Velas Blockchain Insight

batangcrypto (40)in #blog • 4 years ago (edited)

With the boon given by the Blockchain Technology on which we can integrate to any industry we like in order for us to give freedom back where it really belongs, the people. Decentralization, Security, Interoperability and Scalability, those are some features that Blockchain offers, a normal/typical Blockchain network we could see anywhere. Great technology but we are also seeing problems like slow transactions, privacy matters and even centralization.

Blockchain is the backbone of every cryptocurrency around, it's the foundation every crypto built and with good foundation comes the good product and that good product serves the people.

With the upcoming Bitcoin Halving, we are all thrilled to witness the growth of the very first cryptocurrency that leads all crypto to where it is heading. Being the King, Bitcoin is by far costly than others, but does it serve a use case it is really intended as a crypto? Not really, as it's Blockchain network is nearly obsolete, armed with slow transactions and other obstacles, unabling scalability. You know what makes it great? Being the first to apply.

Here I'm gonna tell you what I think about Velas and what makes it good as it is.

Presenting Velas,

The Velas blockchain uses AI-enhanced Delegated Proof of Stake (AIDPOS) consensus for high volume transaction processing without sacrificing decentralization and security.

Using AI-driven consensus mechanism, Velas Network is aiming to provide a smart network to conquer inefficiencies and adjust accordingly to meet network needs, thus, results to have a better manner without needing to reconfigure the output criteria. Smart.

Strengths of Velas Blockchain

30,000 Transactions Per Second

When upgrading existing chains, the drawbacks are undeniable, when improving speed and scalability, the security and decentralization is sacrificed and vice versa. We never got to see a foundation that is fit for mass adoption considering the growth of users over time.

Contrary to what is written, AI compliments really well with the blockchain, having humane like consciousness and decision making abilities (Artificial Intuition), Velas Network utilizes a self-training mechanism to remove problems like Orphan Blocks that causes lagging transactions that results to congestion, slow transaction and higher energy consumption through PoW.

Having AI-driven consensus mechanisms that adjust accordingly to meet network demand, flawlessly helps the network to operate in the most optimal way possible, delivering smooth and fast transaction that could cope on probable problems the network would face.

Velas Multi-Currency Wallet and Masternode Staking Program

With their newly released, highly secure and multi-currency wallet, Velas is aiming to catch the heart of cryptocurrency users with a mobile app, desktop wallet and web wallet. Without compromising security, they will provide a go-to wallet for everyone to enjoy.

Proof-of Stake coins is an innovation to the blockchain. The concept states that a person can mine or validate block transactions according to how many coins he or she holds. Earning rewards thru the staking process which also maintain the network secure. VLX (local currency of Velas) is available for staking in the Velas Wallet.

Not only that, users could also maximize the support and earn benefits by Staking on their Masternode, almost the same with PoS, Masternodes reap higher rewards and also has added responsibilities like Voting, Delegation, and Decision Making.

Check this link to find out more : https://velas.com/news/best-staking-and-masternode-platforms-in-2020.html

TEAM

Velas Blockchain team is covering the world, scattered them to different continents to build community and work remotely (which continues to produce output despite the pandemic and is really beneficial in the economy) to deliver the goods of Velas.

Looking back to Memory Lane, Velas Blockchain is led and founded by the current Coinpayments CEO and co-founder, Alex Alexandrov. Coinpayments is the world’s crypto payment gateway. With 3M active users, Velas Coin (VLX) is now the native token for Coinpayments (CPS before) giving 50–100% discounts for every transaction or withdrawal for using the platform.

Coinpayments is renowned for it’s cheap and fixed transaction fees that cater users need, not business. A great news for all VLX holders which adds better utility use case and value, not only in the means of gas, PoS, and Masternode.

Added recently to the growing team, are experts in the field of artificial neural network and machine learning are Andrii Stehno, founder and CTO of Web3 Space and Token0x Platform, and Robert Vasilyev, co-founder and CEO of Z-Union and president of the Artificial Intelligence Development Laboratories Association (AILA).

They also have a warm community, and if you have any queries and expecting immediate response, you can direct to their official TG Channel here or DM their kind Community Manager which will cater your queries pertaining to Velas Blockchain.

CONCLUSION

Innovation. In order to produce better products for the betterment of our current situation or society, we need to cope with the changes we need and take proprietary actions. For the better version of ourselves and our community. I could sense what Velas is trying to do here, and it is to cater the needs of increasing demand for Blockchain Tech and by integrating with Artificial Intelligence, now, they could solve problems that occur in our current network, breaking boundaries. You need to check this project out because this might be the next Big Thing!