- The Velas blockchain project will be adopting the Solana codebase
- Velas will leverage the strong scalability of Solana to ensure its platform will be able to handle adoption
- In addition, Velas will be going open-source and will also integrate support for the EVM (Ethereum Virtual Machine)
Velas announces transition to Solana codebase, EVM support
Solana is a blockchain project that’s primarily focused on scalability – according to the team, the platform’s capacity of 50,000 transactions per second can support the global adoption of blockchain technology. Velas has adopted Solana’s technology since it is one of the most performant blockchain frameworks available today.
In addition, the Velas team has announced that they will be open-sourcing their software and also supporting the Ethereum Virtual Machine (EVM), providing a seamless transition to Velas for developers who currently have their decentralized applications deployed on Ethereum. By deploying their Dapps on the Velas blockchain, developers will be able to offer a much better user experience thanks to reduced transaction costs and faster speeds.
The Velas project’s move towards forking the Solana codebase, adding EVM support and going open-source is a sign that Velas is looking to broaden the appeal of its blockchain, making it able to support a much more diverse set of blockchain-based services. In turn, this should help on-board new users to the Velas ecosystem.
The Switzerland-based Velas project launched their mainnet in February of 2020. Velas uses the VLX utility token as its native asset. Users can stake their VLX to help secure the network and receive rewards in return. Alternatively, VLX tokens can be used to access Velas-based decentralized services like Vortex, a decentralized video streaming service, or Velasphere, a decentralized file storage and cloud computing solution. Of course, VLX can also simply be used to transfer value with other users, just like any other crypto asset.
The flagship product that’s being developed by Velas is Bitorbit, a decentralized social media platform that integrates content sharing, private chatting and payments. Given the controversies regarding censorship on platforms like Twitter and Facebook, the appeal of decentralized solutions in the social media sector is poised to grow.
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