Velas VLX was created in 2019, and consists of a new Blockchain startup with a lot of potential located in Switzerland. Its full name is Virtual Expanding Learning Autonomous System.
The capacity and strength of blockchain technology is growing all the time. While the most popular blockchains, Bitcoin and Ethereum, are still limited to a capacity of only 7 and 15 transactions per second (t/ps), respectively, the networks that are now emerging have a higher capacity. We are talking about tens of thousands (t/ps).
An example of this is the Velas (VLX) project, which claims to have the capacity to process up to 30,000 transactions per second, without losing security or decentralisation.
In this article we will explore Velas in more detail, a high-potential blockchain that holds the VLX token and is expected to perform well.
What is VLX Velas?
As we mentioned at the beginning, Virtual Expanding Learning Autonomous System (Velas), is a Swiss-based startup born in 2019.
As is now quite common for blockchain startups, the network was launched with the aim of solving many of the problems we find in existing networks such as Bitcoin. That is, VLX focuses on scalability issues.
In the case of Bitcoin, for example, the network maintains a limitation of 7 transactions per second, at an average block confirmation time of 10 minutes. To improve these stagnant performance levels, several Bitcoin developers want to increase the transaction block size.
If this happens, it will have the effect of increasing scalability. However, those against the move argue that this will end up providing greater security risks to the network, as well as a move away from decentralisation.
In contrast, the Velas team argues that its native blockchain protocol has a capacity of up to 30,000 t/ps, while remaining secure and protected from the threats of a 51% attack. In addition, the Velas blockchain is set up as a decentralised network.
How does Crypto VLX work?
The Velas blockchain is a bit more complex to understand at first glance, so we will try to explain how it works in a simple way.
The VLX blockchain uses a unique and innovative consensus mechanism they call “Artificial Intuition Delegated Proof of Participation (AIDPOS)”. The AIDPOS framework is at the core of the blockchain, and is underpinned by a theoretical process known as “Artificial Intuition”.
The aim of the Artificial Intuition protocol is to find the perfect balance between artificial software and that of “human consciousness”.
In simpler terms, this means that the technology seeks to collect, identify and evaluate patterns and relationships in all data sets entering and traversing the Velas network. This allows the blockchain to operate ultra-efficiently.
With this protocol, should the network find potential inefficiencies in the chain, the network can make adjustments without the need to reconfigure the output criteria.
In terms of fundamentals, the Velas team claims that these parameters allow the blockchain to validate and process up to 30,000 t/ps. This means that the block generation rate per second is between 1 second and 2 minutes.
The team behind Velas VLX
As always, it is important to investigate the people behind a blockchain project entering the space. Firstly, the platform was founded by CEO Alex Alexandrov. The founder is currently a board member of Blockchain Society Canada.
Supporting the CEO are a number of experts in the blockchain development, investment and marketing sectors. Velas also has a number of advisors on board to spearhead the initial growth of the project. This includes Dr Moe Levin, CEO of Keynote, and Marshall Long, managing partner of Mockit Esports.
In addition to the core management and advisory team, Velas has partnerships within the industry such as, for example, integrated cryptocurrency payment gateway CoinPayments, which will use the Velas token as a native currency to access discounted merchant rates.
The platform has also partnered with Mind AI, a blockchain protection partner that is looking to build its technology framework on top of the Velas network.
Schnorr signatures
Most blockchain networks only allow a single digital signature when processing transactions. This signature usually belongs to the person with access to the private key. However, this feature is not functional when a wallet has multiple owners, and this is where Schnorr Signatures comes in.
This technology ensures that all owners of a particular wallet can sign transactions before Velas Blockchain executes the transfer. That is, everyone must sign for the network to execute the transaction. This functionality is useful in cases where joint accounts must operate without trust between owners.
VLX Velas Safety: Improved Controls
As we said, the Velas team claims that the native blockchain can handle up to 30,000 t/ps, and that the network guarantees enhanced security. This is due to features boasted by the Proof of Proof of Delegated Stake algorithm. The network is effectively protected against the dreaded 51% attack.
For a new block to be marked as valid, a consensus of at least 80% is required. While an attack is not technically impossible, gaining access to a new cycle block with an 80% majority of malicious nodes is almost beyond the realm of possibility.
Furthermore, these protection controls ensure that the threats of a double-spending attack are non-existent.
Multi-wallet technology
When using the Velas wallet, users have the ability to support other cryptocurrencies alongside the platform’s proprietary token. This includes Bitcoin, Ethereum, XRP, Monero and EOS. Velas users can create private keys from the wallet, store compatible non-native coins and also create backups of multiple signatures.
Token Velas VLX
The Velas blockchain also has its own token or cryptocurrency, known as Velas Token or VLX. This cryptoasset has a number of key functionalities.
Firstly, VLX is used to power the Velas network and therefore the token is required to power smart contracts. In addition, VLX is also used for transaction payments.
If you use the VLX within the Velas wallet, it will give you a 25% discount on fees. You will also get a 25% discount when using the VLX token on the CoinPayments platform.
For those who are unaware of this action, gambling incentivises users to block a certain amount of tokens, in order to support the blockchain. In return for the wager, the user earns rewards, proportional to the amount wagered, from transaction fees and block generation.
Velas also has additional rewards for those who wish to contribute GPU power to the network. In other words, the Velas team aims to reward users in direct correlation to the help they provide to the ecosystem.
A total of 2 billion VLC tokens have been mined. This is to allow those who currently hold Coinpayments (CPS) tokens to exchange them for VLX tokens on a peer-to-peer basis.
Buy Velas VLX
In order to obtain the VLX token, you must first access Coinbase or any exchange that allows you to make fiat deposits and buy Bitcoin (BTC) or Ethereum (ETH).
Once you get BTC or ETH, you must enter them on an exchange that allows exchange with VLX, such as ProBit.
ProBit is a popular exchange software for exchanging Altcoins with a large number of tradable cryptocurrencies.
Once you have deposited BTC or ETH on an exchange that trades Altcoin, you only need to exchange them for VLX.
Conclusion
The unique consensus mechanism of Velas, and the delegated proof of stake of artificial intuition, are some of the functionalities that provide a great capacity for blockchain scalability, without compromising security and decentralisation.
This makes it a blockchain with great potential. In addition, the Velas Wallet project not only allows users to store non-network native cryptocurrencies such as BTC and EOS, but with its Schnorr Signature system, the technology ensures that owners of joint wallets agree before executing a transaction.
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