About

About Us

Vites is an open source cryptocurrency based on Nist5 algorithm. The Vites cryptocurrency serves as the core utility coin in the Vites platform and related use cases. The emphasis of Vites is solely on creating solid use cases and a functional digital economy around the cryptocurrency.

Mission of Vites and the Vites platform

Nowadays most cryptocurrencies serve solely as speculative assets, out of which most essentially just focus on Bitcoin being faster, cheaper, anonymous or to feature some kind of other gimmick. This leads to a significant lack of real world utility which could and most definitely should come from the use of blockchain technology. Cryptocurrencies can only be adopted as a proper currency if they are usable in many different business environments. In addition, a cryptocurrency must be easy to obtain and utilize by new/less tech savvy users.

The Vites project has a strong focus on providing actual utility with low barriers for new adopters. Vites will push its adoption primarily through its namesake Vites platform, which will essentially be a digital economy where you can earn or spend the Vites cryptocurrency.

Users can enter the world of cryptocurrency by doing things already common in today’s world, rather than having to purchase cryptocurrency outright or mine, a process seen by many outsiders as difficult.

Through the Vites platform, the user can then be exposed to, and incentivised to learn more about, blockchain technology and cryptocurrency as a whole.

Why we chose for PoS & benefits of holding Vites?

The Nist5 hashing algorithm is a fairly new algorithm seeing more and more mainstream adoption through cryptocurrencies. Although Nist5 can also be mined we chose to only allow staking as mining is a process where many crypto outsiders view as difficult and cost prohibitive. We want to make sure everyone can easily benefit for holding their Vites.

Vites is a proof-of-stake cryptocurrency, which means users get a periodic reward for owning and staking their coins. Staking rewards can be compared to interest on a bank account. These rewards are earned because staking coins helps to secure the Vites network.

The process of staking is fairly simple. A user simply has to ensure their wallet is connected to the network, and hold an amount of Vites in their wallet.

The Nist5 algorithm is a technology that combines several finalists from the NIST hashing competitions over the years.

It consists of:
– Blake
– Grostl
– JH
– Keccak
– Skein

Specs information

Ticker: VITES
PoS algorithm: Nist5
Max supply: 50.000.000.000
Circulating supply: 30.000.000.000
Staking: 15.000.000.000
Development fund: 5.000.000.000
Block time: ± 2,5 minutes
Block size: 8 MB
Block rewards: 10-20% year one
Difficulty: re-target 60 minutes
Confirmation time: 10 blocks (± 25 minutes)
Stake maturity: 30 blocks (± 75 minutes)
Minimum age to stake: 8 hours
PoS Period: Infinite

Time until all coins are mined: At current PoS rate 1,5 – 2 years. But within- or after the first year we are re-adjusting the PoS rate to a significant lower ROI. And we’re going to explore the benefits of adding masternodes. All the changes within- or after the first year will be for the health of the project.

Staking rewards are 10% annual. If you stake your coins more frequently,  you can even gain up to 20% annually with the gained compounding interest.

Open source

The Vites cryptocurrency is open source, this means the code of the coin can be accessed by anyone at any time and suggestions for improvement can be made by the community. The decision to make the coin open source was made to encourage advancement and innovation without hindrance, as well as community involvement.