AMA Recap — Velas
The session of AMA ( Ask Me Anything ) with Velas was conducted on 21 Feb 2022 at 5:30 PM IST (12 PM UTC) and lasted for 1:30 hours.
Akash Chaudhary from Velas has joined us for this AMA session.
Please tell us about yourself and the team working on Velas?
Hi everyone! I am Akash Chaudhary, Community/Marketing Manager of Velas India Community. I am working in Crypto Industry since 2016, working with lots of crypto projects and helping them to achieve their goals.
I started working with velas back in 2020 and still working with them. Personally, I found this project a good one with huge potential in it.
Velas has a really strong and transparent team around the world, they are doing an awesome job of expanding the velas ecosystem.
Founder: Alex Alexandrov
CEO & Co-Founder: Farhad S
COO: Shirly Valge
CMO: Dan Zaitsev
What is Velas? Please provide a detailed introduction.
Velas is a Swiss headquartered technology company led by a diverse team of engineers, cryptographers, researchers, mathematicians and results-driven business leaders. We are building an open-sourced blockchain ecosystem of services and products, aiming to combine the best qualities of both centralized and decentralized solutions. It involves researching state-of-the-art cryptography, developing consensus protocols and designing intuitive user interfaces providing developers, enterprises and people worldwide to create and join an easily accessible, transparent and community-governed ecosystem for web 3.0. We have a clear vision
We believe that disruptive technologies and innovations will empower us to build a self-governed, decentralized future driven by the collective intelligence of the community.
Our values for the world
Our Main Focus right now
Identity and Access Management
Our mission is to create and integrate world-changing technology products and services to improve people’s lives all over the globe.
Can you please tell us about it’s features and Utility? And the fastest EVM chain.
Velas’ blockchain uses the Solana source code with added Ethereum Virtual Machine (EVM) and Solidity support. The result is a highly-performant and familiar development experience that cross-chain compatibility for a wide range of dApps. Velas is the world’s fastest EVM blockchain and open-source platform for decentralized projects and applications, processing up to 75,000 transactions per second with instant finality, extremely low fees and Solidity support.
Inspired by the values of Web 3.0 and Blockchain technology, we created Velas, a project that combines Blockchain and innovative technologies to create a transparent, community-driven, and decentralized ecosystem of products and services.
Velas chain supports EVM transaction execution via wrapping it into a regular native transaction with an instruction invoking the EVM Program. To provide full compatibility to EVM dApps and other wallets/tools built on the Ethereum stack, velas node supports Ethereum JSON-RPC API. For that reason, the nodes create virtual EVM blocks that contain all the EVM transactions processed by the network and are available via ETH RPC methods.
Please note, Velas network does not create empty EVM blocks. Instead, it creates blocks on-demand, when there is an EVM transaction(s) processed by the network. Thus, expect EVM blocks to have different time gaps in between (in the case of low network activity). For this reason, do not rely on the block. number as the source of time, use block. timestamp instead.
use case of our native token: transactions, payments, fees and for supporting Proof-of-Stake consensus and staking
Tell us about the Velas staking? Also share your Roadmap.
Velas is a DPOS (Delegated Proof of Stake) network with delegations, which means that anyone who holds VLX tokens can choose to delegate some of their VLX to one or more validators, who process transactions and run the network. Delegating a stake is a shared-risk shared-reward financial model that may provide returns to holders of tokens delegated for a long period. This is achieved by aligning the financial incentives of the token-holders (delegators) and the validators to whom they delegate.
The more stake a validator has delegated to them, the more often this validator is chosen to write new transactions to the ledger. The more transactions the validator writes, the more rewards they and their delegators earn. Validators who configure their systems to be able to process more transactions at a time not only earn proportionally more rewards for doing so, they also keep the network running as fast and as smoothly as possible.
Validators incur costs by running and maintaining their systems, and this is passed on to delegators in the form of a fee collected as a percentage of rewards earned. This fee is known as a commission. As validators earn more rewards the more stake is delegated to them, they may compete with one another to offer the lowest commission for their services, in order to attract more delegated stake. we have lots of content on how to stake your VLX into the velas wallet. for more info about staking please visit:
for more detailed info about velas, have a look at this doc
Cryptocurrencies are popular in Southeast Asian market, some countries like Vietnam,Philippines, Indonesia, Etc. Do you have any plans to reach these potential crypto countries? What is your #Velas India” long term investment planning to attract the non crypto investors?
We have already expanded our community all over the world, Asian markets have lots of crypto users and I know they are so much passionate about the crypto & blockchain industries. Here is the list of our regional communities
⚖️ Velas DeFi group
⛓ Technical Group:
📊 Trading Group:
our growth is our main plan to attract new investors
Partnership is always an important factor for every project. So who is your partner? What are the benefits you get from those relatiionships?
Partnership plays an important role in the growth of projects so we have partnered with no. of projects and platforms around the world.
Coins payments, Alpina capitals, BC vault, Blockchain Suisse, Coinbros, CV labs, Web3 space, Z-union, Seba bank, travala.com, Solana, path, bluezilla etc. are some of our partners. Recently we had a partnership with Ferrari.
Velas is the official sponsor of Ferrari's racing team
All project coins have their main Utilities & real-life use case!
So, can you tell us what are the main role of your coin in your ecosystem? Explain its Utilities & Real-Life use cases? And Why should I invest in your coin for long term?
Our Velas (VLX ) token is used for transactions, payments, fees and for supporting Proof-of-Stake consensus. Staking allows block producers (validators and their delegators) to provide transaction consensus and receive staking incentives for honest block production. We have a clear vision and transparent execution plans so you can invest in VLX without any worry.
Many blockchain projects are on paper only and no product or product has no practical meaning. Please let us know what is your project currently practical product in use? What are your plans for the product to be better in the future?
we have active products such as
Velas Account: https://velas.com/module/account
Velas Vault: https://medium.com/velasblockchain/velas-technologies-velas vault-13650fb089a7
Velas Wallet: https://velas.com/module/wallet
Phạm Băng Băng
What are the competitive advantages of your project? What advantages do you have over competitors? What would be your project secure most similar contender in the market today in terms of scalability, security, features, and adaptability?
Each of Velas services is primarily focused on our users. We are trying to combine the best qualities of both centralized and decentralized solutions. It involves researching state-of-the-art cryptography, developing consensus protocols, and designing intuitive user interfaces providing developers, enterprises, and people worldwide to create and join easily accessible, transparent, and community-governed ecosystems for Web 3.0.
What’s your main focus right now, are you focused on the community or market/Exchange or the products?
We think for each aspect in order to get the overall development of the project, so we have focused on all angles
The biggest DeFi needs are that of interoperability, providing cross chain interactions and multiple blockchains, how does yield achieve this? Do users need KYC to enjoy all the awesome features of yield ?
the ecosystem of user-friendly, transparent and privacy-respecting products built on top of the Velas blockchain. Just port your code from Ethereum, or develop on native chain, to deploy your application within minutes.
Nearly 80% of investors only focus on short-term token price instead of understanding the real value of the project. Can you tell us the motivations and benefits for investors to hold your tokens in the long term?
• Solidity Support — Supports all smart contracts built on the Ethereum Blockchain.
◦ Support of different Web3 Libraries — We support Web3 libraries of both Solana and Ethereum.
◦ Ethereum Web3 (metamask) and Solana Web3 support — Developers can easily deploy existing open-source products from Solana and Ethereum on Velas with minimal yet valuable change.
• Low-cost Transactions — Extremely efficient performance at a fraction of the cost ~0.000001$.
• Scalability — Transfer tokens directly between accounts with 50,000+ TPS throughput, with that figure not being a hard limit.
• Developer Support Program — Receive grants to build on Velas alongside marketing and fundraising support.
• Composable — Never deal with multiple shards or layer 2 systems.
Do you have a whitepaper? If yes, please share it with us. Secondly, Do you have plans for pre-sale? Now where can I join it?
our token is already in the market so we don’t have any presales right now. But yeah, lots of projects are building on velas chain so you can take part in those projects presales :)
White paper: https://velas.com/pdf/whitepaper.pdf
The AMA recorded many great questions from the Crypto Players India community, as well as meticulous answers from our guest Akash from Velas. AMA Concluded at 7 pm IST.
CryptoPlayers is one of the oldest & largest crypto communities in India since early 2017. We are a group of 25000+ telegram members and growing.