FAQ

What is Vites?

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

 

What is Vites Ecosystem?

Vites Ecosystem is a platform to purchase services and products with crypto. Think of micro tasks, short freelance assignments, but also work for longer term. The platform also features a marketplace with escrow services.

 

Will the platform be decentralized?

The platform is NOT decentralized, contrary to what most think in the first instance. We are creating a traditional platform, not a dApp (decentralized app where backend lies on blockchain). The reason for this is people who act on the internet always need a central mediator. “Intervening” on a decentralized platform is also more difficult.

 

Which coins will be added on the platform?

Vites will play a main role on the platform. Our aim is to also cooperate with other cryptocurrencies. Coins to be integrated will be decided by vote.

 

Where can I secure my Vites?

We highly advise you to store your Vites on your own wallet. Wallet can be found here

 

What exchanges can you trade Vites on?

Stex. We are constantly looking to list Vites on more exchanges.

 

Was Vites an ICO?

No. We are a community driven project. No ICO was ever held.

 

Is Vites mineable?

No. Although Nist5 can also be mined we chose to only allow staking. Mining is a process seen by many outsiders as difficult. We want to make sure everyone can easily benefit for holding their Vites.

 

What is staking?

A process where 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.

 

How do staking rewards work?

Staking rewards are calculated as a function of coin maturity plus the number of coins in your wallet.

 

Will there be masternodes?

In the short-term there won’t be masternodes. We want to give everyone a chance to get more coins through staking. 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.

 

How does Vites fund operations?

We have saved 5b for business development. They are obtained by pre-mine. You are also always free to donate for the project. As a result, the development wallet can be maintained for a longer period of time and development is more assured for the future

 

How can we donate to the project?

By using one of the following addresses:

VITES address: HivexPJMz6s9kdPv8bWTUJZgH66kjSc6CV

BTC address: 39LFRjAeQVPBHPX1MTbuRLtpkfbUqpz2FQ

 

Can I join the Vites team?

Absolutely! Click here