Frequently Asked Questions – Velas Network AG

What is Velas?

Velas is the first and fastest EVM/eBPF Hybrid Chain mechanism blockchain, that allows building decentralized applications and smart contracts on its mainnet, allows the scalability of transactions, and is able to validate up to 75,000 transactions per second.

What problems does Velas solve?

Velas solves the blockchain trilemma with its design to be secure, interoperable, and extremely scalable.

What is the Velas consensus mechanism?

Velas uses EVM/eBPF Hybrid Chain consensus

Who are the competitors of Velas?

All blockchain platforms could be considered as Velas' main competitors - Ethereum, TRON, EOS, Cardano, NEO, Steem, Klaytn, TomoChain, IOST, ICON, etc. The Velas Ecosystem includes products such as Velasphere, providing users with Distributed Data Storage (competitors - Filecoin, Storj, Sia, etc.) and Distributed Cloud Computing (competitors - Golem, iExec, SingularityNET, etc.). 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.

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 the 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

What is the Velas Ecosystem?

Velas Ecosystem is a global network consisting of Velas Fastest EVM/eBPF Hybrid Chain mechanism in its core, VLX token as the meaning of value within the Network, and Velas products which for now are Velas Account and BitOrbit

When was Velas Network launched?

Velas Network launched Mainnet in February 2020.

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 the delegate?

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 on how much VLX, you can stake any amount

What is Velas Native wallet?

Velas Native Wallet is a product by Velas that has been upgraded to the Solana compatible Blockchain system. It has advantages in terms of speed and affordability in comparison to competitors. And it is also needed for staking

How much VLX do you need to run a Validator?

At the start, you can run a Validator with any amount of VLX, but the node will not receive the rewards if it will not have 1milion VLX.

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;

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 changing every day, you can check the actual supply here

How do I buy a VLX?

You can buy VLX on the CEX exchanges where it is listed:

Or DEX exchanges:

Or with debit or credit card: https://support.velas.com/hc/en-150/articles/360015497599-How-Do-I-Buy-VLX-

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 of 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 Validator 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 to choose the Validator?

There is no ideal formula for that. However, there are two “hints”

1) The lower % of commissions the higher chance you will receive more reward;

2) Select and observe the Validator of your choice and look it on such resources as VelasValidators

or Velasity

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 (Validator Requirements) and then stake it. The total stake amount of a candidate on their own pool cannot be less than the candidate's minimum stake (1 VLX). After a new Validator is created, the candidate can be selected as a Validator at the beginning of the next staking epoch and starts receiving rewards.

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 EVM Explorer , Velas Mainnet Explorer, or Velas Native 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 was meant to be. However, such an accident is almost impossible to occur, so please contact our support team on Telegram (@velas_support, @DexterP, @sania_v_poriadke) or submit the ticket.

Why should it be decentralized?

Decentralization is crucial to make service more democratic, honest, and censorship-resistant.

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

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

Why I should use Velas to deploy my DApp?

Velas platform Fastest EVM/eBPF Hybrid Chain 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?

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, Whitepaper and GitHub

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 proposals considering your contribution

Who can I contact regarding a press inquiry?

Feel free to send us an email at info@velas.com, dApps@velas.com, or business.development@velas.com depending on your purpose

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