The Velas blockchain is a decentralized AI-powered blockchain. Velas' network is host to a diverse range of decentralized applications (dApps), including VelasPad and BitOrbit. In addition, the native VLX token is an essential part of the Velas "artificial intelligent delegated proof-of-stake" (AIDPoS) consensus algorithm. It is used as a unit of account throughout the network in conjunction with Velas Wallet. Furthermore, Velas' blockchain uses the Solana blockchain codebase with additional Ethereum Virtual Machine (EVM) functionality. This enables the Velas development community to create cross-chain applications that benefit from insanely fast transaction confirmations and low fees. Moreover, the platform aims to promote the mass adoption of blockchain and Web3 technologies by providing a familiar and flexible ecosystem of tools and services.
In this article, we’re going to dive deep into the Velas network ecosystem. We’ll explore the VLX token and the roles it serves throughout the platform. In addition, we’ll discuss the AIDPoS consensus mechanism, the Velas development community, the VelasPad crypto launchpad, and some of the core features of the project.
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Velas Network
Velas' network is an ecosystem of community-driven decentralized blockchain and AI-powered products and services. The Velas blockchain network is a super-fast and secure smart 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 around. In addition, users of the platform 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 both scalable and secure. Using advanced cryptography, the Velas network is developing a diverse suite of Web3 and blockchain technologies for developers, enterprises, and everyday users. The platform aims to realize social needs and become “the industry standard” as one of the fastest and robust platforms in the industry by creating and integrating impactful products and services that “change people’s lives all over 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 both decentralized finance (DeFi) and traditional financial solutions. Also, Velas' blockchain is highly performant and rivals many of the top smart contract-enabled blockchains. Plus, the platform addresses the issue of scalability by complimenting the Solana-based solution with innovative features and Ethereum Virtual Machine (EVM) support. In turn, this makes the platform extremely versatile and provides cross-chain functionalities that allow Ethereum-based applications to operate on Velas' blockchain.
Solana Blockchain
The Solana blockchain is one of the top-performing projects of 2021. Solana was created by Solana Labs in 2017, with the mainnet "Beta" going live in March 2020. The native SOL token has seen substantial price action in recent months due to the rapid adoption of the platform. Many blockchain projects throughout the Solana ecosystem are now enjoying quick transaction speeds and low fees.
The Solana team draws experience from some of the biggest names in tech, including Apple, Intel, Google, Twitter, and Microsoft. Additionally, the project has gained significant investment from several big-name backers. There is a great deal of excitement around Solana. The project offers a scalable, fast, and secure smart contract-enabled blockchain platform that operates without the need for layer-2 solutions.
Velas' blockchain uses the Solana source code with added Ethereum Virtual Machine (EVM) and Solidity support. The result is a highly-performant and familiar development experience that offers cross-chain compatibility for a wide range of dApps.
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Velas AIDPoS
The Velas blockchain is a highly performant and complex system. Its high performance limits the amount of time available for nodes within the network to sync. Generally speaking, this can be problematic when it comes to network problems or attacks, as it can cause multiple nodes to drop out and degrade performance as a result. However, Velas' network addresses this issue with the "artificial intelligent delegated proof-of-stake" (AIDPoS) consensus algorithm. The AIDPoS algorithm proactively adjusts the configuration of the blockchain to maintain security, decentralization, and performance at all times.
Part of this system is the “recommender” algorithm that serves as an “AI guardian” of the Velas network. The recommender detects anomalies among nodes and “recommends the optimal values of blockchain parameters”. Also, the recommender features the “analysis module”. This module is trained using historical data that “models scenarios with previously defined parameters”, identifying and evaluating correlations, relationships, and patterns between all data sets. Plus, the analysis module recommends new parameters and adjustments that could improve the efficiency of the network. This information is recorded using a smart contract and takes effect during the following epoch of the Velas blockchain. Moreover, this system uses AI in conjunction with blockchain technology to ensure the highest performance throughout the network.
Velas Token (VLX)
The native Velas token (VLX) is the utility token of the Velas network. The VLX token is essential for transacting throughout the ecosystem and is the primary unit of account for payments and fees. Also, the VLX token supports the AIDPoS consensus mechanism. It enables block producers to achieve consensus throughout the network and earn staking rewards for creating blocks.
Furthermore, the VLX token serves as a common means of exchange across many of the decentralized applications (dApps) that the platform hosts. At the time of writing, the VLX token trades around $0.40, with a market cap of $942.8 million, according to CoinGecko.
VLX Token Staking
As mentioned, the Velas network uses the novel AIDPoS consensus mechanism. This enables any VLX token holder to participate in VLX token staking, either directly or by delegating VLX tokens to validators who process transactions throughout the network. That way, network participants share both the risk and reward of long-term VLX token staking. The alignment of financial incentives between delegators and token holders enables users to earn a passive income while supporting the network.
Furthermore, the higher number of delegates that stake with a validator, the more frequently that validator will process transactions and they earn more rewards for themself and their delegators. Validators must pay to operate their systems. As such, delegators must pay a percentage of their earnings as a fee to validators. Moreover, validators can compete with one another by offering the most favorable commissions for delegators.
Those who participate in VLX token staking risk losing their funds via token slashing; however. this process automatically removes and destroys part of a stake when intentionally malicious behavior occurs. When slashing takes place, validators and delegators can lose their stake. Moreover, the staking and slashing functions provide incentives to maintain security and performance across the network.
Velas dApp Development
Blockchain developers can join the thriving Velas development community by building privacy-preserving applications and products on the Velas blockchain. The Velas development community benefits from an “enhanced user experience” and can migrate apps from Ethereum, TRON, and Binance Smart Chain (BSC) with ease. Additionally, Velas development supports Ethereum's programming language, Solidity.
Also, the Velas development ecosystem enables users to carry out thousands of transactions for less than one dollar. Plus, the platform offers a development support program that provides funding and grants for Velas' development opportunities, fundraising, and marketing. Furthermore, the Velas development service provides a developer-friendly transaction simulator and transaction finality of two seconds or less.
Velas EVM
Because so 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 hinder the adoption of new dApps. Moreover, to make the Velas development journey convenient and frictionless, the project uses a combination of the Solana (eBF) VM and the Ethereum Virtual Machine (EVM). Developers can deploy EVM dApps on Velas' blockchain with minimal complications. The execution of such transactions works by wrapping them into native transactions and adding an “instruction invoking EVM program”.
Velas Wallet
Velas Wallet is an essential tool for users of the Velas network. Network participants need Velas Wallet to take part in VLX token staking, node operation, and stake delegation. Furthermore, 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. Plus, it protects users against surveillance and censorship.
VelasPad
VelasPad is the crypto launchpad flagship and incubator platform of Velas' blockchain ecosystem. The platform operates in partnership with the Velas development team and is seeing substantial growth and adoption. Also, projects that launch via VelasPad enters the Velas grant program. This $100 million grant program helps to support and fund a new wave of innovative blockchain projects using Velas’ technology. Moreover, VelasPad gives community members the opportunity to take part in token launch events and provides up-and-coming projects with early funding to get products to market quickly.
Exploring Velas Blockchain and the VLX Token - Summary
The Velas network is a “virtual expanding autonomous system” that automatically reacts to network load fluctuations. Moreover, it and adapts to optimize the user experience continuously for a range of decentralized applications (dApps). Furthermore, Velas' blockchain can process over 50,000 transactions per second (TPS) and supports various programming languages. Also, Velas is a smart contract-enabled blockchain that boasts cross-chain capabilities. This, combined with low fees and a seamless user experience, positions Velas to capture the market and promote the mass adoption of blockchain and Web3 technologies.
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