Velas Products: Integrated Crypto-Wallet
Technology, Marketing 2 min reading
Content
Show- Motivation
- Solution
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The Velas team is developing an integrated crypto wallet that uses our internal currency VLX. Due to GPU acceleration without Mempool and improved communication protocols, as well as security supported by the DPoS consensus, our blockchain can process from 50,000 transactions per second.
Motivation
Platforms where users are rewarded for creating content need to develop their own internal wallet through which the process of transferring and exchanging assets would be carried out. Our platform is designed for millions of active users, so our wallet and blockchain must complete tens of thousands of transactions per second.
Visa and MasterCard currently process approximately 2 thousand transactions per second. Thanks to the blockchain, the amount of the transaction can be much larger, since the blockchain uses the simplification of sending assets with a change in the profile and status of the user, as well as other properties that ensure the operation of the application through smart contracts.
Take for example a decentralized exchange where an ORDER type transaction is required and where the sum of the total number of TRADE type transactions is exceeded.
Given that most users use two major cryptocurrencies such as Bitcoin and Ethereum, then a crypto wallet should provide payment and asset exchange functions.
Solution
Velas is developing a crypto wallet that uses our internal currency, VLX. And high throughput and high speed, allowing for 50,000 or more transactions per second, is provided by GPU acceleration without Mempool, as well as improved DPoS communication protocols. Our internal VLX token is needed to conduct transactions within the Velas blockchain, as well as to determine the amount of processing power and leased disk space that is expended.
Velas provides asset support for (vBTC, vETH, vZEC) BTC, ETH and ZEC cryptocurrencies that help increase liquidity on the network. All of these assets bridge with the real blockchain, allowing you to exchange BTC to vBTC and vice versa using decentralized storage.
This way, users have no difficulty interacting with vBTC, as they can use these assets in their wallet just like they would in a regular bitcoin wallet. The only difference will be that transactions within the network will be fast and cheap, and the commission will be paid in VLX tokens. Confirmation of a transaction takes less than a second, and full completion takes no more than 15 seconds. It is important to remember that once a transaction is fully completed, it cannot be rolled back.