Wigwam is the best Velas blockchain crypto wallet

Velas blockchain Review

Velas blockchain is a smart contract chain that uses a hybrid consensus (Delegated Proof of Stake and Proof of History) and capable of reaching 50,000+ TPS at incredibly cheap costs. 

Short History of Velas 

Together with Farkhad Shagulyamov, Velas co-founder and chief information officer Alex Alexandrov shared his grand vision for the future of blockchain technology in 2019. The principles of Web 3.0 and digital currency served as inspiration for this concept. They pooled their resources to create Velas blockchain with Improved EVM. Velas upgraded its Ethereum Virtual Machine implementation by making it faster and simplifying how DApps can be integrated. Also, Velas' team introduced EGG City Coins to strengthen local economies through a network that brings together companies and independent workers. City coins, cryptocurrencies, and fiat currencies can all be used to pay for services. The other product that was released is the Velas Vault. It’s a solution that offers secure, distributed key and secret storage. Plus, it opened up a wide range of use cases, including the decentralized custody of assets issued on other blockchains.

Technical overview

Velas' consensus mechanism uses an avant-garde Delegated Proof of Stake (DPoS) mechanism that offers the following benefits:

1. It has much higher scalability than traditional PoW and PoS consensus. 
2. It is democratic and promotes decentralized network governance owing to the role of delegates in the network. 
3. Entrance threshold on DPoS consensus is exceedingly low, making it one of the most decentralized consensus mechanisms available.
4. DPoS mechanisms benefit from stout protection against double-spend attacks.

Also, Velas implemented the Proof of History consensus mechanism from Solana to allow more rapid and reliable transactions. It does this by ordering Blockchain network transactions and blocks using a cryptographically secure and verifiable sequence of hashes.

What popular crypto wallets support Velas

VLX blockchain supports multiple crypto wallets to facilitate its users. Some of the popular Crypto Wallets that Velas supports are listed below:

1. Wigwam Web3 wallet
2. Trust Wallet
3. MetaMask
4. Velas Wallet, and others.

VLX token

The native Velas coin (VLX) is used on the Velas network and it serves as a utility token. The VLX token is used for payments, transactions, and fees within the ecosystem and supported dApps. As of writing, the VLX is traded at the price of $0.0067 and has a market cap of $16.7M, according to Coinbase.

DeFi on the Velas blockchain

Velas has developed various projects, transforming the DeFi landscape and offering users low fees, increased liquidity, and security. Some of the major projects are listed below:

1. Wagyu Swap - being the first decentralized exchange on the Velas network, Wagyu swap offers much lower transaction costs than Ethereum and Bitcoin
2. AstroSwap -  DEX that is built on top of Velas and Cardano blockchains.
3. Symblox - is a community-driven, decentralized protocol for the issuance and trading of digital assets. Symbloz was developed to simplify DeFo-based financial operations.
4. Earnifty - a useful tool for increasing yield from deFi farming from the Velas network.
5. VelasPad - is the Vela blockchain launchpad that helps secure grants and promote blockchain initiatives that use Velas' technology for innovation. 
6. You may use the Wigwam DeFi wallet to join the Velas ecosystem.

NFT marketplaces on Velas

Velas has several popular NFT marketplaces, some of which are:

1. Sparkies is Velas Blockchain's largest distributed NFT marketplace with an automatic index of all VLX NFTs.
2. MetaOcean - This NFT platform provides developers with convenient and secure resources to create NFT collections. 
3. PlayNFT - is a cross chain utility tool for content creators to create NFTs with game utility.
4. The Barter Smartplace is a Crypto marketplace that allows users to barter real and digital assets.
5. Epor is an NFT marketplace that reduces production and acquisition costs for creators and collectors.

Conclusion

Velas (VLX) blockchain is a smart contract-enabled blockchain that offers cross-chain capabilities. It has low fees and a simple interface that leads to widespread use of blockchain and Web3 systems. The blockchain has a transaction confirmation time of around 1.2 seconds that was reached because of the EVM/eBPF hybrid consensus algorithm that provides superior safety, scalability, and performance.