Many blockchains do have their own problems, irrespective of the greater strengths associated with them. Majority of blockchains are highly centralized even though they claimed to be highly decentralized. Scalability is a major issue and very dynamic. Most producers are only after their own interests. Their interests supersede that of the blockchains they represent. Many blockchain operates at a high capacity thus, affecting efficiency.

The goal of Velas is to deal and settle existing problems and issues associated with existing blockchain in various phases including that of scalability, cost and security. Velas is a self-study and self-management blockchain platform that provides a safe, efficient, highly scalable transactions and hi-tech contracts. Velas utilizes the artificial intuition or intelligence to boost its consensus algorithms and this helps in upholding decentralization, stability and security.

Velas is evolving. And its strength lies in the fact that it is highly decentralized and this is made possible through Artificial Intelligence Delegated Proof-of-Stake (AIDPoS). Artificial intelligence duly picks who stakes and this is based on the blockchain needs that Velas can build blocks only when important and needed, either every two seconds or every three minutes, with a maximum of five minutes.

AIDPoS tried to fix the issues associated with the available possible consensus option, with Bitcoin traditional Proof of Work system inclusive, plus the Proof of Stake system of Peercoin and NXT. Basically, the AIDPoS consensus algorithm offers an error tolerance system that hinders certain issues from occurring such as 51% attack and nothing-at-Stake issue.

Multi-Wallet Technology

Velas blockchain comprises multi-Wallet technology. This allows for Velas blockchain to provide means for creating both private and public containers for every supporter tokens. Private keys are been generated for other blockchains and tokens such as Etherum, Bitcoin, XRP, EOS etc. for key creation, a user’s private key seed is required.

Thus, every container will be returned from either the private key associated with the Velas Wallet or from the original seed.
Additionally, users can save their current tokens safely in the Velas Wallet and will create multisig backups for every token that are not compatible with it or that it’s not in support of.

Artificial Intelligence Framework in Velas

Velas AI is a set of algorithms that are used to establish relationships and patterns in a group of data. Neural networks in Velas comprises several simple organisms that helps in getting rid of irregularities and inefficiency in the blockchain via the 80/20 consensus, making sure that the network is performing exactly what it’s designed to perform.

The Artificial Intelligence on the Velas platform ensures that every participants of the network are well motivated in order for them to be actively involved in the network, utilizing necessary scores and rewards. The AI also helps in blocking unwanted, fake or scammed messages about fake transactions. It also helps in improving message quality and promote protection against attacks. The AI likewise allocates rewards to participants and helps in minimizing workload in the network.

Finally, participants with storefront on the web will be able market their products and services on the Velas blockchain. Come July 2020, registration system will open to enable merchants to verify themselves and their products and services. Velas is authentic and faultless. Its major aim is to address and solve the challenges associated with existing blockchain platforms.

To learn more about Velas, kindly visit the links below;

Website: https://velas.com
Telegram: https://t.me/velascommunity
LinkedIn: https://www.linkedin.com/company/velas-ag
Twitter: https://www.twitter.com/VelasBlockchain/
Facebook: https://www.facebook.com/velasblockchain/
Github: https://github.com/velas
Medium: https://medium.com/@VelasBlockchain
Reddit: https://discord.gg/CTcKpPc

Authored by Dengineersprof