What Is Velas (VLX)?

Velas is an AI-powered Delegated Proof-of-Stake (AIDPOS) blockchain, open-source platform and wide scale ecosystem of decentralized products. In the heart of our Ecosystem is AI technology, which leverages blockchain by optimizing its performance and assisting other products to function.

Recently named one of the top 23 crypto valley companies by CV VC and PWC report, Velas is designed to eliminate the scaling and usability issues that often come along with cryptocurrencies.

Who Are the Founders of Velas

Velas Network AG is an ecosystem startup based in Switzerland. It was founded in 2019 by Canadian citizen Alex Alexandrov, a prominent blockchain and crypto entrepreneur, and investor. He is also a founder of CoinPayments --- the world's #1 payment gateway for cryptocurrencies; advisor and investor of Mind AI --- a well-known Korean AI startup. Alex is consulting the FBI, Europol and several national governments on technology, cybersecurity, blockchain, and AI implementation.

What Makes Velas Unique?

• EVM - supports all smart contracts and dApps built on the Ethereum stack.

• Instant, low-cost transactions - extremely efficient performance at a fraction of the cost.

• Velas Account - passwordless solution that facilitates interaction with blockchain apps to the level of Google account and PayPal-like convenience, without sacrificing on our user's security.

• Access Management - a decentralized access management system, which allows users to control access to files on IPFS using multiple encryption types.

• Velas Vault - a novel solution to store secrets and private keys. This enables various use cases, such as decentralized custody solutions of assets native to other blockchains (BTC, ETH, ERC-20, etc).

• Velas Wallet - multi-currency Wallet with staking functionality.

• MicroApps - Velas will soon support cross-platform decentralized applications where not only the code (logic) is stored on-chain, but also its user interface.

How Is the Velas Network Secured?

Currently, there is a dilemma in the industry - how to make blockchain both secure and scalable. Therefore, Velas is working to add an AI module as an additional layer to prevent known attacks by slowing down the blockchain when an attack on the system is in progress, and accelerating the system when there is no malicious behavior in the network.

To achieve the optimal balance of speed, throughput, and security, a novel consensus system, known as AIDPoS, will use machine learning to automatically adapt the Velas blockchain to changing circumstances, ensuring maximum performance and resilience at all times.

How Many VLX Are There in Circulation?

Velas AIDPoS consensus is based on DPoS economics, and AI does not affect tokenomics at all. A set of rules has been established to provide participants with the most favorable conditions for interaction with each other and motivate them to act for the benefit of the network.

Basic VLX metrics:

• Total supply - 2,124,380,663 VLX

• Circulating Supply - 2,124,380,663 VLX

• Inflation rate - 8%

What Can VLX Be Used For?

Velas coin (VLX) 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.

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