What Is Velas (VLX)?

Velas is the world’s fastest EVM blockchain and open-source platform for decentralized projects and applications, processing up to 75,000 transactions per second with instant finality, extremely low fees, and Solidity support. It is a blockchain platform suitable for thousands of applications and services to be built upon and developed to be one of the most secure and fastest platforms in the industry.

Velas was inspired by the values of Web 3.0 and Blockchain technology and was designed to be a project that combines blockchain to create a transparent, community-driven, and decentralized ecosystem of products and services. It uses disruptive technologies and innovations to build a self-governed, decentralized future driven by the collective intelligence of the community. With the user’s need primarily in mind, it combines the best qualities of both centralized and decentralized solutions. 

Before creating the project idea, the Velas team researched a huge variety of different technologies and concluded that Vela should be able to solve fundamental problems of both users and blockchain technology in general.  Solana houses Velas’ blockchain and serves as the foundation for several innovations to ensure a more secure and user-friendly interaction with our Platform.

This is because Solana blockchain can reach a speed of 60,000 transactions per second through GPU utilization, transaction processing parallelization, and other innovations such as PoH and Gulf Stream. Therefore, Velas chooses to use these developments instead of developing competing solutions. Which, in turn, allowed us to fully concentrate on developing the rest of our ecosystem. Hence, the set of technologies that unite together to make Velas Blockchain one of the most scalable, secure, decentralized, and user-friendly blockchain platforms on the market.

Velas’ Solana codebase has been expanded in order to obtain and leverage one of the fastest blockchain frameworks in the entire crypto industry. As a result, all Ethereum-based decentralized applications (dApps) and decentralized financial protocols (DeFis) can be seamlessly run on Velas.

VLX is the official token of the Velas platform and is used for transactions and voting.

 

Who Are the Founders of Velas?

In 2019, Velas was founded by Alex Alexandrov who is a prominent investor, blockchain, and crypto entrepreneur. 

Alex is also a founder of Coin Payments, a well-known website for cryptocurrency payment. He is also an advisor and investor of a popular Korean AI startup, Mind AI and a consultant for the FBI and other national government security on technology and AI implementation.

 

What is Velas (VLX) used for?

Voting

VLX holders have been bestowed the power of voting through the DPoS consensus mechanism and can vote on any decision about the development of the Velas platform. 

Staking

The Velas platform allows for staking. Staking allows block producers (validators and their delegators) to provide transaction consensus and receive staking incentives for honest block production.

Medium of Exchange

VLX can be used to exchange for an equal amount of digital assets, stablecoins, virtual currency, or any cryptocurrency token.

Payment

The token allows their Velas coin (VLX) holders to transact and pay for fees. Others can also use the platform to execute the payment.

Governance

On the Velas platform, community members get to hold rights in decision-making and can update or remove existing protocols. 

 

What Makes Velas (VLX) Unique?

Velas have created several products and services that help users effectively enjoy the platform. One amongst the many is the EVM that supports the smart contract and dApps built on Ethereum stacks.

Velas account is a password-less solution that aids blockchain interaction. This interaction is often similar to that of Google or PayPal accounts that offer high convenience without risking the user’s safety. Velas’ vault helps users store their secret and private keys in decentralized custody while the wallet offers multi-functionality for several digital assets. 

Using Solana’s tokenomics, Velas allows users to stake regarding the number of their tokens. To become participants and assume a specific role, several requirements are demanded: To become a Validator user should have at least 1 mln of VLX Tokens while to become a Delegator user should have at least 1 VLX.

Also, the DPOS (Delegated Proof of Stake) provides the opportunity for delegators to “vote” on potential validators by staking tokens on them and increasing their chances of becoming validators.

 

How Many Velas (VLX) Coins Are There in Circulation?

Velas has a circulating supply of 2,223,461,795 VLX tokens and a total supply of 2,229,737,314 VLX tokens.

 

How Is the Velas Network Secured?

Velas has always had the security of their prospective users in mind way before the implementation of the Velas Blockchain. They have researched actively to find the most suitable decentralized, scalable and secure network.

A total of 48 consensus mechanisms including 34 proof-based, 7 vote-based, and 8 alternatives (DAG-based) solutions were analyzed and reviewed intently.

The DPoS consensus mechanism has been chosen as the most appropriate solution that with wise settings could meet all requirements on the network and network participants level.

It is much more scalable than the traditional Proof of Work (PoW) and Proof of Stake (PoS) consensus system. The DPoS is also democratic and encourages decentralized governance amongst delegates in the network. Also, the entrance threshold is extremely low which makes it one of the most decentralized of existing consensus mechanisms and the mechanism has strong protection from double-spend attacks.

 

How do I buy Velas (VLX)?

Velas includes researching state-of-the-art cryptography, developing consensus protocols, and designing intuitive user interfaces providing developers, enterprises, and people worldwide to create and join easily accessible, transparent, and community-governed ecosystems for Web 3.0.

VLX tokens can be easily purchased by the following steps. 

* Open an account with the crypto trading platform.

* Transfer the specific amount of your fiat currency to your account.

* Wait for your deposit to be confirmed and Buy VLX through your trading account.

 

Which Cryptocurrency Wallet Supports Velas (VLX)?

The PTPWallet platform supports many cryptocurrencies simultaneously, such as Velas (VLX). Because of its vast use case, it has grown to become one of the most used platforms, as it serves as an exchange and an engine to discover other cryptocurrencies. Users can easily use PTPWallet as their VLX wallet because it offers a simple and interactive interface, making it easy for people to navigate its system.

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