Building The World’s Fastest And Most Scalable Blockchain

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Alexander Belov   Contributor

Building The World’s Fastest And Most Scalable Blockchain

The blockchain world is all about technology and Velas is one of the fastest, as well as cheaper, blockchains. With more than $100,000,000 in capitalization, Velas is up there with Solana and Polkadot.

Farkhad Shagulyamov, you are the co-founder of Velas. Can you please give us a brief introduction about yourself and how you became involved in blockchain?

Farkhad Shagulyamov: I was born in Uzbekistan, and I’m now living in Dubai with three children. I entered the blockchain world in 2016. In 2017, I managed to issue the world’s first crypto ISIN with a financial and asset management company in Sujun. That same year, I met Alexander Alexandrov, who was at the time the founder of CoinPayments, and then became the founder of Velas. Together, we built the world’s fastest and most scalable blockchain. This was the birth of Velas.

What inspired you to create a new EVM-compatible chain?

FS: Ethereum was broadly popular in 2017, so developers were building most apps on Ethereum. But it proved to be very slow and costly. So, we then decided to create EVM compatibility, which was very similar in architecture to Solana. We knew the Solana team well, so when they came out with the code base and were at the time worth under $50 million, we worked alongside them.

Our goal was to bring to Ethereum the scalability, speed, and cost-effectiveness of Solana. We were then able to create Velas, the fastest EVM blockchain in the world at present.

EVM is an advantage because on Ethereum, we have a lot of dApps. Statistics show this is the largest ecosystem compared with other blockchains. It has undergone its technical issues and its bottlenecks, especially concerning speed and cost.

Can you share the main features of Velas compared to its competitors?

FS: The popular and large market cap blockchains like Avalanche, Polkadot, Polygon, etc., are purely based on EVM. We have cross-chain compatibility with mostly all the blockchains, since we have a cross-chain solution and the main net on the Solana network.

The cutting advantage Velas has is that we are incredibly fast, we can do over 50,000 transactions per second, and the cost per transaction is $0.00001. We have the same functionality as other EVM chains, but we’re much cheaper and faster too. 

It seems an excellent solution for building some loT systems (Internet of Things), where this is the future of Web 3.0, and Velas fitting into this purpose.

FS: I agree. IoT devices are a great example. The Velas blockchain can be used in a scalable world and in blockchain ecosystems. I believe that blockchain technology can be used in most global processes. We are currently experimenting and speaking with different organizations in various different industries. For example, the energy and telecom sectors.

This is where Velas shines, in showing the use of blockchain transactions.

Talk about your collaboration and partnership with Ferrari.

FS: Ferrari is one of the most recognizable brands in the world, so its excellent to be associated with them. It began with Velas becoming a sponsor for the Ferrari F1 team, and the title sponsor of the Ferrari e-sports team.

We’re exploring the possibilities of using blockchain in different parts of the ecosystem with Ferrari. At present, we’re looking into building NFTs, fan tokens using blockchain, and actual production processes and tracking information flow in the whole ecosystem. I’m not able to reveal all the details at this time, but hopefully soon we will make a big announcement in collaboration with Ferrari.

We are in the process of exploring the world of NFTs and metaverse within our partnership with Ferrari. They will need to be compatible with e-sports, gaming and metaverse. Since Velas is all about interoperability and being chain agnostic, we develop assets that anyone can plug into different metaverses and games. This is what is behind our integrating NFTs into Web 3.0., and metaverse in general. We are in the process of actively building several exciting products which will be unveiled this year.

Are you eyeing partnerships with other companies?

FS: We have partnered as well with an NFT platform and metaverse called GPNFTS, which is powered by and built on Velas. This company that we are sponsoring has the rights to teams in Indie Car, NASCAR, MotoGP, and Le Mans. The platform is live, so you can check, which is a motorsport NFT dedicated platform. You have the possibility to race your NFTs in digital racetracks, in special metaverses, and store them in a garage with utilities.

As an entrepreneur and with your experience in the blockchain industry, what is your expert opinion about the Ethereum 2.0 update. Also, the viability of the Layer 2 solutions and other EVM chains after the upgrade.

FS: I think for the Ethereum ecosystem, this is very good. I’m excited that Ethereum decided to go with the proof of stake model, which is a natural progression, and healthy for the entire blockchain industry. The process, however, has been delayed and has taken a very long time. According to the speed and transaction costs Ethereum 2.0 should have, Velas is still much faster and cheaper, and is now live.

What steps are being taken to drive a blockchain forward?

FS: First, it starts at the base. You need proper infrastructure, and decent decentralization for the network to be considered public. Then, once the chain is stable and running well, you require a lot of applications, and a user base for it to become popular. In addition, you require all the toolsets that the other blockchains have and more, for developers to come in. For example, Velas offers a toolkit for the Rust developers building on Solana, and Solidity developers building on Ethereum. With our tools, without the need to migrate often, you can bridge it over, swap a chain, and receive the same functionality. As well as having the advantage of the Velas blockchain’s very fast speed and low-cost transactions.

I see the compatibility between Rust and Solana being a huge benefit, with lots of developers who are experienced in the process. It would be an asset to work with such a large developer community.

Yes, we want to be chain agnostic, and compatible with most large chains, have projects integrate, and utilize the Velas blockchain. That requires a great deal of high-profile exposure, and your blockchain to be used by large companies, big projects by big platforms, and potentially even governments.

Any advice for beginners, entrepreneurs and specialists in the blockchain space.

FS: The first and most important advice I can give is to do your research while looking at investments. We analyze the top and bottom of a project and its platform. It should be a deep analysis, whether done on your own, or with an entity to assist you.

After the research is complete, the next step is to determine what you want to accomplish. If you are investing, do you want short- or long-term investments? When considering medium to long-term, you need to look at the team behind the project, their roadmap, and how they execute it to achieve their goals. Next, a vision of how they will execute their strategies. After that, you will need to make a choice. I would stress to anyone not to invest in the short-term, trying to catch uptrends, because this can be very risky, and you could potentially lose a lot of money. 

If you believe in a project and have confidence in the team, you need to look at medium- to long-term prospects so that they can realize their goals, present their product, and fulfill their timelines. 

You have encountered many challenges on your path to becoming successful in the crypto world. What is the biggest lesson you have learned.

FS: It’s been a long journey, and I’ve learned many lessons along the way. The number one lesson for me is not to use leverage (note ed: margin trading). This is especially if you are a beginner, and don’t know the market. This market is highly volatile. I have been liquidated in the past, so now I don’t use leverage.

It’s important to invest wisely, so do your own research to understand the market, before endeavoring any product. You need to determine at the start, why you are making the product, and what you hope to accomplish. Also, how the product will be delivered in terms of resources and financial capital. Everything needs to be well-structured.

As well, don’t rely on too much social media and influencers in determining your decisions. Keep in mind that many influencers are paid to promote projects, the information can be biased, and it’s not always easy to find the accurate truth behind words and opinions. So, it’s imperative to do your own research from reliable sources, and there is much available free online. This will be important to your own success.

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Alexander Belov   Contributor

Alexander Belov is a writer specialized in Blockchain and decentralized finance field. In 2020 he was included in the list of the top 30 most Influential People In Blockchain Industry by Hackernoon.