Vite Bi-weekly Report

October 1–15 2018

Dear Vite fans, welcome to the Vite Biweekly Report (October 1st — October 15th). Let’s see what happened to Vite in the past two weeks!

Recruiting

After going through a rigorous screening process, we are now onboarding a new test engineer.

At present, there are 36 people in the Vite team: 32 in the Beijing office, and 4 in the Silicon Valley office.

Development progress

After months of research and development, our TestNet has now entered the joint debugging phase. Once our TestNet is live, our technical team of thirty engineers will conduct multi-dimensional defensibility testing in order to guarantee stability as a Layer 1 MainNet solution.

In order to balance security and meet the requirements of high throughput, low latency and scalability, we have invested lots of resources in developing the call between system module partitioning and system modules. The following figure shows the process of a transaction:

Transaction Process

Community Management

We have successfully launched our VCP campaign on WeChat and Weibo with hundreds of winners receiving VCP. Currently, we have issued more than 5 million VCP, which can be used on Vite Store to redeem Vite branded merchandise. We are on the process of creating a international version of the Vite Store so fans in any country can acquire VCP and participate.

Vite Commercial Products

Activities

Discussion Panel

On the afternoon of October 4, 2018, the second Silicon Valley Technology Forum was held at the Computer History Museum in Mountain View, California. Our COO Richard Yan, participated in the “Artificial Intelligence in China” panel discussion. During Richard’s segment, he discussed the Vite project, blockchain and the state of artificial intelligence industry. He noted that artificial intelligence needs blockchain as a trust machine and that the technology is of great significance to the industry.

Richard on SVTC Conference

Forum and Summit

On October 5th, Marketing Manager Luke participated in the Global Blockchain Forum held in San Francisco, while Business Development Manager Chris attended Hysta annual summit in Silicon Valley.

Luke at Global Blockchain Forum

Exclusive Interview

Richard Yan also had an exclusive interview with Jinse Finance on October 9. “Vite is taking a long and difficult road, but we are well prepared to let our team focus on development. Survival is a question that every startup team considers. But for Vite, the challenge is to continue to push for technological breakthroughs while defeating our own milestones to create a versatile product”.

Richard in the Interview

San Francisco Blockchain Week

For San Francisco Blockchain Week, the Silicon Valley team was able to network with a number of other blockchain companies in attendance.

Vite Silicon Valley Team at San Francisco Blockchain Week

Q&A session

With the launch of several new products, we have received a number of general inquiries from our community. Here 3 of some of the most frequently asked questions:

1. What is VCP?

VCP is the Vite Community Score Token, which is used for Vite Community Incentives, as well as points earned by other apps or credit cards, to help the Vite network test performance. You can use VCP to redeem Vite limited edition merchandise (such as T-shirts and hats) in our upcoming web store. VCP is donated by Vite’s official operations, and its value is stable. The token has no value and is only meant to be used to redeem products at the Vite Store (therefore, it has no value as an investment nor will it ever be traded on an exchange)

2. Why not use Vite Token to do operational rewards directly?

First, we do not want to supply too much VITE to the market and affect the secondary market price; second, the current VITE is ERC20 token, which is running on the Ethereum network, so it is not available to be used on the Vite network for testing. VCP collections, transactions, shopping, etc. must only be used with the Vite wallet or App.

3. Not able to log into your account?

Forget about how to log in using your mnemonic phrase? If you are using your original device and the cache is not been cleared, you can see the previous account on the login page, which you can access by entering in your password. If you have cleared the cache or changed browsers, you need to use the mnemonic to restore your account. Please backup your mnemonic words when initially setting up your account, and store it in a safe place. If you lose your mnemonic, you will not be able to recover your virtual assets.

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