First Look at The Velas (VLX) Blockchain Network
When looking out for a reliable blockchain, one area of specification that most crypto enthusiasts look into is transaction speed. With Bitcoin and Ethereum still having limitations and operating at a basic speed range of seven (7) to fifteen (15) transactions per second, a few alternative networks have upped their game. They are now operating in the tens of thousands.
Amidst these alternative networks is the Velas (VLX) Blockchain Network. Known to be “the world’s first fastest EVM/eBPF Hybrid Chain mechanism Blockchain and open-source platform for decentralized projects and applications,” the network processes up to 75,000 transactions per second with instant finality and Solidity support, all while offering low fees.
The Velas (VLX) Ecosystem – Background and Technology
Motivated by cryptocurrency and the intrinsic value of Web3, Alex Alexandrov (co-founder/CIO, Velas) worked with Farkhad Shagulyamov (co-founder/CEO, Velas) to unite their knowledge and skills into developing a pioneering ecosystem, revealing this vision of a new and expanding blockchain in 2019.
Referred to as a “developer-friendly blockchain environment” and created to host a platform for new-generation services, applications, and games, the company’s primary purpose has remained to establish a solid blockchain ideal for multiple everyday uses.
Velas (VLX) blockchain developers listed eight essential technologies to achieve the goal of easy scaling, security, decentralization, and accessibility. These include Proof of History (POH), Turbine, and Cloudbreak, amongst others.
Velas (VLX) – Ethereum (ETH): Benefits and Rising Competition?
Being an EVM-compatible project built on Solana, Velas (VLX) can be said to bring the best of both worlds together, combining them into this project. It might not look to be a strong competitor for Ethereum’s current position in the large-scale cryptocurrency networking ecosystem. Still, it makes Ethereum’s features relatively easier to use, offering a more user-friendly and cost-effective ecosystem than the Ethereum platform itself.
Velas (VLX) comes to the market looking to solve a few problems, including:
- Scalability – a very persistent problem in the crypto industry as, with increased usage and popularity, more crypto products are being developed, which will, in turn, lead to an even more valuable and enormous transaction load than most older chains can handle; Velas (VLX) clocks its processing speed at 75,000 transactions per second, which gives it enough leeway for scalability.
- Network Security – as a hybrid between the Solana and Ethereum EVM/eBPF chains and based on a high-performance protocol incorporating innovative time architecture, an efficient consensus model, and a relatively far-outperforming transaction processing mechanism, the network brings the best of two platforms: the incredible speed of Solana and tight security and EVM/Solidity support from Ethereum.
It also helps that the Velas (VLX) team comprises two revolutionary minds in the crypto space, Farkhad Shagulyamov and Alex Alexandrov. They have led a team of top engineers, marketers, and entrepreneurs to create one of the fastest blockchain networks.
While it is far from being the fastest blockchain, the Velas (VLX) network implements cutting-edge technology to provide its users with all the inherent benefits the cryptocurrency community has long sought.
The Velas (VLX) blockchain brings a world of benefits to the cryptocurrency industry. Its adaptive parameter selection can provide a good compromise for the users looking for an ecosystem allowing for excellent performance from a blockchain, in addition to heightened security systems.