Advantages and disadvantages of Velas Network (VLX)

It is a blockchain technology network that implements Smart Contracts from Ethereum. The network owns its own Velas token (VLX) used to power the network and drive smart contracts.

Candles logo

Advantages and Disadvantages of Candles (VLX)

Velas is a fork of Solana but implements its own features such as EVM compatibility and theincorporation of AI (artificial intelligence) to select block creators from its own blockchain.

In addition the Velas ecosystem is added the following issues, among which we find Velas Wallet, a multi-currency wallet. In addition, it will soon introduce Micro Apps, decentralized cross-platform applications. It also implements tracking systems such as Velas Vault, to store private keys and information that we want to keep secret. In this way it allows custody with several blockchains, including the most popular BTC, ETH and ERC-20.

Advantages of Velas (VLX):

  • High speed. Velas is one of the fastest networks in the world right now with 75,000 transactions per second.
  • Velas is one of the fastest networks in the world right now with 75,000 transactions per second.
  • Low transaction costs.
  • Possibility to earn rewards from the user. Thanks to the implementation of the DPos consensus protocol
  • Solving the crypto trilemma. The network is able to solve the three fundamental problems, scalability, decentralization and security

Disadvantages of Velas (VLX):

  • It sometimes presents saturation. The popularization of the network has caused more and more users to join.
  • Disadvantages.
  • Distrust in some users caused by the novelty of the consensus protocol. Although the code is open and public some users do not understand the mechanism which can make them wary of using the network.