Full description of Vitae
Vitae is a
Cryptocurrency (?) based on Blackcoin PoS 2.0 protocol and Bitcoin core code. This is a PIVx
Fork (?) based on PIVx technology. Masternodes and Supernodes employed by the platform are necessary for
Decentralized (?) governance and higher confidentiality of transactions. The project was launched in December 2018.
Vitae was created by the Swiss company registered under the name Vitae AG. The enterprise is located in Zug, also known as a tax haven, where numerous cryptocurrency ventures and IT companies are located.
Key goals of Vitae
The team behind the project sticks to the opinion that people deserve a better financial environment bringing to prosperity and devoid of rising debt and inflation. Therefore, the company has developed a platform based on the equilibrium to contribute to a better lifestyle and prosperity of its community members and give equal opportunities for all. At this, knowledge from game theory was employed, or, in particular, the basics of the Nash Equilibria equation. According to this equation, each member of the community should have the opportunity to succeed, so the system was designed with this concept in mind. It means that those who do more should be rewarded correspondingly and all participants of the system should be able to create at least minimal income.
Vitae applies a revolutionary approach to social media, rewarding users for their activities. The founders of the platform think that the community can be entirely self-regulated, provided with the best quality content and lack of negative messages. This is the community that helps a person to become a better version of oneself and doesn’t provoke negative emotions in them. This is very motivating to be engaged in activities in such surroundings.
The creation of income via social media application is one of the goals of the project. People on this platform gather to create income thus fighting unemployment and improving the financial situation in this way, which on the global scale helps to cope with inflation. The platform plans to become some sort of Facebook with the key difference: all the profits (billions of dollars in case of Facebook) that usually go to corporations, are paid to the participants of the system. For instance, the ad revenue of Facebook reached 17.4 billion USD in 2019.
Google banned advertising of cryptocurrency projects, therefore a special space is needed for that. The platform is ready to accept the advertising market banned by Google and Facebook. All those who plan to advertise on the platform should use Vitae tokens for this purpose.
Vitae technologies
The platform uses Zerocoin protocol that helps to protect masternodes and supernodes from DDOS attacks. The platform functions on the basis of proof-of-stake consensus. Supernodes employ SwiftTX technology for instant transmission of data helping to verify transactions in a matter of a few seconds. It is needed to enable the connection of Point of Sale terminals for e-commerce and retail Peer to Peer transfers. Supernodes also use the Zerocoin protocol and POD (proof of disintegration), which provides a transparent proof of the burn. Supernodes run on the same
Wallet (?) software as the
Blockchain (?) itself and provide additional functions for the network.
Supernodes feature the capability of expansion into PoS and e-commerce connections and receive a certain portion of reward for each newly generated block. These nodes are issued and hosted only by the VITAE command to ensure maximum
Node (?) uptime. There is no running cost for the Supernode owner. The price of supernode creation makes up 10,000 VITAE.
With Vitae, masternodes serve as a decentralized voting and blockchain governance model for the network. They function like supernodes but do not contain e-commerce integration. These nodes can be created and hosted by someone at a price of 20,000 VITAE. The creation of a node doesn’t cause
Token (?) burning. Instead, the provided funds are blocked and serve as a guarantee for Maternode at the point of creation.
Vitae platform
The company with a lean management structure works rather effectively. Much of the work is performed on a voluntary basis by people who have demonstrated their management skills before. It helps to reduce the expenses on professional employees and spend more on the development of the platform.
Vitae charges for sharing content, and this is an effective way of self-regulation, contributing to the quality of content published on the platform. The platform also filters the content encouraging publications of the most popular topics.
Masternode owners can earn smart passive income as the holder of cryptocurrency can gain Vitae tokens via staking.
Vitae token
VITAE is a utility token providing access to the products of the company. Based on the ERC-20 technology, this PIVX fork uses the Quark algorithm for hashing. The token is not meant to be an investment tool and has a pure utility purpose. Only independent exchanges are involved in the trading of Vitae tokens and Vitae AG isn’t involved in sales. One can purchase VITAE tokens on such exchanges as STEX, Folgory, Cryptopia, WhiteBit, and IDAX. The maximum supply equals to 100,000,000 tokens. VITAE can be stored on Vitae QT wallet that is available for Windows, Apple, Linux OS.
The platform had 1,000,000 Pre Mined tokens, however, all of them were burnt after Supernodes were created.
Vitae team
The founder of the platform is Michael Weber who launched the company in 2011. However, it was registered officially only in 2014. The other co-founder of the platform is Derek Burt. The team also includes Russell Agnew, digital marketing director and Maria Tomaino, director of communications.
- Exchange symbol (?): VITAE
- Cryptocurrency type (?): Token (?)
Vitae for developers
Vitae social sites
Source: NOMICS
