VIC - Economics

What is VIC? Can you describe the functions and purposes of VIC?

VIC is the native cryptocurrency of Viction and will be the reserve cryptocurrency for all third-party apps running on Viction. Being the protocol token for the Viction infrastructure, VIC will be needed by all parties utilising Viction to build apps or issue and integrate cryptographic tokens into their apps.

The supply of VIC is fixed, long-term and non-inflationary.

In addition to the above, VIC is an integral part of the Viction network for a number of reasons.

VIC will be used to fund the development of Viction and its ecosystem (VicScan, VicMaster, Vic Wallet, etc.).
VIC will be used as a reward to incentivise the building of the Viction engine/ecosystem.
VIC will be used as a long-term, decentralized governance instrument of the Viction network.

You can check our technical whitepaper for more details.

Can I mine VIC?

VIC is not mineable but mintable by Masternodes. Masternodes are responsible for creating, verifying and finalizing the blocks created within a period, called an epoch. Masternodes and Stakers will receive block rewards.

What is the VIC circulating supply and total supply?

The initial circulating supply at the genesis block was 55,000,000 but the current circulating supply is increasing every epoch.

After 8 years, VIC total supply is fixed at 100,000,000 VIC.

How is VIC distributed?

The token allocation is split as follows:

55 millions VIC was already allocated after the token sale period;
12 millions VIC are reserved for the team vested over 4 years;
16 millions VIC are reserved for strategic partners and an ecosystem building fund;
17 millions VIC are reserved as block rewards for 8 years

How are block rewards distributed?

17 millions VIC are reserved as block rewards with a halving schedule over 8 years.

1st and 2nd year: 4 million VIC annually
3rd, 4th and 5th year: 2 million VIC annually
6th, 7th and 8th year: 1 million VIC annually

Will Viction have inflation?

The total supply is fixed at 100 million VIC in the first 8 years (non-inflationary). 17 million VIC which are reserved as block rewards will have been all distributed after 8 years. At that time, we are expecting that block rewards will come from the exchange fees. But the Masternode Council can decide to increase the total supply by 0.5-1 million VIC per year (which will be used as block rewards) (~small inflation, 0.5%-1% annually).

How often are block rewards paid out?

Block rewards will be awarded every epoch, which lasts for 900 blocks at roughly a two-second-block time rate (~30 minutes). Both Masternode operators and Stakers will be rewarded.

If Viction has near zero fees, how can Masternodes get rewards?

The block rewards will be emitted from a reserved fund of 17 million VIC for the first 8 years. The block rewards are as follows:

1st and 2nd year: 4 million VIC annually
3rd, 4th and 5th year: 2 million VIC annually
6th, 7th and 8th year: 1 million VIC annually

We plan to have a built-in DEX, the revenues from the DEX will go to the Masternodes as well.

After 8 years, the block rewards will come from exchange fees. Also, the Masternode Council can decide to increase the total supply by 0.5-1 million VIC per year (which will be used as block rewards).

What was the price in presale and ICO?

Presale Price: $0.20

ICO Price: $0.25 (0.0003125 ETH)

Is VIC an ERC-20 token?

No. Since Mainnet, VIC has become the native coin of the Viction blockchain.

Where can I store VIC? How can I send VIC to my wallet?

You can store VIC in Viction Wallet, TrustWallet, MetaMask, MyEtherWallet, Ledger and Trezor and more wallets

We recommend to store VIC in Viction Wallet.

Please, read more details here

How do I connect Metamask with Viction mainnet?

The following is information used for configuring Metamask to connect to Viction Mainnet.

RPC endpoint: https://rpc.viction.xyz
Chain ID: 88
Symbol: VIC
Network Name: Viction Mainnet

If you're unable to add the Viction Mainnet using the previous instructions, you can try an alternative method by connecting through https://chainlist.org/?search=viction.

You can find the info about our Mainnet or Testnet here.

Also, you can find out more detailed information about how to use different wallet types to connect to Viction Mainnet on Connect your wallet