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Velas (VLX) Things You Need To Know Before Investing

What Is Velas (VLX)?

Velas is the world’s fastest EVM Blockchain enabling up to 75 000 tx/s, processed instantly, with the highest security out there, at almost free. VLX Ecosystem consists of decentralized products built on top of its chain to present the ease of user experience of decentralized, open-source products.

Who Are the Founders of Velas

Velas is an ecosystem startup based in Switzerland. It was founded in 2019 by Alex Alexandrov, a prominent blockchain and crypto entrepreneur and investor. He is also a founder of CoinPayments — the world’s #1 payment gateway for cryptocurrencies; advisor and investor of Mind AI — a well-known Korean AI startup. Alex is consulting the FBI, Europol, and several national governments on technology, cybersecurity, blockchain, and AI implementation.

What Makes Velas Unique?

  • EVM — supports all smart contracts and dApps built on the Ethereum stack.
  • Instant, low-cost transactions – extremely efficient performance at a fraction of the cost.
  • VLX Account – passwordless solution that facilitates interaction with blockchain apps to the level of Google account and PayPal-like convenience without sacrificing our user’s security.
  • Access Management – a decentralized access management system that allows users to control access to files on IPFS using multiple encryption types.
  • VLX Vault – a novel solution to store secrets and private keys. This enables various use cases, such as decentralized custody solutions of assets native to other blockchains (BTC, ETH, ERC-20, etc.).
  • VLX Wallet – multi-currency wallet with staking functionality.
  • MicroApps – VLX will soon support cross-platform decentralized applications where not only the code (logic) is stored on-chain, but also its user interface.

How is the Velas Network Secured?

Velas blockchain is based on a high-performance protocol, which implements an innovative time architecture, transaction processing mechanism, and more efficient consensus model compared to other blockchains. VLX is the full hybrid EVM/eBPF chain of Solana and Ethereum that inherited the best from security, scalability, high performance, 1.2-sec finality, extremely low fees, and EVM/Solidity support.

How Many Velas Are in Circulation?

VLX relies on Delegated Proof of Stake consensus (DPoS), providing participants with the most favorable conditions for interaction with each other and motivating them to act for the benefit of the network.

What Can Velas Be Used For?

Velas coin (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.

Also Read: Compound (COMP) Things You Need To Know Before Investing

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Riya Kapoor

Riya Kapoor writes about lifestyle, entertainment, news and gadgets. She has been in this industry for almost 4 years now. She is a graduate from Delhi University with English Hons and had deep connection with writing since her childhood.

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