Efficiency in terms of fees and transaction speed are the main reasons for starting out in the crypto asset industry. This is what Cook.Protocol does. They chose the Velas blockchain as the right instrument to achieve this goal.
Cook.Protocol is a decentralized cross-blockchain asset management platform.
It was built for investors and professional asset managers to open up a world of innovation in the DeFi (Decentralized Finance) sector which has been booming since last July 2020.
“We are amazed by how Velas works with Solana to support the Ethereum Virtual Machine (EVM) so that the scalability can be unlimited. That is what allows transaction costs to be cheaper, as well as being a determinant of Cook.Protocol's future, "said Strategic Manager KP Peng Cook.Protool in a recent statement.
As the world's first DPoS powered by artificial intuition, Peng sees Velas as a leader in blockchain technology focused on scalability and innovation.
"Cook.Protocol has chosen Velas as the basis for its development, which offers both technical advantages and an attractive market share," said Alex Alexandrov, Founder and CEO of Velas.
Velas also supports efficiency in terms of interoperability, namely compatibility with various blockchains.
In this sense, the Velas blockchain is compatible with the Ethereum blockchain, thanks to the implementation of the Ethereum Virtual Machine (EVM). Velas can also interact seamlessly with Binance Chain and Houbi Chain with the presence of Symblox Bridge, to name a few popular blockchains.
Benefits of Building at Velas
"Users and program developers around the world can take advantage of Velas, which has recently made part of the Solana codebase faster and cheaper," said Alexandrov.
He said, this is the first artificial intuition-managed blockchain in the world wrapped in PoS and DPoS technology. This also ensures the level of security and quality of its decentralization.
The Velas blockchain uses an innovative and unique consensus mechanism, which they call Artificial Intuition-Delegated Proof of Stake (AIDPOS). Simply put, it is a dPoS consensus that is supported by a special technology, namely artificial intuition to make transactions run more efficiently.
dPoS itself is a consensus algorithm derived from Proof-of-Stakes, where only a small number of validator nodes are allowed to validate all transactions on the blockchain, based on the number of crypto assets it stores.
Well, Velas adds an artificial intuition aspect to it. This aspect utilizes a number of data collected automatically from various sources, then forms decisions on the system, after measuring a number of possibilities.
In one process, if and when artificial intuition finds a potential inefficient network, the network can automatically make adjustments, without needing to reconfigure.
Alexandrov claims the community raised by Velas is very active and wide, with more than 9500 users from various countries.
Symblox, a decentralized financial application on the Velas blockchain, is said to have continued to grow since its debut a few months ago. Now Symblox has entered stage 4 for the farming feature.
As for the staking feature, crypto crypto assets Velas (VLX) can be converted into sVLX crypto assets so that it can be used in the Symblox application.
With the presence of sVLX, it allows users to get the same passive income by running a masternode, which is around 18-20 percent per year just by holding it.
Thanks to this feature, it is very helpful for those who don't have the capital to run a masternode that requires a minimum of 1 million VLX.
BitOrbit Social Media Application
BitOrbit is a decentralized social media that is an integrated part of the Velas blockchain, with advanced cryptographic features.
BitOrbit will feature a built-in crypto asset wallet, video feed, and more.
"More than one million Velas users are projected to become BitOrbit's social media user base," concluded Alexandrov.
BitOrbit is designed like Telegram which is known to be safe from a privacy point of view.
BitOrbit emphasizes that character with its cryptographic and blockchain systems, also to make it more functional.
For group conversations, for example, communication can be more stable, anonymous and secure.