This article will explain Velas, its ecosystem, and its cryptocurrency utility coin, VLX.
Background of Velas (VLX)
Velas was founded in 2019 in Zug, Switzerland, by two (2) co-founders, Alex Alexandrov and Farkhad Shagulyamov. Alex is also the CEO of CoinPayments, an altcoin payment processor solution company.
The co-founders recognized that the cryptocurrency industry needed a fast, scalable blockchain on which many services can be built on top while also integrating cross-chain, which refers to the interoperability between two (2) relatively independent blockchains. Velas has thus been built on the idea of decentralized finance (or DeFi).
What is Velas (VLX)
Velas is an abbreviation for “Virtual Expanding Learning Autonomous System“.
Velas (VLX) is an open-sourced blockchain ecosystem of products and services that is an enabler for any tokenization project. In addition, the blockchain allows for cross-chain deposits and the withdrawal of funds from other blockchains.
Velas launched its Mainnet in February 2020 and is well-known in the crypto industry for its fast blockchain speed (up to 75,000 transactions per second) and low transaction costs ($0.00001).
What is the Velas Coin (VLX) used for
VLX is the utility coin inside the Velas ecosystem. It can be used to stake and receive VLX rewards for block validation, access or pay for services within the Velas Ecosystem, and as a form of crypto trading and investment.
What are the Current Circulation and Maximum Supply of Velas (VLX) coin
Velas has an inflation rate of 8%, and its maximum current supply is 2.28 billion coins. All of these coins are now 100% in circulation.
Where can I buy Velas (VLX) coin
Velas is currently traded in many cryptocurrency exchanges. There are always newer crypto exchanges out in the market listing various coins; it is always best to buy your crypto assets through reliable, secure and proven exchanges.
You can consider buying Velas (VLX) through either any of these trusted exchanges;
Related Post: Where to buy Velas (VLX) coin: Payment methods available
Do I need a wallet to store Velas (VLX)
Depending on your needs, you can keep Velas on;
a) Crypto Exchanges for convenient trading (buying & Selling) purposes
b) Stake them on lending platforms to earn high-interest rates if you plan to keep them for the time being
c) Store them on software/hardware wallets if you want security on your Velas coins
Velas has an officially supported wallet for software wallets, and you can find it on their website. The wallet keeps various operating systems, such as Windows, macOS, Linux, Android, and iOS. It also has a web wallet version available. Setting up the Velas wallet is easy and fast.
For hardware wallets, the Trezor One and Trezor Model T support storing Velas (VLX) coins. You can refer to the updated list of supported coins on the Trezor webpage.
Related Post: Types of Crypto wallets to store Velas (VLX) coin
Which Consensus Algorithm is Velas (VLX) using
Velas is the first and currently the fastest EVM/eBPF Hybrid Chain mechanism blockchain using an AI-powered Delegated Proof-of-Stake (AIDPOS) for improved scalability, high security and interoperability.
How to Stake Velas (VLX)
Since Velas (VLX) uses a Proof-of-Stake (PoS) consensus mechanism, anyone can stake VLX to earn interest. There is no limit to how much you can stake VLX. You can stake any amount you want.
To stake VLX, you can use the official native Velas wallet to delegate any amount of VLX you have stored inside there. Inside the wallet interface, you can choose from a list of validators offering their own APY interest rates.
When did Velas (VLX) coin start trading
Velas (VLX) started trading around 5th October 2019 at around USD 0.018.
What is the Price Prediction of Velas (VLX)
At the time of this article, Velas (VLX) is trading at USD 0.211. You can check the most up-to-date current price of VLX at Coinmarketcap.
Taking into consideration the maximum supply of 2.28 billion VLX coins in market circulation now, for Velas (VLX) to rank among the Top 20 crypto assets in terms of market capitalization, its price will need to reach USD $5, or eleven (11) billion dollars in market cap.
To reach among the Top 10 crypto assets, Velas (VLX) price needs to reach USD $10, or simply about twenty-two (22) billion dollars in market cap.
Is Velas a fork of Solana
Yes, Velas (VLX) is a Solana (SOL) fork with embedded EVM integration. It is designed to overcome limitations faced in Solana’s design and achieve better improvements.
How Fast is Velas (VLX) Blockchain
The Velas (VLX) ecosystem is currently the fastest in the world, and it has a processing capacity of 75,000 transactions per second and has the lowest costs in the industry.
Velas (VLX) is also known for being EVM-compatible which allows the transfer of projects from other blockchains, including the Ethereum (ETH) ecosystem. This compatibility significantly increases Velas’s capabilities to develop DeFi projects, NFTs, and D’apps.
What is Velas’ (VLX) roadmap ahead?
To keep up to date with Vela’s roadmap, plans and announcements, you can go to any (or all) of these official Velas channels;
- Facebook Page (@velasblockchain)
- Reddit (r/Velas)
- Telegram (@velascommunity)
- Official Velas blog
