Velas Products: Integrated Crypto-Wallet
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.
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. The amount of potential transactions could be much greater in a social platform as blockchain is used not only to simplify sending assets but to change user profile and status, as well as other properties that ensure the operation of applications through smart contracts.
For example, the implementation of a decentralized exchange requires a transaction of ORDER type, exceeding the amount of the total number transactions of TRADE type.
Since users are accustomed to using the two main cryptocurrencies BTC and ETH with clear transparent liquidity, a wallet should provide functions of payment and exchange of the assets.
Thus, 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. Our VLX token is required to make transactions in the Velas network and determine the amount of computer capacity spent on data processing and disk space rented.
We provide the synthetic assets support (vBTC, vETH, vZEC) for the cryptocurrencies BTC, ETH and ZEC to increase liquidity in the Velas network. All of them have a bridge with a real blockchain, that allows exchange of BTC — vBTC, vBTC — BTC through the use of decentralized custody.
There will be no difficulties on the user side because they could interact with the vBTC in the wallet all the same as with a traditional Bitcoin Wallet. The only difference will be that transactions between members of the network will be very fast and cheap, as the network commission is paid in VLX tokens, and transaction confirmation is less than one second. Full finalization doesn’t exceed 15 seconds, and upon its achievement, there are no mechanisms to rollback the transaction.
This is one of a series of articles outlining the complete package of Velas products on offer, and what the team has been working hard on over the past year. We’re covering everything from AIDPOS to Integrated Crypto Wallets and everything in between. You don’t want to miss it!