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Velas Ecosystem Report #008

Greetings Fellow Velonians,

September was a month full of hard work and planning. We are currently upgrading everything under the hood of the Velas blockchain. We can’t wait to reveal all the new amazing updates we have coming, as every aspect of Velas is getting an upgrade. So with that, let’s dive into this past month’s ecosystem report.


When it comes to blockchain development, we make sure to stay on top of what’s new in blockchain and market trends in this ever-changing landscape. These past few months, we have been quietly working behind the scenes to bring our community something new and refreshing. With an upcoming hardware wallet launch, iOS mobile app, web wallet upgrades, and much more. We are extremely excited for Q4 of 2020. We have so much to release before the end of this year, so stay tuned for that!


As always, linked below are our monthly tech reports, and as mentioned, this month had lots of developing behind the scenes to gear up for Q4 of 2020. If you missed the update, check the video linked below.

Tech Report #009

  • The amounts listed per transaction have been formatted and addressed.
  • Switching over from account addresses have been left unchanged on Windows.
  • Fixed the issue of using the “Max” button when sending Bitcoin from the web wallet.
  • Fixed overlaid text resolution when checking QR code for sending or receiving transactions.
  • Fixed issues of not being able to remove coins from the wallet.
  • Fixed a large number of errors with loading fail caused by some wallets.
  • Fixed and progressing on blockchain infrastructure bugs.
  • As well as visual issues in the withdraw staking interface.

Since our android wallet app launch, we have been fixing bugs, updating protocols, and improving aesthetics. We recognize that we have many new members from lots of different parts of the globe, so if you haven’t yet, check out this quick guide on setting up your Velas Wallet on android.

Velas Android Wallet Setup

New wallet UI

Happy to be named in the top 50 Crypto Valley VC blockchains

This past month we were named one of the top 50 companies in The Crypto Valley VC 2020 Report. We are so thrilled to be named as one of the companies in the blockchain technology sector with giants like Ethreum, Tezos, and many more. If you want to check out the full report, click the link below.

Velas blockchain is expanding, and there are lots of new things happening on the horizon. As you may or may not know already, we are always looking for awesome projects/developers to build on top of our chain. We are happy to Announce the first external project to launch on the Velas blockchain — Symblox

Defi on Velas

What is Symblox?

Symblox is a technology that brings real assets to the blockchain. Anyone can use Symblox to issue any asset classes, including foreign exchange, stocks, gold, futures, etc., to the blockchain and direct trade and profit. It will be the first VRC20 Token built on the Velas blockchain.

How do users profit on the Symblox protocol?

  1. Provide liquidity for the protocol and obtain rewards by casting and issuing synthetic assets. SYX is only available through staking VLX;
  2. Transaction fees obtained through trades will be dispersed to those holding the Symblox token SYX pro-rata;
  3. Users directly trade various synthetic assets on the Symblox protocol for speculation and profit;

What are some advantages of Symblox building on the Velas blockchain?

VELAS stands for Virtual Expanding Learning Autonomous System, and it is the first attempt at marrying artificial intuition with blockchain. Through its AI-DPoS consensus algorithm, Velas operates autonomously by being self-learning and self-optimizing, thereby eliminating the risks associated with human error. This will drastically increase all functionalities and efficiencies of the blockchain technology, thereby improving all real-world applications that are to be built on the blockchain.

A robust Defi market means optimal fluidity and speed in completing transactions. Velas can deliver up to 30,000 transactions per second with a speed of anywhere from 2 seconds to 2 minutes. It will be the most scalable blockchain in existence, which allows Symblox to scale appropriately.

Interoperability between various cryptocurrencies also means the exponential increase in the size of the liquidity pool and market. Projects built on Ethereum will only allow users to collateralize ETH or ERC tokens, but since Velas’ “containers” enable cross-chain functionality of over 1,000 different cryptocurrencies, Symblox will be able to facilitate users to collateralize a variety of coins on its platform.

This is just the first step in the global expansion of the Velas ecosystem in the future; More external project will build on top of our chain and reap the amazing benefits.


When it comes to our community, we honestly have one of the best-supporting communities a project could ask for. The year still isn’t over and we’re always adding new members, we continue to grow and expand worldwide.

This past month our new CTO, Roman, was invited to speak at China-Korea Blockchain Week. He introduced the Velas blockchain to a whole new community of like-minded crypto enthusiasts. If you missed it, you can check it out below.

Roman CTO talks about AI-powered blockchain Velas.

If you missed it, this past month, our brand ambassadors started up two new educational series, Things you might not know about crypto and Velas Volume Up. We feel that it is important for our community to be educated regarding the various sector of blockchain technology. Click on the videos down below, and you might learn something new you didn’t know about crypto.

Things you might not know about crypto? Ep. 3

Velas Volume Up Educational Series

Ep. 1

Ep. 2

Recently Velas Spanish lead, Romon was on the Territorio Blockchain talk show, talking about all things Velas. For any of our Spanish Velonians who want to check it out, click the link below.


With the year getting close to the end, the team is working hard and diligently to finish all the new updates and improvements happening here at Velas. We are all extremely excited to show our community and the world of blockchain technology what we’ve been working on.

If you want to check out the team in our Ukraine headquarters, check out the video below. This is just a small part of our team, as the rest of us are working in other locations worldwide. So, make sure to say, hello, to all our Velas team members in Ukraine.


Velas Meet the Team Ukraine.


If you missed it, we are now listed on Changelly Pro. The listing was on September 1st. Changelly, a crypto exchange that has over 160 cryptocurrencies listed. Their platform will help crypto newcomers to bridge the gap between basic investing and active trading. So get started with Changelly and start trading VLX today. Our trading pairs include USDT and BTC.

Closing thoughts…

As we get close to the end of the year, we still have so much we want to accomplish, but for Velas, the month of October will bring many new exciting updates. We continue to widen our communities and strengthen our partnerships. We want to thank everyone for all their support, and we will continue to keep on building. To keep up with all things, Velas follow us on our socials and message us in our Telegram channel for any questions. See you next month!

Velas Website | Twitter | Instagram | Facebook | YouTube |Telegram



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