What is Velas?
Velas, or Virtual Expanding Learning Autonomous System, is an open-source platform for decentralized projects and applications. The project claims to be the world's fastest Ethereum Virtual Machine (EVM) blockchain, and it's designed to support a wide range of decentralized applications, including VelasPad and BitOrbit. Velas' mission is to create and integrate world-changing technology products and services that improve people's lives and make the internet free again.
Velas' unique consensus mechanism, Artificial Intuition Delegated Proof of Stake (AIDPoS), is designed to solve the blockchain trilemma of making decentralized platforms both scalable and secure. The VLX token is the native token of the Velas platform and is used for transactions, payments, and fees.
The Velas project was founded in 2019 by Alex Alexandrov, a well-known blockchain and cryptocurrency entrepreneur. Alexandrov is also the founder of CoinPayments, a digital currency payment solution, an advisor and investor of Mind AI, a Korean AI start-up and consultant to the FBI, Europol, and several national governments on technology and cybersecurity, blockchain and AI implementation. The Velas blockchain is a fork of Solana with embedded EVM integration and it supports all smart contracts and dapps built on the Ethereum stack. The mainnet was launched in 2019.
In August 2021, Velas unveiled its grants program, designed to support the growth of the Velas ecosystem and expand its reach in the new Web3 era. In April 2022, the company announced that it would be expanding its services by introducing a new fund and accelerator program to support talented developers and entrepreneurs.
As of June 2022, Velas has a circulating supply of 2.1 billion VLX and a total supply of 2.2 billion. There are currently 160 validators operating on the network. Velas can process up to 75,000 transactions per second (tps) with instant finality, low fees and Solidity support. This is much faster than other blockchain platforms like Bitcoin and VISA.
Users can stake VLX and receive rewards for block validation, access or pay for services within the Velas ecosystem or trade VLX or treat it as an investment. There are two options for staking in the Velas system, users can either create their own pool and become a validator or join an existing pool as a delegator. To become a validator, users are required to have at least 1 million VLX tokens.
Delegators need to have only 1 VLX, but they vote on potential validators by staking tokens on those potential validators. In return, delegators receive a share of block rewards and transaction fees, proportionate to the amount of tokens staked.
Velas uses AIDPoS, a consensus mechanism that combines Delegated Proof of Stake (DPoS) and artificial intelligence (AI). This algorithm uses AI to adapt the blockchain to current circumstances within the network, automatically calculating the optimal reward for node operators, VLX stakers, and block discovery times. This algorithm acts as an objective 'guardian' of the network, ensuring that it stays secure, resilient, and productive for all participants.
Velas' blockchain network's VM employs the AIDPoS consensus mechanism, which is an algorithm that uses AI to adapt the blockchain to current circumstances within the network. This includes automatically calculating the optimal reward for node operators, VLX stakers, and block discovery times. This algorithm acts as an objective ‘guardian’ of the network, ensuring that it stays secure, resilient, and productive for all participants.
In summary, Velas is an open-source platform that aims to create and integrate world-changing technology products and services. It uses a unique consensus mechanism, AIDPoS, that combines Delegated Proof of Stake (DPoS) and artificial intelligence (AI) to make the platform both scalable and secure.
The investment information, comments, and recommendations provided here do not fall under the scope of investment consulting. Therefore, making an investment decision based solely on the information and comments provided here may not yield results that meet your expectations.
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