Velas VLX Price

What is Velas (VLX)?

Velas (VLX) is a high-performance blockchain platform that aims to combine the speed and scalability of centralized systems with the security and transparency of decentralized networks. Launched in 2021, Velas leverages an innovative consensus mechanism called Solana's Proof-of-History (PoH) along with artificial intelligence to optimize transaction processing and enhance network efficiency. This allows Velas to achieve an impressive throughput of up to 30,000 transactions per second (TPS), making it one of the fastest blockchains available. Velas also supports smart contracts and decentralized applications (dApps), enabling developers to create a wide range of solutions within its ecosystem.

Who are the Founders of Velas?

Velas was co-founded by a team of experienced entrepreneurs and developers, including Farhad Shagulyamov, who serves as the CEO, and Rostislav Buzak, who is the project's CTO. The Velas team also includes experts from various fields, notably in blockchain technology, software development, and AI, which contributes to the innovative nature of the platform. The founders set out to create a blockchain solution that addresses the limitations of existing platforms while maintaining a focus on speed, security, and user experience.

How does Velas Work?

Velas operates on a unique consensus mechanism that combines the advantages of Proof-of-Stake (PoS) and Proof-of-History (PoH). The PoH component provides a historical record of events that enables faster transaction validation by creating a verifiable sequence of events. This allows validators to confirm transactions without having to communicate with each other constantly, significantly reducing latency.

The network is composed of multiple validators who stake VLX tokens to secure the blockchain. These validators are responsible for producing new blocks and validating transactions. Additionally, Velas utilizes artificial intelligence to optimize the performance of the network by predicting network congestion and dynamically adjusting the validator set.

Smart contracts on the Velas platform are written in Rust and can access the unique features of the blockchain, enabling developers to build decentralized applications that can scale efficiently.

Top Use Cases of Velas

Velas offers a wide array of use cases that capitalize on its high speed and low transaction costs:

• Decentralized Finance (DeFi): Velas supports various DeFi applications, such as lending protocols and decentralized exchanges, allowing users to trade and manage assets efficiently.
• Gaming and NFTs: The platform enables the creation and trading of non-fungible tokens (NFTs) and supports gaming applications that require fast transaction processing.
• Supply Chain Management: Velas can be used to track and verify the authenticity of products in supply chains, enhancing transparency and reducing fraud.
• Identity Verification: The platform can facilitate secure and decentralized identity verification systems, which are essential for various online services.
• Social Media Applications: Developers can build decentralized social media platforms on Velas, promoting user privacy and data ownership.

How to Keep your Velas Safe?

To ensure the safety of your Velas (VLX) tokens, consider the following best practices:

• Use a Hardware Wallet: For maximum security, store your VLX in a reputable hardware wallet, which keeps your private keys offline.
• Enable Two-Factor Authentication (2FA): If you use an exchange or online wallet, always enable 2FA to add an additional layer of security to your account.
• Keep Your Software Updated: Regularly update your wallet software and any related applications to protect against vulnerabilities.
• Beware of Phishing Attacks: Always double-check URLs and avoid clicking on suspicious links or emails that request your private information.
• Backup Your Wallet: Create backups of your wallet's seed phrase or private keys and store them in a secure location.