VITE is the native currency of the Vite network, which is used to secure the network in a Hierarchical Delegated Proof of Stake system. It is deployed on its own chain, Ethereum and BNB Chain.
Vite is a generalised decentralized application platform that meets the requirements of industrial applications for high throughput, low latency and scalability while taking into account security. Vite uses DAG ledger structure, and transactions in ledgers are grouped by accounts. The Snapshot Chain structure in Vite can make up for the lack of security of the DAG ledger. The HDPoS consensus algorithm, through which writing and confirming of transactions are asynchronous, provides high performance and scalability. The Vite VM is compatible with EVM, and the smart contract language extended from Solidity, providing more powerful ability of description. In addition, an important improvement in Vite design is the adoption of a asynchronous Event Driven Architecture, which transmits information through messages between smart contracts, which greatly improves system throughput and scalability. In addition to built-in native tokens, Vite also supports users to issue their own digital assets, and also provides cross chain value transfer and exchange based on Loopring Protocol . Vite realizes resource allocation by quotas, and light users do not have to pay transaction fees. Vite also supports contract scheduling, name service, contract update, block pruning and other features.