetting inflation.