What Is Velas?
In recent years, the word Velas has become popular among the people involved in the crypto world. And the question appears - what is Velas? To make it simple, Velas is the world's fastest blockchain, providing rapid proceeding of a large number of transactions per second (TPS) with maximum security, almost no cost, and without losing the level of protection. The ecosystem of Velas includes decentralized products created on a pinnacle of its chain, disclosing the usability of decentralized open-source products.
In this article, we will touch on the topic of Velas while explaining its origin and the primary working principles. In addition, you will get familiar with VelasPad, Velas EVM, and VLX tokens. So, let us get started with the beginning.
What is the concept of the Velas network?
It is a well-known truth that many networks, like Bitcoin, experience a problem with scalability. And most of these networks cannot deal with more than 7 or 14 transactions per second.
Having this problem in mind and trying to find a solution, Alex Alexandrov, an entrepreneur and CEO at CoinPayments, came up with an excellent way to overcome these limits. In 2019, he founded Velas, which stands for Virtual Expanding Learning Autonomous System. And this project's essential idea is to unlock the capability to perform even more transactions during the same time frame.
Currently, Velas’ network performance is 75,000 TPS at almost no cost. What is more, the level of security remains the same, and the Velas experts ensure users that the increase in performance does not increase the number of threats at all.
And from this point, it is worth understanding how the Velas blockchain works and the secret to achieving such great success.
How does the Velas blockchain work?
At first sight, you may assume that this blockchain has an extremely complicated-to-understand working algorithm. However, it is not that complicated in practice.
The Velas blockchain utilizes the cutting-edge consensus system called Delegated Proof-of-Stake or simply DPoS. Putting these complex words into an elementary concept, the system seeks the ways to collect, determine, and estimate models of the data, which goes through the Velas network more effectively.
When the technology encounters some problems in terms of inefficiency within the network frame (which are the reasons for decreasing the speed of performing transactions), it approaches adjusting the algorithm to make the process more effective and faster many times. And thanks to this unique approach, it helps increase the speed of the transaction's performance without adding any difficulties.
Velas Token (VLX)
Velas allows its customers to use its own-developed crypto coin - Velas Token, usually referred to as VLX. But what is VLX? This token is essential for making transactions within the network and is a primary unit for processing payments.
As a great motivation (or a marketing approach), Vales encourages its users with a discount on fees of 25%. This pleasant benefit is convenient when users use VLX tokens on the CoinPayments platform.
In addition to all the mentioned aspects, the VLX token is also required to participate in stacking.
It is interesting to know that staking motivates customers to lock a definite number of tokens to support the blockchain. The user will be able to earn to a share of the blockchain reward and transaction fee proportional to the number of tokens they stake on.
In the case of Velas, additional incentives are also accessible for users who want to bring GPU power to the network. The Velas team aims to give some bonuses to users directly for their contribution to the ecosystem.
What is VelasPad & Staking?
VelasPad is the first-ever launchpad within the frames of the Velas blockchain. With its help, it is getting easier to provide complete access to cross-chain launches. Thus, the primary goal of VelasPad is to ensure that users can easily integrate their cross-chain projects within the Velas network. In addition, it unlocks an opportunity to cooperate with the Velas blockchain's partners as well.
One more related thing to VelasPad is stacking, which refers to a process of delegating crypto assets to support the blockchain network and validate transactions. As the Velas blockchain uses the Proof-of-Stake model, the staking is available for its users. Moreover, staking is a more energy-efficient alternative to the original proof-of-work model.
What is Velas EVM?
Ethereum is the greatest, widely utilized DeFi solution in the market by a long shot. More importantly, many decentralized applications (dApps) are developed with the help of this network. And a EVM (Ethereum Virtual Machine) bridge will enable these applications to run faster and smoother, thanks to Velas' escalated transactions per second capabilities.
The plan suggests a distinct approach implemented by the Velas team. So, developers are capable to port their applications from Ethereum with the help of the Velas’ support for the EVM. This will begin the door for the DeFi market and Ethereum dApp developers, letting them empower themselves with the Velas ecosystem, the quick Velas blockchain, and low fees.
This implementation allows users to build on the platform without the actual need to have a special toolset. And this moment ensures that regular users can easily interact with the Velas blockchain since it now supports the most popular Web 3.0 wallet — MetaMask.
What is a Velas wallet?
All users of the Velas ecosystem are capable of using the Velas wallet (VLX Wallet), which is available in both desktop and mobile versions. The wallet is a place where the users can store their assets to process any financial operations related to the cryptocurrencies within the network frame. The functionality of the wallet remains the same in both versions.
The desktop version of the Velas wallet allows users to keep their wallets on their desktops, while the users of the mobile version can access their assets on their mobile devices.
How to buy Velas Token (VLX)?
If you are interested in how to buy Velas crypto tokens (VLX), it is necessary to know that it is possible with the help of Utorg. However, you need to go through a few simple steps to make the purchase done, and you need to have two things - your actual e-mail address and an active bank account. Other payment methods, like ApplePay/Google Pay, local e-wallets, and instant bank transfers, depend on your location.
If you are firstly on Utorg, you will be asked to go through a straightforward verification process. The verification requires you to upload a photo of your ID card and the recognition of your identity with the help of your web camera. The implemented artificial intelligence will automatically check the provided data within the frame of three minutes. The verification is a one-time event, and all the upcoming purchases will not require this procedure.
So, let us come back to the process of purchasing VLX tokens. This process takes around five minutes (including the verification process). Afterward, it is processed way faster because there is no extra need to verify your identity again.
Thanks to the fact that Utorg is a licensed company, which is regularly audited (four times a year) according to strict international norms and rules and obtains a PCI DSS Level 2 certificate, you can be sure that the company does not intend to cheat on you. You will receive your VLX tokens for sure, and your sensitive data will be safe and secure.
Conclusion
The Velas network is an innovative solution that aims to break the scalability limits without losing the level of security and decentralization. With the help of innovative approaches, it is already possible to perform 75,000 transactions within the frame of one second and at an extremely low fee.