What is Velas (VLX)?
Velas (VLX) is self-learning and self-optimizing blockchain platform for secure, interoperable, highly scalable smart contracts and transactions. Velas uses AI-operated DPOS consensus (AIDPOS) to secure blockchain for high volume transaction processing without sacrificing decentralization, stability, and security. Through the use of an AI-operated intelligent DPOS consensus algorithm, potentially corrupt human-dependent elements will be eliminated, resulting in fault tolerance system preventing most major problems like 51% attack and the problem is not dangerous.
Vela’s advancements & improvements
- Fully decentralized through AI-enhanced Delegated Proof-of-Stake (AIDPoS)
- AI selects who stakes based on the blockchain’s needs
- Velas can create blocks only when required
- Tremendous scalability to 30,000 Tx/sec
- Block producers are elected by Artificial Intuition
How does Velas work?
Velas employs a unique, innovative consensus mechanism. The so-called ‘Artificial Intuition Delegated Proof of Stake (AIDPOS). The AIDPOS framework is at the core of the Velas blockchain, in which case it is supported by a theoretical process called ‘Artificial intuition.’ That is, the technology mentioned above seeks to collect, identify, and evaluate patterns or relationships across all incoming and outgoing datasets. This process leads to an extremely efficient blockchain operation.
The company claims that it can deliver up to 30,000 transactions per second by creating blocks only when needed while keeping the network safe from malicious threats and activity. This amounts to a speed block per second anywhere from 1 second to 2 minutes.
Features of Velas
Most blockchain networks only allow a single digital signature when processing transactions. These are usually individuals who have access to the respective private key.
The technology ensures that each and every owner of a particular wallet signs the transaction before the Velas blockchain makes a transfer. This is especially useful in situations where a joint account needs to operate on a trustless basis.
Velas advanced security controls
Though the team at Velas claims their native blockchain can handle up to 30,000 t / ps. They also provide assurances of advanced security practices. Notably, due to the basic characteristics of the Delegated Proof of Stake algorithm, the network is effectively protected against a fearsome 51% attack.
In fact, for a new block to be marked as valid, Velas requires a consensus of at least 80%. It’s not technically impossible, though. Getting access to a new cyclic block with a majority of 80% malicious nodes is almost out of reach.
Furthermore, these protective controls ensure that the threat of a double-spend attack is non-existent.
Using the Velas wallet, users have the ability to support other cryptocurrencies along with the platform’s proprietary token. This includes categories like Bitcoin, Ethereum, XRP, Monero, and EOS. Velas’ users can create private key beads from within the wallet, store non-native (supported) coins, and also create multi-page backups.
Velas blockchain use cases
- VELAS is the backbone on which the entire ecosystem will run, including an exchange, multi-sig wallet, and a merchant platform.
- Companies like Mind AI are building on VELAS. Developers can integrate AI into projects.
- Companies can encrypt on VELAS in a similar way to Ethereum and ERC-20 tokens.
Artificial intuition is a series of algorithms used to define relationships and patterns in a data set. The network can adjust the inputs to produce the best possible results without the need to redesign output criteria.
Selected specifications of the Velas system include:
- Transactions per second:> 30000;
- Number of blocks per second: 1 second – 2 minutes depends on the AI calculation algorithm);
The block time depends on the network load (TPS). If the network has many transactions per second, block time will be short. If the network has no transactions, the block time belongs. In the event an empty block is created, it includes nothing but the block header without a body. The AI powering algorithm will be drawn from historical data of the following:
- Number of VelasNodes
- Transactions per VelasCycle
VelasCycle special deals
The neural algorithm will optimize the following parameters:
- Velas node network
- Block size
- Blocking time
- Increase TPS
AI application for Velas
The purpose of using AI on the Velas Platform is to reduce the cost of consensus.
The AI framework on the Velas Platform:
- Motivate network participants (nodes) to be reliably present and active in the network, maximizing relevant score/rewards.
- Block fake messages about fake transactions and thus increase the quality of the messages and the ability to resist network attacks.
- Form time of age, thus accelerating TPS and reducing general computing network workload. In other words, it is about the dynamic time for block generation along with the allocation of block generation to nodes with higher computational power over high workload times.
- Allocate the reward correctly and optimally.
The Velas blockchain platform uses artificial intuitively optimized neural networks to enhance its consensus algorithm. Velas aims to solve and overcome existing problems and challenges facing most existing blockchains. Neural networks are used to calculate rewards for node operators and block formation times. The matrix computation is placed on the nodes of the network members to receive rewards. Similar to Bitcoin miners, nodes need large computational resources to compute the matrix.