Velas (VLX) price prediction: World’s fastest EVM blockchain

Velas (VLX) price prediction: World’s fastest EVM blockchain

Built on the Solana network, Velas is a open-source AI-powered blockchain that hosts a wide range of decentralised applications (DApps), including VelasPad and BitOrbit.

The project, headquartered in Switzerland, claims to be the world’s fastest Ethereum Virtual Machine (EVM) blockchain and open-source platform for decentralised projects and applications. It is led by a diverse team of engineers, cryptographers, researchers, mathematicians and business leaders.

Velas combines both centralised and decentralised solutions, with a particular focus on advancing blockchain technology using Web 3.0 tools. According to Velas’s whitepaper, the Web 3.0 phenomenon, which is saturated with DApps that are distributed across domain-specific clusters, is decentralising the internet.

With the explosive growth in the use of customer data in emerging technologies such as artificial intelligence (AI), it is becoming increasingly important to develop consensus protocols and design seamless user interfaces that provide developers and enterprises with community-governed ecosystems for Web 3.0 – a venture that Velas has undertaken.

As such, the project has been created with innovative technologies in mind, namely a decentralised ecosystem of products and services that accelerate blockchain adoption across the wider industry.

What is the Velas coin?

VLX is the native token of the Velas network and the primary unit of account for transactions, payments and fees. The network is based on a delegated proof-of-stake (DPoS) mechanism and its token can also act as a means of exchange across the DApps that the Velas platform hosts.

Users can earn staking rewards for creating blocks. There are two options for staking tokens on Velas:

  • Users can create their own pool and become a validator
  • Users can join an existing pool as a delegator

To become a validator, users must hold at least one million VLX tokens, or have at least one VLX to become a delegator. Pool rewards are proportionally distributed between validators and staking delegators. Velas is divided into staking epochs, and at the beginning of each epoch, an algorithm selects validators and creates a snapshot of their pools. The DPoS mechanism also enables delegators to stake tokens for voting purposes.

VLX price analysis: A technical view

The Velas price trend was higher throughout the months of September to December 2021, hitting the key $0.10 level, and on 23 September 2021 it reached $0.1857 as bullish momentum took hold. Prior to this, it had been trading as low as $0.05354 on 28 August 2021.

VLX started the summer at $0.04612 on 21 June 2021 but soared to $0.1724 on 6 September 2021, an increase of 273.2% in 76 days. The uptick in momentum continued when the price rallied to $0.4542 on 4 November 2021. After a dip to $0.3113 on 11 November 2021, the Velas cryptocurrency rallied again, reaching $0.5158 on 19 November 2021.

After yet another dip to $0.2003 on 20 December 2021, the coin regained momentum and surged to an all-time-high of $0.5473 on 4 January 2022. This jump could be at least in part attributed to Velas announcing just a day earlier that it will be partnering with the decentralised space agency, SpaceChain.

Another positive catalyst may have been Velas’s partnership with the Italian luxury sports car manufacturer, Ferrari, announced at the end of 2021, which led the coin to break out above its resistance level of $0.311 and reach $0.3769 on 30 December 2021. On 6 January 2022, VLX showed a falling wedge pattern and the price has since consolidated, mostly trading within the $0.31 to $0.35 range.

To date, the Velas coin value has risen 2,732% from its lowest level of $0.01162 on 16 October 2019. VLX is currently (18 January) trading at around $0.329159 and ranks 102nd in the list of cryptocurrencies by market capitalisation, at $728m, according to CoinMarketCap.

The daily simple and exponential moving averages are giving mostly sell signals, according to data from TradingView, while the relative strength index (RSI) stands at 47 – a neutral position – as of 18 January. An RSI reading of 30 or below indicates an oversold or undervalued condition, while a reading above 70 would suggest the asset is becoming overvalued or overbought.

A whopping 75,000TPS with $0.00001 fees

A standout feature of Velas is that it offers a passwordless authentication system that allows users to securely access a variety of services through their Velas account. This is made possible through unique authorisation quotas.

The passwordless process stands to benefit users who may be in possession of several passwords across multiple accounts. Thus users can enjoy a seamless application login process through the network’s biometric security measures.

In other Velas coin news, the project appointed a new CEO, Farhad Shagulyamov, in December 2021, and secured a partnership with the decentralised multi-chain digital wallet BitKeep this month. In another boost to the project, VLX was listed on the cryptocurrency exchange ZBG on 18 February 2020 and then on KuCoin on 19 November 2021.

Velas also boasts a network throughput of up to 75,000 transactions per second (TPS), along with a transaction finality speed of 1.2 seconds. In comparison, the Visa payment system is capable of processing 1,700 TPS. There are minimal fees on the Velas network, too, at a rate of $0.00001 per transaction.

“Velas’s underlying technology assesses data sets through an AI-powered protocol. Its token, used for transactions, payments and fees on the network, is currently 40% below its all-time high value point. However, I expect VLX to reach $0.4 by the end of February 2022,” Milko Trajcevski, a financial analyst at Invezz, told Capital.com.

A risk for the project lies in the fact that decentralised blockchain technology is only about nine years old, making it a relatively new frontier. Also, transaction fees on decentralised finance (DeFi) protocols can be particularly high during periods of network congestion.

For example, a cryptocurrency such as Ethereum (ETH), which was processed 1.1 million times a day during the month of July 2021, currently has an average fee of $33.56, according to data from BitInfoCharts.

Velas (VLX) price prediction: Buy, sell or hold?

In terms of a Velas crypto price prediction, algorithm-based forecasting service Wallet Investor gives a positive VLX/USD outlook. Based on historical data, Wallet Investor estimates the price rising to $0.343 by February 2022, reaching $1.228 in January 2024 and hitting $1.681 by January 2025.

Digital Coin Price supports the bullish VLX forecast, expecting the Velas token price to grow to $0.43164098515 in February 2022, $0.47734355406 in 2023, $0.68726640248 in January 2025 and $1.17 in January 2028.

While the Velas coin price prediction for 2030 is not yet available, Digital Coin Price suggests it could be $1.42 in December 2029.

“Velas’s price is currently down 4.76% but a big reason for the project’s overall success is that Velas allows users to earn staking rewards for producing blocks through a unique validator and delegator feature,” Anndy Lian, chairman of BigONE Exchange and chief digital advisor for Mongolia’s national productivity agenda, told Capital.com.

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”. Currently, he is appointed as Chairman, Asia for BigONE Exchange and Chief Digital Advisor, Mongolia Productivity Organisation. Anndy is part of the Gyeongsangbuk-do Blockchain Special Committee, Government of Republic Korea, together with industry experts such as Brock Pierce. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region and was previously the Advisory Board Member of Hyundai DAC Technology.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

You can read more about Anndy’s work at www.anndy.com

j j j

NFTs and blockchain key to metaverse future, crypto boosters claim

NFTs and blockchain key to metaverse future, crypto boosters claim

Blockchain technology, used to power cryptocurrencies and other decentralized record-keeping systems, has been struggling to find practical use cases outside ransomware and speculative projects like Bitcoin and NFTs. There have been a number of pilot projects in a variety of industries, but they’ve rarely turned into anything with significant business impact because of issues related to security, scalability, efficiency, and cost.

Now crypto proponents are looking to the metaverse as an area where the blockchain can make an impact.

NFT proponents say it is a better way of personalizing art and content in the metaverse, and say that the blockchain is a technology that can decentralize and secure metaverse content.

However, NfT’s actual use as part of the core infrastructure of the metaverse will likely be limited given those same issues of privacy, security, and inefficiency, plus the lack of legal oversight.

The most successful implementation of blockchain is cryptocurrencies, which are mainly used for speculative purposes. Like cryptocurrency, most people will be using NFTs in the metaverse for speculation, said Anndy Lian, a founding member of Influxo and Asia chairman of BigONE, a top global digital asset exchange.

And the fact that there’s a lack of legal oversight could actually be a benefit for its adoption, he said.

“Indeed, away from the hype about NFTs as high priced art work, one of their chief attractions within the crypto space is that they’re not considered securities for regulatory purposes,” he told Hypergrid Business.

There are privacy concerns regarding the blockchain. Although cryptography is involved in the sense that each transaction that’s added to the blockchain is digitally signed, the actual content of the blockchain is in plain text, unencrypted, available for anyone to read. That means that the public can, for example, trace cryptocurrency payments from wallet to wallet.

However, because of the legal limbo that crypto is currently in, there are no “know your customer” requirements such as those in place for all other types of financial activity.

For this reason, proponents of blockchain say it can prevent the kind of user privacy violations that Facebook — now rebranded as “Meta” — has been criticized for.

And since the blockchain relies on decentralized storage — every participant has their copy of the entire blockchain — there is no central control.

Through tokenization of physical assets for sale in the metaverse platforms, blockchain and NFTs can unlock commerce because this way, they facilitate exchanging of goods digitally, that could not be digitally transacted before, he said. For instance, digital passports such as those promoted by ARCx, can help with credit scoring, collateralized lending, and decentralized commerce in the metaverse, he said.

NFTs are already being used in existing metaverses such as Decentraland, but there are a lot of forgeries and duplication.

Blockchain can assure authenticity

According to proponents, the blockchain’s digital signature mechanism and distributed nature can help creators prove that they are the actual owners of particular content, and help users demonstrate that they are legitimate users.

Using blockchain could reduce NFT forgeries in the metaverse because each node verifies the status and ownership of all assets on the network, hence preventing them from being duplicated or changed, said Cynthia Cao, creator of CC is Dreaming, who is a NFT personality and a leading figure in virtual reality in entertainment.

And it’s not just about digital goods, she added.“In the future, when people upload their consciousness into the metaverse, we cannot ensure that their memories are not tampered with or controlled by anyone without the verification and authentication that blockchain provides,” she told Hypergrid Business. 

Storing metaverse content, data, NFTs, images and other arts on the blockchain can ensure permanent storage of that data as it becomes immutable.

This can prevent illegal tampering of anything of value stored in the metaverse, said Luke Stokes managing director at Foundation for Interwallet Operability.

The FIO protocol is enabling artists to sign their work with an easily readable address that acts as a unique signature for their work, hence preventing NFT forgeries, he told Hypergrid Business.

But there are risks, he added.

“There is also the potential for user error, where people miscopy long complicated addresses or suffer man-in-the-middle attacks that could potentially result in millions of dollars being sent to the wrong address or stolen forever,” he said.

Many existing metaverses and virtual worlds succeed by gamifying social and business experiences.

Metaverse platforms that use blockchain have better digital-based rewarding mechanisms for such gamification, for instance through tokens and in-world digital currencies, said Dinis Guarda, who is author, founder, and non-executive chairman of LynKeyCitiesabc.com, and Openbusinesscouncil.org.

“The metaverse will empower peer-to-peer experiences that will offer jobs, financial empowerment, lending, and trading, he said. “The metaverse and NFTs certification solutions will take on the role of a virtual business-empowered financial system.”

This gamification will lead to further growth of art, fashion, collectives, history, cities, property in the metaverse, he said.

Cryptocurrencies are also being used to trade goods and services, for gaming rewards, betting, and for value speculation in metaverses. In Decentraland, for instance, users can buy NFTs with cryptocurrencies or platform token MANA.

Other examples include Citiesabc.com, a metaverse for cities, and LynKey, a virtual and augmented reality platform using crypto for trading NFTs in property and smart tourism.

Unlike fiat currencies like the US dollar or the Euro, crypto enables very cheap transactions in digital worlds, said Daniel Logvin, CEO at LedgerByte.

“We can actually use blockchain to manage in-metaverse currency,” he told Hypergrid Business. “This provides us with security and transaction verification for our purchases and trades, thus ensuring a solid and transparent economy.”

There have even been grids that used Bitcoin in OpenSim, such as YrGrid back in 2015, though none of these projects ever took off due to the high management and overhead costs of using the volatile Bitcoin currency for in-world payments.

Although gaming and art will continue to lead in adoption of metaverse and NFTs, remote working and virtual living — which increased due to COVID, will play a role in popularizing metaverse, NFTs because even the non-tech world is getting interested.

“I think we are entering a really exciting time for the mainstream adoption of NFTs,” said Influxo’s Lian. “Certainly the rise of NFTs for football fans around the world to capture unique moments and to follow their favorite players is a testament to the maturing of the NFT marketplace.

The dark side of the blockchain

Turning an image or another digital asset into an NFT does not actually create any value, said Maria Korolov, editor and publisher at Hypergrid Business. Since it’s stored on the open blockchain, there is no security for assets. In fact, there’s already an epidemic of people simply “right-clicking” on NFTs to save their own copies, with no repercussions, since the block chain no legal weight behind it. Plus, anyone can add anything to a blockchain, whether or not they are the legal owners of that content.

NFTs are thus nothing more than virtual Beanie Babies, she said.

“NFTs by themselves don’t protect intellectual property,” she said. “Anyone can claim to own IP and put it on the blockchain. And the blockchain itself is notoriously susceptible to being hacked.”

Crypto companies are high-profile targets for attackers. Hackers go after exchanges, virtual wallets, and even the blockchain itself. For example, one approach is the “50 percent hack.” The blockchain is decentralized, and if there’s a conflict between transactions the blockchain automatically opts for the transaction that’s supported by the majority of the participants. Hackers have hijacked blockchains repeatedly by using botnets to create participating nodes and then stealing millions of dollars worth of currency. This vulnerability is built into the fundamental design of the blockchain, and there is currently no known fix.

Hackers steal money from blockchains right, left and center, she said.

Finally, blockchains are inefficient compared to centralized data storage because the data is duplicated in multiple locations, and new transactions require progressively larger amount of computing power, resulting in adverse environmental impact.

“That’s why no major organization has replaced its databases with blockchains,” she said. “Blockchains are inefficient, insecure, and basically unmanageable,” she said. “A bunch of companies have done pilot projects. They issued press releases about the pilot projects. But then when they looked at how those pilot projects actually worked out, they quietly abandoned the whole thing and never mentioned it again and wrote off the money they wasted as a learning experience.”

 

Original Source: https://www.hypergridbusiness.com/2022/01/why-nfts-and-blockchain-are-critical-to-success-of-metaverse/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”. Currently, he is appointed as Chairman, Asia for BigONE Exchange and Chief Digital Advisor, Mongolia Productivity Organisation. Anndy is part of the Gyeongsangbuk-do Blockchain Special Committee, Government of Republic Korea, together with industry experts such as Brock Pierce. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region and was previously the Advisory Board Member of Hyundai DAC Technology.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

You can read more about Anndy’s work at www.anndy.com

j j j

Ethereum 2.0: What to expect from the long-awaited upgrade?

Ethereum 2.0: What to expect from the long-awaited upgrade?

Additional comments on top of what is quoted in the article: 

Well, back in 2020 everybody is talking about Ethereum 2.0 but now people no longer really care about it, the reason for that is based on my own observations are:

1) It is been delayed numerous times.  Till now we don’t have a trustworthy date for that,

2) A big portion of the Ethereum community is against it, especially the miners,
3) It doesn’t do much actually. If it includes sharding, many would look forward to 2.0, but since it does not matter,
4) Neither the speed nor the cost will go down a lot. This makes no difference in most instances.

As to the price prediction, when the 2.0 launches, we would most likely see a price increase, maybe a new time high. However, its just speculation, not aligned with its real value. Hence it will drop back to where it should be. This will also depend on the bigger economic and financial environment, 2022 could be a difficult year.

My final word to everyone. Crypto is very volatile. Invest with caution.

– Anndy Lian

Ethereum 2.0: What to expect from the long-awaited upgrade?

Ethereum’s native cryptocurrency, ether (ETH), saw a fruitful 2021 as the world’s second-largest coin surged by 404.21% in the last 12 months from $730.37 on 1 January 2021 to $3,682.63 on 31 December 2021.

With over 119 million ETH in circulation and a market capitalisation of $384bn, at the time of writing (14 January 2022), countless ETH investors are waiting impatiently for the cryptocurrency to release its series of updates known as Ethereum 2.0 or ETH2, aimed at making the decentralised blockchain faster, safer and more sustainable.

The ETH2 process kickstarted on 1 December 2020, pushing the coin to a 5.2% daily gain from its $602.87 opening price, by launching the Beacon Chain, that introduced proof-of-stake (PoS) to the blockchain, a new means to keep Ethereum more secure and help investors earn more ETH tokens in the process.

Initially known as Phase 0 on technical roadmaps, the ETH2 process consists of three phases in total, with Beacon Chain being the first.

Miners are currently anticipating the launch of Phase 1, which is planned for June 2022.

A final date for the Ethereum 2.0 release is yet to be announced, but the final phase of the blockchain’s launch is anticipated in 2023. What should investors expect from ETH2 and what are analysts saying?

What is Ethereum 2.0?

Initially known as ‘Serenity’,  the Ethereum 2.0 set of interconnected upgrades has been an active area of research and development since 2014. ETH miners, however, were first introduced to the concept during CEO Vitalik Buterin’s speech at the Devcon conference in Prague on 31 October 2018.

“Ethereum 2.0 is this kind of combination of a bunch of different features that we have been talking about for several years, researching for several years, actively building for several years, that are finally going to come together into this one coherent whole,” Buterin said, describing what Ethereum 2.0 entails.

The vision of ETH2 is to “bring Ethereum into the mainstream and serve all of humanity” by making it more “scalable, secure, and sustainable” as the blockchain aims to target three large-scale problems; clogged networks, lack of disk space and using too much energy (which is not eco-friendly).

In general, what ETH2 will do is switch up Ethereum’s algorithm from its current proof-of-work (PoW) consensus protocol, also used by Bitcoin, towards proof-of-stake. What this means for the blockchain is that mining ETH will come with less energy consumption, less hardware requirements, stronger immunity to centralisation and stronger support for shard chains, a key upgrade in scaling the Ethereum network.

Following Ethereum 2.0 updates, the blockchain itself will become more accessible as its move towards a proof-of-stake consensus protocol also plans to drop its expensive use price triggered by its popular demand and ability to only process between 15 to 45 transactions per second.

According to crypto investor Lark Davis  on Twitter, who shared a photo from CoinMarketCap, ETH transactions fees are the highest in comparison to all other blockchains, reaching $46.22 as of 13 January 2022.

The ETH2 roadmap consists of three phases, with Phase 0, the launch of Beacon Chain, already live. Possibly one of the most vital changes to the Ethereum blockchain, the Beacon Chain, does not alter anything about the way Ethereum is mined today, but introduces the proof-of-stake algorithm.

The Beacon Chain, currently, exists separately from the Mainnet (short for main network) Ethereum chain used. However, following Phase 1, coined by the blockchain’s creators as ‘the merge’, the two will become one. Currently, more than 8 million ETH coins are eligible for the Beacon Chain.

It is estimated that ‘the merge’ will launch in June 2022, with the possibility it could be delayed further if not ready. ‘The merge’s’ launch will mark the end of proof-of-work algorithms within the Ethereum blockchain and the full and final transaction into proof-of-stake.

Phase 2, the final of the ETH2 launch, Shard chains, was originally planned to launch before ‘the merge’ was complete.However, this plan was later changed because Shard chains can only enter the Ethereum ecosystem with an operating proof-of-stake consensus mechanism.

Because ETH2 upgrades are “somewhat interrelated”, one cannot fully operate without the other being complete, so Ethereum 2.0 will entirely launch into action once Phase 2 is released.

What will ETH2 do to the Ethereum price?

Firstly, Ethereum’s update will allow the cryptocurrency to catch up with its competitors, which are already much more advanced in terms of scalability and security. NEO , for example, can already master over 10,000 transactions per second, something Ethereum is unable to achieve due to its current proof-of-work consensus protocol.

In addition, the current cost of ETH transactions via the Ethereum Network is very high, therefore preventing a number of people from using it. The introduction of Shard chain aims to increase the transaction speed of the ETH token, potentially scaling it up to 100,000 transactions per second, thus having the possibility to lower Ethereum fees amid faster transactions.

“Technical updates usually have worked well for Ethereum’s price in the past, and the same could be expected for the 2.0 update,” said Yuya Hasegawa, market analyst at Bitbank.

News concerning ETH2 updates had also positively affected the performance of the token’s price so far.

On 20 January 2021, Ethereum Foundation Researcher Danny Ryan published a report stating that the launch of the Beacon Chain was a “resounding success”. Between the launch of Beacon Chain on 1 December 2020 and the end of January 2021, the token’s price skyrocketed by 123% from $587.32 to $1,314.

Yet BigOne Exchange chairman in Asia Anndy Lian notes that the Ethereum 2.0 price outlook could not be as bullish as it seems.

“As to the price prediction, when the 2.0 launches, we would most likely see a price increase, maybe a new time high. However, it’s just speculation, not aligned with its real value. Hence it will drop back to where it should be. This will also depend on the bigger economic and financial environment; 2022 could be a difficult year,” Lian told capital.com.

Please note that price predictions can be wrong. Forecasts shouldn’t be used as a substitute for your own research. Always conduct your own due diligence before investing. And never invest or trade money you cannot afford to lose.

Risks ahead for Ethereum 2.0 release

Lian notes that back in 2020 people were much more invested in the Ethereum 2.0 release than they are now for a number of reasons.

Firstly, Lian said it has been delayed “numerous times” and until now “we don’t have a trustworthy date”. Secondly, he added, “a big portion of the Ethereum community is against it, especially the miners”.

Lian said that it is likely ETH’s cost will not decrease by much, following the final launch of Ethereum 2.0, making no difference in most instances.

On the other hand, Bitbank’s Hasegawa disagreed and stressed that the two-year delay of the Ethereum 2.0 release date is “proof that the developers have been working hard to make sure no significant network failure would happen”. She said “technical risks are expected to be unlikely” once Ethereum 2.0 launches.

“An overall outlook for Ethereum is positive, with the upcoming update to 2.0, and the growing anticipation for the NFT and metaverse industries’ expansion,” Hasegawa concluded.

In a 2020 Macro Report, Crypto.com senior research analyst Kendrick Lau said that sharding, which is planned to be introduced alongside Ethereum 2.0, is “one of the most promising methods to add scalability to a blockchain network and in tandem with layer 2 scaling solutions, which can increase scalability by a factor of hundreds, if not thousands”.

Please note that analyst predictions can be wrong. Analyst comments shouldn’t be used as a substitute for your own research. Always conduct your own research before investing. And never invest or trade money you cannot afford to lose.

 

Original Source: https://capital.com/what-is-ethereum-20

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”. Currently, he is appointed as Chairman, Asia for BigONE Exchange and Chief Digital Advisor, Mongolia Productivity Organisation. Anndy is part of the Gyeongsangbuk-do Blockchain Special Committee, Government of Republic Korea, together with industry experts such as Brock Pierce. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region and was previously the Advisory Board Member of Hyundai DAC Technology.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

You can read more about Anndy’s work at www.anndy.com

j j j