Today, centralized solutions are everywhere. But lately, society has started to recognize the weaknesses of centralized systems, and how the biggest companies run their company. Thus, we are witnessing a huge increase in decentralized solutions that have arisen thanks to blockchain technologies. Unfortunately, decentralized solutions can barely be dubbed timely and user-friendly, which is important to gaining mass distribution. This article is all about one blockchain that wants to change that. This article will talk about what is Velas blockchain and what are the chances and risks for 2022. The Velas is designed on the Solana. Let’s take a look at it in more detail.
What is Velas Blockchain?
Web 3.0 will totally obliterate the borders between online and offline, it will be exhaustively faithful and flooded with decentralized applications distributed over domain-precise clusters. The systematic confusion formed by the small movements of billions of people is likely to make people, businesses, and technologies work differently.
Motivated by the importance of Web 3.0 and Blockchain technology, Velas integrates Blockchain and creative technologies to build a fine, community-driven, and decentralized ecosystem of developments and assistance. Velas is created to be a blockchain platform appropriate for numerous applications and services to be created upon. According to its website, Velas is one of the most secure and speediest platforms in the blockchain world.
To solve the blockchain trilemma issue, Vela’s technologies are being designed with a focus on scalability, security, and decentralization. Presently, Velas Blockchain’s execution is much more increased than what can be noticed across most of the current blockchain platforms. The following image is displaying its comparison with different blockchains.
To fix the scalability problem, the Velas blockchain is founded on Solana with additional attributes and inventions.
Features of Velas Blockchain
Some of the main features are displayed in the figure below:
- EVM — sustains all smart contracts and dApps created on the Ethereum stack.
- Quick transactions – incredibly efficient execution at a fraction of the price.
- Velas Account – the passwordless key that enables exchange with blockchain apps to the deck of Google account and PayPal-like amenity, without compromising user’s security.
- Access Management – a decentralized access management system, which lets users manage credentials to files on IPFS employing numerous encryption styles.
- Velas Vault – a unique solution to put secrets and private keys. This allows for different use cases, such as decentralized control solutions of assets born on other blockchains (BTC, ETH, ERC-20, etc).
- Velas Wallet – a wallet that can carry multiple currencies with staking attributes.
Velas AIDPoS makes Velas Blockchain Unique
As mentioned earlier, the Velas blockchain is an extremely performant and intricate system. Its elevated performance specifies the amount of time open for nodes within the network to sync. In other words, this can be challenging when it comes to network issues or attacks, as it can induce numerous nodes to fall out and impair performance as a result. Yet, Velas’ network handles this problem with the “artificial intelligent delegated proof-of-stake” (AIDPoS) consensus algorithm. The AIDPoS algorithm alters the configuration of the blockchain to uphold security, decentralization, and performance at all times.
Part of this approach is the “recommender” algorithm that acts as an “AI guardian” of the Velas network. The recommender notices abnormalities among nodes and “suggests the optimal values of blockchain parameters”. Also, the recommender contains the “analysis module”. This module is instructed by utilizing historical data that “models scenarios with earlier specified parameters”, recognizing and assessing correlations, connections, and habits between all data sets. Additionally, the analysis module suggests new parameters and changes that could enhance the efficiency of the network. This data is documented using a smart contract and yields results during the subsequent epoch of the Velas blockchain. Moreover, this system utilizes AI in concurrence with blockchain technology to provide the most elevated performance throughout the network.
What is Velas Token (VLX) and How Many VLX Are in Circulation?
The Velas token (VLX) is the utility token. It is necessary for transacting in the ecosystem and it is used for payment. Also, the VLX token backs the AIDPoS consensus instrument. It allows the block creator to reach a consensus via the network and get staking prizes for creating blocks. Likewise, the VLX token acts as a standard norm of business across multiple decentralized applications (dApps) running on the platform. At the time of writing, the VLX price is sitting at $0.04291.
Velas depends on Delegated Proof of Stake consensus (DPoS), giving participants the most profitable circumstances for exchange with each other and encouraging them to work for the usefulness of the network.
- Total Supply – 2,124,380,663 VLX
- Circulating Supply – 2,124,380,663 VLX
- Inflation Rate – 8%
Some advantages of VLX are:
- There is virtually no gas fee. The portion of money you’ll spend for one transaction is $0.00001.
- Velas can achieve up to 75,000 transactions per second, which indicates no transaction will take permanently to be completed!
- Velas utilizes Proof of History rather than Bitcoin’s Proof of Work consensus. Proof of History has a supportable delay process demanding a series of steps to be completed. The consequence is a remarkable output that can be thoroughly vetted and utilized instead of a normal median timestamp method in the Proof of Work model.
Chances and Risks of Velas Blockchain
As noted, the Velas network utilizes the unique AIDPoS consensus mechanism. This allows any VLX token owner to partake in VLX token staking, either instantly or by commissioning VLX tokens to validators who carry transactions via the network. In this manner, network members transmit both the risk and compensation of VLX token staking.
Likewise, the more increased number of delegates that stake with a validator, the more often that validator will execute transactions and they make more dividends for themself and their delegators. Validators must disburse to utilize their systems. As such, delegators must disburse a portion of their profits as a payment to validators. Also, validators can contend with one another by presenting the most profitable commissions for delegators.
It is important to note that people who partake in VLX token staking risk forfeiting their funds via token slashing; nevertheless. This function implicitly terminates and eliminates a portion of a stake when deliberately malicious conduct happens. When slashing occurs, validators and delegators can forfeit their stake. Also, the staking and slashing operations deliver incentives to preserve security.
Velas (VLX) has been somewhat less volatile than the entire crypto market. There are two choices for staking in the Velas system —
- Users can create their own pool and become a validator.
- Join a current pool as a delegator.
DPOS (Delegated Proof of Stake) allows delegators to “vote” on possible validators by staking tokens on them and improving their probabilities of becoming validators.
As mentioned earlier, the current price of Velas is $0.04291. With an upsurge in its trading volume and market cap, Velas’s price has demonstrated a fair growth of 4% in the last 24 hours. In the last 7 days, the VLX was in a promising upward trend and grew by 3.89%. Velas has displayed very powerful prospects recently and this could a be suitable option to dig right in and invest.
How to buy VLX?
You can buy VLX on major exchanges. VLX is available on Gate.io, among others.
To purchase VLX:
- Go to ‘Trade’.
- Select ‘Spot Trading’.
- Next, Log in.
- Finally, buy $VLX with a payment mode of your preference.
You can also buy VLX on KuCoin. To do this:
- Log in to the KuCoin.
- Next, go to ‘Trade’.
- Select ‘Spot Trading’ or ‘Margin Trading.
- Next, select a pair of VLX/USD.
- Finally, begin trading after you obtain the token.
If you read the Velas official whitepaper, then you will learn that the Velas network is a “virtual expanding autonomous system” that implicitly responds to network load changes. Also, it adjusts to optimize the user experience constantly for a range of decentralized applications (dApps). Likewise, Velas’ blockchain can execute almost 75,000 transactions per second (TPS) and backs different programming languages. Also, Velas is a smart contract-based blockchain that puffs cross-chain capabilities. This, mixed with lower fees and a swift user experience, places Velas to seize the market and encourage the mass adoption of blockchain and Web3 technologies.
VELAS blockchain has some excellent attributes and advantages that replace other current blockchain systems. The Network uses the delegated Proof of Stake Algorithm. People who hold VLX can also stake their tokens on the Blockchain for helping the blockchain. This will allow them to make additional tokens as staking prizes for helping the network.VELAS project has an extremely tremendous prospect and it is really drawing attention and it seems as one of the promising projects.
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