Velas is a Swiss-based startup, founded in 2019 by Alex Alexandrov. It is another impeccable example of the blockchain ecosystem, mainly developed for smart contracts and decentralized applications (dApps). Essentially, the part of Velas, which makes it different from others is a unique AI-powered consensus mechanism. AI-enhanced DPOS (AIDPOS) consensus for high volume transaction processing without sacrificing decentralization and security. That’s why, undoubtedly, it is secure, interoperable, and extremely scalable.
Blockchains Still Have Problem
If you have heard about any technology based on blockchain. It doesn’t mean the technology-free from problems. Actually, blockchains still have problems. Just go through the following points-
- Many blockchains are centralized to some degree
- Scalability is an ongoing concern
- Block producers are not always incentivized to act in the network’s best interests
- Networks, like Bitcoin & Ethereum, run at maximum capacity, hampering the efficiency
Blockchain Technology Evolving through Velas
It is a self-learning and self-optimizing blockchain platform. Because it is mainly for secure, interoperable, extremely scalable transactions, and smart contracts. Basically, the Velas blockchain uses neural networks optimized by artificial intelligence to enhance its consensus algorithm. Which maintains decentralization, stability, and security.
Velas Advancements and Improvements
- Fully decentralized through AI-enhanced Delegate Proof-of-Stake (AIDPoS)
- AI selects who stakes based on the blockchain’s needs
- It can create blocks only when required (every two seconds or every five minutes)
- Tremendous scalability to 30,000 Tx/sec
- Block producers are elected by Artificial Intuition
Velas- Using Artificial Intelligence Operated DPOS(Delegated Proof Of Stake)
Neural networks on Velas are composed of numerous simple Organisms. That eliminates irregularities in the blockchain through 80/20 consensus. And ensuring the network does what it is supposed to.
VELAS AI calculates the time of block formation and the rewards for node operators. The AI-optimized network generates the best possible results. Reducing the cost of consensus and resulting in scalability beyond 30,000 Tx/sec.
The AIDPOS consensus algorithm provides a fault tolerance system that prevents most major issues. Like the 51% attack and the nothing-at-stake problem.
AI Framework on top of the Velas Platform
- Motivates participants of the network (nodes) to be reliably present and active in the network, maximizing relevant scores/rewards.
- Blocks fake messages about false transactions, increasing the quality of messages, and resistance to attacks.
- Forms timings of age, accelerating Tx/sec and reducing the network workload.
- Correctly and optimally allocates rewards.
- It is the backbone on which a whole ecosystem will run including exchange, multisig wallet, and merchant platform.
- Companies such as Mind AI are already building on VELAS.
- Developers can integrate AI into projects.
- Companies can tokenize on VELAS the same way as Ethereum and ERC-20 tokens.
Velas Blockchain allows the creation of public and private containers for all coins Supported. This means it supports multi-wallet technology. Velas will generate private keys for cryptocurrencies, bitcoin, ethereum and tokens, eos, xrp, monero etc. Keys will be created using users private key seed. All containers will be restored from same original seed or private key associated with Velas wallet at time of creation. These containers will allow us to create an onchain offchain scalability solution for all other coins as needed and serve as one ecosystem wallet for all Velas smart contracts. Users can also benefit from storing all coins they currently hold securely in Velas wallet and create multisig backups for coins which do not natively support it.
Writer, researcher, and analyst on cryptocurrency and blockchain technology at L&P Digitech Pvt. Ltd. Also managing the content with SEO at this current company. Keen interest to know more about new technologies related to the crypto world and blockchain technology. Completed Masters in Computer Application (MCA) and holds Post Graduate Diploma in Instructional Designing with sound knowledge in Articulate3. Out of all, love to travel, listen to music, and to eat also.