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Ethereum (ETH) is the world’s second-largest crypto project and the largest altcoin. It is also considered the second-most important crypto/blockchain project that was ever developed. Bitcoin is of course the first since it started the crypto industry. However, Ethereum deserves the second spot due to the fact that it pointed out the capabilities of blockchain technology, which go far beyond its use as a simple decentralized ledger for storing transactions.
Ethereum showed us that blockchains can store code as well, which led to the creation of smart contracts, and then through them, to dApps, DeFi protocols, metaverses, non-fungible tokens, stablecoins, decentralized exchanges, and much, much more. However, Ethereum did not “age well,” meaning that its ecosystem became too big for Ethereum’s network to handle it. Almost every move in its entire ecosystem requires some sort of transaction or microtransaction to be made, and all of them need to be processed, which is something that Ethereum simply cannot achieve in real-time.
This led to high gas fees in order to process urgent transactions first, and the average fee for transactions, in general, skyrocketed. This resulted in many to leaving the network for other, more scalable, blockchains. Of course, Ethereum’s ecosystem is still rich with smart contracts, dApps, and other blockchain products that users wish to stay in contact with, which is why EVM blockchains — chains that support Ethereum-based smart contracts and dApps — that are more scalable became highly valuable, and Velas is among the best ones out there in that regard.
What Problems Does Velas (VLX) Solve?
Velas is solving the problems that the Ethereum network suffers from, while still offering access to Ethereum-based products. In other words, it combines the best of both worlds, and is able to offer:
Scalability is one of the oldest and most persistent problems in the crypto industry. Essentially, with increased usage and popularity, the crypto industry is developing more products, which attracts more people, which tends to lead to even more usage and countless transactions that older chains cannot handle.
Being unable to scale, projects like Velas emerged to try to achieve better results. Velas succeeded, and is now capable of processing up to 75,000 transactions per second (TPS). While it is still not the fastest blockchain out there — that honor goes to Solana, which starts struggling at 400,000 TPS — it is still the fastest EVM-compatible blockchain, and with 75k TPS, it is more than scalable enough to handle all the demand the crypto world can offer.
Great network security
Next, we should note that Velas is well aware of the fact that scalability without security means little. This is why the project ensured that users and their funds would be fully secured during the time when they use the protocol. Velas’ chain is based on a high-performance protocol that implements an innovative time architecture, a more efficient consensus model, and a transaction processing mechanism that far outperforms other chains.
It is a hybrid between the EVM/eBPF chain of Solana and Ethereum, and it inherited the best of both— great speeds and scalability from Solana, and security and EVM/Solidity support from Ethereum.
An entire suite of products and solutions
Finally, we should also note that the project also offers an entire range of products and features that make it more than worth using. For example, we have Velas Account, which is a passwordless solution for interaction with blockchain apps to the level of Google and PayPal-like convenience.
Then, there is Access Management, which is a decentralized access management system, that lets you control access to files of IPFS through multiple types of encryption.
Next, the project offers Velas Vault, which is a new solution for storing private keys and secrets.
Finally, we have Velas Wallet, which is a multi-currency wallet that offers staking.
Benefits of Velas (VLX)
Next, let’s talk about the benefits that Velas has to offer, as there are several worth mentioning, such as:
EVM compatibility is a huge benefit for Velas and its users, as it allows access to some of the richest and most popular smart contracts and dApps built on Ethereum stack. This also puts Velas into a different category of EVM-compatible projects, and doesn’t simply make it another regular Ethereum competitor.
With great scalability, transactions do not have to wait their turn to be processed, which means that there is no reason to pay extremely high transaction fees in order to get the validators to process your transaction first. In other words, Velas can be as cheap as crypto transactions were always meant to be.
We mentioned Velas Wallet, which is a wallet that supports multiple currencies and offers a staking functionality. This means that you can simply lock up your tokens inside the wallet and become eligible to receive staking rewards, which is great for users who wish to HODL and invest for long periods of time. You can simply leave your money alone and have it make more money for you on its own.
Another feature that Velas has in development is called MicroApps. With it, Velas will support cross-platform dApps where not only the code is stored on-chain, but also the entire user interface.
How Does Velas (VLX) Work?
Velas is the world’s fastest EVM blockchain that can offer up to 75,000 TPS. All transactions are processed instantly, and the project features the highest security available in the blockchain world. Not only that, but its scalability means that there is no need for people to offer higher transactions to be the first to have their transaction processed, so gas fees always remain minimal, to the point where sending transactions is almost free.
The project’s ecosystem consists of a number of decentralized products, and they allow it to present the ease of UX of decentralized, open-source products. Meanwhile, its native token, Velas Coin (VLX) can be used for transactions, payments, fees, staking, and more, all of which benefits the user and the project alike.
How to Buy Velas (VLX)
Currently, Velas (VLX) is available for purchase on the following exchanges.
KuCoin – This exchange currently offers cryptocurrency trading of over 300 other popular tokens. It is often the first to offer buying opportunities for new tokens. USA Residents are Prohibited.
Gate.io – This exchange was established in 2013, and is one of the more popular & reputable exchanges. Gate.io currently accepts most international jurisdictions including Australia & the UK. USA & Canada residents are prohibited.
Velas (VLX) — The fastest EVM chain and competitor to ETH 2.0
Velas is an EVM-compatible project built on Solana and it truly combines the best of both worlds into one project. This doesn’t mean that it will become a competitor for Ethereum’s position, but it can certainly make using Ethereum’s features a lot easier, since you will be using them in a much more user-friendly, scalable, and cost-effective ecosystem than what Ethereum itself could ever offer.
Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.
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