Veloce VEXT
About
WHAT IS VEXT?
VEXT is an ERC-20 governance and utility token that allows its holders to interact with various GameFi products within VEXTVERSE dApp (Veloce ecosystem). Holders can also transact across games and live sports features, receiving rewards like tokens, merchandise, tickets to real-world events and more. The dApp, powered by VEXT, developed in conjunction with Veloce partners, completes the brand transformation into a decentralised community and offers additional utility to onboard users and rewards early adopters.
WHAT IS VELOCE MEDIA GROUP?
Veloce Media Group is the world's leading digital racing media network. It has entered the Web3 space with the launch of its dApp (VEXTVERSE) and governance & utility token (VEXT). The dApp utilises the token which empowers the Veloce community to influence and govern key decentralised assets within the Veloce brand, which includes Veloce Esports (a top gaming and racing platform) and Veloce Racing (the Extreme E championship team). With the largest digital racing audience globally, reaching 37+ million subscribers and 650M+ monthly views, Veloce is leveraging its extensive reach and credibility to promote mass adoption within Web3.
Technical Details
HOW IS THE VEXT NETWORK SECURED?
VEXT is an ERC-20 token on both Polygon and Ethereum. Polygon is the leading scaling solution for Ethereum. Polygon provides for fast, low-cost and secure transactions on its side chains with finality achieved on the mainchain, Ethereum. The use of multiple side chains helps the network to achieve a high throughput of transactions. ERC-20 is a token standard most new tokens follow when publishing on EVM-compatible blockchains. Ethereum is one of the most popular blockchains and the go-to solution for many decentralized applications. As a result, it is secured by Ethereum’s proof-of-stake (POS) consensus mechanism.
More Info
WHAT MAKES VEXT UNIQUE?
VEXT is built on top of an existing gaming and sports media company that has been operating for 6+ years as a business, with an established audience, Intellectual Property (IP) and real-world sporting assets.
VEXT is one of the first examples of disrupting the ownership model of traditional sporting and entertainment media groups. In today’s world sport plays a pivotal role in society. Sports contains the largest and most passionate fanbase in the world. However, as the industry has evolved, teams have become more centralised, leaving fans left on the side. We want to empower the next generation of fandom amongst gamers and motorsport enthusiasts, and VEXT allows us to do just that!
HOW MANY VEXT ARE THERE IN CIRCULATION?
The all-time total available VEXT is 300,000,000 VEXT. The initial number of VEXT in circulation is forecast to be 17.28M VEXT. In addition to the VEXT circulating as per the above, Veloce has modelled a release of additional VEXT from Treasury, both to fund continued investment in the Vextverse and programmatically released governance rewards.
WHERE CAN YOU BUY VEXT?
VEXT token can be bought directly through our on/off ramp provider partner when creating a custodial wallet in VEXTVERSE dApp (https://app.vextoken.io) or through various leading centralised and decentralised exchanges.
AI Analysis
What is the Veloce (VEXT) cryptocurrency good for? What are its main use cases?
Veloce (VEXT) is a cryptocurrency associated with the Veloce Network, which aims to provide solutions in the gaming, entertainment, and digital asset sectors. Although specific details about its use cases may evolve, here are some of the primary use cases typically associated with VEXT:
In-Game Transactions: VEXT can be used as a currency within various games and platforms, enabling players to buy, sell, or trade in-game assets such as skins, characters, or other digital goods.
Reward Mechanism: The cryptocurrency may serve as a reward for players or users who participate in certain activities within games or applications linked to the Veloce ecosystem, incentivizing engagement and loyalty.
Marketplace Functionality: VEXT could facilitate transactions in an associated marketplace where users can exchange digital assets, collectibles, NFTs, or other gaming-related items securely and efficiently.
Staking and Governance: Like many cryptocurrencies, VEXT may allow holders to participate in staking mechanisms to earn rewards or contribute to the decision-making process of the platform’s development and future direction.
Cross-Platform Interoperability: If designed effectively, VEXT could foster interoperability across different games and platforms within the Veloce Network, allowing users to utilize their digital assets seamlessly across various environments.
Funding and Investment: VEXT can be used as a means of raising funds for new projects within the gaming ecosystem, potentially creating a community-driven investment model where players back game development.
It's important to stay updated with the latest developments and announcements from the Veloce Network for more precise information regarding VEXT's use cases as they may evolve over time. Always conduct thorough research and consider potential risks when engaging with cryptocurrencies.
What blockchain does Veloce use? Is it its own blockchain or built on top of another?
Veloce is built on the Ethereum blockchain. It is not its own standalone blockchain; instead, it utilizes Ethereum’s existing infrastructure for its operations. This means it benefits from Ethereum's security and network effects while enabling features specific to Veloce's platform.
Is Veloce programmable? Does it support smart contracts or decentralized applications?
Veloce is a blockchain network that aims to provide high transaction speeds and low latency for various applications. As of my last knowledge update in October 2023, Veloce does support programmability through smart contracts and decentralized applications (dApps). This capability allows developers to create and deploy their own applications on the Veloce platform.
For the most accurate and up-to-date information, it's always best to check the official Veloce documentation or website, as blockchain technologies are constantly evolving and new features may have been introduced since my last update.
How fast are Veloce transactions? What is the typical confirmation time and throughput (transactions per second)?
Veloce is a blockchain platform designed for high-speed transactions and scalability. While specific performance metrics can vary depending on network conditions and configurations, Veloce typically aims for very low confirmation times, often in the range of seconds. The throughput can be significantly high, with many reports indicating capabilities of thousands of transactions per second (TPS), making it suitable for applications that require fast and efficient transaction handling.
For the most accurate and current metrics, it's best to consult Veloce's official documentation or announcements as performance can evolve with upgrades to the protocol or network conditions.
How much data can I store on the Veloce blockchain? Does it support on-chain data storage?
Veloce is a high-performance blockchain designed for various applications, particularly those requiring speed and scalability. However, like many blockchains, it is primarily optimized for transactions and smart contract execution rather than extensive data storage.
Typically, blockchains have limitations on the amount of data that can be stored on-chain due to factors like network bandwidth, storage costs, and performance considerations. On-chain data storage can be feasible for small amounts of important data (like hashes or metadata), but large files or datasets are usually stored off-chain, with references or links kept on-chain.
To find specific information about Veloce blockchain's capabilities regarding on-chain data storage, it’s best to consult official documentation or resources provided by the Veloce development team, as these can offer detailed insights into the platform’s data storage features and limitations.
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