Velas: Overview & FAQ

Velas is a blockchain that utilizes a consensus mechanism that is a combination of Proof-of-Stake and Proof-of-History. More than 50,000 transactions can be completed in a single second thanks to the capacity of the network.

Velas is a blockchain that is compatible with both eBPF and EVM; developers are able to build smart contracts in C, Rust, and Solidity, and they can incorporate Ethereum applications with minimal additional work.

Who Created the Velas?

In the year 2019, the Swiss company Velas Network AG was the one that developed blockchain. Alex Alexandrov, the founder of the company, was previously responsible for the introduction of the cryptocurrency payment service CoinPayments. He also made contributions to the development of the AI startup Mind AI, which was based in South Korea.

What makes this blockchain the quickest EVM chain, according to the Velas team?

The amount of transactions that a blockchain network is able to perform in a given second is referred to as its speed (Transactions Per Second, TPS). This indicator is influenced by the following:

• Synchronization refers to the period of time during which the majority of nodes receive information about the transaction and acknowledge that it has been completed.
• Time of creating a new block refers to the frequency with which transactions are added to the blockchain.
• Finalization refers to the number of blocks that must pass before the probability of a transaction being canceled due to a fork drops to zero.

The early blockchains have a bandwidth that is limited to no more than 100 TPS. The forefathers of the industry ensured that the hardware would be decentralized by extending the amount of time required for block formation, finalization, and synchronization. As a result, users were able to keep networks operational even on workplace laptops.

Developers are now working to optimize the network settings so that they are compatible with high-performance PCs. The number of transactions that can be processed by these blockchains can approach several thousand per second.

In order to make the network run more quickly, Velas implements a number of different solutions, such as validator clustering, task parallelization, and support for eBPF, a virtual machine that is able to execute code directly in the operating system kernel.

Velas processes more than 50,000 transactions per second, making it a very efficient system. In principle, it can get up to 700,000 TPS, but the actual number relies on the infrastructure of the ISPs. Transaction costs on the network do not exceed $0.00001 per transaction.

It needs a powerful computer with the following specifications in order to run the Velas node: a processor with 12 cores and 24 threads, 128 GB of RAM, and an NVME SSD with a capacity of at least 2 TB.

Velas Progress

Velas offers support for two distinct kinds of smart contracts: those written in C and Rust for the eBPF machine, and those written in EVM (Solidity language). In order to make calls to EVM contracts, you will need to bridge the transfer of VLX tokens into the EVM area.

Velas has released 15 projects as of the time this article was written, including infrastructure services, wallets, bridges, and a decentralized exchange called WagyuSwap. There are now another seventy initiatives in the planning stages, some of which include the Velas Launchpad and the Velas Fund token sale platform.

Velas Environment

Velas Account and Velas Vault, which are services that allow for authorization without the use of a password and secure storage of private keys, are currently being prepared for release by the team.

In addition to this, Velas is working on the creation of BitOrbit, a social network that will support microapps built on React Native, will allow for the monetization of content, and will accept payments in bitcoin.

What is VLX?

VLX is a native coin of the Velas blockchain that may be used to pay transaction fees, payments on the network, and fees for decentralized services. It can also be used to pay validators their rewards. Tokens held by holders of VLX can participate in staking, which results in periodical rewards.

Velas Wallet is the official cryptocurrency storage and staking wallet for VLX. It is accessible via browsers, in addition to being downloadable for use on all desktop and mobile operating systems.

You can purchase VLX either on the Velas website or directly from a wallet. As of the time of this publication, it is also traded on the platforms of Gate.io, KuCoin, and Bittrex. The token may be purchased for a cost of $0.24.