Earlier this month, we proudly announced Vitality (VITA) — the first token to be launched on the IoTeX Network. It’s been inspiring to see the excitement grow day-by-day within the community! With VITA, we are deepening our commitment to community and decentralization across all aspects of IoTeX.
VITA will be officially launched on Monday, June 17:
- First VITA tokens will be minted via decentralized smart contract
- All IoTeX voters can claim VITA repeatedly (tutorial coming soon)
- Launch of VITA Discord with airdrops, giveaways, lotteries, and more!
In this blog post, we answer frequently asked questions (FAQs) about VITA. If you didn’t catch our VITA introduction post, please check it out here.
Q: What is VITA?
Vitality (VITA) is a decentralized token for the IoTeX community, which places community governance/incentives on the IoTeX blockchain and serves as an important step in creating an autonomous and decentralized community. VITA is distributed to all the active IoTeX community members and VITA will be usable in future community-facing IoTeX DApps.
The first VITA-enabled DApps are all about rewarding the community — enter giveaways/lotteries and win IoTeX swag + thousands of IoT products from IoTeX’s global partner network! You can also earn VITA by completing fun tasks to help grow the IoTeX network.
Q: Why create VITA instead of using IOTX?
IOTX and VITA serve very different purposes in the IoTeX Network. IOTX is used to maintain network-wide security and consensus (txns/contracts, mining, staking/voting, registering Layer 2 chains). VITA is used to incentivize and reward community activity. It is important to consider long-term adaptability and not over-complicate the utility of any single token.
Q: What is the total supply of VITA?
VITA is a non-premined token and the total supply of VITA is 5 billion. For the first three months after VITA is launched, 9 million VITA tokens will be minted every cycle (25 hours). Every 90 cycles (~3 months), the amount of VITA minted every cycle will decrease by 15%.
Q: How will VITA be distributed?
Starting on June 17, new VITA tokens will be minted every cycle (25 hours) and distributed across three pools:
- Staking Pool: 60% of new VITA goes to the Staking Pool, which will be “claim-able” by all IoTeX voters daily. A voter’s daily share of claim-able VITA is based on their votes. See “Claiming VITA Instructions”.
- Community Pool: 20% of new VITA goes to the Community Pool. Anyone can earn VITA by completing fun tasks, making referrals, and growing the community. See “VITA Community Tasks List”.
- Bidding Pool: 20% of new VITA goes to the Bidding Pool. Every day, users can “bid” IOTX and receive VITA in return. All IOTX gained from bidding is added to the Delegate & Voter Rewards Pool. See “VITA Bidding Pool”.
Q: Why 25 hour VITA minting cycles?
The minting cycle for new VITA is set to 25 hours to ensure equal opportunity in the VITA Bidding Pool. With 25 hour cycles, we rotate Bidding Pool end times across different regions.
Q: How do I claim and store VITA?
VITA is a fully decentralized token — it is minted and claimed via smart contract. Each voter will be responsible for claiming their share of new VITA daily via smart contract — the process is simple and will teach elementary blockchain skills to all VITA users.
The VITA-claim smart contract will be easily accessible via IoTeX Web & Desktop Wallets — to access your wallet, you will need the private key from your ETH staking/voting account (note: your ETH account has a corresponding IoTeX account that shares the same private key).
We will provide detailed tutorials on how to claim VITA later this week.
Q: What will happen to unclaimed VITA from the Staking Pool?
Any VITA unclaimed after each 25-hour cycle will be re-distributed as follows:
- 25% will be added to the following day’s Staking Pool
- 50% will go to Community Pool to grow the community
- 25% will be added to the following day’s Bidding Pool
Q: I am an IoTeX voter — does VITA affect anything?
The only way that VITA is linked to the staking/voting process is that more staked IOTX = more VITA to claim! Otherwise, VITA does not change anything about the current staking/voting process. You will not need to adjust your voting buckets in any way. The IOTX rewards you receive from Delegates will not change. If you are not interested in VITA, you do not have to participate and it will be business as usual!
Q: What kind of token is VITA?
VITA is an XRC20 token running on the IoTeX Network. XRC20 tokens are issued and managed by a smart contract. In the future, there will be many XRC20 tokens launched on the IoTeX Network from developers and enterprises for their dApps or ecosystems. Note: the only native token of IoTeX Network is IOTX.
Q: Is VITA tradeable?
VITA is a decentralized token — exchanges are able to list VITA as they wish.
Q: Will there be a VITA Airdrop?
Yes, there will be airdrop events in the VITA Discord and by other means. All voters can claim VITA daily. Also, there will be a one-time VITA reward for Genesis Voters (i.e., those that voted before Mainnet launch) during the week of June 17 as planned at the beginning of IoTeX voting program.
Q: What will happen to the current IoTeX points system?
The current points system will be discontinued in the future. The points will be redeemable to IOTX before the discontinuation.