Velas is proud to announce the launch of a $5 million funding program to support the growth of the Velas ecosystem and expand our reach in the new Web 3.0 epoch

Today we are announcing the launch of a major funding program for projects to build upon the Velas Blockchain, driving innovation to the fastest blockchain on the planet — to the tune of $5 million total.

We are inviting projects and developers to join our ecosystem of user-friendly, transparent and privacy-respecting products built on top of the Velas blockchain. Just port your code from Ethereum, or develop on our native chain, to deploy your application within minutes.

For full technical details on the Velas Funding Program, click HERE.

Investments


The twelfth summary of everything that has happened with Velas these last two weeks!

What is Velas FlashLight?

It’s all in the name — the latest and greatest news behind Velas across the globe, broken down into fast, digestible bites (Flash) illuminating the hard work our team has delivered in the past few weeks or so (Light).

Velas FlashLight is a bi-weekly roundup of Velas in the news and across social media, from videos and mentions from your favorite YouTubers and Twitter influencers, to waves Velas is making in traditional media and articles. All in one place.


The eleventh summary of everything that has happened with Velas these past two weeks!

What is Velas FlashLight?

It’s all in the name — the latest and greatest news behind Velas across the globe, broken down into fast, digestible bites (Flash) illuminating the hard work our team has delivered in the past few weeks or so (Light).

Velas FlashLight is a bi-weekly roundup of Velas in the news and across social media, from videos and mentions from your favorite YouTubers and Twitter influencers, to waves Velas is making in traditional media and articles. All in one place.


Velas is diving deeper than ever before into the technology and logic behind Velas AIDPOS, and how it is set to revolutionize the crypto-landscape.

We continue our series about AIDPoS consensus mechanism, explaining how the algorithm adapts the Velas blockchain to the current circumstances of the network, preserving throughput (processed and validated transactions) and network stability in optimal ranges.

Main Motivation (Why)

In our opinion, from the user experience perspective blockchain should always be working in instant transaction confirmation mode, just like centralized payment services, such as Visa and Mastercard. Instant transaction confirmation mode, meaning that any transaction will be processed and validated within a seconds.

Visa handles about 5000 transactions per second (although Visa claims a whopping 65,000 transactions per second, a widely debated figure). Similarly…


The tenth summary of everything that has happened with Velas these last two weeks!

What is Velas FlashLight?

It’s all in the name — the latest and greatest news behind Velas across the globe, broken down into fast, digestible bites (Flash) illuminating the hard work our team has delivered in the past few weeks or so (Light).

Velas FlashLight is a bi-weekly roundup of Velas in the news and across social media, from videos and mentions from your favorite YouTubers and Twitter influencers, to waves Velas is making in traditional media and articles. All in one place.


Today, most app developers are shifting their focus to micro-service architecture. The most desired features of software solutions are performance and flexibility, and by applying predefined blockchain rules, structures are implemented that control how data is interacted with. Applications, however, remain the primary interface for end-users, where security and usability are developers’ pain point.

Security

The “client instance” interacts with the front-end Dapp and acts as the constructor of the smart contract transaction, visually describing what the user is doing.

Just as an example of this in practice: the publishing of a smart-contract is allowed in the Ethereum blockchain, but wallets with the web3 protocol support user will need to interact. This Wallet locally recreates “client instance of the contract”, interacting with the user and the smart contract to perform different operations.

The launch of the designer can be divided between:

  • The client code of the application/ wallet
  • The Browser
  • The Dapp Browser

The wallet…


According to research by NordPass, the average user holds 70–80 passwords each. That is a *lot* of passwords to remember. It is no surprise, then, that digital users’ security is a bottleneck and the main goal of hackers — this is why passwordless authentication becomes more and more popular, and more and more vital in a modern digital landscape.

Passwordless Authentication is one of the many quality of life security features within Velas that ensures the entire ecosystem is efficient for the user to engage with, while maintaining crucial security at its very core.

Motivation

Having to create multiple accounts across multiple applications and platforms negatively impacts a product’s attractiveness and convenience. Having a Facebook account, for example, enables users to seamlessly sign into other services with it, reducing friction. Paid services, however, request additional information such as credit card binding which is unavailable during user authorization.

This is why services that implement Passwordless Authentication look increasingly attractive, as they don’t require additional time for authorization.

This technology is promoted by centralized services like Google, Facebook, Apple, Microsoft.

The disadvantages of centralized systems are:

  • Every centralized system is a single point of failure. For example, during regularly scheduled maintenance operations on…


Nowadays, most digital data is concentrated within centralized services such as Google, Amazon or Microsoft. The ability to manage data and privacy is on the service side, increasing the risk of data abuse, information leakage and denial of service, notwithstanding the advanced system of resource access management.

Segmentation, replication and distribution of user files to multiple nodes in the network is one of the approaches of a decentralized storage platform. The system will continue to work even if some of its components do not work properly, like in the well-known BitTorrent protocol — no single point of failure.

Contrasting with centralized services, decentralized services have more flexible geolocation of data storage nodes, including the linking of a users’ geographical location, raising the data transportation to an absolutely new level.

On top of that, increasing the level of redundancy due to additional replication, respectively, growing the number of…


Velas is developing a wallet utilizing our internal VLX currency, with the ability to process 50,000 transactions per second through GPU acceleration, Mempool-less and improved communication protocols, and with the security maintained through the AIDPOS consensus.

Motivation

Platforms that reward users for content creation require the implementation of an internal wallet with the ability to transfer and exchange assets. Since our platform is built for millions of users (unlimited, really!), the wallet and the backend of the wallet (blockсhain) have to perform tens of thousands of transactions per second.

Visa/Mastercard processes 2 thousand transactions per second, currently. …


For many years, the discussion of “privacy” or “security” has been ongoing, turning into one of the major moral and ethical dilemmas with the evolution of digital technologies. The current situation around the world may push humanity to solve this dilemma in a much shorter timeframe.

The COVID-19 crisis has created new challenges for different sectors surrounding health care, with the protection of human well-being, maintaining privacy and maintaining user confidentiality. Approaches to confidential information are already rapidly changing and adapting in services and platforms, and it is high time to discuss this deeper.

Nobody will be surprised by the news about data leaks from social platforms or the unscrupulous monetization of personal data for advertising purposes. Ordinary network users, even if they didn’t accept it, have the notion that going to the Internet is a “public” way to kiss goodbye to privacy. …

Velas Official

Velas is Artificial Intuition-operated DPoS Blockchain and Ecosystem for secure, interoperable, extremely scalable transactions. Visit: www.velas.com

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