High Speed, Low Cost: Applications for the real world on the Velas blockchain

Since the 1990s, the Internet speed has increased by 19 million times-from 56 kbps to 10 Gbit/s, and advanced web applications like Figma and Google Documents were replaced by static sites.

A similar situation is in the blockchain industry: the throughput of the protocols is constantly growing. What will be Dapps of the future? We deal with the developers of Velas-EVM blockchain at a speed of 50,000 TPS and the time of creating a block of 0.4 seconds.

Blockchain

Social networks are the most popular applications in the world. The audience of Facebook is almost 3 billion people, Telegram is 700 million people.

At the same time, messages, photographs, logins and user passwords are stored in centralized data centers without proper protection. Only in 2021, hackers stole personal data of 533 million Facebook accounts.

Owners of social networks from time to time announce the introduction of blockchain, but are limited to the framework of economic experiments. For example, in August, Reddit released the NFT collection, and on this the integration ended. Although on the basis of distributed networks it was possible to implement decentralized data storage and allowed to earn on lease a disk space.

However, social networks based on blockchain have a number of other advantages:

• Simplicity of registration. Entrance to the account through the https://gagarin.news/news/could-bitcoin-drop-to-zero/ wallet – without confirmation of mail, setting 2FA and other actions;
• Account safety. Instead of a login and password – a private key. It cannot be selected or restored, but it can be stored on a hardware device;
• Privacy of messages. Through encryption of messages using a private key – without it you can’t read the data, even in an open blockchain or IPFS;
• Advanced user experience. Ready -made infrastructure for payments, donates, trade and collecting NFT.

Similar projects already exist: Minds-a decentralized analogue of Facebook, QUILT-anonymous chat with through encryption, Bitorbit-social network for NFT artists and collectors.

Decentralized exchanges with instant execution of orders

Centralized exchanges win with DEX under trade conditions – performance speeds and applications, but lose according to other parameters:

• Control over assets – the trader makes a deposit and trusts his cryptocurrency to third parties;
• anonymity – Almost all centralized sites require KYC;
• regulation – exchanges do not allow users of some countries to register, as well as freeze their accounts.

DEX does not require registration and provision of personal data, work without deposits and cannot limit access to smart contracts for individual users.

The main drawback of decentralized exchanges is in the slow performance of orders. It is associated with the mechanics of the operation of such sites: the transaction ends only after the block in the blockchain is included. Waiting time depends on the protocol and can reach 30 seconds.

In addition, DEX use AMM and liquidity pools, so traders suffer from slipping: with an increase in the amount of the transaction, the average performance price worsens.

The first problem can be solved with the help of fast blockchains, the remaining ones-due to the introduction of the book of orders in a separate smart contract, as on 1inch.

The speed of finalization of transactions on Velas is 1.2 seconds – DEX WAGYUSWAP is guaranteed to execute a deal during this time.

There are no exchanges with a smart contract for the book of orders on Velas yet, but in theory it should work quickly and cheaply: the cost of storage of 1 MB in the blockchain is $ 0.14, and the commissions for calling the smart contract do not exceed $ 0.00001.

Internet of things as a separate economy

Internet of things (IOT) – a network concept for transmitting data between different devices. A typical example of IoT is a kettle that boils water when the owner’s smartphone connects to home wifi.

First of all, the Internet of things is associated with gadgets and automation in buildings. But in conjunction with blockchain it can be used in business and in production.

IBM solutions based on a distributed registry already help companies automate logistics, monitor the state of aircraft spare parts and record the logic logic logic of different devices.

Also, IoT in pairs with blockchain is suitable for creating decentralized economic systems with micallors. For example, for WiFi distributing with a crude tariff or 3D printing with payment for the material used.

Using tokens in business

Companies around the world are launched by loyalty programs: accumulative cards with points, discounts and gift certificates. And all of them can be replaced by blockchain-pellet and tokens of companies.

• tokens steacking for access to discounts and special offers;
• NFT-certificates instead of paper checks;
• voting tokens – for changing grocery lines or opening outlets;
• Trade and exchange of discount tokens between customers.

Transaction commissions can complicate the involvement of people who are not familiar with the principles of cryptocurrencies, but this problem is easy to solve when using a quick and inexpensive blockchain.

The companies will pay several hundred transactions in advance and hide the calls of smart contracts from customers, signing operations and other work with a wallet.

The second obstacle may be the need for additional investments and examination.

As a rule, protocol teams are interested in the growth of their ecosystems: they advise startups and allocate funds for DAPPS development. For example, Velas launched a grant program of $ 100 million for projects to unite blockchain and traditional sectors of the economy.

Symbiosis of games and blockchain technologies

The developers have already adapted cryptocurrencies for the intra-game economy: in MIR4 there are resources in the form of tokens, Sorare issued NFT football players, and projects like Velhalla popularized Play-to-Earn mechanics.

Nevertheless, these games are more like Defi tools with a beautiful interface. Here are a few options for using blockchain for gamers:

• Store the sporens records in a smart contract-so they will not be able to fake or delete;
• write down the actions of the players and train neural networks on them;
• keep the deck order to prove honesty in card games;
• release the keys to the games in the form of NFT and use the blockchain wallet to access the gamer library;
• release characters, records of the best moments and achievements in the form of NFT.

Game mechanics are not the only thing that can be improved. Velas is working on the Velas Account platform, which will simplify authorization and interaction with applications. Among its functions:

• Registration of accounts in 4 seconds. Instead of entering a login and password, confirmation of mail and passage of captcha, the user is authorized through session keys associated with the account;
• Transactions without confirmation. Most actions in blockchain games are associated with chart contracts, which need to be confirmed by hand. Velas Account allows you to automatically sign operations, which makes blockchain games more dynamic;
• permits for applications. The application will be able to spend only a certain amount or take actions within the given restrictions. This helps to prevent theft of funds with fraudulent applications;

In addition, when using Velas Account, you do not need to install additional applications or extensions for the browser. This makes blockchain games more understandable for users without experience interacting with cryptocurrencies.

conclusions

The capabilities of any device are limited by its characteristics: you can’t watch a video on Nokia 3310, and on a slow blockchain – create a convenient and cheap to use application.

Perhaps in a few years we will present NFT tickets at concerts and go to Twitter through Velas Account or another blockchain platform. Business – for the developers who want to do this.

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