What Is Vite?

Vite is a universal decentralized application (DApp) platform that fulfills the needs of industrial applications for high output, scalability, low latency, and security. The platform uses a DAG ledger structure that supports smart contracts. Smart contracts are just like regular contracts; however, instead of being drafted on paper, these contracts run in the form of protocols on blockchain. Additionally, a DAG (directed acyclic graph) substitutes for the existing traditional blockchain that records transactions on a digital ledger of Vite. The DAG improves the scalability, speed, and cost virtues of the current blockchain technology of this network.

In addition, Vite believes several blockchains are growing for different purposes, making accessible data and asset transfer essential. Therefore, the network aims to bridge every blockchain in a decentralized manner. Also, the currency offers high transaction speed and charges minimal fees on each transaction.

Besides this, the platform allows users to create DApps, such as decentralized exchanges (DEX), DeFi, payment networks, crowdfunding platforms, games, etc. Moreover, smart contracts help users build these applications that run on a distributed network. The currency ensures that all the transactions on the platform are secure and provide benefits to the developers, users, and miners.

Moreover, the Vite public chain has its native token known as VITE (VITE), which powers the blockchain transactions. Additionally, users can stake VITE for computational and bandwidth resources. The currency also allows users to issue their own cryptocurrencies and supports cross-chain value transfer. A cross-chain transfer refers to moving the same cryptocurrency between multiple blockchains. Vite has a fair and efficient governance system divided into two parts: on-chain and off-chain. On-chain refers to a voting mechanism built on protocol, while off-chain is the duplication of the protocol itself.

History of VITE

The Vite blockchain network was introduced on September 25, 2019, and has expanded to approximately 184 nations. The total supply of VITE was 1 billion coins on January 19, 2022.