Published in


Velas Monthly Ecosystem Report #002

Greetings Velonians!

It’s our pleasure to present our second ecosystem report for the month of March!

Our first report exceeded our expectations, with over 2.6k claps on Medium alone! For those who may have missed it, we recommend catching up here.

Since then, we’ve been making steady progress every day. We started the month strong with the reopening of withdrawals and deposits on, the launch of a new and improved web wallet, and much more.

Without further ado, let’s dive right into what we’ve been up to the past few weeks!

VLX Token Migration

Towards the end of March, we announced the need to migrate all VLX pre-alpha tokens to a new and improved Alpha token. This migration adds more flexibility, comparability, and use-cases to emerge within the broader Velas ecosystem.

We’re pleased to announce that as of this week, the token migration is going as planned. If you have not yet begun your migration process, please message an admin in our Telegram Community channel.

AI Research

In our last report, we introduced the addition of an AI specialized team — z-Union — to help optimize the machine learning elements of our network. Since then, their team has made substantial progress in conducting test frameworks and data collection to better train our neural networks. With PyTorch, z-Union is actively working on the implementation of distributed learning using RPC.

Velas web wallet 2.0 is now live!

As many of you have seen, our 2.0 web wallet is now live, coming loaded with new and improved staking pool page and international language support such as English, Chinese, Korean, Ukraine, and Russian.

some shots of our new Velas 2.0 wallet

Watch the video below for a step by step guide on setting up your new Velas 2.0 web wallet

Jesse gives a simple easy wallet creation tutorial

In the coming months, we will be adding new validation specifications for different machines like CPUs, GPUs, and Hard Disk staking — all with the common goal of building the most robust network of nodes possible.


With our new staking page, users can become validators either by joining a staking pool or by running their masternode script. The requirements for staking are as follows:

  • Staking Pools — 10k VLX minimum. Delegate your stake to earn passive returns
  • Masternodes — 1m VLX minimum. Operate your node for a larger share of rewards.
  • Staking is also available on BW exchange for any amount of VLX here’s the details below
  • Click to learn about staking rewards

This layout is advantageous as it caters to both technical and non-technical users. Rather than requiring everyone to acquire a hefty sum of VLX, users can start earning rewards by delegating to trusted node providers with as little as 10k VLX in a few simple clicks.

In the long-term, we aim to make validation as accessible as possible — ultimately providing our community with strong incentives for helping to secure one of the largest blockchain networks on the planet.

Crucial to the underlying success of any project is a strong team. Here at Velas, we’re also scouting new talent to optimize our tech stack. As the Velas family continues to grow, we’re continuing to build a global presence with reputable representatives across every primary market in the world.

Building on the noteworthy additions we announced last month, we’re excited to introduce our newest addition Anastasiia Romanovska — an IT project manager who will be sitting alongside our CTO, Andrey Stehnos, to aid in a successful migration to the new and improved Velasphere.

With a master’s degree with honors from the National Aviation University, Anastasiia brings a vast amount of experience dealing with sophisticated network support in a strategic and composed fashion. With her on board, Velas is extremely well suited to handle a successful migration with ease.


In the past month, we finalized a suite of awesome integrations, including Blockfolio & Delta Direct.

For those unfamiliar, both of these partnerships are geared towards monitoring the growth of the Velas ecosystem. These trusted applications come with real-time price tracking and allow us to communicate directly with our community using push notification. Using a mobile-first approach, we’re always making sure to keep our users in the loop on anything worth noting. trading competition

In lieu of the newly migrated VLX tokens, we’re hosting a trading competition on starting on April 11th with $7000 worth of prizes in USDT and VLX tokens.

Join us for the Velas trading competition on April 11th

Competition details:

The more VLX you buy — the more you get.

Timing of the trading competition Start:

2020/4/11 15:00 (UTC+8) End: 2020/4/25 15:00 (UTC+8) What’s inside?

1.Trading Competition: 7000 USDT & 7000 VLX main prizes total budget

2. Velas 160K VLX Lottery with 100 winners

3. 0.01 BTC for new registrations

4. 60% Super Rebate for VLX trading

Click the link for more details:

This is a great opportunity to not only add liquidity to the greater ecosystem but to share in that upside as well. If you or your friends are interested in getting involved, please use this link to get set up with today.

AMA on

Happy to announce I will be conducting an AMA in the official telegram group. We will also be giving VLX rewards to participants, so get those questions ready! Looking forward to hearing from the Velas community.

Join the BW official telegram to learn how you can participate in the link below:



Here at Velas, we’d be nothing without the support of our amazing community. To show our appreciation, Velas hosted a suite of giveaways throughout the month of March.

Velas Swag

We teamed up with the JTS community to give away 4 Velas T-shirts and $25 worth of BTC to 4 lucky winners

New limited edition Velonion shirts

One lucky winner won 10k VLX, which they can now stake in our new web wallet!

These giveaways are sure to continue through the year, and as we continue to vamp up — our prizes will too!

Join Our Discord

Keen to be the first to hear about all our new updates, giveaways, and announcements?

We’re excited to share that our newly launched Discord channel now has over 100 active members and is growing by the day. If you’re looking to earn some swag and work your way up the Velas ladder, Discord is the perfect place for you!

Click here to join our Discord community

Looking Forward

As you can see, our team has been heads-down, continuing to ship amid a global pandemic. Seeing as our community is in every corner of the globe, we want to use this time to remind you to stay safe and follow your local health recommendations — wherever you might be.

As we continue to build out the future of blockchain technology underpinned by AI, we need your help in ensuring that our society comes together to defy the odds and make progress each day.

We recently published an article about the COVID-19 pandemic and its effect on blockchain and civilization give it a read below.

COVID-19 vs Decentralization- article

In the meantime, here are some of the areas we’ll be focusing our attention on in the coming month:

  • Simplified Node Management
  • Smart Contract Deployment
  • Enhanced mobile wallet
  • Improved desktop wallet
  • VelaSphere GPU, CPU and Hard Disk staking compatibility
  • Expanded international language support
  • New Exchange Listings

Until then, stay safe, and we look forward to sharing another update next month!

All the best,

Alex Alexandrov

Velas Founder

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



Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store