What is Velas Blockchain? – Chances and Risks for 2022

Today, centralized solutions are everywhere. But lately, society has started to recognize the weaknesses of centralized systems, and how the biggest companies run their company. Thus, we are witnessing a huge increase in decentralized solutions that have arisen thanks to blockchain technologies. Unfortunately, decentralized solutions can barely be dubbed timely and user-friendly, which is important to gaining mass distribution. This article is all about one blockchain that wants to change that. This article will talk about what is Velas blockchain and what are the chances and risks for 2022. The Velas is designed on the Solana. Let’s take a look at it in more detail.

What is Velas Blockchain?

Web 3.0 will totally obliterate the borders between online and offline, it will be exhaustively faithful and flooded with decentralized applications distributed over domain-precise clusters. The systematic confusion formed by the small movements of billions of people is likely to make people, businesses, and technologies work differently. 

Motivated by the importance of Web 3.0 and Blockchain technology, Velas integrates Blockchain and creative technologies to build a fine, community-driven, and decentralized ecosystem of developments and assistance. Velas is created to be a blockchain platform appropriate for numerous applications and services to be created upon. According to its website, Velas is one of the most secure and speediest platforms in the blockchain world. 

To solve the blockchain trilemma issue, Vela’s technologies are being designed with a focus on scalability, security, and decentralization. Presently, Velas Blockchain’s execution is much more increased than what can be noticed across most of the current blockchain platforms. The following image is displaying its comparison with different blockchains.

What is Velas Blockchain

Comparison: Image source: Velas

To fix the scalability problem, the Velas blockchain is founded on Solana with additional attributes and inventions.

Features of Velas Blockchain 

Some of the main features are displayed in the figure below:

What is Velas Blockchain

Velas Features: Image Source: Velas

  • EVM — sustains all smart contracts and dApps created on the Ethereum stack.
  • Quick transactions – incredibly efficient execution at a fraction of the price.
  • Velas Account – the passwordless key that enables exchange with blockchain apps to the deck of Google account and PayPal-like amenity, without compromising user’s security.
  • Access Management – a decentralized access management system, which lets users manage credentials to files on IPFS employing numerous encryption styles.
  • Velas Vault – a unique solution to put secrets and private keys. This allows for different use cases, such as decentralized control solutions of assets born on other blockchains (BTC, ETH, ERC-20, etc).
  • Velas Wallet – a wallet that can carry multiple currencies with staking attributes.

What is Velas Token (VLX) and How Many VLX Are in Circulation?