In this article we will talk about the VLX cryptocurrency and especially the blockchain project behind it: VELAS. The objective of our approach is to inform you about the VELAS project. Our analysis focuses more on the technological development of the project than on the financial development of the VLX token, although this may be related since the interest in the VLX token depends essentially on the success of the VELAS project. We do not claim to give investment advice. Everyone will be able to interpret the information we share in the way they want and draw their own conclusions.
The VELAS blockchain in numbers
In the world of crypto, the VELAS project ranks 168th in terms of market capitalization, which stands at around $144 million (figures as of June 5, 2022). Its market capitalization had reached 1.23 billion on April 1, 2022, which is its highest historical value. On that same date, the price of the VLX token had reached a value of $0.54. In recent months, after a fall in the value of all cryptocurrencies, the value of the VLX token has also been strongly affected. The value of the VLX token is now $0.06. Some investors have been spooked by these drops in the prices of all cryptocurrencies. Other observers see these low prices as investment opportunities for the future, which could bring them a lot when the market recovers. It is possible to buy the VLX token and other cryptocurrencies on different platforms like Oil Profit. The platform was recently reviewed by the Eclac team in their review Oil Profit 2022.
What is the VELAS project?
VELAS is often described as a hard fork of Solana, it is not exactly the case even if it looks a bit like it. The VELAS team explains in its white paper they needed to rely on a platform that offers good performance, so they tested several options to finally choose Solana. VELAS copied Solana’s code changing some small parts and adding some features. In this way, they founded their own blockchain. This one does not run on the Solana blockchain at all, it is indeed an original creation. As you probably know, Solana is a very successful platform, despite some important issues lately. Solana is still part of the Top 10 blockchains in terms of market capitalization and is one of the strongholds of the crypto world.
Ultra-fast transactions on VELAS
One of the very important features of VELAS is that among E-compatible blockchainstheum Virtual Machine (EVM), VELAS is the fastest blockchain in terms of transaction processing. It can process 75,000 transactions per second while being compatible with the EVM. Transactions are almost instantaneous and their cost is extremely low, impressive.
In fact, the VELAS blockchain has the specificity of being divided into two parts: the first part is the part that is compatible with the EVM. Any decentralized application (dApp), created on the Ethereum network can be part of the VELAS ecosystem. This includes all applications that are coded in computer language Solidity and all ERC-20 tokens.
The second part of the blockchain, is called ” Velas Native “. On this part of the blockchain are developed the projects created by the Velas team. There are financial services, like Velas Vault, BitoBit, exchanges and other decentralized applications. Decentralized applications from the Solana network are also compatible with this part of the blockchain.
The Velas team, who is behind the project?
The founder of Velas is Canadian Alex Alexandrov, he is also the founder of CoinPayments. CoinPayments is the most widely used cryptocurrency payment platform in the world today. Over $10 billion in cryptocurrency payments have been made on this platform since 2013. More than 100,000 businesses use it as a payment platform in over 190 countries around the world. CoinPayments has partnerships with major global companies such as Yahoo Finance, Reuters, and Forbes.
What is Velas Account, the app you may have heard of?
Velas Account is a service developed by Velas that allows using services related to cryptocurrencies in an extremely simple way, as is quite rarely the case in the world of cryptocurrencies. To use Velas Account, there is no need for a password, but that does not mean that user security is jeopardized. You can connect to your account with a QR code, make one-click payments to a business network, or between individuals. The Velas account application not only allows you to send cryptocurrency with VLX, the VELAS token, but also with other cryptocurrencies such as bitcoin for example. Finally, Velas Account also offers a widget operating via an API connection which can be displayed easily by any commerce website on its website to receive cryptocurrency payments via Velas Account.
Read also: Coinhouse: the right plan to buy your cryptocurrencies
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Presentation of the VELAS project and its VLX token
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