VITE & VITC daily voting rewards
Updated: Nov 25, 2021
What are SBPs and SBP rewards?
On Vite chain, SBPs (Snapshot Block Producers) are nodes which are in charge of producing snapshot blocks and securing network consensus.
SBPs receive a certain amount of VITE ("daily rewards") everyday. The SBPs can decide what to do with this VITE. SBPs usually distribute a portion of their daily rewards to their voters.
Here is what the VitaminCoinSBP does
So let's suppose that the VitaminCoinSBP receives 3000 VITE today.
This is Phase 4 of distribution. Which means that 45% of the 3000 VITE will be distributed among voters (i.e. 1350 VITE).
This 1350 VITE is split in accordance with the proportion of your VITE, in relation to the overall number of votes the SBP has. Bear in mind that 1 VITE = 1 vote for the SBP.
Now, let's say you receive 1 VITE from the daily rewards. This is the "end point" of other SBPs - you receive daily VITE, and that's it. But if you vote for the VitaminCoinSBP, we give you daily VITC in addition to the VITE rewards. The VITC rewards are not subtracted from your VITE rewards. Instead, they are in addition to your VITE rewards.
We are going to move to Phase 4, which means that the multiplier for VITC is 25x. So if you get 1 VITE a day, you will also get 25 VITC a day as a bonus.
So, when you vote for us, you get your daily VITE rewards (which you would also get from voting for any other SBP), and a VITC reward bonus (which is unique to the VitaminCoinSBP).
More information is available in our whitepaper: https://www.vitamincoin.org/whitepaper
Note: If you have staked your VITE for quota, then those VITE are ineligible for voting purposes. You will need to unstake the VITE before you can use them for voting.