What is Velas?
Velas is a blockchain with a hybrid Proof-of-Stake and Proof-of-History consensus algorithm. The network’s throughput exceeds 50,000 transactions per second.
Velas is an eBPF– and EVM-compatible blockchain: developers can write smart contracts in C, Rust and Solidity, and integrate Ethereum projects with minimal modification.
Who built Velas?
The blockchain was created by the Swiss company Velas Network AG in 2019. The company’s founder, Alex Alexandrov, previously launched the cryptocurrency payment service CoinPayments and helped develop the Korean AI start-up Mind AI.
At the time of publication, the Velas team comprises 65 employees worldwide.
Why does the Velas team call it the fastest EVM blockchain?
Blockchain speed is the number of transactions the network can process per second (Transactions Per Second, TPS). This metric is influenced by:
- block creation time — the frequency at which transactions are added to the blockchain;
- finality — the number of blocks after which the probability of a transaction being reversed due to a fork drops to zero;
- synchronisation — the time within which most nodes receive information about a transaction and recognise it as executed.
The earliest blockchains do not exceed 100 TPS. Industry pioneers prioritised hardware decentralisation — lengthening block times, finality and synchronisation so users could run networks even on office laptops.
Today, developers optimise network parameters for high-performance computers. Such blockchains can reach several thousand transactions per second.
Velas uses several techniques to accelerate the network, including clustering of validators, task parallelisation and support for eBPF — a virtual machine capable of executing code in the operating-system kernel.
Velas’s throughput exceeds 50,000 transactions per second. It depends on internet-provider infrastructure and, in theory, can reach 700,000 TPS. Network transaction fees do not exceed $0.00001.
To run a Velas node a powerful computer is required: a 12-core/24-thread processor, 128 GB of RAM and an NVMe SSD with at least 2 TB of capacity.
What is VLX?
VLX is the native token of Velas. It is used to pay transaction fees, for payments on the network and in decentralised services, and to reward validators. VLX holders can stake the token and receive regular rewards.
The official wallet for storing and staking VLX is Velas Wallet. It is available in browsers, as well as on all desktop and mobile operating systems.
VLX can be bought on the Velas website or in the wallet. At the time of publication it also trades on Gate.io, KuCoin and Bittrex. The token’s price is $0.24.
How to build on Velas?
Velas supports two types of smart contracts: for the eBPF machine (languages C and Rust) and for the EVM (language Solidity). To call EVM contracts, VLX tokens must be transferred into the EVM space via a bridge.
At the time of publication, Velas has launched 15 projects: infrastructure services, wallets, bridges and the decentralised exchange WagyuSwap. Another 70 projects are in development, including the Velas Launchpad token-sale platform and Velas Fund.
How is the Velas ecosystem evolving?
The team is preparing to launch Velas Account and Velas Vault — services for passwordless authentication and secure private-key storage.
In addition, Velas is developing BitOrbit, a social network with React Native micro-apps, content monetisation and cryptocurrency payments.
How to get a grant from Velas?
The Velas team has launched a grants programme with a total funding pool of $100m. Developers can receive up to $100,000 to create:
- DeFi protocols and DEXs;
- solutions using NFTs;
- blockchain games;
- dapps for integration with traditional sectors of the economy;
- projects that promote the mass adoption of cryptocurrencies and blockchain technology.
To participate, applicants should introduce the team, present a project roadmap and explain how it will benefit the ecosystem.