Blockchain project Velas

Gepubliceerd op 21 mei 2023 om 09:32

Ethereum is one of the first blockchain projects. In short, Ethereum developed a blockchain where other projects can build on through smart contracts.

However, Ethereum, like other blockchains (such as the bitcoin blockchain), has problems with the scalability of the blockchain and suffers from high transaction costs (also known as gas fees). This has led to the emergence of other blockchains that seek to solve Ethereum's problems. Velas is one of them. 

What is Velas?
The idea of Velas is to build a decentralized ecosystem, where transparency, community, and delivering good products and services are key.

It goes without saying that in order for Velas to deliver good products and services, the technology behind Velas must be working without any problems. Velas has a good working blockchain where they have developed a fast and secure platform. It is possible to build thousands of Decentralized Applications (Dapps) on their platform.

To run thousands of Dapps on their platform, scalability of the blockchain must be able to keep up with the amount of transactions. If the scalability of the Velas blockchain is not sufficient, then the network cannot process the amount of transactions. In addition, Velas must have a better blockchain than its competitors because they must entice developers to use Velas rather than other blockchains that want to achieve the same thing. The more developers on your platform, the better and more popular your blockchain will become.

So scalability is key for Velas. But also for other blockchains like Ethereum. Ethereum suffers the most from this and that's because of Ethereum's popularity. Velas has based its scalability solution on the Solana project, but has also applied additional features and innovations to its blockchain. So its not a precise copy of the Solana project.

Velas has a really cool website! Check it out!

Ethereum Virtual Machine (EVM).
Velas Ethereum Virtual Machine (EVM) is currently the fastest or one of the fastest blockchains. Velas can process about 75,000 transactions per second at low transaction costs. Velas uses a bridge with Ethereum so that Dapps built on Ethereum can also be used on Velas (Solidity programming language can be used as well on Velas).

Velas wants to use and implement good working elements of Ethereum, combined with the efficiency of Velas. This will allow developers to leverage their ability to build applications on the Velas blockchain. Due to Velas' low cost and fast blockchain, this could be an interesting project for many developers.

Velas Vault
When you create an account (for example on facebook, twitter, etc) you need to create and save a password for different accounts on different websites. With the development of blockchain technology, the storage of the generated seed-phrase has been added. This is an incredibly important key because it allows you to restore your wallet. If you lose your seed phrase, for example because you have been hacked (in the case of a cold wallet; online wallet) then you have lost 100% of your crypto. There is no way to get your crypto back.

It goes without saying that you need to handle your seed phrase and your private key with care. So you should never share your private key with others. Your private key belongs to you and gives you access to your crypto. If it gets into the wrong hands you lose your crypto!

Velas offers the possibility to delegate the responsibility for security to existing market participants (such as Google or Apple), that have already provided access to services, but without the necessity to inform what they are responsible for specifically. In this case, passwords and keys will be segmented and stored on servers, with the ability to verify and transfer data on proof of ownership.

We call this system the Velas Vault, where a part of information is useless without consensus bringing all the combining parts together. 

To ensure the reliability of the Velas Vault, the security of the network is very important. Since the Velas blockchain is based on Proof-of-Stake consensus, a pool of validators is responsible for maintaining the security of the network.

  • Velas Vault allows users to delegate the security of their passwords, keys, or seed-phrases to segmentation algorithms and validators that are interested in data security distributing information over the network and not available to any of its participants.

To implement our Velas Vault system, the validators will be assigned a new mission — transfer and storage of (Shamir’s Secret Sharing) parts of users’ private keys (RZL MPC algorithm). Validators will receive additional rewards from transactions that are generated upon the user’s request, as well as a commission for data storage, if the user hasn’t made any transactions for a long duration.

Thus, the user will be able to authorize in any convenient way in the Velas network and gain access to decentralized services, delegating the security of his passwords, keys or seed-phrases to verified segmentation algorithms and validators that are interested in data security. Most important, this information will be distributed over the network and not available to any of its participants.

Critical note
No blockchain project is perfect yet. Neither is Velas.

The competition for Velas is very high. Not only is a good blockchain important, but also bringing in developers and investors. Ethereum has by far the most fame and is most trusted by developers and investors.

There are plenty of Ethereum killers on the market that are much better known to developers and investors. Think Cardano, Polkadot and Cosmos (ATOM).

Velas is much less well known, but no less interesting. Velas themselves state that they have improved the technology of the largest two blockchains, Ethereum and Solana.

Want to read more about Velas? Click here for their technical whitepaper.

Reactie plaatsen


Er zijn geen reacties geplaatst.