What is Velas?
Velas is the first AI-operated delegated proof of stake blockchain, that allows building decentralized applications and smart contracts on its main net, and ables the scalability of the transactions, being able to validate up to 30 000 transactions per second.
What problem does Velas solve?
Velas solves blockchain trilemma building secure, interoperable, and extremely scalable.
What is the consensus mechanism used in Velas?
Velas uses AI-Operated DPOS (AIDPOS) consensus
Who are the competitors of Velas?
All blockchain platforms could be considered as Velas's main competitors - Ethereum, TRON, EOS, Cardano, NEO, Steem, Klaytn, TomoChain, IOST, ICON, etc. Also, Velas Ecosystem includes products such as Velasphere that provide users with Distributed Data Storage (competitors - Filecoin, Storj, Sia, etc) and Distributed Cloud Computing (competitors - Golem, iExec, SingularityNET, etc). Moreover, Velas is building Decentralized Video Streaming and Sharing Service, meaning that such platforms as YouTube, Vimeo, Livepeer, LBRY, D.Tube, and others are also Velas Competitors
Who are Velas partners and early customers?
Coinpayments, Alpina Capital, Mind AI, Market Across, Blockchain Suisse, etc
What is BitOrbit?
BitOrbit - is a social media next-gen that has a better system (decentralized social media), so that users can maintain their freedom of opinion responsibly. The philosophy that we use in presenting a system like this is "Ownership of personal data belongs to each user, community-based power, and almost no unilateral authoritarian decisions." BitOrbit is made up of 3 modules, Account, Chat & Content. The union of these components aims to create a more social ‘Telegram’, powered by blockchain technology.
What is Velas Vault?
Velas Vault allows users to delegate the security of their passwords, keys, or seed-phrases to segmentation algorithms and validators that are interested in data security distributing information over the network and not available to any of its participants
What is Solana and how it works?
Solana is a high-performance underlying blockchain protocol based on Proof of History (PoH). The platform weaves timestamps into the blockchain to realize the data horizontal scaling finality and features a newly-designed architecture to achieve high performance without sharding. The whitepaper states that throughput of up to 710k transactions per second is possible
What is Cool-down period?
Time for your stake to become liquid after you stopped staking: ~ 2 days
What is the Warm-Up period?
Time until your stake starts earning rewards: ~2 days
Why status of the stake account is still "Activating"?
There are many users in the system who want to activate their stake. And only 25% of the currently active ones can be activated. Because of this, the stake is activated in portions, but with each epoch, as the stake increases and there is less remainder to activate, the portion will grow. So, the un-stake will be much faster, since not many people want to un-stake now. Activating in the wallet is displayed until the warm-up period ends. During this period, already for the second epoch, the user still receives a reward (there is no need to wait for Activated status).
What is the Velas Ecosystem?
Velas Ecosystem is a global network consisting of Velas AI-powered Blockchain in its core, VLX token as the meaning of value within the Network, and Velas products which for now are Velasphere and BitOrbit
When was Velas Network launched?
Velas Network launched Mainnet in February 2020.
How AI works in Velas?
The main principle behind AIDPOS is to use AI to adopt the blockchain to current circumstances within the network, preserving the level of performance and resilience primarily in the optimal ranges. This is achieved by embedding trained models within every full node, which is producing the optimal values of the key parameters for the blockchain, based on the data collected from the last epoch.
What is the epoch length?
An epoch is 432,000 slots, each of which should at a minimum take 400ms. Since block times are variable this means epochs effectively last somewhere between 2–3 days.
How to exit node?
You need to undelegate first, wait till Cooldown period (~2 days), and then withdraw coins
How do I recover my web wallet?
You can recover your wallet with your 12/24 words phrase.
What do I do if I lose my pin?
If you can’t remember what your pin is and/or you lost your pin, don’t worry you can always recover your wallet with your 12/24 words seed phrase.
How many wallets can be created?
There are no limits to the number of wallets you can create
How much VLX do you need to become a delegate?
There are no limits of how much VLX, you can stake any amount. However, you in fact delegate tokens if you stake on exchange. To do so you only need to have 1 VLX on the balance, but you are not allowed to choose a pool to which your stake will be delegated
What is Velas Native wallet?
Is the Solana wallet for delegating/staking, you need to swap coins from Velas wallet on Velas Native wallet
How much VLX do you need to run a master node?
At the start, you can run a validator with any amount of VLX, when there will be more than 19 validators with a stake weight of 1M, the validators with a lower stake weight will not get a reward anymore.
What is Velas coin (VLX)?
VLX is a utility coin used in Velas Ecosystem. VLX could be used in three ways:
1) Users can stake VLX and receive rewards for block validation;
2) Users can access or pay for services within the Velas Ecosystem such as BitOrbit or Velasphere;
3) As with any cryptocurrency users can trade with VLX or treat it as an investment.
What is the total supply of VLX tokens?
VLX total supply is 2,106,296,362 tokens
How do I buy a VLX?
You can buy VLX on the exchanges where it is listed:
Which wallets can I use to store VLX?
We would recommend storing your coins on Velas Wallet
How can I stake VLX tokens?
Please, refer to this guide to learn more about the process of staking and rewards
How many tokens are required to stake VLX?
Any amount of VLX, it is also possible to stake VLX on Exchanges with min amount of 1 VLX
How do I delegate VLX?
Staking in Velas is in fact delegated staking, meaning that users delegate their tokens to the node on their choice. However, users can choose the node only in case is staking takes place on Velas Wallet, in the case of Exchange, users do not have an opportunity to choose the node
Validators Commission what it means?
Validators can set a commission fee in the protocol.
This percentage is the proportional cut that validators receive from the delegated stake for operating the node infrastructure on behalf of token holders.
A 100% commission / Fee means you get 0% of your earnings on your Staked VLX.
A 0% commission / Fee means you get 100% of your earnings on your Staked VLX.
How to Become a Delegate?
On Velas Wallet select section "Staking". Create the Stake account, type the amount which you want to stake, and choose the pool where you want to stake and send.
How long could I be a delegator?
There are no limitations on the duration of delegating your stake. However, on exchanges, there are some staking plans - 30/60/90 days
How many validators are in each epoch?
There are 13 validators in each epoch
How to choose the node?
There is no ideal formula for that. However, there are two “hints”
1) The larger the pool stake, the more likely it will be chosen as a validator and receive a reward.
2) However, the share of the reward that the delegate will receive is calculated in proportion to the shares of the other delegates, and it makes sense to choose a pool so that your share will be higher.
When I will receive my reward?
You need to split the account into two parts and then withdraw the amount of the rewards for the second part of the splitter account
What is the amount of reward I will receive?
The size of rewards is impacted by additional factors such as network issuance rates (inflation), transaction (and sometimes storage) fees spent within the network, staking participation rates, as well as validator-specific factors such as uptime, commission rates, etc.
How can I become a Validator?
To become a validator, you must first install a node (a node can be installed from Staking Page in a wallet) and then stake in your pool. The total stake amount of a candidate on their own pool cannot be less than the candidate's minimum stake (1m VLX). After a new active pool is created, the candidate can be selected as a validator at the beginning of the next staking epoch and starts receiving rewards.
How to Become a Candidate?
Every active pool (not banned + has enough balance) which are not participating in Validation are in fact Candidates. Only pools could be the Candidates.
How much should I wait on withdrawal?
You need to wait Cooldown period (~ 2days) and then you can withdraw
What is Velas Wallet?
Velas Wallet is a multi-currency secure wallet that allows users to store, stake, and transfer digital assets.
How can I check the status of my transaction?
You can do it by writing down your address or transaction ID in Velas Explorer
Is there a transfer fee between the Velas wallet?
Yes, there is a fee that depends on the transferred amount - a larger amount = a larger fee. The fee could be seen in Explorer
Is there a transfer fee between Velas wallet and exchanges?
Yes, the story is the same as with transfers between Velas wallets. See the question above
Is it possible to transfer assets to multiple addresses in one transaction?
No, it is not
I can't see my VLX in my wallet! What do I do?
First of all, check your seed phrase, and if your wallet address is the same as it meant to be. However, such an accident is almost impossible to occur, so please contact our support team on Telegram (@velas_support) or submit the ticket.
What is VelaSphere?
VelaSphere is an open-source initiative and ecosystem, allowing usual customers to perform resource-demanding tasks using storage, CPU, and GPU sharing concepts. Velasphere consists of two components: Distributed Data Storage and Decentralized Cloud Computing. You can find more and learn about it from the technical perspective on our GitHub - https://github.com/velas/Velas-Sphere-Node/
Why should it be decentralized?
Decentralization is crucial to make service more democratic, honest, and censorship-resistant.
How Velas token is used in Velasphere?
VLX is used in Velasphere in two ways:
1) Users can use VLX to access services;
2) VLX is used to reward computing power providers.
What are the rewards for staking on the exchange?
18% per year if you lock for 30 days at a time and 20% if you lock for 90 days at a time
What are the optimal settings for my machine to participate in Velasphere?
System requirements are not high, user can launch nodes even with a low amount of available RAM or old hard drive. However, the user will not benefit much from participation in this case
When I participate, what data do I share with Velas?
Users don't send any data to Velas. Velas doesn't request any data from users
How is data protected and kept private on Velasphere File Storage?
Data is protected by encryption with algorithms that have been used in the industry for decades. VelaSphere encrypts all files on the client-side using an asymmetric AES encryption algorithm
How much it cost to use File Storage?
The cost will depend on the size of the file user want to store and the price requested by the provider node
Why I should use Velas to deploy my DApp?
Velas platform is powered by AI and includes special services like Distributed Data Storage and Decentralized Cloud Computing which could be used by DApps to optimize its performance. Velas system itself is a more secure and scalable system than most of the existing solutions which makes it a great platform for DApp deployment.
How can I join the Velas community?
Where can I learn more about Velas?
How can I help the project?
You can contribute in any way you want: look for bugs in the wallet, make proposals on increasing security of the system, become a member of Distributed File Service (lease your memory), look for security breaches, contribute to community development. We will appreciate any help, contact us via email or reach our community channel admins if you have any proposal considering your contribution
Who can I contact regarding a press inquiry?
Feel free to send us an email at firstname.lastname@example.org, dApps@velas.com, or email@example.com depending on your purpose