What is Velas?
The Velas coin or VLX is the official currency of the Velas Network. The latter is an EVM-based deployed on the Solana blockchain.
Velas stands for Virtual Expanding Learning Autonomous System.
Its native coin, VLX, powers the Velas Network, and while it has several other use cases, it mainly serves as a medium of exchange within the project’s ecosystem.
VLX also helps the network to achieve consensus through the process of staking.
The Velas token is inflationary. It has a fixed inflation rate of 8% every year.
There is a total supply of 2,124,380,663 Velas coins of which more than 99.9% is part of the circulating supply. However, there is no publicly available information on the Velas coin allocation or distribution.
In case you want to have a more in-depth look at the Velas price history or the current VLX price, check out the graph above.
What are the Main Features of Velas?
Velas is an EVM blockchain that enables the creation of user-friendly decentralized applications. dApps built on Ethereum, BNB, and TRON blockchains are provided with the necessary tools to transfer to the Velas blockchain.
One of the main benefits of the Velas Network is that it enables near-instantaneous transactions without increasing the transaction fee costs.
There is a wide range of unique products available in the Velas ecosystem. They include:
- Velas Account - a Velas-exclusive authentication system that eliminates the need for passwords. It serves as a key to accessing the Velas ecosystem;
- Velas Vault or Keychain - a unique solution for public and private key storage. It’s based on a decentralized system that segments keys and stores them on the servers which only makes the keys usable if there’s a consensus through proof of ownership;
- Velas Wallet - a multi-currency crypto wallet that is cross-platform. It comes with an integrated staking mechanism. Velas Wallet is secured via a mnemonic phrase.
As discussed in the What is Velas section, Velas is built on Solana. When choosing what type of consensus mechanism to integrate into the Velas Network, the team behind the project overviewed more than 48 consensus algorithms
The Velas Network operates using a Delegated-Proof-of-Stake (DPoS) consensus algorithm. The reason behind this choice is higher scalability, low entrance threshold, and lower risk of double-spending compared to other consensus algorithms.
The Velas coin is an integral part of the PoS algorithm where delegators select validators through the process of staking. In order to become a validator, users must comply with the technical requirement to be able to operate a node in addition to holding 1,000,000 Velas tokens.
In this case, validators create new pools whereas delegators can only join them by staking at least 10,000 VLX.
Users can stake their tokens and earn rewards. A unique staking calculator lets users estimate their reward amount. There are more than 1,300 active stakers on the Velas Network.
Other technologies securing the network include a Proof-of-History (PoH) consensus mechanism, a PoH-optimized PBFT, Gulf Stream, Sealevel processing system, Pipeline processing unit, Cloudbreak database, Archivers, and a block propagation protocol - Turbine.
Speed is an important aspect of the Velas Network. It can reach 59,490 transactions per second (TPS).
One of the primary goals of this project is to increase the accessibility of disruptive technologies on a massive scale. Disruptive technologies include new technologies that have the power to change the landscape of an entire industry.
Moreover, Velas aims to provide a type of blockchain solution that ensures complete decentralization without sacrificing security, speed, or storage.
Before making any decisions, don't forget to analyze the Velas price history on the graph above.
Who Developed Velas?
The Velas crypto project was launched in 2019 by Velas AG. It’s a Switzerland-based company founded by entrepreneur Alex Alexandrov.
Besides Velas, Alexandrov also founded another blockchain project - Coinpayments which is a cryptocurrency-based payment platform. In fact, the idea behind Velas was born out of Coinpayments when its developers saw the opportunity to create their own blockchain instead of relying on third-party solutions.
In addition, Alexandrov is part of the advisor board for a wide range of projects. Some of them belong to national organizations like the FBI and Europol.
The team behind the Velas crypto project consists of individuals with diverse professional backgrounds in research, mathematics, engineering, cryptography, and business management.
Velas has signed partnerships with companies like SpaceChain, BC VAULT, CoinBros, Path, Aurum, Crypto Valley, and many more.
