### What is Velas?

Velas is an open-source blockchain ecosystem built on the Solana codebase, designed to integrate the best features of both centralized and decentralized solutions. It aims to balance security, scalability, and decentralization, a challenge known as the blockchain trilemma. Velas is also characterised by its compatibility with Ethereum Virtual Machine (EVM), allowing for the seamless migration of Ethereum smart contracts.

### How does Velas work?

Velas operates using an AI-optimized Delegated Proof-of-Stake (AIDPoS) consensus mechanism, enhancing decentralization, stability, and security through its unique use of AI-optimized neural networks. This blockchain can process up to 75,000 transactions per second (TPS) with instant finality and low fees. The platform's cross-chain capabilities enable interoperability with other blockchains like Ethereum and Binance Smart Chain, while its foundation on the Solana codebase and EVM compatibility supports the efficient processing and deployment of smart contracts.

### What are the potential use cases for Velas?

Velas offers a range of potential applications across various industries:
- **DeFi**: Platforms like Wagyu Swap and Ferrum Network utilise Velas for high-speed and secure decentralised financial services.
- **Gaming and Social Media**: Velas' high transaction processing speed benefits applications requiring fast and secure interactions.
- **Business and Supply Chain**: Velas can be employed for transparent and swift transactions, improving supply chain and business processes.
- **Automotive**: Partnerships, such as with Ferrari, explore digital asset engagement in the automotive sector.

### What is the history of Velas?

Founded in 2019, Velas was created by a team of engineers, cryptographers, researchers, and mathematicians. Key milestones in its history include:
- The launch of its mainnet shortly after its founding.
- Introduction of EVM compatibility to broaden its appeal to DeFi users and dApp developers.
- Achieving a transaction processing capacity of 75,000 TPS.
- Commencing a grants program to support DeFi applications.
- Launching VelasPad and WagyuSwap to bolster its ecosystem. 

Velas continues to evolve with significant updates like Solana V2 and a dedication to carbon neutrality, enhancing its technological capabilities and market position.

Velas

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