The case for the mass adoption of blockchain technology grows stronger with every passing day. However, some of the most popular blockchains such as Ethereum and Bitcoin still face the challenge of slow speeds. For instance, the blockchains for BTC and ETH have maximum transaction speeds of 7 and 15 transactions per second respectively.
Making a Difference
One of the main selling points of the Velas project is that it will be able to deliver speeds of up to 30,000 transactions per second. This will all be possible without compromising decentralization or security.
The Velas Concept
Velas launched in 2019 and it stands for Virtual Expanding Learning Autonomous System. This blockchain startup is based in Switzerland. The main issue that it aims to solve is scalability, which it believes is preventing the mass adoption of cryptocurrencies.
How Velas Works
The Velas project is quite complex, as can be seen by looking at its technical whitepaper. One area that is extensively covered in the whitepaper is the consensus mechanism. The team has created a concept called the Artificial intuition Delegated Proof of Stake, which is a variation of the common PoS mechanism. A process that the Velas project team has dubbed ‘Artificial Intuition’ supports their consensus mechanism.
The ‘Artificial Intuition’ process goes through data sets in the network and identifies relationships and patterns. If it comes across a potential inefficiency, it adjusts the network without having to alter the output criteria. The result is an extremely efficient ecosystem. As a result, Velas claims its blockchain can reach maximum speeds of 30,000 t/ps.
The current PoS algorithm has an inherent security risk. However, Velas claims to have come up with a workaround to the threat of a 51% attack; the Velas blockchain requires an 80% consensus for a blockchain to be declared complete. This makes the likelihood of gaining a malicious node-majority of 80% almost impossible.
The Velas wallet supports not just Velas coins but a slew of other tokens as well such as Monero, XRP, BTC, and ETH. This wallet also allows users to create private key seeds and create multi-sig backups.
About the Velas Token
VLX is the native token of the Velas blockchain. It plays several important roles within the ecosystem. For instance, it is used to power the smart contracts that run on the Velas blockchain. It is also the token used for transactions within Velas.
When using VLX, users will get a 25% discount on the fee charged. Another important function of VLX is staking; this entails locking away some of the tokens. The tokens are then used to verify transactions within the blockchain. There will be 2 billion pre-mined VLX tokens. Those holding the Coin payments Coin can swap them for VLX tokens on a 1:1 ratio.
The project is Progressing quite well; it recently announced the launch of its Web and Desktop wallets. Later on, the project plans to launch a hard wallet. Thus far, Velas seems to have a detailed and well-thought-out plan. If successful, it could help the crypto world move closer to mass adoption.
Image Source: Velas Twitter