Review on Velas by Fanuel PORPORTY
Secure, Interoperable and Extremely Scalable Blockchain
Created in 2019, Virtual Expanding Learning Autonomous System, or simply ‘Velas’, is a new and exciting blockchain startup located in Switzerland. Velas is a self-learning and optimizing blockchain platform for secure, interoperable, extremely scalable transactions and smart contracts. Velas uses AI-Operated DPOS (AIDPOS) consensus to secure the blockchain for high volume transactions processing without sacrificing decentralization, stability and security.
I also like the innovative measures that the project has taken in its development of the Velas Wallet. Not only will the wallet allow users to store non-native cryptocurrencies such as Bitcoin and EOS, but through its Schnorr Signatures integration, the technology ensures that joint-wallet owners are required to each sign the transaction before it is executed.
Pros
- Velas was launched with the overarching objective of solving the many issues facing existing networks such as Bitcoin. In a nutshell, this centres around the challenges of scalability.
- The Velas blockchain also has its own proprietary cryptocurrency. Known as the Velas Token, or simply VLX, the digital asset has a number of key functions.
- Firstly, as the token used to fuel the Velas network, VLX is required to power smart contracts. Moreover, the VLX token is also used to pay for transactions.
- If using the VLX token within the Velas wallet, this gives users a 25% discount on fees. A 25% discount is also available when using the VLX token over at the CoinPayments platform, which is deducted from trading fees.
Cons
- Increased competition - many blockchain projects have the main objective of solving the problems faced by existing blockchain networks such as: scalability, decentralization, speed and security.
- Relatively young project - it must prove itself
