Velas is a utility token issued by the platform with the same name for its users to interact with apps within the ecosystem, to fuel smart contracts and cryptocurrency transactions. In fact, this is an abbreviation that stands for “Virtual Expanding Learning Autonomous System”. The company standing behind the platform is Velas AG, headquartered in Zug, Switzerland. The Velas project is based on a modular protocol enabling the creation of highly flexible blockchains that give all benefits of decentralization without compromising computation, security, or storage.
The Velas protocol that is created on the basis of AI-operated DPoS (Artificial Intuition Delegated Proof of Stake) blockchain also relies on Solana codebase in order to provide its users with ultra-fast transactions at low cost. It has inherited its best features and created the fastest EVM/EBPF hybrid chain with Solidity support.
The Velas platform features interoperability and smart contract functionality which makes it ideal for secure, transparent, and scalable transactions. The infrastructure was made to suit a new generation of services, apps, platforms, and games.
Velas founders doubt the convenience and user-friendliness of existing decentralized solutions that prevent the mass adoption of blockchain technologies. The team has come up with a set of technologies developed to become the basis for Web 3.0 to address this issue.
When working on the platform, its developers focused primarily on security and speed. They tried to create an exceptional product that would become a new industry standard suitable for thousands of applications. One can say that they have managed to achieve this goal. At the time of writing, Velas is one of the fastest blockchains with incredible potential and mighty processing capability.
Velas platform and products
Inspired by the values of Web 3.0, Velas developers tried to make easy-to-understand, accessible products based on the most useful and applicable technological innovations. The Velas project combines AI and blockchain to provide transparency to its community-driven decentralized ecosystem.
The Velas team emphasizes its dedication to openness and transparency in product management. The developers have attained it by allowing VLX token holders to vote on any of the projects presented in the ecosystem. The project is managed by the community which means that the decisions approved by users are the most significant as they get implemented on a first-priority basis. This approach allows Velas to move in accordance with the interests and requests of their followers. Voting is available for all holders of VLX tokens.
Velas represents a whole ecosystem combining various products and solutions under its hood. It includes such projects as DEX, a decentralized trading platform, Velasphere, blockchain-based storage that functions like Google Drive, and DePI, a crowdfunding platform that helps promising projects to raise funds for development. It is also worth mentioning such projects as VGallery that sells works of art as NFTs, an NFT game Velonians, which is a new version of Tamagochi, and decentralized social media platform BitOrbit where bloggers get VLX tokens for publishing their content.
All VLX token holders can profit from staking on the Velas network. It is also possible to get rewards for supporting the liquidity and decentralization of the project. However, it’s necessary to run a node and become a validator or delegator to get this source of revenue. Also, one must have 1 mln VLX tokens at hand for that. In addition, such users should meet a range of technical requirements (RAM, CPU, disc size). Validators can create new pools, while delegators can join the existing ones. Anyone can qualify to become a validator or delegator. However, to become a delegator, one should hold 10,000 VLX tokens.
The Velas platform governed by AI-operated DPoS blockchain combines centralized and decentralized solutions that employ advanced cryptography and intuitive UI. While planning the future development, the team has analyzed 48 consensus mechanisms including 34 proof-based, 7 vote-based, and 8 DAG-based options to select the most suitable variant. Eventually, the developers have selected Solana as this is the best one-shard chain with vast optimization capabilities that ensure an instant confirmation for payments.
The platform has selected the route of development with an emphasis on security, scalability, and decentralization. As a result, the performance of the Velas blockchain has exceeded all expectations. For instance, Velas’ throughput reaches 75,000 tps at a full network load which is even higher than the indices provided by VISA and MasterCard. In theory, the bandwidth can reach 710,000 tps. At the same time, the transaction fees make up 0,00001 USD while transactions are finalized in 0,4 seconds.
The blockchain employs such technologies as proof-of-history (POH) consensus, Gulf-Stream mempool-less transaction forwarding protocol, pipelining, a transaction processing unit for validation optimization, Turbine, Sealevel, Cloudbreak, Tower BFT, Archivers, and other features that improve the work of the Velas platform.
Just like many other projects in the blockchain industry, Velas has a native token VLX which is necessary for working with smart contracts, interacting with applications, and executing transactions. VLX is also used to get discounts within the ecosystem and is available for staking on many exchanges.
The total supply of VLX is 2,124,380,663 VLX. Users can buy VLX on Gate.io, Bittrex, Kucoin, Uniswap (V2), Pancake Swap, HitBTC, CoinEx, Bancor Network, and a few others. To make the platform more convenient, the in-house team has developed a multicurrency wallet for financial operations on Velas.
The Velas blockchain was launched in 2019 by Swiss developer Alex Alexandrov, an investor and cryptocurrency entrepreneur with decades’ worth of experience. Previously, Alex also headed the payment platform Coinpayments.
The team is actively looking for new partners and ways to use their tokens in the real world, thus increasing the demand for VLX in the market in the future. Thus, the Velas team has made many partnerships with other well-known startups such as BC VAULT, the manufacturer of high-security wallets for digital assets.