GENERAL OVERVIEW OF VELAS BLOCKCHAIN ,A SUSTAINABLE SOLUTION TO THE EXISTING BLOCKCHAIN PROBLEMS

INTRODUCTION

The genesis of Blockchain technology can be traced to 1991 when 2 visionary tech experts named Stuart Haber and Scott Stornetta proposed Blockchain concept. In the year 2008, an anonymous individual whose people generally known as Satoshi Nakamato put this initiative into practical use and developed the world first cryptocurrency known as Bitcoin.The principle of Bitcoin based on transparency, security, and decentralization thus, enabling people to carry out financial transactions seamlessly without any friction and intermediaries such as banks. Bitcoin cryptocurrency turned to a huge success, which lead to the developments of several alternative cryptocurrencies such as EOS, Ethereum,Ripple, and more.

In a simple term, blockchain is simply a distributed digital ledger network in which each transaction verified in the network are stored into blocks.Within the network, each block consists of transaction data, cryptographic hash of a verified transaction, and a timestamp.

Thousands of Blockhain project has been developed in which the primary goal is to simplify the livelihood of mankind. Bitcoin and Ethereum despite the fact they are the World largest Blockchain still lacks scalability.They have some limitations which we believe in the future could be corrected. Ethereum and Bitcoin transaction speeds are very slow and this limitation will prevent them from solving some real-life problems such as serving as a medium of payment. The Team of VELAS developers having critically examine the situation in the Blockchain Space has developed a modern Blockchain system that will outperform any existing blockchain system in terms of speed, scalability, and security.Today, in this article, i will be discussing extensively about a ground breaking blockchain platform named VELAS. It is a Switzerland based Blockchain project that is capable of processing up to 30,000 transactions per second without paving ways for insecurity or decentralization. VELAS blockchain system have some outstanding features and benefits, which i shall discuss extensively in the below paragraphs.

WHAT INSPIRED THE DEVELOPMENT OF VELAS BLOCKCHAIN

Velas Blockchain was developed in the year 2019 to solve the prevalent problems in the Blockchain space, most especially problems of scalability, insecurity, and speed. Some experts argued that resolving Bitcoin problems of speed will lead to security leakages in the ecosystem while some argued the problem of speed associated to Bitcoin and ethereum could be resolved without endangering the security of the network and shifting off from true decentralization.

The team of Velas has proved all these theories wrong, they believe Blockchain system could be secured from the threat of 51% attacks, achieving a maximum speed of transaction and maintaining 100% decentralization.This is what motivated the team to develop VELAS blockchain system which is capable of handling up to 30,000 transactions per second while remaining secured always.

VELAS BLOCKCHAIN SYSTEM

VELAS blockchain system implements a special innovative consensus mechanism called Artificial Intution Delegation Proof of Stake ( AIDPOS). (AIDPOS) system is one of the major pillar of VELAS Blockchain which is being backed by the process called Artificial Intuition. The protocol of artificial intuition tends to balance the artificial software and human consciousness. This protocol enables VELAS blockchain to work in a more efficient manner.

SCHNORR SIGNATURES

VELAS blockchain system is quite unique, unlike most blockchain system that allows only single digital signature when executing transactions, VELAS blockchain system allows multi-signature system in which multiple people can own an account. In such case of a single digital signature, owners only need to have his private key to access his account but it the case of SCHNORR SIGNATURE associated to VELAS Blockchain, all owners of a particular wallet will have to signs the transaction off before the transaction could be executed in the blockchain.This multisignature system is valid in a situation of partnership business which requires to operate join account system.

ADVANCED SECURITY SYSTEM

There exist some blockchain system that offers high transaction but they have security vulnerability and they are not secured from 51% threats attacks. VELAS Blockchain system guarantees absolute security and at the same time maximum security, this is quite incredible but it's real. The Network is characterized by the delegated Proof of Stake Algorithm.The network is quite efficient and not subjected to the threat or 51% attacks. In other to validate a new block, the system requires a minimum of 80% consensus

VELAS MULTI-WALLET TECHNOLOGY

VELAS Blockchain offers multi-currency wallet system, unlike some blockchain system which only offer a single wallet.Users can storage securely some other cryptocurrencies like Bitcoin XRP, Monero, Ethereum, and EOS in VELAS wallet. All these cryptocurrencies enjoy the security offers by VELAS Blockchain system. Users can create Mult-Signature for their account. Users take total control of their Wallet through their Private key generated after creating their wallet.

VELAS TOKEN

VLX is the native cryptocurrency of VELAS ecosystem.It is a digital assets that fuels the economy of VELAS Blockchain and it has multiple functions.It is used to power smart contract and payment of transactions. Users get 25% discount on fees when using VELAX token (VLX).

Holders of VLX can also stake their token on the Blockchain for supporting the blockchain. This will enable them to earn additional token as staking rewards for supporting the network. The earning potential based on staking depends on the amount of token staked on the Blockchain.Miners are always rewarded handsomely within the network for contributing GPU to the network

FINAL THOUGHT,
VELAS blockchain system have some outstanding features and benefits that supersede other existing blockchain system.The Network is characterized by the delegated Proof of Stake Algorithm.Holders of VLX can also stake their token on the Blockchain for supporting the blockchain. This will enable them to earn additional token as staking rewards for supporting the network.VELAS project has a very huge potential and It really worth giving this class of project a very good attention.Be part of something huge.

Official Resources
Website: https://velas.com/
White Paper: https://velas.com/VELAS-Technical_Paper.pdf
Twitter: https://www.twitter.com/VelasBlockchain/
Telegram: https://t.me/velascommunity
Facebook: https://www.facebook.com/velasblockchain/
Instagram: https://www.instagram.com/velas.blockchain/
Medium: https://medium.com/@VelasBlockchain
Linkedin: https://www.linkedin.com/company/velas-ag
Github: https://github.com/velas
Discord: https://discord.gg/CTcKpPc

Authors info
Bitcointalk Profile url : https://bitcointalk.org/index.php?action=profile;u=2694371
Bitcointalk username : Abosedemop
VEL address: VMA5nUoBrNLzePDSMCU3Mma6nVu1h73jzu