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What Is Velas (VLX)? Coin Review? Guide About Velas

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What Is Velas (VLX)?

Velas is the world’s fastest EVM Blockchain enabling up to 75 000 tx/s, processed instantly, with highest security out there, at almost for free. The Ecosystem consists of decentralised products built on top of its chain to present the ease of user experience of decentralised, open-source products.

Velas Coin is a Swiss headquartered technology company led by a diverse team of engineers, cryptographers, researchers, mathematicians and results-driven business leaders.

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 worldwide to create and join easily accessible, transparent and community-governed ecosystem for web 3.0.

Important Points Table Of Velas

BasicPoints
Coin NameVelas
Short Name VLX
Circulating Supply2.25B VLX
ExplorerClick Here To View
ChatClick Here To Chat
WebsiteClick Here To Visit

Velas Account

Velas Coin provides its own password less authentication system, allowing users to securely access a variety of services without a password using just their Velas Account, whileintroducing unique authorization quotas to minimize risks.

Velas Vault

This is a new technology that allows us to accelerate and cheapen transactions from other cryptocurrency systems by leveraging the speed and security of blockchain. In this way, we 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 own Velas Account, to make the experience of using cryptocurrencies as user-friendly as with all the digital products they 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.

Vision

They believe that disruptive technologies and innovations will empower to build a self-governed, decentralized future driven by the collective intelligence of the community.

Mission

Velas Coin mission is to create and integrate world-changing technology products and services to improve people’s lives all over the globe.

Who Are the Founders of Velas

Velas is an ecosystem startup based in Switzerland. It was founded in 2019 by Alex Alexandrov, a prominent blockchain and crypto entrepreneur, and investor. This is also a founder of CoinPayments — 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.

Velas Freedom

Users don’t need to pay when centralized apps perform reads and writes to
databases on the backend. Neither should they pay for it on-chain. Building your
project on Velas, users may not even realize they’re utilizing blockchain services, as transactions are performed on back-end processes.

You maintain the possibility to charge fees in your project’s token, automatically and seamlessly in a way that doesn’t break the user’s experiences.

What Makes Velas Unique?

  • EVM – supports all smart contracts and dApps built on the Ethereum stack.
  • Instant, low-cost transactions – extremely efficient performance at a fraction of the cost.
  • Velas Account – passwordless solution that facilitates interaction with blockchain apps to the level of Google account and PayPal-like convenience, without sacrificing our user’s security.
  • Access Management – a decentralized access management system, which allows users to control access to files on IPFS using multiple encryption types.
  • Velas Vault – a novel solution to store secrets and private keys. This enables various use cases, such as decentralized custody solutions of assets native to other blockchains (BTC, ETH, ERC-20, etc).
  • Velas Wallet – multi-currency wallet with staking functionality.
  • MicroApps – Velas will soon support cross-platform decentralized applications where not only the code (logic) is stored on-chain, but also its user interface.

How is the Velas Network Secured?

Velas Coin blockchain is based on high-performance protocol, which implements an innovative time architecture, transaction processing mechanism, and more efficient consensus model compared to other blockchains. This is the full hybrid EVM/eBPF chain of Solana and Ethereum, that inherited the best from both: security, scalability, high performance, 1.2 sec finality, extremely low fees and EVM/Solidity support.

How Many VLX Are in Circulation?

Velas relies on Delegated Proof of Stake consensus (DPoS), providing participants with the most favorable conditions for interaction with each other and motivate them to act for the benefit of the network.

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.

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