The First Blockchain Massive Adoption (NFT)
VELAS Blockchain innovations; AI-Powered Dynamic Consensus profers solutions to various blockchain limitations of Scalability, high transaction fees, privacy, security, and removing the limiting gap of third parties.
How we came to be:
- VELAS blockchain Project was created 2019 by Alex Alexandrov, who also is the founder of CryptoPayment.net in 2013; a successful payment processor platform.
Amazing Features of this blockchain Tech!
This blockchain project is indeed the gateway to massive adoption of blockchain technology and driving use-cases of cryptocurrencies for 1-Click payment, regardless of the token/coin blockchain. This is the future of e-commerce and a new era of the financial systems.
- Support Solidity — Ethereum DApps and smart contract compatible
- Instant transaction
- Low transaction feesMulti-currency wallet
- Staking
About NFTs
Vitalik Buterin pointed to the role of decentralized finance (DeFi) and non-fungible tokens (NFTs) in accelerating adoption of Ethereum: “People have talked about the DeFi space a lot, and NFTs as just something that’s really managed to break out into the mainstream and get a lot of people interested,” (sourced Dycrypt.co). He also wrote, “The NFT industry could be a significant boon to artists, charities and other public goods providers far beyond our own virtual corner of the world, but this outcome is not predetermined; it depends on active coordination and support” (Source Cryptonews).
Meanwhile, the Coinbase CEO, Brian Armstrong indicated his excitement about the emerging industry, but there are still problems to solve: “It’s still so many clicks. I think I tried it a week or so ago, it was like 25 clicks or something to go figure out for someone how to buy an NFT. It’s so difficult.”
Limitations of the NFT market
Undoubtedly NFT will disrupt the creative & gaming industries, and many other fields. However, several issues in the market need comprehensive solutions for it to reach mass adoption.
Illiquidity & Fragmentation. Unlike fungible tokens (e.g. ERC-20 types), NFTs have low liquidity due to their scarcity and rarity nature. In addition, NFTs are fragmented on many marketplaces without a seamless connection. Contrasting to rather mature cross-chain wrapping protocols for most fungible crypto assets, NFT owners cannot sell their Ethereum-based NFTs for BEP-20 USDT without an intermediary.
Scalability & Transaction fees. The development of NFTs is heavily dependent on underlying blockchain infrastructure. For instance, solving for scalability and transaction fees is likely to have a huge impact on the speed of development of this space. Gas cost on Ethereum is too high to process huge amounts of low-medium valued transactions. Layer-2 solutions like Matic (Polygon), Celer have performed well for ERC20 tokens but no proven record for NFTs.
High friction. The lack of accessibility when users come to NFTs is a real problem. Particularly for non-crypto natives, interacting with decentralized ecosystems entails a large amount of friction. From having to manage private keys, paying several gas fees per transaction, and setting up a new wallet each time, there are so many barriers to entry. Cryptodecks is tackling this problem by providing a simple interface for users to interact with their NFTs.
Cross-chain trading has partially and locally decentralized solutions regarding ERC20 tokens but not ERC721/1155 types. A decentralized and secure portal to wrap NFTs from Ethereum to other chains and vice versa is still an open problem.
VELAS NETWORK SOLUTION:
Will be released in our next article stay tuned!
