The Velas Ecosystem: A Detailed Review
Over the years, numerous scalability issues afflicting blockchain networks have been noticeable. As the second-biggest crypto project and the most prominent cryptocurrency, Ethereum has demonstrated the possibilities of blockchain technology go well beyond its primary usage as a decentralized ledger for the storage of transactions.
As a result of Ethereum, we learned that blockchains could contain code, which led to the development of smart contracts, which led to dApps and DeFi protocols, non-fungible tokens and stablecoins. Ethereum’s ecosystem grew so large that the Ethereum network couldn’t keep up with it. Nearly every operation in Ethereum’s ecosystem necessitates a transaction or microtransaction and processing them all in real-time is simply not possible with Ethereum.
When the average transaction fee surged because of the high gas fees required to process urgent transactions first, many users abandoned the network in favor of more scalable others. As a result, EVM-oriented blockchains, which are chains that enable Ethereum-based smart contracts and dApps, have become extremely valuable because they are more scalable than other blockchain chains. This is where Velas, one of the best blockchains, comes in handy.
This post goes over the Velas ecosystem in great detail.
The Velas Ecosystem: Background
In 2019, Alex Alexandrov, founder, and CIO of Velas revealed a personal glorious and inspiring vision of a new and expanding blockchain with Farkhad Shagulyamov. The idea was motivated by the values of Web 3.0 and cryptocurrencies. They united their knowledge and abilities to develop a pioneering decentralized ecosystem, Velas.
From the beginning of Velas’ history, the company’s primary purpose was to establish a solid blockchain ideal for everyday use. Velas’ technology innovation strives to address the present blockchain issues, so their solutions are built to focus on scalability, security, and decentralization.
The Velas team is comprised of the most outstanding specialists capable of coping with a wide variety of issues. Velas is a developer-friendly blockchain environment with a wide range of capabilities. It is designed to serve as the platform for a new generation of services, applications, and games.
Technology Behind the Velas Ecosystem
According to Velas blockchain’s developers, the usage parts of the Solana blockchain is an essential set of technology for the platform’s overall design because it allows easy scaling, security, decentralization, and accessibility.
Below are the eight essential technologies to accomplish this goal:
● Proof of History (POH) — a clock before consensus;
● Tower BFT — a PoH-optimized version of PBFT;
● Turbine — a block propagation protocol;
● Gulf Stream — Mempool-less transaction forwarding protocol;
● Sealevel — Parallel smart contracts run-time;
● Pipelining — a transaction processing unit for validation optimization
● Cloudbreak — Horizontally-scaled accounts database
● Archivers — Distributed ledger storage
Velas has always put effectiveness and security at the top of its technological development process. Let’s take a look at some of the Velas use cases on the Velas blockchain to understand the ecosystem better.
1. Token swapping with WagyuSwap
The decentralized exchange, WagyuSwap, is the very first initiative on the Velas blockchain. When using WagyuSwap, customers can benefit from significantly cheaper transaction fees than Ethereum, Bitcoin, and the Binance Smart Chain, thanks to Velas’ cutting-edge technology. WagyuSwap currently has approximately $6 million invested, with more than 1,500 monthly active users.
2. Social media with BitOrbit
Privacy-focused social media networks allow content creators to sell their content without the need for third parties. Content creators can establish their business initiatives and actively engage with users by offering high-quality content and products via micro applications. A built-in cryptocurrency wallet will enable consumers to support influencers directly. Most significantly, Velas protects the privacy of all communication and activity on its platform.
3. Full support for DeFi, NFTs, and more
With the help of Ethereum-based applications like Etherscan, Chainlink, asset bridges, and many others, Velas has entered a phase of rapid ecosystem expansion. Everything built on Ethereum or an EVM blockchain can now function smoothly on Velas, including DeFi services, NFT platforms, DEXs, and games.
What Advantages Does the Velas Ecosystem Bring?
The Velas ecosystem has about four primary advantages currently:
1. Grants Program
This gives developers of decentralized applications (dApps) the chance to get up to $100,000 per project as an investment for making projects that run on the Velas blockchain. Teams and projects that want funding from Velas must present a detailed proposal including a detailed plan, and an explanation of how their project will help the Velas ecosystem. For selected teams, the Velas funding program offers full assistance.
2. EVM-Compatible
Velas ecosystem is EVM compatible, which means it allows EVM interoperability. As a result, users will be able to use some of the most popular and advanced Ethereum-based smart contracts and dApps on the market. This also makes Velas a different kind of EVM-compatible project, not just another cryptocurrency that competes with Ethereum.
3. Affordable Transactions Costs
Due to the high level of scalability of the Velas system, transactions no longer have to wait in line to be completed. This also means that transaction fees don’t have to be so high. Velas transactions can stay as low as they were meant to be from the start.
4. Staking
Long-term investors and people who want to keep their coins in the Velas ecosystem will like this feature because it lets them keep their coins in their wallets and still get the benefits of staking. You can put your money to work for you by allowing VLX to earn interest.
Projects Integrated With the Velas Ecosystem
It should come as no surprise that Velas’ cutting-edge technology, scaling solutions, and interoperability have already attracted the attention of a number of prominent cryptocurrency projects that are now in development. The following are some examples:
DEX on Velas
1. Bitquery (DEX, DeFi, Data) Tools/Infrastructure
Bitquery – Blockchain APIs and Crypto Data Products
Bitquery is a blockchain data company that offers APIs, dashboard analytics, explorers, and widgets. Actionable, insightful blockchain GraphQL APIs for more than 30 blockchains.
Bitquery is a set of software products that parse, index, and store blockchain data in a unified way. Bitquery started with bloxy.info as an analytics explorer and APIs for Ethereum Mainnet. Bitquery, crosses the ‘chain chasm’ by delivering a set of products that can work across blockchains and offer:
● Market analytics. Market analytics for specific projects and industry trends in different blockchain networks.
● Money flow. Money flow analysis for blockchain investigation and compliance to find the origin and destination of funds.
● DEX trading. Decentralized exchange (DEX) trades, OHLC, arbitrage, and other data APIs.
● Decentralized finance. Decentralized Finance (DeFi) protocols APIs and analytics.
● Scientific research. Scientific research for blockchain development.
2. BambooDeFi (DEX)
The team was formed by the companies NexxyoLabs (Owners of AuroraATMs, OuterRing, Experiencia360, and several tools and bots of traditional and crypto trading) and by the company Kindynos as technological partners.
BambooDeFi worked with several partners in its development stage, including technological, legal, marketing and exchange partners. BambooDefi is working every day to obtain more partnerships for the continuous improvement and optimization of all aspects involved in the development of BambooDeFi.
NFT on Velas Blockchain
1. Keys to the metaverse (NFT) MetaOcean (Marketplace)
A unique set of keys are created by a custom generative algorithm and then registered on the blockchain.
Keys to the Metaverse is the intersection where advanced science meets ancient hidden knowledge. Where the known boundaries of science end, a mystic bridge leads to spirituality. Each key is one such bridge. It is for those who are heading toward the future.
Wallets
1. Wagyu Swap (Wallet)
WagyuSwap | Home | The first DEX on Velas Blockchain
WagyuSwap is the first decentralized exchange on the Velas Network, a blockchain with much lower transaction costs than Ethereum, Bitcoin, and Binance Smart Chain. Velas is clocked as the fastest blockchain in the world.
2. Safle (Wallet)
A next-gen identity wallet and composite blockchain infrastructure provider for the decentralized cryptoverse, governed by the community.
3. Bitkeep OS (Wallet)
BitKeep: The Best Decentralized Multi-chain Crypto Wallet
BitKeep is a decentralized multi-chain crypto wallet dedicated to providing safe and convenient one-stop digital asset management services to users around the world. BitKeep is now serving nearly 5 million users across 168 countries. BitKeep has forged partnerships with the top 30 chains including Polygon (MATIC), Solana (SOL), Binance Smart Chain (BSC), Ethereum (ETH), HECO, OEC, TRON, Fantom (FTM), WAX, IOST, Avalanche (AVAX), zkSync, Terra (LUNA), Near, and Arbitrum. With 40+ main chains, 8000+ Dapps, and 4,500+ cryptocurrencies supported, Bitkeep aims to provide the most convenient and easy-to-use decentralized portal to users.
4. Trustee (Wallet)
Best Anonymous Bitcoin Wallet App – Trustee Wallet
Trustee is the best anonymous altcoin and Bitcoin wallet app.
A wallet app to buy, sell, trade, and earn cryptocurrency with altcoins & Bitcoin.
DeFi
1. VelasPad (DeFi)
VelasPad is designed with a singular purpose in mind, to help fund and support the development of the next generation of blockchain projects.
With the Velas blockchain moving to its mainnet, there’s an incredibly rare opportunity to not only help guide the direction of the massively capable Velas chain but also help seed its ecosystem.
2. Llamaswap (DeFi)
LlamaSwap – where the coolest llamas go yield farming!
LlamaSwap is the newest yield farm and staking platform on the BSC scene, built by llamas for cool llamas!
Too many rug pulls lately in the BSC space have eroded the community’s confidence over honest teams and reputable projects. Crypto can be extremely profitable for all the actors involved while still being honest, loyal, and transparent to the community.
DAO
1. Velero DAO (DAO)
VeleroDAO – First Decentralized Stablecoin on Velas Blockchain
VeleroDAO is a protocol behind the stablecoin USDV, a cryptocurrency that maintains a $1 USD value. MakerDAO was forked for the Velas blockchain to have its own stablecoin.
Marketplace
1. Eporio (Marketplace)
A sustainable marketplace for digital art and game assets.
Velas Games
1. Velas Cryptobrewmaster (Game/Metaverse)
Cryptobrewmaster – The Craft Beer Game
Cryptobrewmaster is a beer brewing game for the craft beer scene enthusiasts. Brew beer from different ingredients, trade, and upgrade your brewery with collectible cards. The key idea behind the game is learning about beer production, using the brewing equipment, and even learning to brew their own beer at home. Cryptobrewmaster’s aim is to connect real-world breweries and industry supply producers/equipment producers with potential customers all over the world!
2. Velhalla (Game)
Velhalla – The Velas Metaverse
The Velas Metaverse. Gamers, NFT experts, and token holders will feel at home in war-torn Velhalla where mutants, cyborgs, and Vikings roam the land.
Velas Metaverse
1. Metaverse Gotchi (Metaverse)
Metaverse Gotchi is the first use-2-earn Metaverse where users are self-improving and thereby preserve our planet.
The future is a part of the timeline, a multitude of events that haven’t happened yet but could happen. Judging by predictions and forecasts available today, the future is quite gloomy. Starting from unemployment that is rising due to technological development and job losses; shortage of specialists for in-demand professions; education system that is unable to cope with rapid market changes; to polluted oceans; deforestation; extinct fish, animals, and insects; rising CO2 levels and global warming.
Social Media
1. Velas Army (Social/Media Support)
Velas Army is a social hub for all things Velas related. A place where members can have fun, learn and participate in activities designed to help the Velas ecosystem grow.
DAPP
1. Vulos.io (dApp)
Vulos is an ecosystem of applications and services, built on top of the Velas blockchain technology, that disrupts digital signatures, digital identity, and enterprise blockchains.
Vulos Identity is a self-sovereign decentralized digital identity that allows people to take advantage of all blockchain benefits.
Vulos Signature is a decentralized application that helps you sign, verify and protect any document and in-app transaction.
CONTENT
1. Bitorbit (Content)
Bitorbit – Let your followers support you
Building a loyal base of fanatic followers is difficult, but monetizing your content shouldn’t be. Bitorbit was built for those influencers who want to generate more revenue from their content.
Bitorbit was built for influencers who value their privacy and for those who want to eliminate the middlemen and gatekeepers. Most importantly Bitorbit was built for those influencers who want it all without having to sacrifice one aspect for another.
2. XP.NETWORK (Bridges)
Tearing down walls between blockchains
XP.NETWORK is an ecosystem centered around a multi-chain bridge for minted NFTs. It tears down the barriers between blockchains, allowing NFTs to flow freely across networks. Connecting dApps, token minters, traders, and owners, XP.NETWORK builds the foundations for a single global NFT market.
TOOLS
1. Amplify Tokenised Solutions (Tools)
Earn up to 20% APY with low risk
Amplify Protocol provides access to high yield through a non-custodial platform, backed by real-world assets.
Bridging decentralised liquidity with supply chain finance.
We are on a mission to accelerate the growth of small and medium enterprises (SMEs) by creating a decentralized supply chain financial infrastructure that provides a bridge between investors and SMEs.
2. PlayNFT (Tools)
PlayNFT – The Cross-chain NFT Utility Marketplace
PlayNFT is a cross-chain NFT utility platform.
PlayNFT connects NFT holders and NFT collection creators to the in-game content of blockchain-enabled games. This utility is the next evolution of the NFT ecosystem. PLAYNFT is solving the problems of blockchain segmentation and the lack of NFT utility.
3. Avarta (Tool) Check
Avarta addresses authentication and identification challenges that pervade both traditional and blockchain applications. As blockchain matures and cryptocurrency projects are looking for identity solutions, they find themselves stuck with either pseudonymous solutions or centralized customer identification programs. Powered by patents, Avarta is a 4-in-1 solution for DeFi and blockchain whereby your face is your private key to multiple blockchains.
Helpful tools and resources for businesses building on Velas:
Bountyblock.io Tools
Gamification is powered on the blockchain. Powering third-party applications, NFT artists, brands, and more. Create challenges and tasks that utilize gaming mechanics to motivate and promote user engagement.
CoinTool
This is a convenient blockchain tool for the majority of cryptocurrency enthusiasts to meet various needs.
Bitquery
Bitquery – Blockchain APIs and Crypto Data Products
Bitquery provides APIs, dashboard analytics, explorers, and widgets. Actionable, insightful blockchain GraphQL APIs for more than 30 blockchains.
XP.NETWORK
Tearing down walls between blockchains
XP.NETWORK is an ecosystem centered around a multi-chain bridge for minted NFTs. It tears down the barriers between blockchains, allowing NFTs to flow freely across networks. Connecting dApps, token minters, traders, and owners, XP.NETWORK builds the foundations for a single global NFT market.
