Velas is the ecosystem of related software products and legal entities engaged therein. Recently, to combat climate change issues, the company introduced a new technology for carbon reduction in the industry.
Zug, Switzerland, 4th Oct 2022, King NewsWire – Velas has established itself as a blockchain platform that focuses on the cause of climate change. In the latest development, on October 3, 2022, blockchain protocol Velas announced an essential step to net zero carbon. It is part of the company’s commitment to tackling the challenge of climate change.
The announcement signals a new innovative model that changes the way transactions are processed across its industry-leading blockchain protocol. Effectively, this shifts from a highly energy-intensive ‘Proof of Work’ model to an energy-efficient approach that combines ‘Delegated Proof-of-Stake (DPoS)’ with ‘Proof-of-History (PoH).’
The company is working towards delivering a reduction in energy usage across the blockchain that eliminates the carbon emissions generated by the protocol. Today’s announcement is just the latest move from the blockchain protocol in its efforts to develop new ways of working that maintain transaction speeds at scale while reducing the environmental impact.
Velas builds its innovations on recent certifications that confirm that the company has achieved carbon neutrality by offsetting the carbon produced since it was founded. ‘Climate+ Certification’ was recently awarded by Gold Standard, a Swiss organization specializing in assessing businesses’ progress on climate change against a range of measurements.
However, the shift to DPoS represents a significant shift from offsetting carbon emissions to developing new operating mechanisms that are energy efficient. It is an essential step in the crypto industry’s broader ongoing challenge to reduce energy use and associated carbon emissions.
Farkhad Shagulyamov, Co-Founder and CEO at Velas, says about the recent development,
“Blockchain is an increasingly important part of how the world does business. As this technology moves further into the mainstream, we need to find new ways of working that reduce the damaging impact on the environment. As one of the sector’s leading businesses, we recognize the responsibility that we must innovate new approaches that show this technology can be good for businesses, good for people, and good for the planet. Today’s announcement is an important step towards that goal.”
In addition, Timur Kemel, Head of the Advisory Board at Velas expresses his views on new innovation:
“At Velas, we believe blockchain is a positive social and economic force that can improve the lives of people around the world. However, that means that we must always strive to improve blockchain to reduce the impact that it has on the environment. As a carbon-neutral business, Velas is clear that blockchain can shift from being part of the climate change problem to being part of the climate change solution. Our new approach slashes the amount of energy that is used for transactions. That ultimately benefits us all.”
“Velas” is a trading name used for the Velas blockchain protocol, the ecosystem of related software products and legal entities. It was founded in 2019 in Zug, Switzerland. Velas is a blockchain network for secure, interoperable, scalable transactions and smart contracts that integrate world-changing technology products and services.
Furthermore, it is also creating an innovative environment for decentralized applications, social platforms, available finance, access management solutions, Web 3.0 DeFi apps, micro-apps, and more. It provides up to 75,000 transactions per second with low fees. The main goal of Velas is to bring blockchain technology to all types of users, from micro-startups to enterprise divisions.
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Contact Person: Dan Zaitsev
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Address 1: Dammstrasse 16, 6300 Zug, Switzerland
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