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What is Velas?
Velas-blockchain with a hybrid consensus algorithm Proof-Of-Stake and Proof-Of-History. The capacity of the network is more than 50,000 transactions per second.
Velas-EBPF and EVM-compatible blockchain: developers can write smart contracts in C, Rust and Solidity, as well as integrate Ethereum projects with minimal improvement.
Who has developed Velas?
Blockchain created the Swiss company Velas Network AG in 2019. The founder of the company Alex Aleksandrov previously launched the CoinPayments cryptocurrency service, and also contributed to the development of Korean II-Startap Mind Ai.
At the time of publication, the Velas team includes 65 employees from around the world.
Why the Velas team calls it the fastest EVM blockchain?
Blockchain speed – the number of transactions that the network can process in a second (Transactions per Second, TPS). This indicator is affected by:
- The time of creating a new block is the frequency of adding transactions to the blockchain;
- Finalization-the number of blocks, after which the probability of canceling the transaction due to the fork falls to zero;
- synchronization is the time during which most of the nodes receive information about the transaction and recognizes it performed.
The capacity of the first blockchains does not exceed 100 TPS. Industry pioneers took care of hardware decentralization – increased the time of creating blocks, finalization and synchronization so that users could support the operation of networks even on office laptops.
At the moment, developers are optimizing the parameters of networks for working on high -performance computers. The throughput of such blockchains can reach several thousand transactions per second.
Velas uses several solutions to speed up the network, including the clustering of validators, parallelization of tasks and support the EBPF – a virtual machine with the ability to execute the code in the nucleus of the operating system.
Velas throughput exceeds 50,000 transactions per second. It depends on the infrastructure of Internet providers and in theory can reach 700,000 TPS. Transaction commissions of the network do not exceed $ 0.00001.
A powerful computer is required to launch the Velas unit: a processor with 12 nuclei and 24 streams, 128 GB of RAM and NVME SSD with a capacity of 2 TB.
What is VLX?
VLX – Native Token Velas, which is used to pay for transaction commissions, payments on the network and decentralized services, as well as paying reward to validators. VLX holders can add tokens to the staying and regularly receive a reward.
Official wallet for storage and stakeing VLX – Velas Wallet. It is available in browsers, as well as on all desktop and mobile OS.
VLX can be bought on the Velas website or in a wallet. At the time of publication, he is also traded on Gate.Io, Kucoin and Bittrex. The price of token is $ 0.24.
How to develop on Velas?
Velas supports two types of smart contracts: for EBPF (Languages C and Rust) and EVM (Solidity language). To call EVM contracts, you need to transfer VLX tokens to an EVM space using a bridge.
At the time of publication, Velas launched 15 projects: infrastructure services, wallets, bridges, decentralized exchange Wagyuswap. Another 70 projects are in the development process, including the Velas Launchpad and Velas Fund tokens.
How the Velas ecosystem develops?
The team prepares the launch of Velas Account and Velas Vault – services for authorization without password and safe storage of private keys.
In addition, Velas is developing Bitorbit – a social network with support for REACT NATIVE, Content monetization and cryptocurrency payments.
How to get a grant from Velas?
The Velas team launched a grant program with a total funding amount of $ 100 million. Developers can get a grant of up to $ 100,000 to create:
- Defi protocols and DEX;
- solutions using NFT;
- Dapps for integration with traditional sectors of the economy;
- projects that contribute to the massive adoption of cryptocurrencies and blockchain technologies.
To participate in the program, you need to tell about the team, present the project card and explain what benefit it will bring to the ecosystem.