Topic: Decentralized Exchange ViteX is cool ! (Read 130 times)

I feel your excitement when you see or stumbled upon something that is totally different and will make a mark in Cryptocurrency, believe me, I have been into so many of these in the so many years I've been here, some live up to expectations like Kucoin and Binance and Nominex and some just go down the drain, I just noticed that those who lived up to expectation have done the extraordinary things because these people are dedicated especially in terms of marketing their platform.
The volume speaks for itself, regarding what the team behind the platform needs to do they have to do massive marketing and if what you posted is good and worth it it's their job to tell the industry that they have something great to offer to the industry, they have something that others don't have, or they will remain in the dark if they will just rely upon out of the mouth coming from their users.

Nope, not part of the team.

Compared to banks and other things, which act like children and snails...

This ViteX thing is like a RED FERRARI.

So now you know how I feel.

It's like you spotting a RED FERRARI in the street going: VVVROOOAMM VROOAAMMM =D

You might tell others about what you just saw.

Except if you maybe live in Beverly Hills where that might be more common ! LOL =D

I'm surprised by how OP presented this exchange are you part of the team if you're not that's too much shilling and they should hire you as their advertising manager, you have taken up the job of their advertising manager.
These should be the posts of one of their team preferably the main developer because a mere user can only present based on his experienced and not the platform's goal roadmap and vision.
If you have contact with the team better ask them to open an announcement here so the community will ask questions that only developers of the platform can answer.

I can fully understand where you are coming from. I am also currently in the "Do I Trust it phase" ?! and actively researching it.

There are indeed some gotcha's that need to be worked out like for example:

1. The minimum ammount to deposit on the exchange concerning BTC seems to be 0.0008 BTC, while it does indicate this, what it doesn't mention is that this ammount has to be sent/deposit over all at once, it can not be done in multiple smaller transactions.

2. Selling/buying for some pairs can only be done with total volumes of 0.0001 BTC, this might leave some residue on the exchange which kinda sucks, but can probably be transferred back to wallet and probably re-accumilated on the real cryptocoin blockchains if so desired.

Concerning your feedback/questions:

3. The different prices is what makes it very interesting. Even for me as somebody that is not on the CEX-es.... I wish I was/were... because there might be some profit in it... then again maybe not... trading across a single vitex exchange is probably much cheaper than going across blockchain from cex to cex or something. So sticking with one trading platform will probably be a lot cheaper.
However there might be times that one or the other offers coins for lower prices, or sells at higher prices and thus profit can be made.

So the funny thing is for those people ALREADY on the CEX exchanges you now have an EXTRA oppertunity to FIND PROFIT on ViteX exchange because some vitex users might not have access to CEX and therefore cannot benefit from price fluctuations, something that YOU can do if you already on the CEX and can find a cheap way of transfer from ViteX to CEX or vice versa !

NOW CONCERNING THE MAIN FEEDBACK/QUESTIONS OF YOU AND MY ADVISE TO YOU:

4. Do you trust it ? My advise would be: Try it out with some cheaper coins. One very good idea is to use PascalCoin which is dirt cheap right now, buy some... and then simply deposit it on exchange and play around with it. I personally trust ViteX with my PascalCoins... I don't trade in my true BTC, but I do feel comfortable trading the earned BTC... if you wanna go with the BTC route I would suggest depositing only the minimum and playing around with that... and dive deeper into the technology if you truely want to trust it, but if you are not a tech person then I can understand that this might be too much for you and too much of a stretch.

6. I have also not really hard about it or maybe very vaugly, but that is the cool thing about it... it's something relatively new... something that should be looked at very seriously... and tried out... as somebody else said, I do believe this particular DEX could use some promotion to bring it to the forefront and into the sun shine/light of the many ! to also test it out, bring it to it's knees, so if it can fail or if it must improve... the more the better, especially developers should take a long hard look at this, because I am smelling plenty of oppertunity here !

7. What is special compared to other exchanges:

Well first of all the more "decentralized" nature of it, the control is by a center group is somewhat limited as far as I can see, they try to be as open about it as possible and give as much control as possible to the "community" running the whole damn thing and getting rewarded for it. This is a very smart approach. A self-sustaining idea/protocol/technology. Completely different from bitcoin in a way, full nodes don't get reward in bitcoin that is why they might be disappearing, only miners get rewarded...

Many exchanges out there are either closed source/unknown technology.... or right out scams perhaps ?!? There are some other decentralized exchanges as well, also worthy of a look.

8. This exchange seems to do almost everything with text, so all the data is in human readable form, this is also very interesting !

It still has a lot of work to do to become better, I hope it will and I hope the developers don't run out of energy to make it so !

9. The openess of it is probably best of all, this builds trust... you can check anything you want about it...

I have not heard of this exchange before, I don't see what is special compared to other exchanges.

Anyway, I looked at the exchange at first and found a few coins in the exchange pairs.

Another thing is that the prices of some coins are different from the market, for example, the price of Dogecoin in the exchange is 0.088$, while the market is currently 0.077$!!!

More important than all of this is trust, I don't know if this exchange is reliable or not?

Hi,

Thanks for all your replies, insight and take on this ! I found it interesting ! I am still very new to vitex but I like a lot of what I am seeing so far ! I will try and tell you about it, but first some feedback on your points:

1. Why no link ? Well should be easy enough to find it yourself and you did ! Granted there is some library out there called vitex as well, but if you put in/add "exchange" you should be able to find it ! which is a good test to see if you guys can find it for me and for youuuuuuu ! =D

2. The privacy concerns: You may have a point there, these are chinese building this thing, but they have also worked for Microsoft and they have some powerfull backers like coinbase or something or something else, can't remember exactly, but you might want to dive into that to see who is behind it. So far the openness of this vitex exchange is very cool and very insightfull, a good thing as far as I am concerned, this builds trust among users because they can see what is going on...

3. The low volume and low liquidity: A hilarious point for two reasons: 3.1 It's the biggest decentralized exchanged according to coinmarketcap.com   3.2 It's hypocrit ! "It's too low so I am not going to trade there duh" LOL. If everybody thinks that then ofcourse the volume will be low ! But let me give you some warnings: The low volume can be a good thing, gives you more time to react and the spread/profit margin is bigger. This exchange can definetly influence the price of coins on coinmarketcap, so it is a player/force to be reckoned with.

OK now that I have covered you three biggest feedbacks about my post let me tell you what I like (a lot) about ViteX and there is a lot to like already ! and I am sure it will become a lot better in the future too !

But before I do that let me first tell you why I don't trade and/or like CEX (centralized exchanges), it's fair to cover that as well as there was some critique on this DEX:

Special critique point A I will treat down below at A*.

4. CEX requires even more personal information about you, pretty crazy things like: PICTURES OF YOUR FACE, PICTURES OF YOUR IDENTITY CARD/PASSPORT/SOMETHING LIKE THAT, MOBILE PHONE NUMBERS, MOBILE PHONE CODES, QR CODES, ETC. Pretty crazy ! The personal information and security information to be revealed about you IS SUPER HIGH and an obstacle for people that don't want this stuff to be collected by others. As far as I am concerned these CEX are a potential IDENTITY THEFT situation and I would never use them. If you do use them ?! WOW pretty crazy ?! Did you at least cover up some important numbers on your IDENTITY cards ?! Copieing IDENTITY cards is ILLEGAL in the Netherlands. I even refused this to my local bank in the past... HAHA on them, they should know the rules. They do know the rules by now and use special equipment to COVER the sensitive parts when they do a scan at their local bank stores... kinda odd procedure but true.

5. The CEX software I have seen so far is a bit more complex. ViteX is a bit easier/less complex but I would still like to see many improvements.

6. A very big argument is ofcourse the RECENT collapses of some CEX... like FTX HAHA ! =D

7. Centralized like CEX goes COMPLETELY against the idea of BITCOIN, so it's pretty crazy to even consider it. I do see some benefit to trading within the micro-cosmos of the CEX to avoid blockchain bloat.

8. Centralized CEX get hacked all the time. Even coinbase had a huge vunerability and millions could have been stolen...

9. Some CEX may take control of your assets/private keys or something, not sure about this, but this is also a risk...

10. There is NO CONTROL of what a CEX is truely doing and what it's financial situation is. It could be a TOTAL FRAUD/SCAM, basically this already happend with Mt Gox. So why are CEX even still a thing ?! People got burned back then, why do people behave like Donkeys and keeping the same damn stone over and over AGAIN ?! HAHA !??

Basically anybody trading with a CEX is kinda completely crazy and out of their mind but let's leave it at that for now.

NOW ONTO THE GOOD STUFF:

Why do I like ViteX (oh by the way I am a computer programmer, pretty long too, so I kinda have a feeling for what is good and what is shit/a scam, but for now take it with a grain of salt ! ):

Let's start with the easy stuff:

1. The ViteX app is very simple and comes in to flavors: a web app, or a desktop app, it even has a mobile app. I don't do mobile because I don't want to die in traffic. But I have seen the web and desktop app in action and they are very fast installed/to use. You will be demo-ing or trading in literally no-time, as fast as your computer can run/install it which will probably be mere seconds. Now granted I have seen some other exchanges cex or dex have same functionality so it's nothing special but it is a very nice and good start.
(The app also works without software acceleration and is cpu friendly... don't need a good gpu to run it ! I run it with broken gpu and it still runs fantastic to my amazement ! but so did the others)


2. It's a completely open and insightfull platform, beautifull blue colors too. It seems to be based on "ethereum" technology but a bit different. Everything is OPEN SOURCE unlike a CEX which is closed source/server side, nobody knows what is going on in the CEX server, but with this DEX you can SEE everything !

3. It feels looks and is very intelligently design. From white paper to software to source code to gui etc.... it uses go programming language from google, brand new language multi threaded etc...

4. What is really cool about it is that anybody can add their own blockchain or token too it, however it will cost some effort and money/vite/stacking/burning and such to do it. So these guys are not completely crazy and will not just let any joker but some crap on there... it will cost you...

5. It's the only exchange that actually supports and runs "PascalCoin" blockchain which is interesting. A blockchain which has been "shunned" by other exchanges, though the technology of PascalCoin is pretty good and amazing, basically anybody that has tried it agrees with that, so it's odd that CEX shun it...

6. Vitex is quite complex but in a good way, this offers oppertunities for people to earn money, via staking or becoming an operator or by running full node, or super nodes.

There was one more point of critique:

A*: One more point of critique on this dex was: "it's not truely decentralized". While true ! and a bit cheesy ! This is short sighted ?! But it does warrant further discussion. I am still new to it and don't know exactly how it works, but I do know this: There are a bunch of super nodes: 16 or 32 or something... and then do the consensus on the "snapshot" chain. This is kind of a good thing, this prevents huge energy usage or huge storage requirements for end users... this allows specialized machines/infrastructure to do the heavy lifting. I predicted that this would occur and it is already occuring with bitcoin most likely, though I am not sure, but bitcoin network seems to be slowing down.... less and less people seem to be interested in running a full bitcoin node... possibly because it's no longer needed thanks to all the light weight bitcoin services out there... Even though it might not matter that much... bitcoin is probably going the same way: only run on some super computers/super pcs... though for now it's still doable on simple comodity hardware and low bandwidth.

Now how secure and how distributed/decentralized vitex truely is remains to be seen. But the cool thing is one can vote on this decentralization. And if a super node messes up people can run their own super nodes and can try and get people to vote for them...

So the only thing that is truely under control of the "vitex" people is probably the DNS name/server to connect them all together... the rest is up to the "vitex community" part of the story.


7. This is where vitex is very cool and will become even cooler in the future: The more you trader with vitex they more powerfull you become, the bigger player you become thanks to "feedback/point scorring/vite and vx", basically rewards for trading/performing activities on the network, like market making and such, it's a very cool concept and best of all it can all be sold for real money !
Especially this part is why I think this is going to become a very cool platform for/of the future and more and more people will start joining it, to get into this and become part of the action and possibly community.

8. It's clearly designed by top people, these people know how to design bigger complex systems, it's quite impressive.

9. It uses an extended version of the ethereum virtual machine, it allows smart contracts, that's all I know about it for now.

10. The trading is lightning fast, not bad for a blockchain supported trading mechanism !

11. It has order books ! So you can "play the markets" yourself, instead of some "stupid boring bots", though there may also be bots connected at some trading pairs.

12. It has transaction history, assets, uploading/downloading of wallet assets/exchange assets... it can even do on blockchain transactions, quite a cool feature have not used it yet but it will come in handy for exchange wallet to blockchain transactions. Like send some stuff/coins/tokens to somebody else, instead of trading on the exchange, so it's almost like an e-mail program but for coins !

13. The developers can be reached on discord and can be chatted with ! They I am sure they are very busy, but at least they will listen and read some of the feedback !

14. Keep in mind that this exchange has only existed for 3 years, but what it has accomplished in just those 3 years is astonishing ! At least to me ! =D

15. It can do cross-chain transactions, via special operators which people can run themselfes, or purchase assistance for existing operators to embed blockchain in there for payment and such.

Basically there is little stopping determined people/developers from adding their own blockchain project to this decentralized exchange which is a good thing for the future !

16. It seems strong protected with hashes and such... this ain't no joke or 15 year old script kiddy running some shitty crap... this is some hi-tech shit the likes of which I have never seen before and definetly requires some attention/research, pretty cool ideas/stuff in here like some special kind of blockchain per account to keep it running smooth/fast, hashing it fast, lots of parallel transactions possible, higher performance basically and I can attest to test, it's lightning fast, very impressive for a blockchain technology !

17. As far as I can tell, running a full node will require 200 GB, and 30 MB added daily, all of this is not required to use it, but it's still interesting to know... I suspect it might start growing faster though if it becomes more popular.

18. It has trading volume minimums to prevent "dust and pixel dusty/shitty small transactions spam"... sometimes annoying, but at least can help with preventing bloat... and too quick changes on the order books or so... though I have seen one cases of some silly prices but anybody can do that in certain cases like demand 1 million euros for 1 bitcoin lol.... it does screw with the depth chart somewhat though, I like the depth chart.

19. Something else it does, which is very cool and smart and future ready idea: It requires payment (called quota) to be able to do anything on the blockchain, cpu, memory, harddisk storage, bandwidth it's all charged... best of all one can spend 20 quota per daily freely to do some minimum trading, about 10 trades or so, maybe 20 if no cancels... Well this is low, it should be enough for a beginner, hopefully wants the trader becomes bigger gets more confidence and stays on longer the quota will rise.

The quota thing is one of my gripes with this thing, perhaps the prices of quota are a bit high, I am trying to get some more quota... for now I think 20 per day is ok-ish though maybe if they increased it to 40 or so it might be a bit better, this is debateable and probably tweakable by the developers.

20. Vitex seems to burn some coins to fight inflation... all vite coins mined in advanced, billions of em... and can be used/purchased etc.

I am not yet sure about ViteX, VX and quota, it's a bit complex, it has complex formulas to calculate cost, I don't yet understand the relation ship between vite and vx but it sure is interesting to dive deeper into this.

I believe that I may have seen the future in ViteX.

However the crypto-space is very dynamic and creative... people/developers/groups constantly out doing each other with even better things... so who knows what is to come next.

But for now I am very impressed by ViteX and can't wait to see how it might improve !

Every time I see this world I just knew its shilling or OP is just too naive to understand the word best thing in the decentralized exchange industry it's not even close to the top decentralized exchange in the industry, and based on the data provided by our co-members, it lacks so many things traders are looking for a good DEX.

And the information provided by Coinmarketcap is not even complete and the volume is not attractive they need to market their exchange but not what OP is doing, which is shilling.

https://coinmarketcap.com/exchanges/vitex/

According to coinmarketcap, Vitex's trading volume in the last 24 hours is quite small, it seems this exchange is not really popular.
source---

how can this be called decentralization, I think the decentralization claims that they mention are not really decentralized as they should be.
source---

I have so far stayed away from exchanges that have small trading volumes because I am afraid that they will collapse due to low liquidity.

Now what do you think that makes you feels ViteX is the best exchange for people to use coupled with the latest happening around the Centralized exchange such as FTX which was much trusted by investors and yet they failed of their words and you still come around praising cex.
Mate you need to wise up, and stop patronizing these exchange as if there is something much difference between others that have given all such of superstitious stories.

The statement is not convincing enough to justify a look up, it is an ordinary statement that does not support the love for the project or why it would be preferred over other exchanges. A day's trading volume is less than 50k on this exchange. There are no high-volume coins traded here.

Ok, thanks for sharing the link, and your comment further classified my doubt about the exchange capabilities and liquidity volume to truly run a decentralized exchange that could compete with the centralized one.

-that was the reason  I asked ops to use the exchange more and furnished us with the update with detailed information, because it is not enough to have a decentralized exchange,  what is most important is the volume of trade and how successful their ability to operate the exchange effectively being fully decentralized.

Is it this: https://vitex.net/ ?

So how are they truly decentralized when they rely on centralized servers and blocks certain countries? Sorry, but lying about your main selling point will just drive people away especially if you just started building your reputation.



In addition, I imagine people who are looking into truly decentralized exchanges may not like the amount of information they collect and share, see: https://vite.org/privacy.html

Based on --> https://coinmarketcap.com/exchanges/vitex/

The volume that's coming from this decentralized exchange isn't really looking good. How it became cool if the traders aren't really going there to trade their stuff?

There's a liquidity issue on it and I don't think that many will like that and if they trade there, it's gonna take a while until they finally manage to have a successful trade and sale there.

Most likely it was this --> https://vitex.net/

You should at least share a link to the exchange and also include in this thread your personal experience and review with all the necessary details we need to make a good decision.

-DEX is the most suit for exchange because of the need for privacy in the cryptocurrency industry, and to give a better option to exchange users and traders aside from the widely promoted centralized exchanges.

Make sure to give it a looksy and to try it out !

It's the best thing in the crypto world I have seen in a long time !

I really like it, and so should you, and you will.... you will be ! =D