30,000 transactions per second in blockchain? Yes, it’s no joke. It’s as real as you and us. This amazing feat has been achieved by a blockchain-backed swiss project Velas. This project is one of those few examples whose promises are not limited to just whitepaper and technical documents but meets reality.
Some most popular blockchain technologies of today are corroded with a lethargic transaction speed which goes up to 20 t/ps at most. With the ultra-fast tech of Velas, this speed goes 1500 times faster. This further strongly puts the might of the alternative possible with blockchain.
Velas: An Overview
What is Velas?
Velas stands for ‘Virtual Expanding Learning Autonomous System’. It came into existence in the year 2019 to solve mainly scalability issues crippling the existing blockchain tech. It is not the first one promising the same in the blockchain domain though it is the one with commitments of high-volume transactions processing without sacrificing decentralization and security.
Velas: The Organisation
A great project starts with the great team and flourishes under the seasoned mentorship. Velas is the one delivering on both fronts.
Founder and CEO Mr. Alex Alexandrov is a renowned name in the blockchain industry. He owns a number of accolades under his belt. He is the founder and chairman of Coinpayments. He has founded Coincable in the past and is currently among the prestigious board of members in Blockchain Society Canada.
Marshall Long and Keynote CEO Dr. Moe Levin are the other two more noteworthy names on the team. The team is further working under the guidance of some technical mavericks as advisors.
Velas is actively partnering with Mind AI, an AI engine and an ecosystem to redefine artificial intelligence. The Platform also holds a partnership with Coinpayments which is a payment gateway giant since 2014. The partnership with Coinpayments brings an additional benefit- discounted trading fee with the native token Velas (VLX).
Velas: The Token (VLX)
The Velas Project is backed by a utility-driven Velas (VLX) Token. Total pre-mined VLX tokens stand at 2,000,000,000 in total. The token comes with discounted services for intra-wallet usage and the Coinpayments platform. Apart from powering the Velas ecosystem, the VLX tokens have their viability for payments and transactions too. Staking and GPU contributions are also available as further brownie points for the VLX token users.
Velas: The Blockchain
AIDPOS or the ‘Artificial Intuition Delegated Proof of Stake’ mechanism is being utilized by the Velas blockchain. AIDPOS framework is a ground-breaking and inimitable consensus mechanism. The blockchain of Velas employs the AIDPOS at the core in conjugation with the ‘Artificial Intuition’ protocol.
Artificial intuition works for putting Human Consciousness and software on the same page for unprecedented network readjustment flexibility and ultra-operational efficiency. The validation of 30,000 t/ps is made possible with the same protocol.
Schnorr Signatures for the wallet with multiple owners make sure a transaction happens when the owner is off the transaction.
Enhanced Security Controls with 30,000 t/ps, and Delegated Proof of Stake (PoS) algorithm, the network is effectively fortified against the 51% attack. It also makes it double-spend attack-proof.
Web-based Multi-Wallet Tech enables users to store other cryptocurrencies (like BTC, ETH, XRP, etc.) alongside the platform’s native token VLX. With this create private key seeds, and store supported non-VLX cryptocurrencies, along with a multisig backups feature.
Node Stakers allow users to stake their VLX tokens on the right of any particular node to participate in the formation of blocks in the next production era. Nodes that are successful in becoming block producers will distribute 80% of their block rewards to the users who correctly predicted their election.
Velas Desktop Wallet is a highly secure wallet program available on all three major operating systems namely Windows, macOS, and Linux.
A Web-based Universal Block Explorer featuring a REST API for developers.
With the backing of Coinpayments and a super experienced tech affable team, the road ahead looks promising. The innovative tech used in the development is truly exemplary and multi-wallet technology for joint users is a vital glimpse of it. The AIDPOS in the core and the cutting-edge Artificial Intuition protocol force one to consider the technology again and again.
VLX Token, which is Velas’ very own cryptocurrency is utility-driven not only on their own platform but enables users to across the platform. The Schnorr Signature integration and the exceptional speed of 30,000 t/ps put it as one solid project which has the potential to make blockchain technology see new horizons.
(This Project Review is published in collaboration with Crypto Players India)