Review on Velas by David Olayide
The VELAS CURRENCY
VELAS also referred to as Virtual Expanding Learning Autonomous System is a new and exciting blockchain startup located in Switzerland. The project has a major objective of solving some of the issues facing existing cryptocurrencies such as Bitcoin. Here we are talking about the challenges of scalability which has always been a problem when it comes to the more popular cryptocurrencies that we have in the global market today.
Velas has this attempted to provide a valid solution to this problem of scalability and. Velas claims that their native blockchain protocol can handle or achieve up to 30,000 TPS, while also concurrently, remaining safe and secure from the threat and attacks to a percentage of about 51%. Moreover, the Velas blockchain remains decentralized at all times.
Velas blockchain utilizes and implements a unique, innovative consensus mechanism called Artificial Intuition Delegated Proof of Stake. You can also make use of a mobile cryptocurrency wallet, the Vela’s wallet, and it supports multiple other cryptocurrencies. Velas Token, (VLX) is the digital asset native to the platform.
Since the token is used to fuel the Velas network, VLX is used to power smart contracts. You can also use the VLX token for transactalso ions. I think Vela’s is a good addition to the cryptocurrency world and I expect to hear more favorable news from the cryptocurrency.
Pros
- VELAS attempts to solve the scalability problems present in larger cryptocurrencies
- Velas is highly scalable
Cons
- Nil
