VITE New generation ridesharing service powered by Vitecoin



Vite is A Next Generation High-performance Decentralized Application Platform[1]. Vite is based on Directed Acrylic Graph (DAG). "DAG will be used for applications that require scalability in the thousands of transactions per second. The launch of CryptoKitties clogged the Ethereum network which resulted in slow transactions and high fees. Ethereum has a solution to this called sharding, but it is 5 years out. Applications will soon, I think, be turning to DAG to scale.

The Vite Platform (MVP)

Vite App, available on android and iOS, is a mobilephone application that facilitates peer-to-peer ridesharing by connecting passengers who need a ride with drivers who have a car at the tap of a button. Vite App uses location sharing technology and a set of algorithms to match passengers to the closest available private or taxi driver on the Vite network, enabling riders to access convenient and comfortable personal transportation services.

What is a DAG?

Let's first define Blockchain. Blockchain is a decentralised public ledger. DAG is also a decentralised distributed ledger. DAG does the same thing what blockchain does. Purpose of DAG is same as blockchain i.e. to maintain a decentralised record of online transactions but DAGs achieves the same goal via different technology. Both DAG and Blockchain are different technologies trying to achieve the same goal. There is absolutely no relation between these two technologies barring the goal they are trying to achieve i.e scalable decentralised ledger.

In blockchain, new transactions are processed only after previous transactions get confirmed. For eg. All transactions in a Bitcoin are first placed in a Mempool and then miners pick transactions from there and verify them. Miners pick new transactions only after previous transactions gets verified. This is what synchronous means, miners are moving to next task after completing the previous task (task here means processing a transaction) but in DAG technology which is asynchronous, all transactions are processed simultaneously even before the previous transactions get confirmed or not. This is what asynchronous means validators are moving on to another task even before completing the previous task (task here means processing a transaction).


VISION

Our vision is to tokenize payments in the global ridesharing industry by making Vitecoin(VT) the leading digital currency settlement layer between riders and drivers, removing the hassle of carrying cash and credit card fees. In addition, Vite’s social impact model has been designed to benefit society and create mutually enriching experiences for riders, drivers and cities. This creates a vastly improved market alternative compared to the existing profit-oriented mercenary ridesharing Companies. We believe that great organizations have to be driven by purpose in order to create a sustainable profit model.

Vite App MVP

Vite App, available on android and iOS is a mobile phone application that facilitates peer to peer ridesharing by connecting passengers who need a ride with drivers who have a car at the tap of the button.

The MVP has been successfully beta tested with select customers in the tech savvy island of Mauritius in the indian ocean. Our revolutionary inbuilt Vitecoin payment will be accessible on both rider and driver apps prior to our launch.


  • Open app( pickup automatically picked)
  • Enter drop off for fare estimate
  • Tap to request
  • Closest driver accepts and comes for pickup
  • Arrive. Pay with vitecoin or fiat. Rate driver



TOKEN SALE



Our token sale seeks will decentralize ownership of the Vitecoin to ensure the crypto-economic stability of our coin, while also raising funds to establish a responsible and fair ride-sharing model for millions of drivers and riders across the emerging markets. We aim to become the number one blockchain-powered ridesharing service, built on transparent and firm foundations.

Contributors who would like to support the Vite project will be able to do so by sending Ether to the designated Vite wallet.

• The project’s hard cap is $8 million.
• For the private sale, there is a minimum investment amount of 0.5 ETH.
• Vite Technologies, a private limited liability company-a Mauritius entity will act as the insurer.
• VCT will be distributed to contributors as an ERC-20 token once the token sale is completed.
• All unsold tokens will be burnt.


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