What Is Velas: A Scalable, EVM-Compatible Layer-1 Chain

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### What Is Velas (VLX)?

What Is Velas (VLX)?
Velas is the world's fastest EVM Blockchain enabling up to 75 000 tx/s, processed instantly, with highest security out there, at almost for free. Velas Ecosystem consists of decentralised products built on top of its chain to present the ease of user experience of decentralised, open-source products.

### Who Are the Founders of Velas

[Velas](https://velas.com/) is an ecosystem startup based in Switzerland. It was founded in 2019 by Alex Alexandrov, a prominent blockchain and crypto entrepreneur, and investor. He is also a founder of [CoinPayments](https://www.coinpayments.net/) — the world's #1 payment gateway for cryptocurrencies; advisor and investor of [Mind AI](https://mind.ai/) — a well-known Korean AI startup. Alex is consulting the FBI, Europol and several national governments on technology, cybersecurity, blockchain and AI implementation.

### What Makes Velas Unique?

-  EVM — supports all smart contracts and dApps built on the Ethereum stack.

-   Instant, low-cost transactions - extremely efficient performance at a fraction of the cost.

-   Velas Account - passwordless solution that facilitates interaction with blockchain apps to the level of Google account and PayPal-like convenience, without sacrificing our user's security.

-   Access Management - a decentralized access management system, which allows users to control access to files on IPFS using multiple encryption types.

-   Velas Vault - a novel solution to store secrets and private keys. This enables various use cases, such as decentralized custody solutions of assets native to other blockchains (BTC, ETH, ERC-20, etc).

-   Velas Wallet - multi-currency wallet with staking functionality.

-   MicroApps - Velas will soon support cross-platform decentralized applications where not only the code (logic) is stored on-chain, but also its user interface.

### How is the Velas Network Secured?

Velas blockchain is based on high-performance protocol, which implements an innovative time architecture, transaction processing mechanism, and more efficient consensus model compared to other blockchains. Velas is the full hybrid EVM/eBPF chain of Solana and Ethereum, that inherited the best from both: security, scalability, high performance, 1.2 sec finality, extremely low fees and EVM/Solidity support. 

### How Many VLX Are in Circulation?

Velas relies on Delegated Proof of Stake consensus (DPoS), providing participants with the most favorable conditions for interaction with each other and motivate them to act for the benefit of the network.

Basic VLX Metrics:

Total Supply - 2,124,380,663 VLX

Circulating Supply - 2,124,380,663 VLX

Inflation Rate - 8%

### What Can VLX Be Used For?

Velas coin (VLX) is used for transactions, payments, fees and for supporting Proof-of-Stake consensus. Staking allows block producers (validators and their delegators) to provide transaction consensus and receive staking incentives for honest block production.

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