Velas is the world’s fastest EVM/eBPF Hybrid Chain. It is one of the modern blockchain architectures with several unique offerings, improved flexibility, operation, and security. So, if you are bothered with the question — what is Velas? Then, there is no reason to look any further, here are all the details you need to know. To start off, we’ll make a list of key points to note.
- Velas is the blockchain network while VELAS VLX is the token used as the official unit of value measurement on the Velas Blockchain.
- Velas earned the title “hybrid chain” as a result of its combined source — Ethereum and Solana and its cross-chain feature.
- The blockchain was founded in 2019 and is headquartered in Switzerland.
- The Velas Blockchain is a decentralized platform for the development of decentralized applications.
- It is a new generation of self-learning, AI-infused cryptosystems.
At its inception, Velas was essentially founded by two partners, although at present, the team has grown to accomodate more partnership and collaborations. Alex Alexandrov as the CEO and Farhad Shagulyamov as the CIO both partnered in the creation of Velas in Switzerland, 2019.
Farhad Shagulyamov’s first contact with the cryptosystem dates back to 2016 with his first investment in crypto and its coincidence with the start-up of his technology company in China. The combined insight from both experiences laid the foundation for the development of the ideas that birthed the Velas project. He pioneered the ISIN initiative; the first cryptocurrency international security identification number.
Alex Alexandrov on the other hand grew from his background experience in finance. He started out as a trader in diverse assets including Derivatives. From maintaining a wide investment focus on assets, Alex moved to the crypto niche. He employed his 15+ years experience as an IT professional in building a payment gateway called the Coinpayments service. Coinpayment processed payments using Ethereum, Bitcoin, Litecoin, and many other altcoins. It has remained the biggest crypto payment gateway in the market.
As the Velas project continued to grow, the network opened up to more collaborations for improved growth. Velas partners with CoinPayments, WEB3 Space, SOLANA, BlueZilla and several known names within the market. It also partners with firms outside its niche. Velas functions as the official Protocol Partner of the Swiss Blockchain Hackathon. It partners with Host Laurence Fishburne, Scuderia Ferrari, GPNFTS company for motorsport NFT, and countless other collaborations.
Velas (VLX) is a crypto coin with numerous use cases. As the official currency in the Velas chain, the token Velas (VLX) primarily serves transactional functions for payments, exchanges, settlement of transaction fees, and for the support of the Proof-of-Stake incentives to validators.
The Velas crypto project has earned the tag-world’s first fastest EVM/eBPF Hybrid Chain mechanism and this resulted from the fusion of the Solana blockchain codebase and Ethereum Virtual Machine functionality. The blockchain is built on Solana for speed and scalability and complements it with additional features from Ethereum. This gives its users room to create cross-chain applications Not only is it a pioneer force in this regard, but it is also the fastest, as it has the capacity to process up to 4,500,000 transactions within a minute (75,000 per second) with immediate finality, Solidity support and at very low fees.
With the goal to fuse the Web 3.0 features, the blockchain system and innovative technologies, the network aims to create a transparent, user-centered, and decentralized ecosystem of products and services that improve the quality of lives of people worldwide and make the internet accessible again. The network is an open-source platform that runs a decentralized governance style and hosts several decentralized projects and applications. Velas Network is in the Crypto Valley top 23 Blockchain firm.
That’s not all, the blockchain ecosystem runs an AI-powered Delegated Proof-of-Stake (AIDPOS) consensus mechanism. This feature aids the self-learning functionality of the project and enhances scalability, high security and interoperability.
Due to the need for record-breaking efficiency, the Velas blockchain uses a highly complex structure which is prone to limitation of time for synchronizing nodes. To correct this and prevent the drop out of a significant number of nodes, the AIDPOS algorithm came onboard to maintain a balance between performance and security. Hence, introducing the “AI guardian” technology into the network.
At present, Velas (VLX) coins have a circulating supply of 2,320,000,000 VLX. There are 2.324 billion VLX coins in token. VLX was sold for the first time on the 3rd of October, 2019 for less than $0.02. However, at present, the coin has grown in value, utility, and reach. It is priced at 0.0437 USD at the time of writing.
The personal data of all the account holders always remain private due to the Velas ecosystem structure
According to Coinmarketcap, the VLX coin is ranked in 123rd place at the time of writing.
The Velas platform is a host to several Decentralized applications some of which are the VelasPad and BitOrbit.
The Velas Blockchain offers developers a community for privacy-preserving applications, services, and products with enhanced user experience. The platform supports Solidity; Ethereum’s programming language and allows the migration of apps from Ethereum. Not just Ethereum but TRON, and Binance Smart Chain (BSC) also.
On the Velas development platform, thousands of transactions can be executed at less than a dollar fee. Users also enjoy funding, exposure, collaboration opportunities through the development support program on the platform where funding, grants, fundraising, and marketing are provided. Not only does it serve the dapps hosted on its blockchain. Through the EVM, it also serves dapps hosted on the ethereum platform.
The Ethereum Virtual Machine (EVM) is one of the several Velas initiatives aimed at improving the development of decentralized Applications. It serves as a bridge between Ethereum and Velas. It offers the best of both worlds to Ethereum and Velas users.
Ethereum is the widest used DeFi platform for dApps development. Hence, the EVM will serve as a platform through which users can host their applications on ethereum, yet run these applications enjoying the 75,000 transaction per second (TPS) speed capability of the Velas network. The EVM will offer developers of decentralized Ethereum applications expanded capabilities at low fees.
VelasPad is the launchpad of the Velas crypto platform. It serves as the incubator platform and operates with the Velas development team. It aids funding, grants and marketing activities to support innovative blockchain projects using Velas’ technology. Through VelasPad, the community of users and developers participate in the token launch events and provide up-and-coming projects with early funding to get products to market quickly.
It is also useful for improving the user experience for the decentralized applications (dApps) hosted on the network.
Projects within the cryptocurrency industry are faced with the challenge of finding the equilibrium between scalability and security. This is one of the areas in which Velas Blockchain pioneered a new path.
With the introduction of AI, the Velas blockchain offers both security and scalability optimally. This AI module serves as an additional layer to achieve the optimal balance of speed and security. The AI module is called AIDPoS.
VLX is supported on several crypto exchanges and wallets. Below is a list of Centralized Exchanges (CEX) and Decentralized Exchanges (DEX) that support VLX.
BW.com, Exmo.com, ZBG.com, Probit.com, Bittrex Global, FMFW (Bitcoin.com), ChangellyPro, CoinEx, Digifinex, Gate.io, Kucoin, Huobi Global and BitForex.
Uniswap , PancakeSwap, WagyuSwap, SushiSwap, AstroSwap, and KyberSwap.
In conclusion, the Velas network is a unique blockchain that thrives on the fusion of Solana and Ethereum structures. It maintains a balance between scalability and efficiency offering a 75,000 transaction per second speed. It supports various programming languages and cross-chain capabilities with the migration of apps from other blockchain to the Velas network. All these features combined with the low fee and seamless user experience, has helped the currency’s ranking and market dominance.