What is Velas?

Velas (VLX) is a blockchain that aims to provide a platform for the development and execution of smart contracts and decentralized applications (dApps). It is designed to handle up to 75,000 transactions per second, aiming to provide a level of security and efficiency at a minimal cost. The Velas ecosystem includes a range of decentralized products built on its chain, striving to provide a user-friendly experience of decentralized, open-source products. The Velas coin (VLX) is used for transactions, payments, fees, and supporting the Proof-of-Stake consensus mechanism.

How does Velas work?

Velas operates on a Delegated Proof of Stake consensus (DPoS), which strives to provide participants with favorable conditions for interaction and motivate them to act for the benefit of the network. It supports all smart contracts and dApps built on the Ethereum stack, aiming to facilitate instant, low-cost transactions. The Velas blockchain implements an innovative time architecture, transaction processing mechanism, and a consensus model that aims to be more efficient than those used by other blockchains. It also includes features like Velas Account, a passwordless solution that facilitates interaction with blockchain apps, and Velas Vault, a solution to store secrets and private keys.

What are the potential use cases for Velas?

Velas aims to support a wide range of use cases, including the development of high-performance dApps focused on user privacy and flexibility, decentralized finance solutions, and NFT art. It also seeks to facilitate the creation of decentralized exchange solutions, metaverse projects, load-resistant marketplaces, and play-to-earn game concepts. The Velas blockchain is designed to be carbon neutral, based on an energy-efficient DPoS mechanism, making it a potential choice for environmentally conscious projects.

What is the history of Velas?

Velas was founded in 2019 by Alex Alexandrov, a blockchain and crypto entrepreneur, and investor. The project is based in Switzerland and has been live on the mainnet since January 2020. Alex Alexandrov is also the founder of CoinPayments, a payment gateway for cryptocurrencies, and an advisor and investor of Mind AI, a Korean AI startup. He has consulted with the FBI, Europol, and several national governments on technology, cybersecurity, blockchain, and AI implementation. The Velas blockchain has been designed to incorporate features from both Solana and Ethereum, including security, scalability, high performance, and support for EVM/Solidity.