VELAS: THE REMEDY TO THE CHALLENGES IN CURRENT BLOCKCHAINS (A Review)
- Introduction And The Current Challenges
Every now and then we hear of different blockchain projects either already in existence or upcoming projects, all in a bid to contribute to the ever-growing nature of the blockchain world. The most amazing thing is, all that is needed for this ever-growing blockchain space is different projects from experienced teams. Another good thing to know about blockchain is, most experts from different sectors or systems can easily leverage on blockchain to enhance their already developed experience or skills thus bringing what they have learnt in the outside world to the blockchain world. One of the prominent things to know about blockchain is that it is decentralized, meaning it makes it possible for users to be in control of their assets, funds etc, that is to say, blockchain is immutable.
Nevertheless, irrespective of the fact that blockchain is the outstanding technology of our time, yet it faces issues such that it tends to limit its widespread utilisation.
Like earlier stated, blockchain is decentralised but nowadays there are many blockchains which are somewhat centralised, hence one of the reasons Bitcoin blockchain is till date known as the most decentralised blockchain.
Another issue that abounds in most blockchains today is, lack of scalability which is a growing concern, most especially if mass adoption is to take place. In addition, in the blockchain space today, there are users called block producers, there have also been growing concerns owing to finding that they are not always incentivized to work in the best interest of the network. Last but not the least, lack of efficiency still exists in some blockchain networks such as Ethereum especially when running at maximum capacity.
The big question now is, what is the possible way out, any remedy or a blockchain platform which tends to have the solution to all the challenges in current blockchains?
VELAS: THE REMEDY TO THE CHALLENGES IN CURRENT BLOCKCHAINS
To answer the question previously asked about the remedy to the issues in current blockchains, the remedy comes in the form of a platform known as VELAS.
Just like every other blockchain is created to solve an issue same is with Velas, Velas was created to address and solve the existing issues and challenges faced by most existing blockchains.
As unique as it is, the Velas blockchain platform uses a neural network which is duly optimized by artificial intuition to enhance its consensus algorithm.
What To Know About Velas Which Makes It The Actual Remedy
Since the aim and objective of Velas is to address and fix existing challenges found in most existing blockchains which encompasses scalability, security, and so on; Velas was then created to be a self-learning and self-optimizing blockchain platform where security, interoperability, extremely scalable transactions and smart contracts will reign supreme. In addition, with its neural networks optimized by artificial intuition, Velas enhance its consensus algorithm, thus maintaining decentralization, stability and security.
Like earlier stated, within Velas blockchain is neural networks, which are used to calculate the rewards for nodes’ operators and time of block formation. And also, to showcase its unique nature, thus neural networks are trained, in this case, the genetic algorithm is used during the pre-training period.
Another point worth knowing about the exceptional Velas blockchain is the features which exist within. Owing to the need to tackle the issues of current blockchains, Velas was created to be a fully decentralized blockchain leveraging AI-enhanced Delegated Proof-of-Stake (AIDPOS) consensus algorithm. Thus with the presence of AI, there is an efficient selection of who stakes based on the needs of the blockchain. Also, Velas can create blocks as at when due when which take place every two seconds or every five minutes. In addition, Velas has other amazing features such as higher scalability which scales up to 30,000 Tx/sec, more importantly, Artificial Intuition is used to elect block producers thus removing any iota of inefficiencies.
Much has really being said about Velas neural networks but what actually is it made up of which makes it a core feature of the blockchain? To be frank, the Velas team is really experienced to have come up with an idea such as this. Velas neural networks are made up of many simple "organisms" that eliminates irregularities in the Velas blockchain through 80/20 consensus; the essence of the end result of this, the network works accordingly without issues. Also, with the presence of AI the network is more optimized hence giving the best possible results while reducing the cost of consensus leading to more scalability.
One of the shortcomings of most blockchain platforms is they lack utility or what is most of the times known as a use case, but the same isn't the case with Velas. Velas already have a merchant ecosystem where the native token of the platform is being use for all activities. Also, the Velas team are already working to ensure their merchants authenticate themselves and their products thus selling their products and services on the Velas blockchain. This is anticipated to take place from July 2020.
Nowadays while most platforms is thinking of how to Interoperate between many wallets, Velas is already head-on with it. With its multi-wallet technology, Velas blockchain will allow for the creation of both public and private containers for all tokens which it will support. Also, with this, Velas will be able to generate private keys for cryptocurrencies like Bitcoin, Ethereum, EOS, XRP and Monero.
Velas is a blockchain platform which is built to be a self-learning and optimizing platform. Velas will be secure, interoperable, have extremely scalable transactions and smart contracts while using AI-Operated DPOS (AIDPOS) consensus to secure the blockchain for high volume transactions processings thus being on the path to mass adoption. The good thing about this intelligent AI-operated DPOS consensus algorithm, is that the corruptible human dependencies are removed, thus giving rise to a fault tolerance system preventing 51% attack amongst others.
The Velas blockchain platform is already developed and active with more improvements going on to ensure it is operating at maximum capacity. To add to this fact, the platform's wallets and block explorer are available for download and use; they can be accessed via the links;
a. Web wallet: https://wallet.velas.com/
b. Desktop wallets: https://velas.com/wallets-desktop.html#desktop-wallet
c. Mobile wallet: https://velas.com/coming-soon.html
d. Block explorer: https://explorer.velas.com/
The token of the platform is VLX, it is a utility token with a total supply of 2,080,223,171.
VLX is already listed on several cryptocurrency exchanges and can be accessed via the links;
a. BW: https://www.bw.com/trade/vlx_btc
b. EXMO: https://exmo.com/en/trade/VLX_BTC
c. ZBG: https://www.zbg.com/trade/vlx_btc
d. EXX: https://www.exx.com/tradeCoding/vlx_usdt
e. PROBIT: https://www.probit.kr/app/exchange/VLX-USDT
FOR MORE INFORMATION ABOUT VELAS
a. Blue paper: https://velas.com/VELAS-Blue_Paper.pdf
b. Technical paper: https://velas.com/VELAS-Technical_Paper.pdf
Writer’s Bitcointalk Username: Musekay
Writer’s Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=2070957