To move your dapps from Ethereum to Velas, the lightning-fast EVM chain aims to address the scalability issue. The mass adoption of blockchain technology heavily depends on how technical teams address scalability issues. Velas inherits Solana’s advantages and provides an EVM-compatible solution that enables developers to serve their users better and cheaper.
The inability of public blockchains to scale is slowing down the technology from providing optimal solutions to enterprises and industries. In brief, the scalability issue kicks in when the number of nodes and transactions reaches a level to cause congestion. This problem seriously constrains the pioneer public blockchain Ethereum from mass adoption.
Ethereum and its scalability issue
Ethereum is a decentralized open-source blockchain system. It’s a community-built technology behind the cryptocurrency ether (ETH). The advantage of Ethereum includes: a peer-to-peer network that allows you to move money freely; censorship-resistance makes it nearly impossible for anyone to stop you from using services on Ethereum; thousands of dapps leveraging smart contracts that you can enjoy.
As of this writing, the live Ethereum price is $3,394.02 with a 24-hour trading volume of $$18.09B, according to DappRadar Token Explorer. With its native token ranked the second largest in market cap, Ethereum is by far the most widely used network for dapps on the market.
However, Ethereum’s market dominance is gradually giving up ground to its competitors over the past year. In the DeFi sector, Ethereum used to make up 97% of total value locked (TVL) at the start of 2021 but now fell to 55%, according to DeFi Llama.
Ethereum’s loss in dominance is due to its scalability issue and high transaction fees during network congestion. Newer, faster, and cheaper alternatives have come to take a share of the pie.
The current Ethereum network can only process average 15 transactions per second. Users have been complaining about Ethereum’s latency and congestion. Ethereum 2.0 promises to upgrade its network with a capability of processing 100,000 transactions per second. This increase will be achieved through the implementation of shard chains, which is the final phase of the Ethereum Consensus Layer upgrade.
Before the arrival of the Ethereum Consensus Layer, the industry still needs practical solutions to solve the immediate pain points for current users. One of the solutions is to provide a more efficient and cheaper public chain that complements the Ethereum ecosystem. Among all the solution providers, Velas is leading in innovation.
Velas EVM’s user-centric approach for blockchain scalability
Who is Velas?
Velas addresses blockchain scalability by creating a lightning-fast EVM blockchain and open-source platform for decentralized projects and applications. Velas’s solution inherits the best DNA of Solana’s technology and complements it with additional features to support compatibility with EVM. As a result, Velas can sustain huge transaction throughput with instant finality, extremely low fees, and Solidity support. The table below shows that Velas can process up to 75,000 transactions per second at $0.00001, with a 1.2-second transaction finality.
Notably, each of Velas’ services is built on user-centric philosophy. The Velas team is trying to combine the best qualities of both centralized and decentralized solutions. To achieve this goal, it involves researching state-of-the-art cryptography, developing consensus protocols, and designing intuitive user interfaces. Ultimately, Velas will provide a comprehensive ecosystem that fundamentally optimizes users’ experience with one single platform. There are five core highlights of Velas’ revolutionizing technology: Velas Account, Ethereum Virtual Machine, based on Solana, Velas Vault, and Velas Freedom.
A closer look at Velas’s technology
Velas Account
Velas provides its own passwordless authentication system, allowing users to securely access a variety of services without a password using just their Velas Account while introducing unique authorization quotas to minimize risks.
Ethereum Virtual Machine
In order to enable many developers around the world to be part of the broad Ethereum ecosystem in a short time, Velas proposes an EVM-compatible solution with ultimate simplicity and lightning-fast speed. Under normal conditions, apps and clients may expect to get an optimistic confirmation in ~1.2 seconds. In the later part, we will dig deeper into how Velas EVM benefits developers and users in the current blockchain ecosystem.
Based on Solana
Solana blockchain can reach a speed of 60,000 transactions per second through GPU utilization, transaction processing parallelization, and other innovations such as PoH and Golfstream. The presence of such technologies in the framework significantly raises the bar for competitors and the Velas team decided to leverage this brilliant framework instead of developing competing solutions. Furthermore, this approach allowed Velas to concentrate on developing the rest of its ecosystem fully.
Velas Vault
Velas Vault is a novel solution to store secrets and private keys by delegating the security of users’ passwords, keys, or seed phrases to segmentation algorithms and validators interested in data security. This enables various use cases, such as decentralized custody solutions of assets native to other blockchains (BTC, ETH, ERC-20, etc). Also, it is important to note that this system is sufficiently decentralized and implements various protection mechanisms to prevent attacks aimed at collecting user data and gaining access to user balances.
Velas Freedom
Velas strives to bring back the free-to-use age of the Internet. Building your project on Velas, users may not even realize they’re utilizing blockchain services, as transactions are performed on back-end processes. You maintain the possibility to charge fees in your project’s token, automatically and seamlessly in a way that doesn’t impair the user’s experiences.
EVM in Velas and why it matters
The EVM is a critical component of the Ethereum blockchain since it provides the essential execution environment for smart contracts. We can get a handle on the importance of EVM through the graphic of a simplified Ethereum stack below.
Because of Ethereum’s first-mover advantage, major competitors are using or connecting to the EVM rather than trying to compete head-to-head. As a result, EVM dominates TVL with an over 70% market share. The following graph from DeFi Llma shows that the EVM has already cemented itself through its network effects.
With that in mind, Velas built an efficient yet affordable blockchain and implemented the ability to write Ethereum smart contracts in it. As a result, all Ethereum-based decentralized applications and decentralized financial protocols (DeFis) can be seamlessly run on Velas.
Migrate to Velas EVM
Migrating to Velas EVM will bring many benefits to users. First, Velas is 100% compatible with Ethereum due to built-in EVM. This fundamentally lowers the barrier of entry for developers to deploy existing smart contracts on Velas. At the same time, it removes the need for expensive and time-consuming smart contract audits. As a result, users can access EVM-based projects deployed on Velas while enjoying lower gas fees and transaction finality. Besides, developers can seamlessly migrate assets between both blockchains. For example, you can easily transfer VLX, the Velas native token, from the Native Space to the EVM Space and vice versa.
On the technical side, Velas chain supports EVM transaction execution via wrapping it into a regular native transaction with an instruction invoking the EVM Program. Furthermore, to provide full compatibility to EVM dapps, wallets, and other tools built on the Ethereum stack, Velas node supports Ethereum JSON-RPC API. For that reason, the nodes create virtual EVM blocks that contain all the EVM transactions processed by the network and are available via ETH RPC methods (eth_getBlockByNumber, etc).
Apart from that, users should pay a fee in a native token when conducting a native transaction. Velas EVM bridge manages the routine by wrapping EVM transactions into a native one, paying the native fee, and collecting the EVM fee (gas). This mechanism will provide incentives to developers for hosting independent EVM bridges.
Luckily, getting started with the Velas EVM is not difficult at all. With as little as one line of code change (as shown in the coding below), developers can start enjoying the benefits of Velas EVM and serve users with their own dapps.
Change this: web3 = new Web3(new Web3.providers.HttpProvider(‘https://other-blockchain-rpc’));
To this: web3 = new Web3(new Web3.providers.HttpProvider(’https://evmexplorer.velas.com/rpc’));
Conclusion
The ever-growing demand for decentralized applications has resulted in critical scalability issues. The increasing number of users and transactions may lead to network congestion and push up gas dramatically. And it ultimately will impair user experience. Ethereum, the second-biggest blockchain by far, has been suffering from such problems for the past few years.
In order to empower users to benefit the most from Web 3.0, technical teams are exploring various options to achieve this goal. As a result, it led to the emergence of younger, faster, and cheaper blockchains, such as Velas and Solana. Many believe that blockchains don’t need to compete but rather cooperate with each other for a perfect user experience. Indeed, while the number of users is growing, users’ needs are also becoming more and more diverse.
All in all, the industry calls for solutions that can not only provide much-needed relief for blockchains such as Ethereum but can also fulfill various specific user needs. With that in mind, Velas adopts the most user-centric and agile approach to offer a robust scalability solution with its EVM chain. And it is all thanks to Velas’s profound understanding of blockchain users’ preferences and a skilled technical team.
More about Velas
Website
Whitepaper
Grants Program
Telegram Announcement
Telegram Community
Discord
YouTube
Medium
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