VELAS - The New Cryptocurrency with Consensus AIDPOS
Introduction About Velas
Velas is a project with the name of "Virtual Expanding Learning Autonomous System" created by several team members who have knowledge to become one of the new startups that provide innovation in the development of the blockchain by launching Velas. The Velas company itself is located in Switzerland, led by a man named Alex Alexandrov Founder and Chairman of the well-known payment gateway CoinPayment.
Velas was created to fix several problems on the blockchain network, one of them is bitcoin, which until now problems such as scalability, privacy and other matters relating to the blockchain network are still a polemic problem in cryptocurrency.
In the article, we will discuss more fully about some interesting things about Velas i.e, the new Consensus that has been created by the Velas Platform, the Blockchain Network developed by Velas, and other interesting things related to Velas.
Velas Blockchain Network
In the Velas Blockchain network, they made a new consensus on their network with the name "Artificial Intuition Delegated Proof of Stake (AIDPOS)" more simply in the consensus that was created, Velas brought AI features into the network they created.
The AI was i mention is not Artificial Intelligence but Artificial Intuition. For those who do not know about the following Artificial Institution, this is an understanding of Artificial Institution, which was explain through Wikipedia.
Artificial intuition is a theoretical capacity of an artificial software to function similarly to human consciousness, specifically in the capacity of human consciousness known as intuition. - Wikipedia
The mechanism work of AIDPOS is to conduct training for each node from using data from the blockchain. Then this consensus algorithm will provide optimization training by utilizing a matrix with a very random heavy weight and each subsequent layer will be different from the previous layer which makes the next layer better by looking at it from the previous layer. This will make the network will always continue to optimize before the next block is obtained.
Moreover, transactions using the Blockchain network from Velas can cover 30,000 Tx / sec which makes them better than Bitcoin or Ethereum, where the cryptocurrency can only do 7 to 15 Tx / sec. This has a good impact on the problems faced by cryptocurrency, because Velas successfully solved the cryptocurrency problems, namely scalability and resistance to 51% attack.
Velas is very concerned about the privacy of every customer who uses their services, this can be proven by the Terms & Conditions of using velas wallet where they do not collect Personal Data from customers who use Velas Wallet.
Moreover, Velas uses technology from Schnorr Signature in the transaction system that they apply is very different from other cryptocurrency that still uses Elliptic Curve Digital Signature Algorithm in the use of Digital Signature.
The work procedure for Schnorr Signature work, you can see at illustrated below:
Supporting Other Cryptocurrency
Velas Wallet also supports various cryptocurrency like Bitcoin, Ethereum, XRM and other Cryptocurrency. Users can also backup keys from the wallet they use to make security of their assets more secure.
VLX Tokens are their own tokens that are created and run on the velas blockchain. VLX Tokens can be used to share things such as to fuel the Velas network, power smart contracts and payment systems using VLX.
VLX Token can also provide many benefits for every user who uses from 25% Discount Fee by using VLX to Stacking Program. There are currently 2,000,0000 VLX pre-mined for the Velas platform.
The conclusion of this article, Velas provides a new innovation and creativity in cryptocurrency by launching a new consensus namely AIDPOS which can help with all matters of cryptocurrency today, especially scalability. This proves the seriousness of Velas in the Platform that they developed so that Velas became one of the cryptocurrency that has the potential for success.
Information Author :
Bitcointalk Username: ryzaadit
Bitcointalk Link: https://bitcointalk.org/index.php?action=profile;u=961598
VLX Address : VHJXPz4PbWH4rJxZwiExTFMpXdc1cRbtfC