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Velas

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This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Velas?

Velas (VLX) is a cryptocurrency token native to the Velas blockchain, a fast and scalable platform designed for decentralized applications (dApps) and smart contracts. It supports Ethereum Virtual Machine (EVM) compatibility, allowing for the migration of apps from Ethereum and other chains. The token is used for transactions, payments, and fees, and its blockchain aims to provide a faster, cheaper, and more usable ecosystem for daily use.

How is Velas used?

Velas (VLX) is the native token of the Velas blockchain, which is designed to be the world’s fastest EVM blockchain. The token is used for various purposes within the ecosystem, including:

  1. Transactions and Payments: VLX can be used for transactions, payments, and fees on the Velas blockchain. The blockchain's high scalability and low fees make it suitable for micropayments and DeFi platforms.

  2. Staking: VLX is used for staking incentives to support the blockchain, ensuring the network's security and stability.

  3. Decentralized Applications: The token is used to power smart contracts and support decentralized applications (dApps) hosted on the network. This includes applications like VelasPad and BitOrbit, which are part of the Velas ecosystem.

  1. Discounts: When used with a Velas wallet, VLX provides a 25% discount on transaction fees and trading fees on the Coinpayments platform.

Overall, the Velas token plays a central role in the functioning and growth of the Velas blockchain, enabling fast, secure, and cost-effective transactions and interactions within the ecosystem.

How do I store Velas?

To store Velas (VLX) tokens, you have several options:

  1. KuCoin Account: You can hold your Velas (VLX) tokens in your KuCoin account, which provides quick access to trading products like spot and futures trading, staking, and lending. KuCoin serves as the custodian of your crypto assets, but make sure to set up a strong password and upgrade your security settings to prevent malicious access.

  2. Non-Custodial Wallets: For greater security, you can withdraw your Velas (VLX) tokens to a non-custodial wallet, which grants you complete control over your private keys. This includes hardware wallets, Web3 wallets, or paper wallets. Be sure to store your private keys securely, as losing them may result in the permanent loss of your Velas (VLX).

  3. MetaMask: You can also use MetaMask, a popular browser extension and mobile app that supports millions of assets and blockchains. This allows you to store and manage your Velas (VLX) tokens securely.

  1. Velas Wallet: The Velas Wallet is a secure, easy-to-use, and free application to manage your cryptocurrency. It supports multiple types of wallets, offering a balance of security and convenience.

  2. Paper Wallets: Paper wallets are another option, where you store your private keys securely on paper, ensuring that they are not accessible online.

Remember to always prioritize security by using strong passwords, two-factor authentication, and securely storing your private keys to protect your Velas (VLX) tokens.

How to buy Velas?

To buy Velas (VLX) tokens, follow these steps:

  1. Choose an Exchange: Select a reliable exchange that supports VLX trading. Popular options include Huobi, Gate, KuCoin, PancakeSwap, CoinEx, Bittrex, and ProBit. Research each exchange, considering factors such as user feedback, reputation, and security measures.

  2. Create an Account: Sign up on the chosen exchange's website or mobile app. Provide necessary information, including your email address, a secure password, and complete any identity verification steps.

  3. Fund Your Account: Deposit funds into your exchange account using a payment method accepted by the exchange. Common methods include credit/debit cards, bank transfers, and third-party payment processors.

  1. Buy VLX: Navigate to the exchange's trading section, select the VLX trading pair (e.g., VLX/USDT), and choose your desired order type (e.g., market order, limit order). Enter the amount you want to purchase and execute the order.

  2. Transfer to Wallet: Once purchased, transfer your VLX tokens to a secure wallet, such as the Velas Wallet, MetaMask, or a paper wallet, to store them safely.

Remember to always follow security best practices, such as using strong passwords, two-factor authentication, and backing up your seed words properly.

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History of Velas

Velas (VLX) is a pioneering Solana L1 fork that combines the best of both worlds: the robust security and established developer ecosystem of the Ethereum Virtual Machine (EVM) with the lightning-fast transaction processing capabilities of Solana. The project was founded by Alex Alexandrov and Farhad Shagulyamov in Switzerland in 2019.

The founders, with their diverse backgrounds in finance and IT, brought their extensive experience to the project. Alex Alexandrov, the CEO, has a background in finance and IT, having worked as a trader and developed a payment gateway called Coinpayments. Farhad Shagulyamov, the CIO, has been involved in the cryptocurrency space since 2016 and pioneered the ISIN initiative, the first cryptocurrency international security identification number.

Velas has grown significantly since its inception, partnering with various organizations such as CoinPayments, WEB3 Space, Solana, BlueZilla, and others. It has also collaborated with firms outside its niche, including the Swiss Blockchain Hackathon, Scuderia Ferrari, and GPNFTS company for motorsport NFTs.

The project aims to solve the scalability and security issues faced by the Ethereum network by offering a hybrid approach that leverages the power of Solana’s parallel transaction processing to deliver speeds exceeding 75,000 transactions per second (TPS). This results in near-instant transaction finality and minimal fees, making it an attractive option for developers and users alike.

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How Velas works

Velas (VLX) is a cryptocurrency that operates on a fast and scalable blockchain platform. Here's how it works:

Key Features
  • Scalability: Velas is designed to handle a high volume of transactions quickly, with the ability to process up to 75,000 transactions per second (TPS). This makes it one of the fastest EVM-compatible blockchains.
  • Security: The platform ensures robust security by implementing a high-performance protocol with an innovative time architecture, efficient consensus model, and advanced transaction processing mechanisms.
  • EVM Compatibility: Velas is built on Solana and is EVM-compatible, allowing it to support Ethereum-based products while offering better scalability and cost-effectiveness.
Staking and Rewards
  • Staking: Users can stake their VLX tokens to support the blockchain network and validate transactions. This process is more energy-efficient compared to traditional mining methods.
  • Rewards: Stakers earn rewards in the form of additional VLX tokens, which can be claimed monthly. The current Annual Percentage Rate (APR) for staking ranges from 9.7% to 11%.
Validators and Commissions
  • Validators: Users can choose validators to delegate their staked tokens. Validators set a commission fee, which is a proportional cut from the staking rewards. Lower commission fees generally result in higher rewards for stakers.
  • Commissions: Validators can set commissions ranging from 0% to 100%. A 0% commission means stakers receive 100% of their earnings, while a 100% commission means stakers receive 0% of their earnings.
Wallet and Staking Process
  • Velas Wallet: Users can manage their VLX tokens and stake them using the Velas Wallet, a secure and user-friendly application.
  • Staking Process: To stake, users create a Velas Wallet account, deposit VLX tokens, and allocate the desired amount for staking. The staking process involves a warm-up period of approximately 2 days before rewards are earned, and a cool-down period of about 2 days after stopping staking.
Additional Features
  • VelasPad: VelasPad is a launchpad within the Velas blockchain that facilitates cross-chain launches and integrates projects with the Velas network.
  • Discounts and Incentives: Users can receive discounts on fees when using VLX tokens, and additional incentives are available for contributing GPU power to the network.

Overall, Velas aims to provide a fast, secure, and scalable blockchain platform with a range of features that support decentralized applications and user engagement.

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Velas's strengths

The token Velas (VLX) has several strengths that make it an attractive investment opportunity:

  1. Scalability: Velas is the world’s fastest EVM blockchain, capable of processing up to 75,000 transactions per second (TPS), making it highly scalable and efficient.

  2. Security: The project ensures high security through its hybrid EVM/eBPF chain, which combines the best of both Solana and Ethereum, providing a secure environment for users and their funds.

  3. Low Fees: Transactions on Velas are almost free, thanks to its scalable design, which eliminates the need for higher gas fees to prioritize transactions.

  1. Staking and Governance: VLX supports staking and governance through its Proof-of-Stake consensus mechanism, allowing users to participate in the network and earn rewards.

  2. Multi-Functionality: The token can be used for transactions, payments, fees, and staking, making it a versatile and essential part of the Velas ecosystem.

  3. EVM Compatibility: Velas supports all smart contracts and decentralized applications built on the Ethereum stack, ensuring seamless integration and compatibility.

  1. Innovative Solutions: The Velas ecosystem includes innovative features like Velas Account, Access Management, and Velas Vault, which enhance user experience and provide additional functionalities.

These strengths position Velas as a robust and efficient blockchain project, offering a unique combination of scalability, security, and usability.

Velas's risks

Velas (VLX) carries several financial risks that investors should be aware of. One significant risk is the high risk score associated with the token, indicating that it is a relatively high-risk investment. Additionally, the token's volatility can lead to significant losses if not managed properly.

Another risk is the potential for token slashing, which can result in the loss of funds for validators and delegators if malicious conduct occurs within the network. This risk is inherent to the staking mechanism, where participants can forfeit their stake if they engage in malicious activities.

Furthermore, the token's inflation rate of 8% annually can impact its value over time, potentially leading to a decrease in purchasing power. This inflation rate is a result of the token's Proof-of-Stake consensus mechanism, which incentivizes network participants to contribute to the network's security and performance.

Lastly, the token's market performance can be influenced by various external factors, such as changes in the broader cryptocurrency market or regulatory developments. These factors can lead to significant price fluctuations, making it essential for investors to closely monitor market trends and adjust their strategies accordingly.

Overall, investors should carefully consider these financial risks before investing in Velas (VLX) and ensure they have a thorough understanding of the token's mechanics and market dynamics.

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Velas's ecosystem

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Velas’s team

  • Alex Alexandrov: Velas Founder & CIO, also CEO at CoinPayments, known for his entrepreneurial attitude and ability to stay up with trends and practices in the cryptocurrency world.

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