The capabilities of blockchain technology appear to be getting stronger and stronger. While the likes of Bitcoin and Ethereum are still limited to a capacity of just 7 and 15 transactions per second (t/ps), respectively, several alternative networks are now in the tens of thousands.
What is Velas Network?
Velas is the world’s first fastest EVM/eBPF Hybrid Chain mechanism Blockchain and open-source platform for decentralized projects and applications, processing up to 75,000 transactions per second with instant finality, low fees and Solidity support. Velas Network is in the Crypto Valley top 23 Blockchain firm.
Velas is a next-generation self-learning blockchain ecosystem project that implements an AI-powered Delegated Proof-of-Stake (AIDPOS) consensus mechanism for dramatically improved scalability, high security and interoperability. Velas Network AG is an ecosystem startup based in Switzerland. It was founded in 2019 by Canadian citizen Alex Alexandrov, co-founder and CEO of Canada-based CoinPayments, the number one payment gateway for cryptocurrencies since 2013.
What is the project trying to achieve?
Inspired by the values of Web 3.0 and Blockchain technology, Co-founder Alex Alexandrov and the core team created Velas, a project that combines blockchain and innovative technologies to create a transparent, community–driven, and decentralized ecosystem of products and services.
Our mission is to create and integrate world-changing technology products and services to improve people’s lives worldwide and make the internet accessible again – like it was before. We believe that disruptive technologies and innovations will help us build a self-governed, decentralized future driven by the community’s collective intelligence.
Each of Velas’ services is primarily focused on our users, and we are trying to combine the best qualities of both centralized and decentralized solutions. It involves 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.
What is the unique selling point?
Built on Solana
Solana is the best one-shard chain with vast optimizations within it. The traditional blockchain sharding concept is technically bulky and has additional difficulties. Velas’ team understands all outlooks of Solana’s approach, and now it’s your turn to view these perspectives. The blockchain has built our solution based on Solana to resolve the scalability issue, complementing it with additional features and innovations.
Currently achievable performance metrics:
· 59,490 Transactions per Second
· 400ms Block times
· $0.00001 fee per transaction
Ethereum Virtual Machine (EVM) Compatability
Ethereum is by far the most widely used DeFi platform on the market, with most dApps built on the network, so this EVM bridge will allow those applications to run faster and smoother with Velas’ increased transaction per second (TPS) capabilities. Our idea involves a different approach, which is being realized by the Velas team. Velas takes the most efficient blockchain and implements the ability to write Ethereum smart contracts, namely the Ethereum VM. This will open doors for the DeFi market and developers of decentralized Ethereum applications, allowing them to expand their capabilities with the Velas ecosystem, fast Velas blockchain, and low fees.
Velas provides its own passwordless authentication system, allowing users to securely access various services without a password using just their Velas Account while introducing unique authorization quotas to minimize risks. Our main goal is to make this as convenient as WeChat, Google Pay, and Apple Pay did.
For the Velas Ecosystem and its various services, DApps and products, we have designed Velas Account. This is a convenient way to execute on-chain operations and manage identity. Users will access services through the Velas Account, complete payments within them, send tokenized assets to other users, and log in to applications seamlessly by using biometric security on their phones.
Moreover, the user can choose different recovery methods when the account is lost: seed-phrase, Google Account, Apple Account, Facebook Account and Wechat Account. It makes sense to replace the device database with a blockchain, where restoring access to the account and blocking all devices becomes customizable. Also, losing a device doesn’t mean the loss of all active sessions. When an account is restored, all sessions are also fixed. Every selected option can be changed to another one at any time. In this way, the user can choose between full responsibility or delegation of responsibility for his security.
Velas provides blockchain as a complex system deliberately configured for high performance. However, the high performance brings with the limitation of time for synchronizing nodes. In terms of network issues or attacks on the consensus mechanism, this can lead to the dropping out of a significant number of nodes. As a result, performance can degrade significantly.
To prevent this, we are designing the AIDPOS algorithm, proactively adjusting blockchain configuration to balance performance and security with preserving decentralization.
The “recommender” algorithm will act as an objective “AI guardian” of the network, performing the following tasks: detection of anomalies (abnormal behaviour of nodes) and recommendation of optimal values of blockchain parameters. Below is a diagram describing the “Analysis Module” block.
There is no Roadmap available at the moment.
- Token Name: VELAS
- Ticker: VLX
- Blockchain: Velas Chain
- Token Standard: VLX
- Contract: 0xc579d1f3cf86749e05cd06f7ade17856c2ce3126
- Token Type: governance
- Total Supply: 2,242,226,025
- Circulating Supply: 2.24B
- Inflation rate: 8% annually
Token Allocation, Token Sale, Token Release Schedule
There was no public sale.
Token Use Case
Token Velas (VLX ) is used for transactions, payments, fees, and supporting Proof-of-Stake consensus. Staking allows block producers (validators and their delegators) to provide transaction consensus and receive staking incentives for honest block production.
We have implemented some changes compared to Solana’s tokenomics regarding the amount of tokens participants should have to apply to the particular role:
- To become a Validator user should have at least 1 mln of VLX Tokens
- To become a Delegator user should have at least 1 VLX
There are two options for staking in the Velas system — creating your pool and becoming a validator or Joining an existing pool as a delegator. 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.
Market and Community
Velas announced the launch of a $100 million funding program to support the growth of the Velas ecosystem and expand our reach in the new Web 3.0 epoch.
Bitboy Crypto talked about Velas Blockchain a year ago when the price was only $0.02
Farhad Shagulyamov – CEO & Co-Founder of Velas
Shagulyamov’s path to the blockchain niche started in 2016 when he became a cryptocurrency investor and started a technology company in China. This invaluable experience allowed him to make a considerable contribution to developing the idea of Velas and establishing the project. The partnership with a wealth management company in Switzerland created the first ISIN, the first cryptocurrency international security identification number.
Alex Alexandrov – CIO & Co-Founder of Velas
The founder of Velas, Alexandrov, is well-known for founding the Coinpayments service. However, his expertise in the financial sector is not limited to this payment gateway. Even before starting his blockchain career, Alexandrov was a trader with a background in investing in various assets, including derivatives.
His 15+ years of experience in IT allowed him to build Coinpayments (a cryptocurrency payment processor accepting Bitcoin, Litecoin, Ethereum and many other altcoins) and lead a team of top engineers, entrepreneurs and marketers to create the fastest blockchain network.
The recent collaboration of Velas Network:
Moreover, Velas partnered with many big names in the Blockchain Industry, such as CoinPayments, WEB3 Space, SOLANA, BlueZilla, etc.
Modern blockchain architectures keep many parameters constant, making them less flexible in security and performance. Adaptive parameter selection can provide a good compromise between them, enabling the network to evolve dynamically. Now it’s not just a blockchain, but a blockchain with intelligence.
Find more information about Velas Network:
If you have any questions, comments, suggestions, or ideas about the project, please email [email protected].
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.