Velas is a blockchain-based platform that aims to provide high-speed, secure, and scalable solutions for businesses and individuals. Velas is built on a modified version of the Graphene protocol, which is used by several other blockchain projects, and is designed to offer fast transaction processing times and low transaction fees.
One of the key features of Velas is its artificial intelligence (AI) technology, which is used to optimize network performance, predict user behavior, and improve security. The platform uses a consensus algorithm called Artificial Intuition, which combines proof-of-stake (PoS) and artificial neural network technologies to create a more efficient and secure network.
Velas’ native cryptocurrency is called VLX, which is used to pay for transaction fees and to participate in network governance. As of September 2021, VLX had a market capitalization of around $150 million USD.
Velas offers several advantages over other blockchain platforms:
- Speed: Velas has a high-speed network that is capable of processing up to 30,000 transactions per second (TPS), which is significantly faster than many other blockchain platforms.
- Scalability: Velas is designed to be highly scalable, with the ability to support millions of users and transactions. This is achieved through the use of sharding technology, which allows the network to be split into smaller, more manageable segments.
- Security: Velas uses advanced artificial intelligence (AI) technology to enhance the security of its network. This includes an AI-powered fraud detection system and a decentralized AI-based reputation system to prevent malicious actors from taking over the network.
- Flexibility: Velas supports a wide range of programming languages, making it easier for developers to build and deploy blockchain-based applications.
- Low transaction fees: Velas has low transaction fees, making it an attractive option for businesses and individuals who want to save money on transaction costs.
- Sustainability: Velas is built on a proof-of-stake (PoS) consensus algorithm, which is more energy-efficient than proof-of-work (PoW) algorithms used by other blockchain platforms such as Bitcoin.
Overall, Velas offers a powerful combination of speed, scalability, security, flexibility, and sustainability that make it a compelling option for businesses and developers looking to build and deploy blockchain-based applications.
Overall, Velas is positioning itself as a fast, secure, and flexible blockchain platform that can support a wide range of use cases, from decentralized finance (DeFi) to gaming and social media applications.
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