Blockchain technology provides unique services globally. As more developers try to use their infrastructure to create projects, the new generation of blockchains is on the way. Velas is one of the most significant cryptocurrency projects on the market.
It is a self-learning and self-optimizing blockchain that will solve the problem of scalability forever. Bitcoin and Ethereum have been the most famous names in the blockchain industry forever. However, they can handle 7 and 15 transactions per second. With projects like Velas, we are talking about tens of thousands of transactions per second. We will talk about everything you need to know about Velas before investing in this cryptocurrency.
What is Velas (VLX)?
Velas is the fastest EVM/eBPF Hybrid Chain mechanism blockchain in the decentralization industry. It is an open-source platform that provides the necessary infrastructure for building decentralized projects and applications. The most exciting thing about this platform is how it manages to solve the problem of scalability the Bitcoin and the Etheum have suffered from for so long. Instead of processing only 7 or 15 transactions per second, Velas can process up to
750000 transactions per second, which is an impressive figure.
On the other hand, the fee is low. With instant finality and solidity support, everyone wants to join this network.
It is sufficient to say that Velas is the next generation of self-learning blockchain. This type of blockchain uses an AI-powered Delegated PoW consensus mechanism or AIDS.
The mechanism mentioned above provides high security and interoperability and improves scalability on a large scale.
Who founded Velas
Velas was created by Velas Network AG, a startup in Switzerland. The founder of this ecosystem is Alex Alexandrov. He is also the co-founder of the best payment gateway for cryptocurrencies, CoinPayments.
How does Velas work?
You might not understand the Velas project at first because it is a bit complex. So we are going to explain it one step at a time.
The most important thing to understand about this project is that it uses a one-of-a-kind consensus mechanism known as Artificial Intuition Delegated Proof of Work. This is what makes the core of the Velas platform. Artificial Intuition tries to understand human consciousness more and more. If the AI can recognize network inefficiencies, it can make the necessary adjustment itself.
It seems that the whole protocol is able to process up to 30000 transactions per second. So the AI algorithm will decide about the speed of releasing new blocks according to the network’s demand.
· Unique permission
Most blockchains use a simple signature, but Velas use a different protocol for permission and signatures. Because the old way is perfect as long as individuals access the private key, what happens if people use the same wallet? The Schorr Signatures are what is needed in this sense. So before executing a transaction, the AI algorithm ensures that every owner of the wallet signs the transaction.
· More sucure blockchain
Blockchain is the most secure data resource that ever existed. However, since Velas claims that it can process up to 30000 transactions per second, it seems that the next generation of blockchain is already here.
The Valas network is safeguarded agist hacks and attacks. For every block to be announced validated, there should be 80 percent consensus in the network.
· New wallet technology
The Velas wallet is capable of supporting other cryptocurrencies as well. You can hold your bitcoins, Ethereums, Moneros, and EOSs in that wallet.
The native token of the Velas network is called VLX. It has many use cases, which we are going through in the following.
First, it is the token used to fuel the network; it supports smart contracts. It is also used to pay the transaction fees.
When you are using VLX within the network, you will get a 25 percent discount on fees. The same discount is available when using the Coinpayments platform.
You can also stake VLX to earn profit as well. Users can stake their VLX to support the network and earn a share of the block rewards and fees. On the other hand, users can also contribute their GPU power to the network and earn additional rewards.
The future of Velas?
The Velas project is still in its infancy; there are many things on the way for this platform. The developers are trying to increase the security and provide more features in the network. It has a hardware wallet and a fully open-source framework with processing up to 30000 transactions per second and the promise of increasing that number up o 75000 transactions per second; the future is waiting for AI-powered blockchains like Velas
What is EVM compatibility?
EVM or Ethereum Virtual Machine is a bridge between the decentralized world of applications and the DeFi platform that connects those dApps to the fast-running world of Velas with a large number of transactions per second. So, developers can use this bridge to benefit from low transaction fees, higher speed, and other capabilities of the Velas blockchain. It is a new definition for interoperability.