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.
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.
Velas offers a range of potential applications across various industries:
Founded in 2019, Velas was created by a team of engineers, cryptographers, researchers, and mathematicians. Key milestones in its history include:
Velas continues to evolve with significant updates like Solana V2 and a dedication to carbon neutrality, enhancing its technological capabilities and market position.