“We decided to follow the difficult path and make the right blockchain”: Interview with CEO Velas

“We decided to follow the difficult path and make the right blockchain”: Interview with CEO Velas

Everyone can create a blockchain: you need to force bitcoin and ask friends to launch a node. Making a truly interesting product is more difficult: you will have to solve the current problems of blockchain technology and expand the convenient environment for DAPPS development.

In May, Forklog talked with CEO Velas Farhad Shagulamov. He told how the idea arose to create a new blockchain, why the network will not compete with other projects and which team of Formula 1 will build a metavselnaya on Velas.

Forklog: Hello, Farhad! Tell us how you came to the crypto industry?

Farhad: Hello! I started working with cryptocurrencies in 2015, rather as an entrepreneur: I assembled a team and created the first institutional product in Switzerland. Then he worked on safety solutions, and also collaborated with crypto funds and other projects.

FORKLOG: And how became the developer of the blockchain?

Farhad: I created the Velas Concept with Alex Alexandrov – Coinpayments Cryptop Processing. The company has been operating since 2013, and now it is the leader of the segment, which processes transactions for $ 4 billion per month.

The CoinPayments team, and in particular Alex, 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 follow a difficult path and make the right blockchain – fast and with all the demands in demand.

We analyzed a large number of protocols and their architectures to find the pros and cons of each project. On the basis of this analysis, they created the concept of Velas.

FORKLOG: What did it be?

Farhad: We wanted to create the fastest EVM -chan in the world. The main goal was to create a useful product that would use projects and companies of various orientations.

We launched the Velas ecosystem in 2020. Now we are working with communities, projects and blockchains to find the most mutually beneficial scenarios of work.

The ecosystem is designed for the long term – the priority of improving technologies and increasing network stability.

FORKLOG: How Velas differs from other blockchains?

Farhad: Velas is a hybrid blockchain that uses the SOLANA code base with its EBPF virtual machine, and is compatible with EVM.

Velas provides EVM projects with infrastructure at SOLANA speed. On our blockchain you can implement everything that would be expensive and slow on Ethereum.

You are unlikely to want to buy on Ethereum NFT for $ 1, because pay $ 10 for the transaction. And on Velas you will not even notice transaction commissions.

FORKLOG: You have competitors?

Farhad: The market is quite homogeneous: it has many similar projects that benefit from cooperation with each other.

The goal of Velas is to become a quick and suitable solution for daily use, we want to eliminate the restrictions of the early blockchains: low performance and stability, high commissions.

There are other EVM-compatible protocols, Bank of America: such as Fantom, Avalanche and Polygon, but we win by throughput, the speed of finalization of transactions and the size of the commissions.

FORKLOG: How EVM compensation works in practice? Users need to transfer tokens between blockchains?

Farhad: EVM is built into the native part of Velas. The built-in bridge packs the transactions and allows you to transfer tokens between the EVM-CHEN and the NATO VELAS, and the special subprogram processes them and maintains the database of blocks.

EVM blockchain operates at Velas speed, and in practice, users do not notice these operations. Since chain are inseparable, our solution allows atomic operations to perform at once in two blocks.

FORKLOG: Tell us more about Velas tokenomics?

VLX – Native Token Velas, which is needed to pay for transaction commissions. It can be bought in Velas Wallet wallet, DEX and centralized sites. The most liquid markets with VLX are on Huobi and Bitget, and soon it will appear at another large exchange.

In addition, tokens can be used for stakeing. Velas works on a hybrid consensus algorithm Proof-OF-Stake/Proof-OF-HISTORY. NOD owners block VLX and receive a reward for each mined block. Also, users can delegate their tokens to the validators and earn without the need to raise a node. The profitability of stakeing is 8-11% per annum.

Forklog: 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. They even began to conquer space. They made a partnership with SpaceChain, installed a light client of Velas on one of their orbital satellites and successfully signed the first transaction in space.

In addition, we are working on several projects: Bitorbit social network, a solution for authorization without a Velas Account password and a service for safe storage of keys and Velas Vault Seed Fras.

I want to separately note Velas Account – the solution is almost ready and testing has already been tested on several platforms. Soon we will talk about him in more detail and show the workers of cases.

As for the future Velas, we see ourselves in the top 10 blockchain ecosystems.

FORKLOG: NFT marketplace has almost every trading platform. Do you think that venues based on Velas will be able to attract market participants?

Farhad: Yes, and we are actively working on this direction. Velas has recently become a partner of Scuderia Ferrari F1 and Ferrari Esports teams. After that, a large number of sports brands contacted us: we are discussing the creation of NFT, metavseli and fan-Tokenes.

Velas already has five NFT markets, collections transfer solutions and partner projects like OG PUNKS and Velas Sloths.

FORKLOG: You have other collaborations?

Farhad: Of course, we expand the ecosystem using partnerships and integrations with projects of different categories. Velas is suitable for everything: from Defi and metavselnaya, to infrastructure projects that simplify the development and support of solutions for companies and developers.

We regularly add bridges between blockchains, for example, recently created a solution for Multichain and Swapz.

In addition, we integrate with cold wallets. VLX token is in Coolwallet, and soon will appear in Ledger and another large wallet. There will be all functions: NFT galleries, stakeing and others.

Last year, we launched a grant program with payments up to $ 100,000. At the end of summer, we plan to hold a hackathon to attract new developers and expand the list of projects on Velas.

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