What Is Velas? (KSM) Complete Guide & Review About Velas

What Is Velas? (VLX) Complete Guide & Review About Velas

What Is Velas?

Velas is a Swiss headquartered technology company led by a diverse team of engineers, cryptographers, researchers, mathematicians and results-driven business leaders. Velas is an AI-powered Delegated Proof-of-Stake (AIDPOS) blockchain, open-source platform and wide scale ecosystem of decentralized products.

In the heart of Velas Ecosystem is AI technology, which leverages blockchain by optimizing its performance and assisting other products to function. Recently named one of the top 23 crypto valley companies by CV VC and PWC report, Velas is designed to eliminate the scaling and usability issues that often come along with cryptocurrencies.

They are building an open-sourced blockchain ecosystem of services and products, aiming to combine best qualities of both centralized and decentralized solutions. It involves researching state-of-the-art cryptography, developing consensus protocols and designing intuitive user interfaces providing developers, enterprises and people world wide to create and join easily accessible, transparent and community-governed ecosystem for web3.0.

Velas Storage Key Points

Coin BasicInformation
Coin Name Velas
Short Name VLX
Circulating Supply2.12B VLX
Total Supply2,124,380,663
Source CodeClick Here To View Source Code
ExplorersClick Here To View Explorers
Twitter Page Click Here To Visit Twitter Group
WhitepaperClick Here To View
Support24/7
Official Project Website Click Here To Visit Project Website

Who Are the Founders of Velas

Velas Network AG is an ecosystem startup based in Switzerland. It was founded in 2019 by Canadian citizen Alex Alexandrov, a prominent blockchain and crypto entrepreneur, and investor. This is also a founder of Coin Payments — the world’s #1 payment gateway for cryptocurrencies; advisor and investor of Mind AI — a well-known Korean AI startup. Alex is consulting the FBI, Europol and several national governments on technology, cybersecurity, blockchain, and AI implementation.

Price

The live Velas price today is $0.056852 USD with a 24-hour trading volume of $577,560 USD. This is down 7.61% in the last 24 hours. The current CoinMarketCap ranking is #199, with a live market cap of $120,775,394 USD. It has a circulating supply of 2,124,380,663 VLX coins and the max. supply is not available.

Token

Tokenomics are the economic rules of behavior and interaction of participants in the
blockchain network. The AIDPoS consensus is based on DPoS economics, and AI does
not aect tokenomics at all. A set of rules has been established to provide participants
with the most favorable conditions for interaction with each other and motivate them
to act for the benefit of the network.

What Makes Velas Unique?

  • AI Powered Blockchain – the next-generation blockchain framework that enables processing speeds of 50,000+TPS.
  • Support Solidity — supports all smart contracts and dApps built on the Ethereum Blockchain.
  • Instant, low-cost transactions – extremely efficient performance at a fraction of the cost.
  • Velas Account – interaction with cryptocurrencies is facilitated to the level of PayPal-like convenience, without sacrificing on user’s security.
  • Access Management – a decentralized access management system, which allows users to control access to files on IPFS using multiple encryption types.
  • The Vault –  a novel security solution that allows users to easily distribute the security of their funds and information to established market participants such as Google and Apple.
  • The Wallet – multi-currency Wallet with staking functionality.
  • MicroApps – building out its dApp capabilities, Velas will soon support cross-platform decentralized applications for mobile devices.

Velas Blockchain

Before creating the project idea, the Velas team researched a huge variety of different technologies. They came to the conclusion that the project should solve fundamental problems of both users and blockchain technology in general, and with the maximum achievement of the theoretical performance limit, without compromising on safety and decentralization. That’s why we are applying all possible optimizations and innovations at this stage.

They have chosen Solana as a foundation for the The Blockchain and complemented it with several innovations to ensure a more secure and user-friendly interaction with Platform. Furthermore, they would like to describe the set of technologies that unite together to make The Blockchain one of the most scalable, secure, decentralized, and user-friendly blockchain platforms on the market

How Is the Velas Network Secured?

Currently, there is a dilemma in the industry – how to make blockchain both secure and scalable. Therefore, Velas is working to add an AI module as an additional layer to prevent known attacks by slowing down the blockchain when an attack on the system is in progress, and accelerating the system when there is no malicious behavior in the network.

To achieve the optimal balance of speed, throughput, and security, a novel consensus system, known as AIDPoS, will use machine learning to automatically adapt the Velas blockchain to changing circumstances, ensuring maximum performance and resilience at all times.

What Can VLX Be Used For?

Velas coin (VLX) is used for transactions, payments, fees and for supporting Proof-of-Stake consensus. Staking allows block producers (validators and their delegators) to provide transaction consensus and receive staking incentives for honest block production.

Velas Wallet

Velas wallet is a secure, easy-to-use and free application to manage cryptocurrency. With wallet you can not only store digital currencies, but also actively use them, by paying bills, making purchases and paying for the services by using a QR code. This is a new technology that allows us to accelerate and cheapen transactions from other cryptocurrency systems by leveraging the speed and security of our blockchain. In this way, they can achieve true security for a decentralized custodian.

As an additional perk, they can utilize different authentication solutions, such as Google or Apple Authentication and the own Velas Account, to make the experience of using cryptocurrencies as user-friendly as with all the digital products we use every day. And to add to the number of use cases, technology can be used to store any data you want in a distributed manner, which completely secures its privacy. And the list of possible applications goes on

Decentralization and Anonymity

Velas is fully decentralized application. They don’t store any of your data nor do they require any verification for basic services. Velas team has no access to your funds, as mnemonic phrase is stored by users only.

Convenience & Easy to use:

– Multi languages.
– Multi currencies: VLX, BTC, ETH, SYX, USDT & LTC
– Available for all countries.
– Activity log: transaction history.
– Fingerprint authentication.

24/7 Live support

The team will take care of you and provide assistance in difficult situations. Feel free to contact if you have any questions.