Velas is a new blockchain ecosystem that implements a new type of consensus, named AIDPOS, short for AI-powered Delegated Proof-of-Stake. This kind of consensus mechanism will improve scalability and security - along with interoperability with other blockchain protocols. The project has partnered up with big names in the industries such as CoinPayments, Alpina Capital, Market Across, Exmo, Blockchain Suisse, ZBG, just to name a few.
The project just launched a new bounty campaign through the Bitcointalk forums. The payments of this campaign will be paid in VLX, which is already listed in CoinMarketCap, currently ranked as nr. 243 of all cryptocurrencies. Velas wallet can be created here. The bounty program will last for one month or until the campaign funds have been used up. The campaign is split into two categories, article and YouTube. You can find all information regarding the bounty campaign here.
So let’s learn more about the project! We are starting to get a large selection of blockchain protocols to invest in and build our applications on top of. Although it is starting to get saturated, competition and new developments are highly needed in order to find the perfect solutions for the new era of technology and economy. Velas is no exception, and they are already starting to prove that they have their place in the space of blockchain protocols. As mentioned above, Velas is using a brand new consensus called AI-powered Delegated Proof-of-Stake. Like you can guess,
Velas is using artificial intelligence to improve both scalability and security of the blockchain protocol. Each node in the network creates it’s own set of data, which will be trained artificially over time. This means that the network will be able to improve itself, without any central power deciding what is the next step. The network will be trained each time before the next cycle of blocks. The nodes will form a new set of data, and the matrix will receive Velas token (VLX) from solving tasks such as maintenance. Each node makes its own contribution by further developing a neural network. VLX holders will be able to stake their tokens on the node of their choice. Elected nodes will distribute 80% of their earnings to the voters of the node.
The current roadmap of the Velas project has its end in the first quarter of 2021, when the blockchain is supposed to be fully functional. These are the following steps left in the roadmap according to the Velas website:
2020 Q1: Artificial intelligence research
2020 Q2: New wallet features with decentralized cloud and multisignature capability
2020 Q2: New listings on major cryptocurrency exchanges
2020 Q3: Deployment of Alpha A.I.
2020 Q3: Launch of mind.ai on Velas main-net
2020 Q4: Stage 3 beta decentralized AI & full open source
2020 Q4: Hardware wallet
2020 Q4: Full decentralization in december
2021 Q1: Fully functional protocol
Interested to learn more about the project? Velos has released a technical white paper that describes all the technical solutions and the philosophy of the project. You can also check out their GitHub repository to follow the development of the project closely. Velas (VLX) is available for trading on ZBG. The following pairs are available: VLX/USDT, VLX/ETH, VLX/BTC.
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Very interesting project )
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