Vite Labs Blockchain dApp Network to Launch Incentive Plans for Its Testnet
Vite To Launch Incentive Plans for Its Testnet
Vite Labs, the decentralized application blockchain network, has announced that new incentive plans to encourage participation ahead of its testnet launch. The incentives will be activated after the developers launch the testnet and release a custom system that users will use for moving their ERC20 altcoins into the Vite testnet. Here is a preview of the plans ahead of the launch:
Super Nodes Election
Every full node in the network is eligible to become a supernode within the testnet, hence reaping mining rewards. Also, once the mainnet launches, all existing testnet supernodes will automatically be transformed into mainnet supernodes.
Requirements to Qualify For a Supernode
• Have a robust server along with the necessary server maintenance skills
• Stake a minimum of 500,000 VITE, which will become 1 million VITE for the mainnet
• Have strong community influence to call for governance voting from holders of VITE coin
There are a total of 25 supernodes up for grabs. However, 5 of those supernodes will not be sold to guarantee the system’s stability. The remaining 20 will be generated through voting, with the ones that receive the highest votes receiving mining rewards.
Vite Labs is initially going to be accountable for operating all supernodes. However, once new supernodes are registered and obtain more than 200,000 votes, then Vite will retire the official supernode and give space to the new ones. Community members will compete with each other to get a chance to get the 20 available supernode spots.
During the testnet phase, the VITE coins that had been initially set aside for marketing and airdrop will be deployed for rewarding the miners. Once the project reaches the mainnet stage, the miners will get rewards through a supplementary token issuance, or inflation. The bonus includes a sizeable 3% if total token supply, which comprises of an average of 1,200,000 VITE for each supernode. This reward assumes that all supernodes are generating 3,456 blocks per day.
All the mining rewards achieved during testnet by Vite’s official supernodes are going to be shared to the entire community. Every user with VITE tokens that are being used in the testnet will receive daily rewards after voting for the various official supernodes. Note that if more voters participate, then it will translate to reduced income for every voter. The trick is to vote early and benefit from the higher rewards associated with fewer votes.
Holders of VITE token are therefore advised to prepare their altcoins ahead of the testnet. The converted altcoins will be used to register, stake or vote for supernodes. Note that once you migrate to VITE coins into the testnet, they will not be tradeable in secondary markets, until after the team launches the mainnet.