What is Velas? Velas is an EVM blockchain. In this article, as Kriptokoin.com, “What is Velas?” We will answer the question. In addition, we will touch on other questions about the project.
What is Velas? What does it do?
Velas blockchain is a decentralized, artificial intelligence-powered blockchain. Velas’ network hosts a wide variety of dApps, including VelasPad and BitOrbit. Additionally, the native VLX token is an important part of the Velas artificial intelligent delegated proof-of-stake (AIDPoS) consensus algorithm. Used as a network-wide unit of account in conjunction with Velas Wallet. Additionally, Velas’ blockchain uses the Solana blockchain codebase with additional Ethereum Virtual Machine (EVM) functionality. This enables the Velas development community to create cross-chain applications that benefit from extremely fast transaction confirmations and low fees. In addition, the platform provides a familiar and flexible ecosystem of tools and services. It aims to promote mass adoption of blockchain and Web3 technologies.
What is VLX coin?
The native Velas token (VLX) is the utility token of the Velas network. The VLX token is required for ecosystem-wide transactions. It is the primary unit of account for payments and fees. Also, the VLX token supports the AIDPoS consensus mechanism. It enables block producers to reach consensus across the network and earn staking rewards for creating blocks.
How does Velas work?
It is important to note that the Velas blockchain is somewhat complex to understand at first glance. Therefore, we will try to explain the basics in ordinary terms. First of all, the Velas blockchain uses a unique, innovative consensus mechanism that it calls AIDPOS. The AIDPOS framework is at the heart of the Velas blockchain as long as it is powered by a theoretical process. Upon further exploration of the AIDPOS protocol, it tries to find the perfect balance between phononomic artificial software and ‘Human Consciousness’. This means that the underlying technology attempts to collect, identify and evaluate patterns and relationships in all datasets entering and passing through the Velas network.
This allows the blockchain to run ultra-efficiently. When the AIDPOS protocol encounters potential network inefficiencies, the network can make adjustments without the need to reconfigure the output criteria. In terms of fundamentals, the team at Velas claims that these parameters allow the blockchain to validate and process up to 30,000 t/ps. This corresponds to a block/second rate of anywhere from 1 second to 2 minutes. Ultimately this will be determined by the AIDPOS algorithm based on factors such as network demand.
What is Velas? How to get VLX coin?
Velas is currently traded on a small number of cryptocurrency exchanges. In addition, people who want to invest in the project should open an account in one of the exchanges where the project is traded. The exchanges where Velas is traded are listed as follows: CoinTiger, Bitget, BingX, KuCoin. Users who want to invest in the project should open an account on one of these exchanges.
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