In an era where new blockchain technologies emerge at a staggering pace, Velas stands out as a cutting-edge platform, striving to redefine scalability, security, and user experience in the decentralized world. At the heart of Velas’ innovation is its native cryptocurrency, vlx, which plays a crucial role in maintaining the network’s functionality and offering users a multitude of advantages. Given the increasing interest in blockchain technology and the search for sustainable, efficient alternatives, Velas represents a noteworthy advancement in the cryptocurrency landscape, highlighting the potential for more inclusive, decentralized financial systems.
The Genesis of Velas and its Founders
Velas, a prominent figure within the Crypto Valley Zug ecosystem in Switzerland, is recognized as a key player in the realm of blockchain innovation. This vibrant ecosystem, akin to the Silicon Valley in the U.S., serves as a fertile ground for collaboration and growth in blockchain technology. By being an integral part of Crypto Valley Zug, Velas not only benefits from the collaborative environment but also contributes significantly to the advancement of blockchain technology, leveraging the proximity to other leading innovators in the field.
Founding Vision and Mission
The inception of Velas in 2019 was marked by the visionary minds of Alex Alexandrov and Farkhad Shagulyamov. Driven by the principles of Web 3.0 and cryptocurrencies, their collaboration birthed a decentralized ecosystem aimed at redefining the blockchain landscape. From the outset, Velas was designed with the ambition to solve the prevailing challenges of scalability, security, and decentralization in blockchain technology. This focus has guided the development of Velas’ innovative solutions, making it an ideal blockchain for everyday use.
Leadership and Innovation
At the helm of Velas is Alex Alexandrov, who serves as the Founder and CIO. Alexandrov’s entrepreneurial spirit and keen insight into blockchain trends have positioned him as a pivotal figure in the industry. His leadership extends beyond Velas, as he also holds the role of CEO at CoinPayments, the largest payment processing engine for altcoins and crypto wallets globally. This dual role underscores Alexandrov’s commitment to pushing the boundaries of decentralized technology and fostering a new era of blockchain-powered solutions.
A Developer-Friendly Blockchain
Central to the ethos of Velas is its commitment to creating a developer-friendly environment. The Velas team, comprised of top-tier specialists, is dedicated to addressing a wide array of challenges within the blockchain space. By offering a comprehensive suite of tools and capabilities, Velas aims to serve as the foundational platform for a new generation of services, applications, and games. This approach not only advances the technological frontiers of blockchain but also enriches the ecosystem with innovative and practical solutions.
Velas’ journey from its genesis to becoming a cornerstone in the blockchain community exemplifies the power of visionary leadership and innovative thinking. By fostering a culture of collaboration and technological excellence, Velas continues to contribute to the broader narrative of blockchain evolution, shaping the future of decentralized technology.
Understanding the Velas Blockchain: Features and Technology
EVM Compatibility
Velas stands out in the blockchain space by integrating Ethereum Virtual Machine (EVM) compatibility, allowing developers to utilize familiar tools such as Solidity and Hardhat. This compatibility means that developers can write smart contracts in Solidity, the most commonly used language for such contracts, designed to run on the EVM. The inclusion of EVM compatibility provides a range of tools for developers, including comprehensive development suites like Hardhat and Truffle, making Velas an attractive platform for Solidity smart contract development. Furthermore, Velas’ EVM compatibility facilitates the deployment of decentralized applications with enhanced efficiency and reduced costs, contributing significantly to the scalability and versatility of the decentralized finance (DeFi) landscape.
Based on Solana Architecture
Leveraging the high-performance capabilities of Solana‘s architecture, Velas achieves remarkable transaction speeds and scalability. This strategic choice underscores Velas’ commitment to providing a robust infrastructure for
decentralized applications, setting new benchmarks for speed and efficiency in the blockchain ecosystem. The integration of Solana’s Gulf Stream protocol plays a crucial role in optimizing transaction processing, reducing confirmation times, and enhancing overall network efficiency. Gulf Stream’s innovative techniques, such as proactive transaction forwarding and optimized validator selection, enable Velas to achieve unprecedented levels of scalability, throughput, and reliability. By adopting Solana’s framework, complemented by additional features and innovations, Velas addresses scalability issues effectively, ensuring secure and user-friendly interactions with its platform.
Innovative Consensus Mechanism
Velas introduces a hybrid consensus model that combines Proof of Stake (PoS) with Proof of History (PoH), effectively addressing the blockchain trilemma—security, scalability, and decentralization—without compromise. The platform employs the Artificial Intuition Delegated Proof of Stake (AIDPoS) consensus mechanism, supported by the Artificial Intuition protocol. This innovative approach seeks an equilibrium between artificial intelligence and human consciousness, optimizing the network’s efficiency by analyzing patterns and relationships within the data traversing the Velas ecosystem. AIDPoS proactively adjusts the configuration of the blockchain to maintain security, decentralization, and performance at all times, ensuring a resilient and efficient blockchain infrastructure capable of supporting a wide range of decentralized applications.
Velas’ Native Cryptocurrency (VLX): Use Cases and Functions
Velas, recognized for its unparalleled speed as the fastest Ethereum Virtual Machine (EVM) blockchain, processes over 50,000 transactions per second (TPS) with negligible fees, setting a new standard in the blockchain space. This exceptional capability is underpinned by a hybrid consensus mechanism that ingeniously combines Delegated Proof-of- Stake (DPoS) with Proof-of-History (PoH), showcasing Velas’ commitment to addressing environmental concerns while maintaining high performance and security.
Transactional Currency within the Velas Ecosystem
The Velas blockchain, with its native cryptocurrency VLX, offers a highly scalable solution where transactions are processed swiftly, avoiding the delays often seen in other networks. This efficiency ensures that transaction fees remain exceptionally low, at just $0.00001 per transaction, making VLX an attractive option for both users and developers. This scalability and low cost are crucial for the widespread adoption of the Velas blockchain, facilitating a seamless and cost-effective transaction experience.
Furthermore, the Velas EVM’s compatibility allows for easy migration or integration of applications with just a single line of code modification. This feature not only simplifies the development process but also opens up a myriad of possibilities for developers to innovate within the Velas ecosystem. Developers are encouraged to join the community, exchange ideas, and leverage the Velas Grant Program and hackathons to bring their projects to fruition, supported by the Velas Incubator Hub.
Staking and Governance
Staking VLX emerges as a cornerstone of the Velas ecosystem, likened to planting a digital seed that grows over time, offering yields beyond simple appreciation. This process is facilitated by platforms like DappRadar, which provide a user-friendly interface for staking VLX with confidence. By staking VLX, users not only contribute to the network’s security and consensus but also receive rewards, transforming asset holding into an active investment.
The Velas blockchain operates on a proof-of-work (PoW) consensus mechanism, with plans to introduce proof of stake (PoS). In PoS, the creation of new blocks and the security of the network are determined by one’s stake in the cryptocurrency, rather than computational power, offering a more energy-efficient alternative. This shift towards PoS is indicative of Velas’ forward-thinking approach and commitment to sustainability and efficiency within the blockchain space.
Velas Ecosystem: dApps, Partnerships, and Community
Key Applications and dApps
The Velas blockchain ecosystem is a fertile ground for the development of next-generation decentralized applications (dApps), including decentralized finance (DeFi) marketplaces, non-fungible tokens (NFTs), play-to-earn (P2E) games, and decentralized exchanges (DEX). Developers are equipped with comprehensive tools and documentation to build innovative dApps on this cutting-edge platform, fostering a vibrant developer community eager to push the boundaries of what’s possible with blockchain technology. For instance, WagyuSwap, the first initiative on the Velas blockchain, offers significantly cheaper transaction fees compared to other major blockchains, attracting a growing user base and investment. Additionally, privacy-focused social media networks on Velas enable content creators to engage directly with their audience, bypassing third-party intermediaries and preserving the privacy of communication.
Strategic Partnerships and Integrations
Velas has forged strategic partnerships that significantly expand its ecosystem and enhance its technological capabilities. A notable collaboration is with SpaceChain, which positions Velas at the forefront of blockchain technology’s integration into space exploration. This partnership opens new markets and use cases, emphasizing security and immutability. Another key partnership is with Occam DAO, aimed at improving the incubation processes for projects on the Velas blockchain. This collaboration leverages Occam’s community and expertise to foster the development of promising startups and emerging projects, offering a comprehensive support system including technology consulting, marketing, and community building. These partnerships not only extend the functionalities of the Velas blockchain but also connect it with a broader community, paving the way for more ambitious development prospects.
Community Engagement and Support
Velas prides itself on creating a thriving community that supports and participates in the ecosystem’s growth. With over 300,000 members across various platforms, the community is a cornerstone of Velas’ success. Engaging tools like Zealy enhance community interaction through interactive quests and expert role management, facilitating seamless onboarding for new users and providing valuable insights into community dynamics. Community members can also leverage the Velas Grant Program and participate in hackathons to collaboratively refine innovative project ideas and secure funding, thereby contributing to the ecosystem’s expansion. This robust support system not only fosters a sense of belonging among community members but also empowers them to actively shape the future of blockchain technology and the Velas ecosystem.
Velas Wallet: Managing and Storing Digital Assets
Velas Wallet stands as a secure, user-friendly, and cost-free application designed for the efficient management of cryptocurrencies. It extends beyond mere storage, enabling users to actively engage with their digital currencies through various functionalities like bill payments, purchases, and service payments via QR code technology. This adaptability underscores the Velas Wallet’s role in enhancing the practical use of cryptocurrencies in everyday transactions.
Key Features of Velas Wallet
- Security and Ease of Use: Prioritizing user security and convenience, Velas Wallet offers a robust platform for managing digital assets without compromising on accessibility.
- Versatile Functionality: Beyond storing digital currencies, the wallet supports direct transactions for bills, purchases, and services, facilitated by QR codes, making it a versatile tool for digital finance management.
- Integration with Velas Ecosystem: Users are encouraged to contribute to the Velas ecosystem’s growth by building on Velas and adding their projects to the ecosystem, unlocking further benefits and functionalities.
Managing Digital Currencies with Velas Wallet
The process of managing and transacting with cryptocurrencies through Velas Wallet is streamlined for user convenience. Users can easily swap tokens from the Binance Smart Chain (BSC) to the Velas network and vice versa, ensuring seamless interaction between different blockchain networks. This interoperability is crucial for users looking to leverage the Velas network’s advantages, such as lower transaction fees and higher transaction speeds, without being limited by the boundaries of a single blockchain.
A Comprehensive Crypto Wallet Solution
Velas Wallet embodies a comprehensive solution for digital asset management, incorporating a variety of keypairs and offering functionalities to send, receive, and track cryptocurrency ownership. It supports multiple wallet types within the Velas ecosystem, including command-line and third-party wallets, catering to both novice and advanced users. For most, the application or browser-based web wallets provide a familiar and user-friendly experience, while developers and advanced users might prefer the command-line wallets for their access to new features on the Velas blockchain.
In conclusion, Velas Wallet represents a pivotal component of the Velas blockchain ecosystem, offering a secure, efficient, and versatile platform for managing and transacting with digital currencies. Its integration with the broader Velas ecosystem, coupled with its user-friendly design and comprehensive functionalities, positions Velas Wallet as an essential tool for users navigating the world of cryptocurrencies.
Environmental Consciousness: Velas’ Commitment to Sustainability
Velas Blockchain has positioned itself at the forefront of addressing environmental sustainability within the blockchain industry. Recognizing the significant role businesses play in fostering a greener future, Velas has made environmental consciousness a core aspect of its operations, emphasizing its commitment to being a carbon-free business. This commitment is particularly relevant in the blockchain sector, known for its high energy consumption, especially in mining processes and transaction validations. Velas acknowledges these sustainability hurdles and is actively working towards mitigating them.
Pioneering Sustainable Blockchain Operations
- Innovative Consensus Mechanisms: Velas has integrated a hybrid consensus mechanism, combining Delegated Proof-of-Stake (DPoS) with Proof-of-History (PoH), to optimize energy consumption. This approach not only ensures high transaction speed and scalability but also significantly reduces the environmental impact traditionally associated with blockchain operations.
- Energy Efficiency Focus: The ongoing emphasis on enhancing energy efficiency within blockchain networks is a testament to the industry’s commitment to sustainability. Velas, through its advanced technologies and consensus mechanisms, has been pivotal in reducing ecological impact, ensuring operations are powered by clean and sustainable energy sources.
- Partnerships for Renewable Energy: Collaborations with renewable energy providers are a cornerstone of Velas’ strategy to maintain its operations within sustainable parameters. These partnerships are crucial in ensuring that the energy used in blockchain operations is environmentally friendly, further solidifying Velas’ position as a leader in sustainable blockchain technology.
Velas: A Model for Environmental Stewardship
Velas’ approach to blockchain technology is not only about innovation and efficiency but also about making a positive ecological impact. Co-Founder and Director Farhad Shagulyamov emphasizes the importance of taking care of the environment as one of the company’s biggest concerns. This ethos is reflected in Velas’ proactive steps towards achieving a positive ecological influence, inspiring others in the blockchain community to follow suit.
The transition to a more sustainable model was marked by a significant announcement on October 3, 2022, where Velas revealed its move towards net zero carbon. This shift involves moving away from the energy-intensive ‘Proof of Work’ model to a more energy-efficient approach that combines ‘Delegated Proof-of-Stake’ with ‘Proof-of-History’. This new model not only reduces energy usage across the blockchain but also eliminates carbon emissions generated by the protocol, showcasing Velas’ dedication to combating climate change.
Velas’ commitment to environmental sustainability is further evidenced by its achievement of carbon neutrality, confirmed by the ‘Climate+ Certification’ awarded by Gold Standard. This certification acknowledges Velas’ efforts in offsetting carbon produced since its inception, highlighting the company’s dedication to developing new operating mechanisms that are energy efficient and contribute to the broader challenge of reducing the crypto industry’s carbon footprint.
Future Prospects: Velas’ Roadmap and Upcoming Features
Velas is embarking on an ambitious journey to redefine the blockchain landscape with its upcoming roadmap and features. The platform’s dedication to innovation and sustainability is evident in its strategic development plans, aiming to enhance user experience, scalability, and environmental responsibility.
Vela V2: A Major Engine Upgrade
- Engine Enhancements: Vela V2 represents a significant upgrade, impacting liquidity provisioning, trading, tokenomics, and overall user experience. This upgrade is being implemented in phases, with several features already deployed on the current platform.
- Flexible Funding Split Mechanic: Introducing a dynamic fee split mechanic, Vela V2 aims to protect VLP and ensure stability by automatically balancing fees towards the VLP vault and treasury based on market volatility and VLP performance.
- Support for USDC Native: Acknowledging the widespread adoption of USDC Native, Vela V2 will extend support to this currency, enhancing the platform’s flexibility and user convenience.
Enhancing the User Experience
- esVELA as the Core Utility Token: esVELA will now serve as the primary utility token within Velas, with users able to acquire it by vesting VELA tokens. This change allows for two-way conversions, fostering a more dynamic and engaging ecosystem.
- Staking Rewards in USDC: Users staking esVELA will be eligible to receive rewards in the form of USDC, a move designed to simplify and enhance the rewards system by removing the need for buybacks.
Alliance Ecosystem and Licensing Opportunities
- Alliance Ecosystem: Velas is building an Alliance ecosystem based on the premise that traders have preferred
networks and enjoy leveraging trade across different assets and experiences. This ecosystem aims to bring value to Vela users, whether through tokenomics or licensing rewards.
- Licensing the Vela Exchange Core Engine: The core engine of Vela Exchange is now available for licensing, opening up opportunities for teams with unique perspectives to launch in new markets. This initiative is expected to bring additional value to Vela stakers and enrich the platform’s offerings.
Future Developments and Collaborations
- Cross-Margin Mode for Traders: An upcoming feature will allow traders to activate cross-margin mode, providing greater flexibility in managing risk and enhancing profitability.
- Support for a Wider Range of Assets: The vault will be upgraded to support any ERC20 token as collateral, and specific support for depositing and withdrawing BTC and ETH as vault assets is planned, with the potential for adding more assets in the future.
- Partnerships for Yield Generation: Velas has pioneered partnerships with leading lending platforms to automatically lend assets for yield, a strategy that will significantly benefit VLP providers.
Velas’ roadmap and upcoming features are set to solidify its position as a leading blockchain platform. By focusing on user experience, scalability, and environmental sustainability, Velas is poised to make significant strides in the blockchain industry, driving innovation and fostering a more inclusive, decentralized future.
How to Get Started with Velas: A Guide for Beginners
Creating a Wallet
To embark on the journey with Velas, the first step involves setting up a Velas Wallet. This can be accomplished by visiting the official wallet website and selecting a strong password. Upon doing so, a unique seed phrase will be generated, which should be securely written down and stored offline for safety. The process is finalized by verifying the seed phrase and accepting the terms and conditions, thus activating the Velas Wallet. For those preferring a more traditional approach, Velas supports a variety of wallets, including app-based and browser-based web wallets, offering a user-friendly experience without the need for command-line tools.
Acquiring and Staking VLX
Acquiring VLX, the native cryptocurrency of Velas, can be done through direct purchases on exchanges or by swapping within the wallet. Once obtained, VLX can be transferred to the Velas Wallet by copying the wallet’s receiving address. For those interested in optimizing their investment, staking VLX presents an opportunity to earn rewards. This involves depositing VLX into the Velas Wallet and allocating a desired amount for staking. The process is streamlined in the Velas mobile wallet, allowing for easy delegation to validators and the initiation of staking with just a few clicks. It’s advisable to retain a small amount of VLX in the wallet to cover transaction fees.
Participating in the Velas Community
Engagement with the Velas community is a pivotal aspect of the Velas ecosystem. Newcomers can connect with a vibrant community of over 300,000 members across various platforms, including Telegram, Discord, Twitter, and more. These platforms offer real-time discussions, assistance from community managers, and updates on the latest news and events. Additionally, participating in Velas airdrops through platforms like DappRadar can provide a rewarding entry point into the ecosystem. This involves connecting an active wallet, confirming participation, and following a series of steps to claim tokens.
In summary, beginning with Velas involves three main steps: creating a secure wallet, acquiring and staking VLX for rewards, and engaging with the community to stay informed and involved. By following these steps, beginners can smoothly navigate their entry into the Velas ecosystem and start exploring the vast opportunities it offers.
Conclusion
Reflecting on the comprehensive journey through the Velas ecosystem, it becomes evident that Velas melds cutting- edge blockchain technology with a steadfast commitment to environmental sustainability, community involvement, and user accessibility. The platform’s unique approach to addressing the blockchain trilemma—security, scalability, and decentralization—through a hybrid consensus mechanism, alongside its innovative features such as EVM compatibility and the Velas Wallet, sets a new benchmark for the industry. The incorporation of strategic partnerships and a focus on environmental consciousness further positions Velas as a forward-thinking leader in the blockchain space, promising a more inclusive and efficient future for decentralized finance.