This proposal is expected to appear on Snapshot for voting on [date=2021-10-03 time=12:00:00 timezone="UTC"]. Make sure to stake your vBNT for voting before this date and time to participate in the DAO decision.

TL;DR

• Proposal to whitelist VLX.
• Proposed co-investment is 100,000 BNT.
• There are no apparent security concerns that would prohibit whitelist status.
• There is no reason to doubt the legitimacy of the Velas project.
• The benefit to Bancor is clear.

VLX token address: 0x8c543aed163909142695f2d2acd0d55791a9edb9

****Project Website: https://velas.com

Project

Velas Network is an Ecosystem of Decentralized products that allow anyone to feel the benefits of blockchain technology.

What we do?

We are building an open-sourced blockchain ecosystem of services and products, aiming to combine the best qualities of both centralized and decentralized solutions. It involves researching state-of-the-art cryptography, developing consensus protocols and designing intuitive user interfaces providing developers, enterprises and people worldwide to create and join easily accessible, transparent and community-governed ecosystem for web 3.0.

Our vision

We believe that disruptive technologies and innovations will empower us to build a self-governed, decentralized future driven by the collective intelligence of the community.

Our mission

Our mission is to create and integrate world-changing technology products and services to improve people's lives all over the globe.

What Makes Velas Unique?

• EVM - supports all smart contracts and dApps built on the Ethereum stack.
• Instant, low-cost transactions - extremely efficient performance at a fraction of the cost.
• Velas Account - passwordless solution that facilitates interaction with blockchain apps to the level of Google account and PayPal-like convenience, without sacrificing on our user's security.
• Access Management - a decentralized access management system, which allows users to control access to files on IPFS using multiple encryption types.
• Velas Vault - a novel solution to store secrets and private keys. This enables various use cases, such as decentralized custody solutions of assets native to other blockchains (BTC, ETH, ERC-20, etc).
• Velas Wallet - multi-currency Wallet with staking functionality.
• MicroApps - Velas will soon support cross-platform decentralized applications where not only the code (logic) is stored on-chain, but also its user interface.

To resolve the scalability issue, we’ve built our solution based on Solana complementing it with additional features and innovations.

Currently achievable performance metrics:

· 59,490 Transactions per Second · 400ms Block times · $0.00001 fee per transaction

Moreover, Velas is a community-driven project. At any time our community members can vote for the next product our team will place a priority on. This feature and the fact that anyone can join our network as a validator or delegator - makes both Velas and Velas Blockchain decentralized by nature.

Tokenomics

Tokenomics are the economic rules of behavior and interaction of participants in the blockchain network. Velas' consensus is based on DPoS economics. A set of rules has been established to provide participants with the most favorable conditions for interaction with each other and motivate them to act for the benefit of the network.

Basic VLX metrics:

Total supply - 2,124,380,663 VLX; Circulating Supply - 1,419,198,849 VLX; Inflation rate - 8% annually.

Available Audits

Velas has been audited at least four times since 2019, by reputable auditors:

Peppersec (May 2019)

Smartdec (Aug 2019)

Quantstamp (Jan 2020)

Quantstamp (Nov 2020)

Community and Communication

Velas is mostly active on, global Telegram group, and also international communities:

⛓ Technical Group:

https://t.me/VelasDevelopers

Who Are the Founders of Velas

Velas Network AG is an ecosystem startup based in Switzerland. It was founded in 2019 by Canadian citizen Alex Alexandrov, a prominent blockchain and crypto entrepreneur, and investor. He is also a founder of CoinPayments --- the world's #1 payment gateway for cryptocurrencies; advisor and investor of Mind AI --- a well-known Korean AI startup. Alex is consulting the FBI, Europol and several national governments on technology, cybersecurity, blockchain, and AI implementation.

The Velas Network AG mailing address in Switzerland, and our contact e-mails:

• Mailing, Dammstrasse 16, Zug 6300 Switzerland
• Technical support email, support@velas.com
• Press email and general inquiries info@velas.com

Benefits for Bancor:

As seen above, VLX places a high value on growing a strong international community which could help expose new traders to Bancor. We believe our community would also be very interested in supplying liquidity to this pair, as this would be their first opportunity to take advantage of Bancor’s single-sided staking and IL protection. We often hold AMAs via Telegram and would be thrilled to conduct AMAs with Bancor. We would put out announcements in the form of Twitter, Telegram, and Medium articles for this listing and every development in the partnership. VLX is currently trading on several top tier CEXs along with Pancakeswap and Uniswap as well. If whitelisted on Bancor, the increased arbitrage and price movement could bring a lot of volume to the pair. With several existing projects on chain and over 40 projects in our pipeline we will have increasing utility, demand and volume in the days ahead and would be eager to look for more opportunities for integration.