How to Become a ViteX Operator

vitelabs (31)in #cryptocurrency • 5 years ago (edited)

Everything you need to know

Chances are, if you're reading this, you might be interested in becoming a ViteX operator. Good thing you've come to the right place. Read on for more details on how to become an integral part of the ViteX ecosystem!

What is ViteX?

ViteX is a decentralized exchange (DEX) of the community, by the community, for the community.

Fast & Seamless. ViteX is a dApp built on the Vite public chain. Utilizing Vite's DAG ledger and asynchronous architecture, ViteX is able to offer a fast transaction confirmation and order book matching (comparable to that of a centralized exchange) while still operating on a fully decentralized platform.
Open & Transparent. Many of the other DEX platforms operate on a partially-decentralized model, with on-chain asset management modules and off-chain order book matching modules. ViteX, on the other hand, allows both modules to be run entirely on-chain, thus ensuring full transparency in all aspects of the trading experience.
Fair for all. The ViteX ecosystem has a token called VX, which will be mined by the community and be used to determine community members' dividend ratios. VX will have no pre-sales, pre-mining or ICO. 90% of the total supply will be distributed to the trading community and the remaining 10% will be given to Vite Labs. Additionally, all transaction fees collected on ViteX will be distributed back to traders based on the amount of VX they hold.

Who is a ViteX Operator?

As a new generation of decentralized trading platforms, ViteX has a unique ViteX Operator role. You can think of a ViteX Operator ("Operator") as an individual or entity that operates their own mini-DEX (called a "Zone") on top of ViteX. Within their respective Zones, Operators can set up trading pairs, customize transaction fees, and generate profits from users that choose to trade on their Zone. Blockchain projects, investment funds, centralized exchanges, individual traders are all able to register and become Operators.

What can a ViteX Operator do?

ViteX Operators have the power to:

Choose the tokens they wish to list on their Zone.
It is the Operator's responsibility to do their own due diligence when it comes to listing tokens. The Operator also reserves the right to suspend trading activities for any trading pair listed on their Zone.
Open trading pairs.
ViteX will provide the cross-chain gateways for BTC, ETH and US stablecoin trading pairs. If Operators wish to list other trading pairs, they will need to set up their own cross-chain gateways.
Customize the transaction fee for each trading pair.
ViteX charges a base transaction fee of 0.2% for all transactions that occur on the ViteX platform. The Operator has the right to increase this base transaction fee by 0-0.2% (i.e. the trader's fee can be anywhere from 0.2%-0.4%) and any extra profit will go to the Operator. The Operator reserves the right to adjust the transaction fee at any time.
Transfer their Operator accounts to other parties.

ViteX Operator requirements

Integrity. The Operators will be responsible for trading behaviors within their Zones. Thus, ViteX expects Operators to encourage healthy trading behaviors and enact necessary controls when required.
Recognition within the community and industry. Running a successful Zone requires Operators to have some amount of community following in order to attract traders to their Zones.
Strong promotional and operational capabilities. Running a Zone should be treated like running a business. Operators will not only need to be organized in order to ensure smooth functioning of their Zone but also capable of marketing their Zone to attract other users.
Ability to choose and list quality coins. It is part of the Operator's duty to perform their own due diligence and list quality coins that benefit the traders and the general industry as a whole.

How to Become a ViteX Operator

Fill out the ViteX Operator Form.
This form is not part of a selection process; the information you provide will be displayed on the ViteX website.
If necessary, set up a cross-chain gateway.
ViteX will provide native cross-chain gateway for major currencies, including BTC, ETH, and one stablecoin. For Operators that are not able to create their own cross-chain gateway, they may choose to use other cross-chain gateway service providers. If Operators wish to set up their own cross-chain assets, they can set up their own integration API.
Mint the cross-chain asset
Once the cross-chain gateway set-up is complete, Operators will need to mint tokens of the non-native asset onto the Vite public chain.
Open the trading pair on the exchange.
The new trading pair can be opened on either the web version of the Vite wallet or through a custom-built API.
Adjust the transaction fee rate.
Initially, transaction fee rates can be adjusted through an API. Future updates will allow for transaction fee rates to be adjusted through the web version of the Vite wallet.
Receive daily transaction fee income.
The daily proceeds can be checked viewed at the Operator's vite address. Transaction fee earnings will be distributed in four main cryptocurrencies: BTC, ETH, VITE, and US dollar stablecoin.
Order-making API.
The API will be provided soon.