What is Velas?
Velas is the first AI-operated delegated proof of stake blockchain, that allows building decentralized applications and smart contracts on its mainnet, and ables scalability of the transactions, being able to validate up to 30 000 transactions per second thanks to Schnorr signatures.
What problem does Velas solve?
Velas solves blockchain trilemma building secure, interoperable, and extremely scalable.
How does Velas work?
You can find a technical explanation of how Velas is actually working in the Technical Paper
What is the consensus mechanism used in Velas?
Velas uses AI-Operated DPOS (AIDPOS) consensus
Who are 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
How would someone use Velas?
Network participants receive access to Velas Ecosystem which includes such products as Vortex (Decentralized Video Streaming and Sharing Service) and Velasphere (Decentralized File Storage and Decentralized Cloud Computing). Moreover, Velas token VLX could be used for value transfer as well as staking which will let the user increase their wealth
What is the Velas Ecosystem?
Velas Ecosystem is a global network consisted 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 Vortex
When was Velas Network launched?
Velas Network launched Mainnet in February 2020.
How AI works in Velas?
Neural networks are used to calculate the rewards for nodes’ operators and time of block formation. Matrix calculation servers (neural network weights) are located on nodes of the network members for receiving rewards. To train a neural network, a genetic algorithm is used during the pre-training period and using the method of backpropagation of error to find the minimum of the objective function
What is the epoch length?
6 hours
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?
A minimum of 10,000 VLX if you do it through the Velas Wallet. 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
How much VLX do you need to run a master node?
A minimum of 1,000,000 VLX
Just started staking but can’t see tokens?
Don’t worry your tokens are helping support the network. You can look at you stake in the rewards section after you click on your staking pool
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 Vortex or Velasphere;
3) As 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 2 082 328 632 tokens
How do I buy 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?
Min amount of 10,000 VLX is required to stake tokens on Velas Wallet, but 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 pool on their choice. However, users can choose the pool only in case is staking takes place on Velas Wallet, in the case of Exchange, users do not have an opportunity to choose the pool
How to Become a Delegate?
On Velas Wallet select section "Staking" and then "Delegate Staking". Choose pool where you want to stake and send a minimum of 10.000 VLX to that pool
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 19 validators in each epoch
How to choose the pool?
There is no ideal formula for that. However, there are two “hints”
1) The larger 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?
Delegate receives a reward when the pool he delegates to is chosen as a validator
What is the amount of reward I will receive?
To count how much you will receive if your pool will become validator you should add all pools stake, multiply it on the inflation rate and divide on 19 (amount of validators). This would be the reward of the pool you participate in. After that, you can find your share in the current pool and this exact percentage of pool reward you will receive
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 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.
Can a Velas's participant be banned?
Yes, the node can be banned for malicious actions or skipping blocks as validators.
Can a pool be banned?
Yes, the pool can be banned and in case if it will be banned all delegators in its pool will be banned as well. The ban duration is 2 epochs
What is the ban duration?
Ban period = 2 epochs. Now epoch duration is 4332 blocks, so the ban period is 8664 blocks
What does red and yellow color on pools mean?
Yellow pools - inactive pools, red ones - banned pools. Both yellow and red pools could not be chosen as validators
Why I can not withdraw my funds?
In each epoch, there is a small period when all actions (deposit and withdraw) are prohibited for security. This period is a small part of the epoch and the wallet should notify you that the operations are limited at the moment. This period is 360 blocks with an epoch length of 4332 blocks (approximately 30 minutes and 6 hours, respectively).
Also, is the pool from which you withdraw your stake is currently an active validator, then you must first create a withdrawal order and withdraw (claim order) after the end of the epoch. The wallet automatically selects the necessary option - withdraw or create an order.
How much should I wait on withdrawal?
There is no specific time since the choice of validators is affected by a random value. It is impossible to accurately predict when the pool will be a validator, but it can be assumed, based on the size of its stake and the stake of the remaining pools, with what probability it will become a validator. However, nothing can be guaranteed due to the presence of randomness.
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 bee 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_team) or via email
What is Velasphere?
Velas Sphere is an opensource 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 node 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 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 price requested by 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 that most of the existing solutions which make it a great platform for DApp deployment.
How can I join the Velas community?
Here is the list of our social media where you can join us and become a part of our community: Reddit, Telegram, Discord, Facebook, Instagram
Where can I learn more about Velas?
You can learn more by going through our Medium articles, and GitHub, Technical Paper, Blue Paper, (Technical and Blue Paper should be updated)
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 on info@velas.com, dApps@velas.com or business.development@velas.com depending on your purpose
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