Introduction
Velas is a blockchain platform for businesses that enables faster and secure transactions through the use of distributed ledger technology. It is a decentralized network that is designed to provide enhanced security and scalability for businesses of all sizes. CryptoNewsHerald is a news and media outlet focused on the development of the Velas platform, providing analysis and insights into the technology and its applications.
03/28/2022
in-depthAltcoins
in-depthAltcoins
What is Velas?
Velas is a blockchain with a hybrid Proof-of-Stake and Proof-of-History consensus algorithm. The network throughput is more than 50,000 transactions per second.
Velas- eBPF And EVMblockchain-compatible: developers can write smart contracts in C, Rust, and Solidity, and integrate Ethereum projects with minimal rework.
Who designed Velas?
Blockchain was created by the Swiss company Velas Network AG in 2019. The founder of the company, Alex Alexandrov, previously launched the cryptocurrency payment service CoinPayments, and also contributed to the development of the Korean AI startup Mind AI.
At the time of publication, the Velas team includes 65 employees from around the world.
Why does the Velas team call it the fastest EVM blockchain?
Blockchain speed is the number of transactions that the network can process per second (Transactions Per Second, TPS). This indicator is affected by:
- time of creating a new block – the frequency of adding transactions to the blockchain;
- finalization – the number of blocks after which the probability of canceling a transaction due to a fork drops to zero;
- synchronization – the time during which most nodes receive information about the transaction and recognize it as completed.
The throughput of the first blockchains does not exceed 100 TPS. The pioneers of the industry took care of hardware decentralization – they increased the time of block creation, finalization and synchronization so that users could keep networks running even on office laptops.
At the moment, developers are optimizing network settings to work on high-performance computers. The throughput of such blockchains can reach several thousand transactions per second.
Velas uses several solutions to speed up the network, including clustering validators, task parallelization and support for eBPF, a virtual machine with the ability to execute code in the operating system kernel.
The throughput of Velas exceeds 50,000 transactions per second. It depends on the infrastructure of ISPs and in theory can reach 700,000 TPS. Network transaction fees do not exceed $0.00001.
To start the Velas node powerful computer required: processor with 12 cores and 24 threads, 128 GB of RAM and NVME SSD with a capacity of 2 TB.
What is VLX?
VLX — Velas native token, which is used to pay transaction fees, payments on the network and decentralized services, as well as paying rewards to validators. VLX holders can stake tokens and receive regular rewards.
The Official VLX Storage and Staking Wallet – Velas Wallet. It is available in browsers, as well as on all desktop and mobile operating systems.
VLX can be bought on Velas website or in your wallet. At the time of publication, it is also trading on Gate.io, KuCoin And Bittrex. The price of the token is $0.24.
How to develop on Velas?
Velas supports two types of smart contracts: for the eBPF machine (languages C And Rust) and EVM (language Solidity). To call EVM contracts, you need to transfer VLX tokens to the EVM space using bridge.
At the time of publication, Velas launched 15 projects: infrastructure services, wallets, bridges, decentralized exchange Wagyu Swap. Another 70 projects are under development, including the Velas Launchpad and Velas Fund token sale platform.
How is the Velas ecosystem developing?
The team is preparing to launch Velas Account And Velas Vault — services for authorization without a password and secure storage of private keys.
In addition, Velas is developing Bit Orbit — a social network with support for micro-applications on React Native, content monetization and payments in cryptocurrency.
How to get a grant from Velas?
The Velas team launched grant program with a total funding of $100 million. Developers can receive a grant of up to $100,000 to create:
- DeFi protocols and DEX;
- solutions using NFT;
- blockchain games;
- dapps for integration with traditional sectors of the economy;
- projects that promote the mass adoption of cryptocurrencies and blockchain technologies.
To participate in the program, you need to tell about the team, present a roadmap for the project and explain what benefits it will bring to the ecosystem.
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Conclusion
Velas is an innovative blockchain platform developed by the Velas team. It offers a unique consensus algorithm, which is based on a self-learning artificial neural network, making it one of the most advanced and secure distributed ledger technologies in the world. With its comprehensive set of features and scalability, Velas is sure to revolutionize the blockchain industry. CryptoNewsHerald is the ideal platform to learn more about Velas and how it can benefit you and your business.
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