Velas is a decentralized AI-powered blockchain. Velas' network hosts a wide range of decentralized applications (dApps), including VelasPad and BitOrbit. In addition, the native VLX token is an essential part of Velas' “artificial intelligent delegated betting proof” (AIDPoS) consensus algorithm. It is used as a unit of account throughout the network in conjunction with Velas Wallet.
O blockchain de Velas uses the Solana blockchain codebase with additional Ethereum Virtual Machine (EVM) functionality. This allows the Velas development community to create cross-chain applications that benefit from incredibly fast transaction confirmations and low fees. Furthermore, the platform aims to promote mass adoption of blockchain and Web3 technologies by providing a familiar and flexible ecosystem of tools and services.
In this article, we will discuss:
What is Velas (VLX)?
The Velas network is a decentralized, community-driven blockchain ecosystem of AI-based products and services. The Velas blockchain network is a super-fast and secure intelligent contract-enabled blockchain capable of hosting thousands of decentralized applications ( dApps ). As a fork of the Solana blockchain codebase, Velas offers some of the fastest transaction confirmations on the market. Additionally, platform users benefit from minimal transaction fees at a fraction of the cost of other popular blockchains.
Furthermore, Velas aims to solve the “blockchain trilemma” of making a decentralized platform that is scalable and secure. Using advanced cryptography, the Velas network is developing a diverse set of Web3 and blockchain technologies for developers, businesses and common users. The platform aims to meet social needs and become “the industry standard” as one of the fastest and most robust platforms in the industry, creating and integrating impactful products and services that “change people's lives around the world and make the Internet free again".
Each service in the Velas network focuses on the user experience. These tools combine some of the best elements of decentralized finance (DeFi) and traditional finance solutions. Additionally, Velas' blockchain is high performing and rivals many of the top smart contract-enabled blockchains. In addition, the platform addresses the scalability issue by complementing the Solana-based solution with innovative features and support for Ethereum Virtual Machine (EVM) . In turn, this makes the platform extremely versatile and provides cross-chain functionality that allows Ethereum-based applications to operate on Velas' blockchain.
Solana Blockchain
The Solana blockchain is one of the best performing projects of 2021. Solana was created by Solana Labs in 2017, with the “Beta” mainnet going live in March 2020. The native SOL token has had a substantial price action in recent months due to rapid adoption of the platform. Many blockchain projects across the Solana ecosystem are now enjoying fast transaction speeds and low fees.
The Solana team draws expertise from some of the biggest names in technology, including Apple, Intel, Google, Twitter and Microsoft. In addition, the project gained significant investment from several reputable sponsors. There is a lot of excitement around Solana. The project offers a scalable, fast, and secure smart contract-enabled blockchain platform that operates without the need for tier 2 solutions.
Velas' blockchain uses Solana source code with the addition of Ethereum Virtual Machine (EVM) and Solidity support. The result is a familiar, high-performance development experience that provides cross-string compatibility for a wide range of dApps.
AIDPoS Candles
Velas' blockchain is a complex, high-performance system. Its high performance limits the amount of time available for network nodes to synchronize. Overall, this can be problematic when it comes to network issues or attacks , as it can cause multiple nodes to crash and degrade performance as a result. However, Velas' network addresses this problem with the consensus algorithm “artificial intelligent delegated betting proof” (AIDPoS). The AIDPoS algorithm proactively adjusts the blockchain configuration to maintain security, decentralization and performance at all times.
Part of this system is the “recommended” algorithm that works as an “AI guardian” of the Velas network. The recommender detects anomalies between nodes and “recommends optimal blockchain parameter values”. In addition, the recommender introduces the “analysis module”. This module is trained using historical data that “models scenarios with predefined parameters”, identifying and evaluating correlations, relationships and patterns between all datasets. In addition, the analysis module recommends new parameters and adjustments that can improve network efficiency. This information is recorded using an intelligent contract and takes effect on the following epoch of the Velas blockchain. Furthermore, this system uses AI in conjunction with blockchain technology to ensure the highest performance across the entire network.
VLX token
The native Velas token (VLX) is the utility token of the Velas network. The VLX token is essential for transactions across the ecosystem and is the main unit of account for payments and fees. In addition, the VLX token supports the AIDPoS consensus mechanism. It allows block producers to gain consensus across the entire network and earn wager rewards for creating blocks.
In addition, the VLX token serves as a common means of exchange between many of the decentralized applications (dApps) that the platform hosts. At the time of this writing, the VLX token is trading around $0,40, with a market value of $942,8 million, according to CoinGecko.
VLX Token Staking
As mentioned, the Velas network uses the new AIPoS consensus mechanism. This allows any VLX token holder to participate in staking VLX tokens, either directly or by delegating VLX tokens to validators that process transactions across the network. In this way, network participants share the risk and reward of placing long-term VLX tokens. Aligning financial incentives between delegators and token holders allows users to earn passive income while supporting the network.
Also, the more delegates who bet with a validator, the more often that validator will process transactions and earn more rewards for itself and your delegates. Validators must pay to operate their systems. As such, delegates must pay a percentage of their winnings as a fee to the validators. In addition, validators can compete with each other, offering the most favorable commissions to delegates.
Those who participate in the VLX token staking risk losing their funds through token killer; Yet. this process automatically removes and destroys part of a bet when intentionally malicious behavior occurs. When the cut occurs, the validators and delegates can lose their bet. In addition, stakeout and shrink functions provide incentives to maintain security and performance across the entire network.
Development Candles dApp
Blockchain developers can join the thriving Velas development community by creating privacy-preserving apps and products on the Velas blockchain. Velas development community benefits from an “improved user experience” and can migrate applications from Ethereum, TRON and Binance Smart Chain (BSC) with ease. In addition, Velas development supports Ethereum's programming language, Solidity.
Additionally, the Velas development ecosystem allows users to perform thousands of transactions for less than a dollar. In addition, the platform offers a development support program that provides funding and grants for Velas development, fundraising and marketing opportunities. In addition, the Velas development service provides a developer-friendly transaction simulator and transaction completion of two seconds or less.
EVM Candles
Because many existing decentralized applications (dApps) use Solidity and other components of the Ethereum technology stack, the introduction of new programming languages and technical frameworks can impede the adoption of new dApps. In addition, to make Velas' development journey convenient and frictionless, the project uses a combination of the Solana VM (eBF) and the Ethereum Virtual Machine (EVM). Developers can deploy EVM dApps on Velas blockchain with minimal complications. Executing such transactions works by wrapping them in native transactions and adding an "instruction invoking the EVM program".
candle wallet
The Velas Wallet is an essential tool for users of the Velas network. Network participants need Velas Wallet to participate in the deployment of the VLX token, node operation and bet delegation. Additionally, the multi-currency wallet is available as a web browser wallet for Mac, Linux and Windows and as a mobile app for Android and iOS. Furthermore, it protects users from surveillance and censorship.
CandlesPad
VelasPad is the flagship of Velas' cryptographic launchpad and incubator platform for the blockchain ecosystem. The platform operates in partnership with the Velas development team and is experiencing substantial growth and adoption. In addition, projects that are launched through VelasPad enter the Velas Scholarship Program. This $100 million grant program helps support and fund a new wave of innovative blockchain projects using Candle technology. Additionally, VelasPad gives community members the opportunity to participate in symbolic launch events and provides promising projects with upfront funding to get products to market quickly.
What is the Price Forecast for the Velas cryptocurrency (VLX)?
The price of Velas is forecast to peak at $0.965 throughout 2022.
As early as 2023 according to our crypto price forecast index, Velas (VLX) could reach a maximum level of $1.857, with the average trading price of $1.381.
By 2025 according to our crypto price prediction index, VLX should cross an average price level of $2.239. The minimum expected price of Velas at the end of the current year should be $2.068. VLX can reach a maximum price level of $2.282.
Where to buy the VLX token?
The VLX cryptocurrency can be traded on the following exchanges:
- KuCoin
- HitBTC
- Gate.io
- FMFW.io
Conclusion
The Velas network is a “virtually expanding autonomous system” that automatically reacts to network load fluctuations. Furthermore, it adapts to continuously optimize the user experience for a variety of decentralized applications (dApps). Additionally, Velas' blockchain can process more than 50.000 transactions per second (TPS) and supports multiple programming languages.
Velas is a smart contract-enabled blockchain that has cross-chain capabilities. This, combined with low rates and a seamless user experience, positions Velas to capture the market and drive mass adoption of blockchain and Web3 technologies.
