Anyone can create a blockchain: you need to fork bitcoin and ask your friends to run nodes. Making a truly interesting product is more difficult: you will have to solve the current problems of blockchain technology and deploy a convenient environment for developing dapps.
In May, Cryplogger spoke with the CEO Velas Farhad Shagulyamov. He told how the idea to create a new blockchain came about, why the network will not compete with other projects, and which Formula 1 team will build the metaverse on Velas.
Cryplogger: Hello Farhad! Tell us how you got into the crypto industry?
Farhad: Hello! I started working with cryptocurrencies in 2015, more like an entrepreneur: I assembled a team and created the first institutional product in Switzerland. Then he worked on security solutions, and also collaborated with crypto funds and other projects.
Cryplogger: How did you become a blockchain developer?
Farhad: I created the Velas concept together with Alex Alexandrov, the founder of CoinPayments crypto processing. The company has been operating since 2013, and now it is the leader in the segment, which processes transactions for $4 billion per month.
The CoinPayments team, and Alex in particular, has vast experience in the industry. They integrated 2300 tokens, studied the shortcomings of different blockchains and found ways to eliminate them.
When we met, we decided to take the difficult path and make the right blockchain – fast and with all the features that are in demand.
We analyzed a large number of protocols and their architectures to find the pros and cons of each project. Based on this analysis, the Velas concept was created.
Cryplogger: What was it?
Farhad: We wanted to create the fastest EVM-chain in the world. The main goal was to create a useful product that would be used by projects and companies of various kinds.
We launched the Velas ecosystem in 2020. Now we are collaborating with communities, projects and blockchains to find the most mutually beneficial work scenarios.
The ecosystem is designed for the long term – the priority is to improve technology and increase network stability.
Cryplogger: How is Velas different from other blockchains?
Farhad: Velas is a hybrid blockchain that uses the Solana codebase with its eBPF virtual machine, while being compatible with the EVM.
Velas provides infrastructure for EVM projects at the speed of Solana. Everything that would be expensive and slow on Ethereum can be implemented on our blockchain.
You are unlikely to want to buy an NFT on Ethereum for $1, because you will pay $10 per transaction. And on Velas, you won’t even notice the transaction fees.
Cryplogger: Do you have competitors?
Farhad: The market is quite homogeneous: there are many similar projects that benefit from cooperation with each other.
The goal of Velas is to be a fast and suitable solution for daily use. We want to eliminate the limitations of early blockchains: low performance and stability, high fees.
There are other EVM-compatible protocols, such as Fantom, Avalanche, and Polygon, but we win in terms of throughput, transaction finalization speed, and fees.
Cryplogger: How does EVM compatibility work in practice? Do users need to transfer tokens between blockchains?
Farhad: EVM is built into the native part of Velas. The built-in bridge packs transactions and allows you to transfer tokens between the EVM chain and native Velas, and a special subroutine processes them and maintains a database of blocks.
The EVM blockchain runs at the speed of Velas, and in practice, users do not notice these operations. Since the chains are inseparable, our solution allows us to perform atomic operations on two blockchains at once.
Cryplogger: Can you tell us more about Velas tokenomics?
VLX – native token Velas, which is needed to pay transaction fees. It can be bought in Velas Wallet, DEX and centralized platforms. The most liquid markets with VLX are on Huobi and Bitget, and soon it will appear on another major exchange.
In addition, tokens can be used for staking. Velas runs on a hybrid Proof-of-Stake/Proof-of-History consensus algorithm. Node owners block VLX and receive a reward for each mined block. Also, users can delegate their tokens to validators and earn without having to raise a node. The profitability of staking is 8-11% per annum.
Cryplogger: How do you see the future of the project? What are you planning to add to the Velas ecosystem?
Farhad: We are actively expanding in all directions: NFT, DeFi, gamification, eSports. Even began to conquer space. We partnered with SpaceChain, installed the Velas light client on one of their orbiting satellites, and successfully signed the first transaction in space.
In addition, we are working on several projects: the Bitorbit social network, the Velas Account solution for authorization without a password, and the Velas Vault service for securely storing keys and seed phrases.
I want to separately note Velas Account – the solution is almost ready and has already been tested on several platforms. Soon we will tell you more about it and show working cases.
As for the future of Velas, we see ourselves in the TOP-10 blockchain ecosystems.
Cryplogger: Almost every trading platform has an NFT marketplace. Do you think that Velas-based sites will be able to attract market participants?
Farhad: Yes, and we are actively working on this direction. Recently Velas became a partner Scuderia Ferrari F1 and Ferrari eSports teams. After that, a large number of sports brands contacted us: we are discussing the creation of NFTs, metaverses and fan tokens.
There are already five on Velas NFT marketplacescollection porting solutions, and partnerships like OG Punks and Velas Sloths.
Cryplogger: Do you have any other collaborations?
Farhad: Of course, we are expanding the ecosystem through partnerships and integrations with projects of different categories. Velas is suitable for everything from DeFi and metaverses to infrastructure projects that make it easier for companies and developers to develop and maintain solutions.
We regularly add bridges between blockchains, for example, we recently created a solution for Multichain and Swapz.
In addition, we carry out integration with cold wallets. The VLX token is on CoolWallet and will soon be on Ledger and another major wallet. All functions will be there: NFT galleries, staking and others.
Last year we launched grant program with payouts up to $100,000. At the end of the summer, we plan to hold a hackathon to attract new developers and expand the list of projects on Velas.
Read Cryplogger bitcoin news in our Telegram – Cryptocurrency news, courses and analytics.
Found a mistake in the text? Select it and press CTRL+ENTER
Anyone can create a blockchain: you need to fork bitcoin and ask your friends to run nodes. Making a truly interesting product is more difficult: you will have to solve the current problems of blockchain technology and deploy a convenient environment for developing dapps.
In May, Cryplogger spoke with the CEO Velas Farhad Shagulyamov. He told how the idea to create a new blockchain came about, why the network will not compete with other projects, and which Formula 1 team will build the metaverse on Velas.
Cryplogger: Hello Farhad! Tell us how you got into the crypto industry?
Farhad: Hello! I started working with cryptocurrencies in 2015, more like an entrepreneur: I assembled a team and created the first institutional product in Switzerland. Then he worked on security solutions, and also collaborated with crypto funds and other projects.
Cryplogger: How did you become a blockchain developer?
Farhad: I created the Velas concept together with Alex Alexandrov, the founder of CoinPayments crypto processing. The company has been operating since 2013, and now it is the leader in the segment, which processes transactions for $4 billion per month.
The CoinPayments team, and Alex in particular, has vast experience in the industry. They integrated 2300 tokens, studied the shortcomings of different blockchains and found ways to eliminate them.
When we met, we decided to take the difficult path and make the right blockchain – fast and with all the features that are in demand.
We analyzed a large number of protocols and their architectures to find the pros and cons of each project. Based on this analysis, the Velas concept was created.
Cryplogger: What was it?
Farhad: We wanted to create the fastest EVM-chain in the world. The main goal was to create a useful product that would be used by projects and companies of various kinds.
We launched the Velas ecosystem in 2020. Now we are collaborating with communities, projects and blockchains to find the most mutually beneficial work scenarios.
The ecosystem is designed for the long term – the priority is to improve technology and increase network stability.
Cryplogger: How is Velas different from other blockchains?
Farhad: Velas is a hybrid blockchain that uses the Solana codebase with its eBPF virtual machine, while being compatible with the EVM.
Velas provides infrastructure for EVM projects at the speed of Solana. Everything that would be expensive and slow on Ethereum can be implemented on our blockchain.
You are unlikely to want to buy an NFT on Ethereum for $1, because you will pay $10 per transaction. And on Velas, you won’t even notice the transaction fees.
Cryplogger: Do you have competitors?
Farhad: The market is quite homogeneous: there are many similar projects that benefit from cooperation with each other.
The goal of Velas is to be a fast and suitable solution for daily use. We want to eliminate the limitations of early blockchains: low performance and stability, high fees.
There are other EVM-compatible protocols, such as Fantom, Avalanche, and Polygon, but we win in terms of throughput, transaction finalization speed, and fees.
Cryplogger: How does EVM compatibility work in practice? Do users need to transfer tokens between blockchains?
Farhad: EVM is built into the native part of Velas. The built-in bridge packs transactions and allows you to transfer tokens between the EVM chain and native Velas, and a special subroutine processes them and maintains a database of blocks.
The EVM blockchain runs at the speed of Velas, and in practice, users do not notice these operations. Since the chains are inseparable, our solution allows us to perform atomic operations on two blockchains at once.
Cryplogger: Can you tell us more about Velas tokenomics?
VLX – native token Velas, which is needed to pay transaction fees. It can be bought in Velas Wallet, DEX and centralized platforms. The most liquid markets with VLX are on Huobi and Bitget, and soon it will appear on another major exchange.
In addition, tokens can be used for staking. Velas runs on a hybrid Proof-of-Stake/Proof-of-History consensus algorithm. Node owners block VLX and receive a reward for each mined block. Also, users can delegate their tokens to validators and earn without having to raise a node. The profitability of staking is 8-11% per annum.
Cryplogger: How do you see the future of the project? What are you planning to add to the Velas ecosystem?
Farhad: We are actively expanding in all directions: NFT, DeFi, gamification, eSports. Even began to conquer space. We partnered with SpaceChain, installed the Velas light client on one of their orbiting satellites, and successfully signed the first transaction in space.
In addition, we are working on several projects: the Bitorbit social network, the Velas Account solution for authorization without a password, and the Velas Vault service for securely storing keys and seed phrases.
I want to separately note Velas Account – the solution is almost ready and has already been tested on several platforms. Soon we will tell you more about it and show working cases.
As for the future of Velas, we see ourselves in the TOP-10 blockchain ecosystems.
Cryplogger: Almost every trading platform has an NFT marketplace. Do you think that Velas-based sites will be able to attract market participants?
Farhad: Yes, and we are actively working on this direction. Recently Velas became a partner Scuderia Ferrari F1 and Ferrari eSports teams. After that, a large number of sports brands contacted us: we are discussing the creation of NFTs, metaverses and fan tokens.
There are already five on Velas NFT marketplacescollection porting solutions, and partnerships like OG Punks and Velas Sloths.
Cryplogger: Do you have any other collaborations?
Farhad: Of course, we are expanding the ecosystem through partnerships and integrations with projects of different categories. Velas is suitable for everything from DeFi and metaverses to infrastructure projects that make it easier for companies and developers to develop and maintain solutions.
We regularly add bridges between blockchains, for example, we recently created a solution for Multichain and Swapz.
In addition, we carry out integration with cold wallets. The VLX token is on CoolWallet and will soon be on Ledger and another major wallet. All functions will be there: NFT galleries, staking and others.
Last year we launched grant program with payouts up to $100,000. At the end of the summer, we plan to hold a hackathon to attract new developers and expand the list of projects on Velas.
Read Cryplogger bitcoin news in our Telegram – Cryptocurrency news, courses and analytics.
Found a mistake in the text? Select it and press CTRL+ENTER
