Velas

Velas

 VLX

Velas is the world's fastest EVM/eBPF Hybrid Chain. It is one of the modern blockchain architectures with several unique offerings, improved flexibility, operation, and security. So, if you are bothered with the question - what is Velas? Then, there is no reason to look any further, here are all the details you need to know. To start off, we'll make a list of key points to note.

Velas Exchange Rate

VLX by TradingView

What is Velas crypto (VLX)?

Key takeaways

  • Velas is the blockchain network while VELAS VLX is the token used as the official unit of value measurement on the Velas Blockchain.
  • Velas earned the title "hybrid chain" as a result of its combined source - Ethereum and Solana and its cross-chain feature.
  • The blockchain was founded in 2019 and is headquartered in Switzerland.
  • The Velas Blockchain is a decentralized platform for the development of decentralized applications.
  • It is a new generation of self-learning, AI-infused cryptosystems.

Who Are the Founders of Velas?

At its inception, Velas was essentially founded by two partners, although at present, the team has grown to accomodate more partnership and collaborations. Alex Alexandrov as the CEO and Farhad Shagulyamov as the CIO both partnered in the creation of Velas in Switzerland, 2019.

Farhad Shagulyamov's first contact with the cryptosystem dates back to 2016 with his first investment in crypto and its coincidence with the start-up of his technology company in China. The combined insight from both experiences laid the foundation for the development of the ideas that birthed the Velas project. He pioneered the ISIN initiative; the first cryptocurrency international security identification number.

Alex Alexandrov on the other hand grew from his background experience in finance. He started out as a trader in diverse assets including Derivatives. From maintaining a wide investment focus on assets, Alex moved to the crypto niche. He employed his 15+ years experience as an IT professional in building a payment gateway called the Coinpayments service. Coinpayment processed payments using Ethereum, Bitcoin, Litecoin, and many other altcoins. It has remained the biggest crypto payment gateway in the market.

As the Velas project continued to grow, the network opened up to more collaborations for improved growth. Velas partners with CoinPayments, WEB3 Space, SOLANA, BlueZilla and several known names within the market. It also partners with firms outside its niche. Velas functions as the official Protocol Partner of the Swiss Blockchain Hackathon. It partners with Host Laurence Fishburne, Scuderia Ferrari, GPNFTS company for motorsport NFT, and countless other collaborations.

What is Velas (VLX) used for?

Velas (VLX) is a crypto coin with numerous use cases. As the official currency in the Velas chain, the token Velas (VLX) primarily serves transactional functions for payments, exchanges, settlement of transaction fees, and for the support of the Proof-of-Stake incentives to validators.

What Makes Velas (VLX) Unique?

The Velas crypto project has earned the tag-world’s first fastest EVM/eBPF Hybrid Chain mechanism and this resulted from the fusion of the Solana blockchain codebase and Ethereum Virtual Machine functionality. The blockchain is built on Solana for speed and scalability and complements it with additional features from Ethereum. This gives its users room to create cross-chain applications Not only is it a pioneer force in this regard, but it is also the fastest, as it has the capacity to process up to 4,500,000 transactions within a minute (75,000 per second) with immediate finality, Solidity support and at very low fees.

With the goal to fuse the Web 3.0 features, the blockchain system and innovative technologies, the network aims to create a transparent, user-centered, and decentralized ecosystem of products and services that improve the quality of lives of people worldwide and make the internet accessible again. The network is an open-source platform that runs a decentralized governance style and hosts several decentralized projects and applications. Velas Network is in the Crypto Valley top 23 Blockchain firm.

That's not all, the blockchain ecosystem runs an AI-powered Delegated Proof-of-Stake (AIDPOS) consensus mechanism. This feature aids the self-learning functionality of the project and enhances scalability, high security and interoperability.

Due to the need for record-breaking efficiency, the Velas blockchain uses a highly complex structure which is prone to limitation of time for synchronizing nodes. To correct this and prevent the drop out of a significant number of nodes, the AIDPOS algorithm came onboard to maintain a balance between performance and security. Hence, introducing the "AI guardian" technology into the network.

How Many Velas (VLX) Coins Are There in Circulation?

At present, Velas (VLX) coins have a circulating supply of 2,320,000,000 VLX. There are 2.324 billion VLX coins in token. VLX was sold for the first time on the 3rd of October, 2019 for less than $0.02. However, at present, the coin has grown in value, utility, and reach. It is priced at 0.0437 USD at the time of writing.

The personal data of all the account holders always remain private due to the Velas ecosystem structure

Market Cap (USD) $102,580,000
Price 0.0437 USD
Circulating supply 2,320,000,000 VLX
24h volume (USD) $2,430,000
24h high / 24h low $0.04507 / $0.04312
7d high / 7d low $0.04573 / $0.04257
30d high / 30d low $0.05899 / $0.04006
90d high / 90d low $0.2268 / $0.04006

According to Coinmarketcap, the VLX coin is ranked in 123rd place at the time of writing.

Velas dApp Development

The Velas platform is a host to several Decentralized applications some of which are the VelasPad and BitOrbit.

The Velas Blockchain offers developers a community for privacy-preserving applications, services, and products with enhanced user experience. The platform supports Solidity; Ethereum’s programming language and allows the migration of apps from Ethereum. Not just Ethereum but TRON, and Binance Smart Chain (BSC) also.

On the Velas development platform, thousands of transactions can be executed at less than a dollar fee. Users also enjoy funding, exposure, collaboration opportunities through the development support program on the platform where funding, grants, fundraising, and marketing are provided. Not only does it serve the dapps hosted on its blockchain. Through the EVM, it also serves dapps hosted on the ethereum platform.

Velas EVM

The Ethereum Virtual Machine (EVM) is one of the several Velas initiatives aimed at improving the development of decentralized Applications. It serves as a bridge between Ethereum and Velas. It offers the best of both worlds to Ethereum and Velas users.

Ethereum is the widest used DeFi platform for dApps development. Hence, the EVM will serve as a platform through which users can host their applications on ethereum, yet run these applications enjoying the 75,000 transaction per second (TPS) speed capability of the Velas network. The EVM will offer developers of decentralized Ethereum applications expanded capabilities at low fees.

VelasPad

VelasPad is the launchpad of the Velas crypto platform. It serves as the incubator platform and operates with the Velas development team. It aids funding, grants and marketing activities to support innovative blockchain projects using Velas’ technology. Through VelasPad, the community of users and developers participate in the token launch events and provide up-and-coming projects with early funding to get products to market quickly.

It is also useful for improving the user experience for the decentralized applications (dApps) hosted on the network.

How Is the Velas Network Secured?

Projects within the cryptocurrency industry are faced with the challenge of finding the equilibrium between scalability and security. This is one of the areas in which Velas Blockchain pioneered a new path.

With the introduction of AI, the Velas blockchain offers both security and scalability optimally. This AI module serves as an additional layer to achieve the optimal balance of speed and security. The AI module is called AIDPoS.

How do I buy Velas (VLX)?

VLX unlike a lot of other cryptocurrencies cannot be bought using fiat money. It must be bought using crypto. Hence, to buy VLX, you must first buy Bitcoin using a fiat-to-crypto exchange then make a transfer to an exchange that supports the VLX coin.

You can do this on a couple of crypto exchanges but if you want fast trade execution and excellent customer service then go with Swapzone!

To get VLX coins on Swapzone, you need to exchange them with another coin. Be it Bitcoin, Ethereum, etc.

  • Go to Swapzone.io
  • Select BTC in the “SEND” field.
  • Type in the amount of the BTC you wish to swap.
  • Choose VLX in the “GET UP TO” section.
  • Select the trade filters you are interested in.
  • Choose the best offer available and input your unique VLX address.
  • Wait for a few minutes for your VLX funds to be deposited.

Which Cryptocurrency Wallet Supports Velas (VLX)?

VLX is supported on several crypto exchanges and wallets. Below is a list of Centralized Exchanges (CEX) and Decentralized Exchanges (DEX) that support VLX.

CEX

BW.com, Exmo.com, ZBG.com, Probit.com, Bittrex Global, FMFW (Bitcoin.com), ChangellyPro, CoinEx, Digifinex, Gate.io, Kucoin, Huobi Global and BitForex.

DEX

Uniswap , PancakeSwap, WagyuSwap, SushiSwap, AstroSwap, and KyberSwap.

In conclusion, the Velas network is a unique blockchain that thrives on the fusion of Solana and Ethereum structures. It maintains a balance between scalability and efficiency offering a 75,000 transaction per second speed. It supports various programming languages and cross-chain capabilities with the migration of apps from other blockchain to the Velas network. All these features combined with the low fee and seamless user experience, has helped the currency's ranking and market dominance.

Popular pairs to convert Velas

Frequently asked questions

What is the Velas exchange rate?

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An exchange rate is the rate at which one cryptocurrency can be exchanged for another through a certain crypto exchange provider. Cryptocurrency exchange rates on Swapzone reflect current prices of crypto assets and are updated every 30 seconds for you to keep track of any market changes and fluctuations to profit when buying the dip or going with the best exchange rate and the lowest exchange fees. All cryptocurrency exchange providers have their own rates, which depends on supply and demand, mining rewards, costs and so on. See what else might affect the rate in our article on prices.

There are two types of exchange rates aggregated by Swapzone – fixed rates and floating rates. To receive the exact amount of crypto that is displayed at the beginning of the exchange and shield yourself against the market's volatility, opt for fixed-rate offers. If you're ready to take a risk and receive less or more than the sum displayed, go with floating-rate offers but bear in mind that floating rates may drastically change any second. You can refresh your memory on how to get the best exchange rate here.

Where to find the lowest transaction fees?

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Crypto transaction fees may vary depending on the network (Ethereum transaction fees tend to spike during the congestion on the network), your chosen cryptocurrency, an instant exchange provider as well as its transaction processing speed and internal policy. These fees may be relatively low but it’s crucial to know they may be imposed in the first place.

If you want to exchange cryptocurrency with the lowest fees, beware of the offers with a grey-colored “Transaction fees are not included” label displayed under the exchange rate. To avoid having to pay an unexpected amount of fees during the exchange, opt for those that do not have that label. Read our articles to learn more about how to exchange cryptocurrency with the lowest fees and find out which assets have the lowest transaction fees.

What is average transaction time?

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Transactions usually take from 5 to 30 minutes to be processed, especially if you choose currencies with speedy networks. However, there are several factors that may affect and slow down the exchange process, i.e. transaction volume, blockchain capacity, network updates, cryptocurrency itself and the capacity or chosen exchange platforms.

The processing may take longer due to the large transaction volume, congestion of the network, blockchain overload and market overload, technical issues or system failures, lack of liquidity or network maintenance.

The transaction may be also stuck if you forget to add a required Extra ID, mistake networks or use the wrong wallet for a chosen crypto asset. If you worry that the exchange processing is taking too long, please, contact us at [email protected] or via our live chat on the landing page.

How to choose a cryptocurrency wallet to store Velas?

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To exchange, buy, sell or trade cryptocurrency and store your crypto keys safely and securely, you need a crypto wallet. Choosing the best cryptocurrency wallet is a question of preference and need. To learn more, read our guide on how to choose the best cryptocurrency wallet for your needs.

There are several types of wallets for different crypto assets and tasks. Software wallets, or hot storage wallets, are connected to the Internet and come in many forms: Web, Desktop, Mobile or Browser Extensions. If you want to build a large crypto portfolio, you might want to look at multi currency wallets like Exodus, MetaMask, TrustWallet, Atomic or Guarda. If a coin or a token of your choice isn’t available there, you can always opt for a single-currency wallet that is usually designed by the project that launched the asset.

If you take safety and security matters seriously, go for hardware wallets, or cold storage wallets, like Ledger or Trezor, or even paper wallets. We strongly recommend you to do your research before creating a wallet: read the reviews to see what the community thinks, learn about the fees a particular wallet imposes for performing transactions, check out supported currencies and networks and see its security policy.

What is the best cryptocurrency exchange for beginners?

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There are loads of different crypto exchange services, with new platforms emerging every month. Exchange providers differ by supported currencies, liquidity providers, fees, customer support, user interface, level of privacy and anonymity and customer support, which makes it hard for beginners to understand which one to choose. To learn more about what these exchanges offer and how you can assess them, read our guide on how to choose the best exchange platform.

To navigate them through the field full of services, we conduct research and thorough analysis of the market & list both prominent and promising exchange providers, keeping in touch with their teams 24/7. We give you all the necessary data on the offers they provide as well as their brief history, KYC/AML policies, reliability and advantages, while also indicating their downsides so that you don’t have to do that yourself.

What is Swapzone?

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Swapzone is an instant non-custodial cryptocurrency exchange aggregator that helps users make an informed choice when exchanging crypto assets. To make this possible, we gather the information on the exchange providers, select the parameters for comparison, aggregate and sort available deals & give an option to make a swap through providers' APIs in the same interface with a common user flow for every exchange. Still have doubts? Here's 9 reasons why you should use Swapzone to exchange crypto.

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