Question 1

What is Velas (VLX)?

Accepted Answer

Velas is a blockchain platform designed to support the development and execution of smart contracts and decentralised applications (dApps). It aims to address the blockchain trilemma by offering a network that is secure, interoperable, and highly scalable. Velas utilises a hybrid consensus mechanism, combining Delegated Proof-of-Stake (DPoS) with Proof-of-History (PoH), enabling the network to process up to 75,000 transactions per second with transaction finality of approximately 1.2 seconds. This high throughput is achieved while maintaining low transaction fees, approximately $0.00001 per transaction.

Question 2

What is Velas (VLX) used for?

Accepted Answer

Velas serves as a platform for a variety of applications across multiple sectors:

- **Decentralised Applications (dApps):** Velas provides a robust infrastructure for developers to build dApps that prioritise user privacy and adaptability.

- **Decentralised Finance (DeFi):** The platform supports innovative financial solutions, facilitating decentralised exchanges and other financial services.

- **Non-Fungible Tokens (NFTs):** Velas enables the creation and trading of NFTs, offering artists and creators a platform to monetise digital art.

- **Decentralised Exchanges (DEXs):** The network supports the development of secure and efficient decentralised exchanges, allowing for peer-to-peer trading without intermediaries.

- **Metaverse and Gaming:** Velas facilitates the development of metaverse projects and play-to-earn games, providing a scalable and secure environment for virtual experiences.

Additionally, Velas is committed to environmental sustainability, operating as a carbon-neutral blockchain through its energy-efficient DPoS consensus mechanism.

Question 3

Who created Velas (VLX)?

Accepted Answer

Velas was founded in 2019 by Alex Alexandrov, an entrepreneur and investor in blockchain and cryptocurrencies. The project is headquartered in Zug, Switzerland, often referred to as "Crypto Valley." Alexandrov is also the founder of CoinPayments, a cryptocurrency payment gateway, and has served as an advisor to various organisations on technology, cybersecurity, blockchain, and artificial intelligence.