For everyone in the cryptocurrency/blockchain space, it will be almost impossible to ignore the recent news and updates coming out from Velas blockchain project.
Beginning from the Wallet launch and upgrades, Velas chain, Velas Africa Launch, Velas Dapp developers invitation, the price upsurge these past weeks, the proposed Velas Vortex, Velasphere, and Velas AMA world tour to mention a few.
In a bid to expand globally to every continent and indeed every country worldwide, Velas which is based in Switzerland decided to launch Velas Africa on 18th June 2020 (T.me/VelasAfrica). The launch news heralded a trend (as seen in the picture below) in some countries notably Nigeria. Blockchain space is growing rapidly in Africa and Velas is taking a strong step in tapping into the market in the continent while also pushing for mass adoption using Velas Products.
Velas AMA World Tour
To further spread the innovative news of blockchain to the Velas community in particular and the blockchain space in general, Velas project decided on a global AMA tour that began with the Indonesian community on June 10 and set to end in USA on June 23.
The 3 AMA’s so far has seen over 670 questions asked and hundreds of them answered by the CEO Alex Alexandrov who headed Coinpayments the number 1 cryptocurrency solution in the world before Velas.
According to its website Velas.com, VELAS, whose full meaning is Virtual Expanding Learning Autonomous system, is self-learning and self-optimizing blockchain platform for secure, interoperable, extremely scalable transactions and smart contracts.
The Velas blockchain uses neural networks optimized by artificial intelligence to enhance its consensus algorithm, which maintains decentralization, stability, and security.
Blockchain technology as regards to cryptocurrency is just over a decade old as compared to other mainstream technology which has been for many years, it has achieved a lot in the short time frame but it is still wrought with diverse challenges which VELAS Blockchain is gearing to solve.
Some of these challenges are:
> Security, which is of utmost concern, looking at the number of hacks and theft.
> 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 efficiency.
With good development in the cryptocurrency space today & with various blockchain solving different problems of speed, scalability, and expense, one may be forced to ask why Velas?
The Aim of Velas
The answer to that question will be that VELAS intends to use a unique Ai; Velas Artificial Intuition Delegated Proof of Stake (AIDPOS) – will be used to secure Velas blockchain. AIDPOS attempts to solve the problems of alternative consensus options, including Bitcoin’s traditional Proof of Work system and the Proof of Stake system of Peercoin and NXT.
An Artificial Intuition is a series of algorithms used to identify relationships and patterns in a set of data. The network can adapt the inputs to generate the best possible result without having to redesign the output criteria. Selected technical parameters of the Velas system include:
● Transactions per second: > 30000;
● Blocks per second: 1 sec – 2 min dependant on calculation from AI
The block time depends on network load (TPS). If the network has many transactions per second, the time blocks will be short. If the network has no transactions, the block time will be long. In case an empty block is generated, it includes nothing but a block header without the body.
The algorithm powering AI will be derived from the historical data of the following:
● Numbers of VelasNodes
● Transactions per VelasCycle
Special transactions of the VelasCycle
The neural algorithm will optimize the following parameters:
- Velas node network
- Block size
- Block time
- Increase TPS
Some Velas Use Cases:
Use Case of the Velas blockchain:
1. Staking: You can stake the Velas token on wallet.velas.com only, all you have to do is visit the webpage, create a wallet, buy VLX from exchanges to your velas wallet then you stake on the platform with you choosing your options yourself; the Return on Investment ROI is 0.8% — 1.5% each month depending on the staking pool.
The minimum tokens required to stake on the Velas platform is 10,000 Velas tokens. Also remember that while staking, you have the opportunity to choose any node you desire on the platform.
2. Payments: VLX can be used for smart contracts and transactions in Velas wallets, with a 25% discount on payment fees. In addition, VLX, which will be used as the main currency in CoinPayments and the upcoming exchange, will also enjoy a 25 percent discount on transaction fees.
3. High volume transactions (30k Tx/ sec): This means that the Velas blockchain can conduct 30,000 transactions each seconds.
4. Security: The DPOS algorithm is used to further tighten up the platform.
5. Smart contracts: Just as the etherum smart contract and waves blockchain or neo, Velas platform also allows the creation of smart contracts, easier to set up, and can contaimn several transactions in a seconds after solving scalability problems.
- Velas ticker: (VLX)
- Blockchain: Velax
- Circulating Supply: 1 342 809 241 VLX Token
- Total Supply: 2 080 131 909 VLX Token
- Velas has $114M marketcap with $1.6M 24hour trade Volume in exchanges like Bw.com and Zb.com: https://coinmarketcap.com/currencies/velas/
Learn More About Velas
- Velas Website: https://Velas.com
- Velas Twitter: https://twitter.com/Velasblockchain
- Velas BluePaper: Velas Blue paper
- Technical Paper: Velas Technical Paper
- Velas official Telegram community: https://t.me/velascommunity
- Velas Africa Telegram community: https://T.me/VelasAfrica
NOTE: This is a Press Release.