Several unresolved problems inhibit so-called “mass adoption. Cryptocurrencies and blockchain projects should be introduced en masse in various sectors of the economy. But first, the fundamental issues must be solved.
There are problems such as:
- low scalability of decentralized blockchains;
- lack of incentives for participants to develop the network;
- exposure to 51% attack risk and other “problems” of modern blockchain platforms.
Because of this, many have problems with the security of exchanging sand busd and other pairs of cryptocurrencies.
What is Velas
The Velas project offers a unique solution to the problems. VELAS is an acronym for Virtual Autonomous Extended Learning System. The project developers have created a self-learning and self-optimizing blockchain platform.
The key improvements of the Velas blockchain platform;
- Complete decentralization thanks to the AIdpos consensus algorithm.
- AI chooses a stacker based on the need of the blockchain at the moment.
- Velas’ innovative blockchain can only create blocks when needed.
- Velas is highly scalable.
- Block producers are automatically selected by artificial intuition.
- Unique approach.
The architecture of the Velas blockchain platform uses the consensus algorithm (AI)DPos. First, each node generates its own set of data, some of which is already written to the blockchain, some collected locally automatically. Then, a module embedded in each full node reconfigures the blockchain-based on this data. Finally, each blockchain reconfiguration is validated with the signatures of active validators. Only then do the changes take effect at the beginning of a new epoch.
Velas Multicurrency Wallet
Developers from the Velas team have created a desktop functional multicurrency wallet. Users can use it to store and transfer their digital assets and participate in stacking vlx tokens and receiving rewards.
The latest news about the VELAS project
The project team regularly posts progress reports on Twitter and the medium. The latest news is listing VLX tokens on the cryptocurrency exchanges Bitcoin.com and Bittrex. Additional listings will take place soon. The team has already agreed with at least three deals.
Another important news was the announcement of the decentralized storage Vortex. It will become part of the ecosystem and be available through the Velas wallet. The developers do not hurry to reveal details about the future project but promise to release a pre-alpha version in the coming months. A detailed structure of Vela’s ecosystem development can be found on the website.
The developers of the VELAS blockchain project create an innovative self-learning blockchain. It adapts and optimizes for the current demand. My opinion is that the project deserves attention and is worth watching. The growth dynamics of the VLX token are very encouraging. Based on the information received from the team in the last report, many listings on exchanges are expected.
Once the coinpayments system is updated to version 3.0, it will be integrated into the Velas blockchain. It will get liquidity from the most popular payment gateway. It’s will lead to significant growth of the entire VELAS ecosystem.
