The Vitae Token
About the vitae token
Vitae token is not just a token.
Much like life, it has a purpose. It aims to provide prosperity through PoS (Proof of Stake), Masternodes, Supernodes and our Social Rewards Website.
The Vitae utility token supported with a high tech blockchain will be the only payment method on our platform. This was chosen because our social media platform will be used worldwide.
The payment flow is designed in order to make all transactions easy and in a user friendly way. By doing so our platform and its functions will be accessible for everybody.
Vitae AG does not sell nor buy Vitae tokens, they can only be traded on independent exchanges.
What is Blockchain
A blockchain is a growing list of records referred to as blocks. These blocks are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data.
By design, a blockchain prevents modification of data. It is an open distributed ledger. A blockchain records transactions between two parties. The system is efficient, it can be verified, and every transaction is permanent.
A blockchain is typically managed by a peer-to-peer network. The recorded data cannot be changed. Tampering with one block requires the alteration of all subsequent blocks. This is not possible without a consensus of the network majority.
Blockchain was invented by a person (or group of people) using the name Satoshi Nakamoto in 2008. It was meant to serve as the public transaction ledger of Bitcoin, the first popular cryptocurrency.
The identity of Satoshi Nakamoto is unknown. Thanks to the blockchain technology, Bitcoin was the first digital currency to solve the double-spending problem. Bitcoin did not require a trusted authority or central server to secure transactions. Instead, it uses a decentralized network.
Bitcoin has inspired many others. New blockchain applications are widely used by alternative cryptocurrencies. Blockchain is considered a type of payment rail. Private blockchains have been proposed for business use.
Decentralization is a key component of Blockchain. Traditional transactions are controlled by a central authority. These transactions need to pas through banks. The blockchain is entirely decentralized. There is no government or bank involved. No single institutions can control the network or block transactions.
Peer-to-peer (P2P) network
The network is in charge. A peer-to-peer network controls itself. The bigger the network becomes, the stronger it will be. When talking about blockchain, a “peer” refers to a computer system within the network. Every peer makes use of the network’s foundation. It also helps to provide this foundation. Each peer is called a node. Every node is considered equal.
No single person can change the blockchain. Because the network is decentralized, there can never be a central point of failure within the system. Every block gets sealed cryptographically. Every transaction needs a digital signature through both a private and a public key. Both keys use different cryptographic schemes ensuring complete encryption. The blockchain can only change when the majority of users agrees on this change.
All participants remain anonymous. They can trade freely through the secure network. Complete privacy and transaction security are among the top advantages of blockchain technology.
This is one of the greatest strengths of blockchain. All information or records are stored in every single node. This means only one node must exist to rebuild the entire network. It makes the blockchain nearly indestructible.
Blockchain is open-source software. Entry barriers are low. This leads to a stronger developer base. Open-source software is coproduced by a community, it is shared and it is transparent. The goal is to aid the community, not to make a profit.
Ease of use
Blockchain is easy to use and it is fast. The flow of data or money (like Vitae token) is faster because of the decentralized network. Traditional transactions through banks sometimes get delayed. Different protocols must be followed for large sums of money, and certain software must be used. Financial institutions have opening hours. In some countries, transactions cannot be made during holidays when banks are closed. Blockchain operates 24x7.
What is a cryptocurrency?
Cryptocurrency is just one of many blockchain applications. It is an online payment system. This virtual coin can be exchanged for goods and services just like other currencies. Many companies (as Vitae AG) have issued their own currencies. These currencies are often referred to as tokens. Tokens can be traded for goods or services this specific company provides.
A variety of reasons increase the appeal of cryptocurrencies. These are some of the most popular.
Supporters consider cryptocurrencies, such as bitcoin or Vitae token, the currencies of the future. They are racing to buy them now before they become more valuable.
Many supporters like the elimination of banks. Without central control, cryptocurrencies don’t suffer from inflation.
Other supporters like the technology behind cryptocurrencies, the blockchain. It’s more secure than traditional payment systems.
Some speculators like cryptocurrencies because they’re going up in value. They have no interest in the currencies’ long-term acceptance as a way to move money.
10 Advantages of our blockchain
Secure transactions through proof of stake.
Verification without third-parties.
No delays and no limitations.
Blockchain operates 24×7.
No single person can change data in the blockchain.
Run a masternode and earn smart passive income.