The impeccable transparency, cost- effectiveness & maximum Security capabilities of blockchain technology seems to been gaining more strength in the world today. Bitcoin and ethereum are no doubt the two most notable digital currencies but they suffer very little transaction processing power of 7 & 15 transactions per seconds (T/PS). However they ve been series of deliberate solutions through thousands of networks but none offers great success & prospects like the velas project. Velas is a Switzerland based project with tested & proven ability of processing over 30,000 transactions per seconds (TPS), without having to compromise in the system decentralized system.
This article will be a conscious attempt towards exploring in detail the peculiarities of velas project, through deliberate exposition on how the network operates & the enormous benefits that comes with velas project.
CORE CONCEPT OF VELAS.
Velas is an abbreviation for virtual expanding learning autonomous system, it's a project with profound capabilities for solving the myraids of issues beguiling networks like Bitcoin, in other words it provides lasting Solution to the problems of scalability that makes it process up to 30,000 transaction per second, without having to compromise on blockchain decentralization. Network inefficiencies can be adjusted by the artificial intuition protocol without having to reset the output criteria. Velas ability to confirm 30,000 t/ps i.e it processes a block in every second. This processes are based on network demand and are determined by the unique artificial intuition algorithm.
SOPHISTICATED SECURITY CONTROL SYSTEM.
It will be a great loose end for a project to process 30,000 t/ps but will be deficient in Security, the velas project complement's its high transaction processing power using a delegated proof of stake algorithm as an underlying enhanced Security system. The validity of new blocks requires at least 80% consensus, all this system security modalities puts the platform above the risk or possibility of an attack.
VELAS MULTI-WALLET TECHNOLOGY
The wallet is designed with multi-currency support features for all cryptocurrencies & velas token, this cryptocurrencies are Bitcoin, XRP, Ethereum, Monero & EOS. The wallet has provision for users to create private keys, storage of compartible non-native coins & then develop a multisig backup to crown it up.
WHY CHOOSE SCHNORR SIGNATURES?
The challenge before now has always been that most blockchain networks can only authorize Just a digital signature when processing transactions. But the core essence of the schnorr signature technology is to make sure that ever owner of a particular wallet signs all its transactions before the velas blockchain is prompted to execute the process of transfer, this is a veritable & a useful way of managing joint accounts.
ABOUT VELAX TOKEN (VLX).
Velas blockchain has a unique utility token with key functions. The token (VLX) will be used for:
(1) To fuel the activities within the
velas network.
(2) It's a major requirement for powering smart contracts.
(3) The utility token is used in making payments during transactions.
(4) There is usually a 25% discount on fees for using the VLX token within the velas wallet & also in the Coin payments platform.
(5) VLX token is also used for staking program.
CONCLUSION
Velas offers a great deal of features within the blockchain space, even though it's still at its infancy, its aunique consensus mechanism-artificial intuition delegated proof of stake is mind-boggling, it offers great potentials for solving the different scalability problems with blockchain network without compromising on its Security/decentralization capabilities. Velas has the ability to process 30,000 transactions per seconds. It has a Multi-wallet for storage of non-native digital currencies but all joint wallet owners will have to sign using the schnorr signature before the execution of any transaction.
For more information visit:
Website: https://velas.com/
Twitter: https://www.twitter.com/VelasBlock chain/
Telegram: https://t.me/velascommunity
Bitcointalk: https://bitcointalk.org/index.php?topic=5244455.0
Facebook: https://www.facebook.com/velasblock chain/
Instagram: https://www.instagram.com/velas.block chain/
Medium: https://medium.com/@VelasBlock chain
LinkedIn: https://www.linkedin.com/company/velas-ag
Github: https://github.com/velas
Discord: https://discord.gg/CTcKpPc
Author's Bitcointalk Username: caliz
Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=2539294