The potential of blockchain technology seems to get better and stronger over time.
On the one hand, where Ethereum and Bitcoin are still offering transactions of only 30 and 7 per second, respectively, alternative blockchain networks are offering thousands of transactions per second.
One of the best examples of such networks is a new blockchain project named Velas based in Switzerland. This new network claims that it can carry out 30000 transactions per second without compromising decentralization and security. So here, we will be exploring the Velas network in more detail, including information about the Velas network and Velas token, how the network works, what kind of benefits its underlying technology provides, and so on.
So if you have an interest in enhancing your blockchain education beyond Ethereum and Bitcoin, then keep reading on.
Table of contents
- Learning about Velas
- Learning about the founders of Velas
- What is the specialty of Velas?
- Learning about the network security of Velas
- How many Velas tokens or VLX are in circulation in the market?
- What are the uses of Velas tokens?
- Closing thoughts
Learning about Velas
It is an artificial intelligence-powered delegated PoS blockchain network, abbreviated as AIDPOS. Also, it is an open-source platform that maintains a broad-scale environment of decentralized applications and products.
In fact, artificial intelligence technology is one of the crucial aspects of the Velas platform that uses blockchain technology for enhancing its performance and helping other products to operate efficiently.
As per the recent report by PWC and CV VC, Velas comes among the list of the best 23 valley companies in the market. Furthermore, it maintains its inherent token known as VLX, which is one of the fastest transacting cryptocurrencies. Velas
works for eliminating the issues regarding usability and scalability that are usually the main concerns with cryptocurrencies.
READ ALSO:- Trending types of Virtual Trade Shows
Learning about the founders of Velas
Velas network AG is a Switzerland-based blockchain ecosystem startup. And, the company has been in existence since 2019. Its founder is Alex Alexandrov, a Canadian citizen, and a well-known blockchain and cryptocurrency investor and entrepreneur.
Additionally, the founder of Velas is also the creator of coinpayments which is the number 1 payment gateway for Digital coins across the world.
Furthermore, he is also an investor and advisor of Mind AI, a popular Korean artificial intelligence startup. Aside from all this, Alex also consults Europol, the FBI, and numerous other national governments on blockchain, crypto security, technology, and artificial intelligence implementation. Hence we can see that the founder of Velas is pretty much an all-rounder and a highly knowledgeable persona which further displays the capacity of the Velas network.
So if you also want to learn crypto trading tactics besides its underlying concept, we advise you to take some good cryptocurrency courses available on the web.
What is the specialty of Velas?
Here are a few specialties of Velas that makes it unique from other networks:
EVM – It can efficiently support all decentralized applications and smart contracts built on the Ethereum stack.
Instant transactions within the low price-
The network offers incredibly efficient transaction performance comparatively at a meagre cost.
Velas Account – Offers a passwordless solution facilitating effective interaction with other blockchain applications with a high level of convenience similar to PayPal. Also, it does not compromise the security of the user.
Access Management – It offers a decentralized access management system that enables its user to manage access to IPFS files with the help of several encryption types.
Velas Vault – The platform offers an entirely new solution for the storage of private and secret keys. Further enabling multiple use cases, for example, decentralized custody Solutions for inherent tokens of other blockchains. Some of the native coins include ETH, BTC, and ERC-20.
Velas Wallet – The platform features a multi-currency wallet that has staking functionality.
MicroApps – although this functionality is still in progress, the platform plans to support cross-platform decentralized applications very soon. Here the platform stores the code and user interface on-chain.
Learning about the network security of Velas
At present, the blockchain industry is struggling with making networks more scalable and secure. Therefore the Velas network is opting to include an artificial intelligence module to offer an extra layer of protection. Furthermore, this artificial intelligence layer can prevent attackers by slowing down the proceedings of the network when there is an attack progressing within the system. Then, once the network is free from any malicious behavior, it accelerates the system.
Further, to get to the perfect balance of speed, security, and throughput, the network uses a new consensus mechanism known as AIDPoS. The mechanism leverages machine learning to automate the network to adapt to shifting circumstances of the Velas blockchain. Hence the network shows higher resilience and performance throughout its operations.
How many Velas tokens or VLX are in circulation in the market?
Currently, the total supply of Velas tokens is 2,124,380,663 VLX, and the circulating supply is 2,124,380,663 VLX., and the inflation rate is up to 8%.
AIDPoS Velas consensus mechanism relies upon decentralized proof-of-stake economics. Artificial intelligence does not influence its tokenomics in any aspect.
Furthermore, the mechanism has a set of guidelines and rules that offers members the most suitable circumstances for interacting with one another. Further, this system motivates the members to operate for the advantage of the network as a whole.
What are the uses of Velas tokens?
You can use VLX for payments, transactions, fees, as well as to support the proof-of-stake consensus mechanism. Further staking of VLX allows block producers of the network to streamline transaction verification services and earn rewards for staking and producing blocks honestly.
Closing Thoughts
There is so much more about Velas that we are still to discover as it is only in its initial phase. However, you can always learn the current information about Velas and other blockchain platforms by taking a robust blockchain course.
Join BLOCKCHAIN COUNCIL to learn more about blockchain networks and get access to various relevant courses.
