What is VLX (Velas)? VLX (Velas) issuance price, total volume and white paper introduction

VLX, the native cryptocurrency of the Velas blockchain, is designed to facilitate dApp development and smart contracts while ensuring high performance, low transaction fees, and scalability.

Oct 01, 2024 at 05:36 am

1. What is VLX (Velas)?

VLX (Velas) is the native cryptocurrency of the Velas blockchain, a high-performance blockchain designed for decentralized applications (dApps) and smart contracts. Velas is named after the Portuguese word for "sail," and the project is positioning itself as a "ship" that will carry the dApp ecosystem to new heights. On March 31st, 2020, VLX replaced Velas as the project's native coin during a network migration. VLX currently runs on the Velas EVM and Waves Blockchains, with plans to add support for additional EVM-compatible chains in the future.

2. VLX (Velas) Issuance Price

When Velas relaunched on March 31st, 2020, the issuance price of VLX was set at $0.0005 per token.

3. VLX (Velas) Total Volume

The maximum supply of VLX is 2,000,000,000 tokens.

4. VLX (Velas) White Paper Introduction

The Velas white paper was released on July 10th, 2019, and it provides a comprehensive overview of the project's vision, technology, and roadmap. The white paper describes Velas as "a high-performance blockchain platform that combines the Proof-of-Stake (PoS) model with a modified version of the Delegated Proof-of-Stake (DPoS) consensus protocol." The white paper also discusses the Velas Virtual Machine (Velas VM), which will allow developers to build dApps that are compatible with both Ethereum and Velas.

Key Features of the Velas Blockchain:

• High transaction throughput: Velas can process up to 75,000 transactions per second (TPS).
• Low transaction fees: Velas transaction fees are typically less than $0.01.
• Scalability: The Velas blockchain is scalable, meaning it can handle a large number of transactions without losing performance.
• Security: Velas is secured by a network of over 100 nodes.

Use Cases for VLX:

• Transaction fees: VLX is used to pay transaction fees on the Velas blockchain.
• Staking: VLX can be staked to earn rewards and support the Velas network.
• Governance: VLX holders can vote on proposals and participate in the governance of the Velas ecosystem.