Delegation 101

This article is to explain in very simple words about staking in VITE network.


Currently, it is possible to buy VITE tokens from exchanges like OKEX and Bilaxy. You can find the list here.

These tokens live on the Ethereum blockchain. Below, we will refer to them as VITE ERC20 tokens.
Although VITE has not yet released its main net, the test net is up and running, and supporting token delegation. 

To delegate tokens enables you to have a source of passive income, as you will be rewarded for it!

In order to delegate VITE tokens, you need to acquire VITE ERC20 tokens VITE delegation is currently working on the test net. ERC20 tokens from exchanges can be swapped for testnet tokens. When the main net will be released in a few months, both ERC20 and testnet tokens can be swapped for main net tokens.

What are we staking for?

VITE’s consensus and block production relies on Super Nodes (aka SBPs). 

Supernodes require votes from the community (also known as “delegation”).
Only the top 25 nodes by votes received are insured to produce blocks frequently.

Super Nodes receive rewards both for the blocks they produce and the votes they have received from the community.
You can see all of that in the VITE block explorer.

SwissVite is one of the top 25 Super Nodes. If you vote for us we give back 100% of the voting rewards.
We pay the rewards once a week and publish a daily breakdown of the rewards to be distributed here: https://twitter.com/swissvite

How to vote?

Time to give more practical information about delegating your tokens to SwissVite!

If you already own VITE tokens that you bought from OKEx or another market, these are ERC20 need to be swapped to VITE testnet tokens first. There is a tutorial here:
https://medium.com/vitelabs/testnet-an-update-erc20-token-migration-guide-7c200bef7337

Once you have received your tokens, you can simply vote from within the VITE web wallet.

Click on the voting icon, select our node, and click on Vote!
Make sure the chosen node address is the following: 
vite_a3d3cc24a9de0fdf971975895272126eb599b43021fe9b9777

You will need some “quota” to perform the voting transaction. This is a bit similar to Ethereum’s gas, except that it will not cost you any VITE.
This is why you will get this popup, and you can just click the Run POW button to generate enough quota for the voting transaction. 

That’s it! You will soon receive your rewards in your wallet! 

You can see a summary of the rewards here: http://bit.ly/SwissViteRewards.
We also regularly publish updates about the rewards we distribute on our Twitter account, make sure to follow us!

Please come to say hello in our Discord and Telegram channels, we will be happy to answer all of your questions!

Previous ArticleNext Article

1 Comment

Leave a Reply

Your email address will not be published. Required fields are marked *