Velas, the blockchain project that centers itself around the scalability issues of blockchain networks like Bitcoin is at the brink of a major revamp. According to the press release shared with Altcoin Buzz, this update will enhance the existing Velas network by bringing in new features to the ecosystem. Moreover, the re-engineered suite of the next-gen products will push the project closer to its vision of providing blockchain users a feature-complete blockchain ecosystem.
As per the press release, the team will start rolling out Velas 3.0, a new suite of products and solutions in the coming weeks and months. With the completion of the roll-out, Velas network that promises maximized performance and security will become a truly usable and interoperable platform. Effectively, within Velas 3.0 ecosystem, the users will have complete control over their privacy and finances.
Redesigned, Rebranded, and Re-engineered suite of next-gen products.
— Velas (@VelasBlockchain) December 12, 2020
Next-gen product sneak peek!
Even with a large number of miners, the throughput of networks like Bitcoin and Ethereum is still limited. While Bitcoin and Ethereum network continues to struggle with transaction per second (TPS) of 7 and 15, Velas promises to deliver 30,000 TPS. Moreover, the platform promises to maintain security and decentralization.
Interestingly, Velas blockchain will now adopt a unique consensus mechanism. Known as Artificial Intuition Delegated Proof of Stake (AIDPOS), it forms the foundation of a robust ecosystem. Atop, this strong foundation layer, the project team has been building innovative products and solutions. Moreover, the roll-out will begin with an enhanced Telegram like social media platform BitOrbit.
Decentralized social media platform- BitOrbit
Built on top of high-performance Velas blockchain, BitOrbit is a social media platform that preserves the privacy of the users. Interestingly, the platform does not need users to have a password. The users will have to use Velas Account for authentication instead of passwords.
Thus, users can easily interact with decentralized apps (DApps) and content creators in a secure manner. BitOrbit will roll-out with a built-in wallet that will enable secure trading. All the data generated on BitOrbit is backed by, highly-secure IPFS network. This will help build a decentralized access management system. Basically, the users will be able to access files on IPFS using multiple encryption types.
Furthermore, BitOrbit will use multi-model Governance for content moderation. Moreover, stakeholders will select validators to moderate the content.
Synthetic asset supporting Wallet
As discussed above, BitOrbit will roll-out with a built-in Velas Wallet. The wallet will support VLX, Velas tokens, vBTC, vETH, vZEC – the synthetic tokens of BTC, ETH, and ZEC. The team will also introduce BitOrbit Account API and will streamline the use of APIs with user wallets.
The project is expanding its capabilities in building DApps. It will soon become a foundational platform for cross-platform DApps for mobile devices. Known as MicroApps, the users can interact with these DApps from applications like Telegram.
PayPal like payment efficiency
With its Velas Account Module, the project will bridge the gap between cryptocurrencies and traditional payment methods. Along with that, it will introduce support for instant payments.
It is a novel security solution. The users can use it to distribute the security of their funds and information over Google and Apple platforms. Firstly, users need to segment their passwords and keys. Secondly, they must distribute them across other platforms. Finally, to combine these keys, they need to use the Velas Vault.
Is Velas a sleeping giant?
According to Twitter influencer @BITCOINTRAPPER, with the Velas 3.0 roll-out, things look pretty bullish for the project. He adds that the project holds all the potential to become one of the biggest crypto projects of 2021 and beyond.
— ฿ITCOINTRAPPER (@BITCOINTRAPPER) December 12, 2020
Meanwhile, VLX, the native Velas token rally is yet to trigger. However, at the time of press, the VLX token is trading a little over $0.0248.
For more crypto-related updates, do check out our Altcoin Buzz YouTube Channel.