TECHNICAL FACTS TO KNOW ABOUT VELAS BLOCKCHAIN PLATFORM

zubbykay (39)in #security • 5 years ago

To be sincere who would have thought the crypto space, as well as the blockchain world, will grow to such an extent as today when taking into account what the first blockchain (Bitcoin) passed through. But today we have so many blockchains as well as so many cryptocurrencies each in their own way expanding and bringing fame to the crypto space. Amidst all the growth in the blockchain world, is a blockchain platform known as VELAS.

Today I will be highlighting points, facts and/or features of Velas blockchain which makes it a good platform and worthy of the attention.

Velas is a blockchain platform which uses neural networks solidly optimized by artificial intuition to enhance its consensus algorithm. Just like every other blockchain platforms which have different goals and objectives, for instance, Ethereum blockchain made it possible for new projects to launch easily prior to moving to their own blockchain; thus in the case of Velas, its goal is to address and fix the existing issues and challenges faced by most existing blockchains which include issues such as scalability, stability etc.
As a means to solve the current or ensuring there is always blockchain network maintenance, each AIDPOS node within Velas makes an intellectual contribution by further developing a neural network. The beauty of this is, it takes place without the need for any programming languages by operators of selected nodes.
One might ask, what is AIDPOS? It stands for Artificial Intuition Delegated Proof of Stake (AIDPOS), it is used within Velas blockchain to secure the entire network. In addition, AIDPOS is also built to solve the shortcomings and limitations of alternative consensus options, including that of Bitcoin's Proof-of-Work system, the Proof-of-Stake system of Peercoin and NXT etc.
Since AIDPOS used within Velas plays a very important role, it is worthwhile knowing more about it. As earlier stated the main purpose of using AI on the Velas platform is to reduce the cost of consensus unlike in other systems, owing to this, the AI framework which exists in Velas platform brings about the following;
a. It encourages nodes participants to be readily available and active in the network, hence maximizing relevant rewards.
b. It blocks fake messages about false transactions thereby increasing the quality of messages and the resistance of the network to various attacks.
c. It forms timings of age which accelerates TPS (Transactions Per Second) while reducing the general computational network workload.
d. It correctly, adequately and optimally allocates rewards.
In the blockchain space, there is an issue known as "double-spending", in Velas platform, it is built to adequately prevent such issue via the help of a network which verifies the chain's authenticity.
Owing to the level of expertise within the Velas blockchain and in a bid to prevent the aforementioned issue, the team leverages a protocol known as "Epoch Protocol", which then provides a very good and efficient level of security, allowing blocks to be added to the blockchain within a specific timeframe.
Nowadays, many platforms are coming up with wallets in the form of a multi-cryptocurrency wallet which can support a good number of coins, Velas isn't left out in this case. The Velas blockchain also allows the creation of public and private containers of some sort for all coins which it supports.
In view of that, the Velas platform will generate private keys for cryptocurrencies such as Bitcoin, Ethereum EOS, XRP, Monero etc, hence all associating keys will be created using users private key seed.
Also, to makes it easier for users, all containers for these coins will be restored from the same original seed or private key associated with the Velas wallet at the time of creation. Therefore with this step from Velas, all users will benefit from storing all coins they currently hold securely in Velas wallet and create Multi-Signature backups for coins which do not natively support it.

CONCLUSION

Velas is a unique blockchain platform owing to the type of features which exists within it, with these features Velas results to self-learning and self-optimizing blockchain platform where there are security and extremely scalable transactions. Velas is also interoperable and uses smart contracts just as most blockchain platforms.
In addition, in a bid to enhance its consensus algorithm, Velas blockchain,
uses neural networks already optimized by artificial intuition, through this way there are decentralization, stability and security of the entire blockchain network.

It is good to know that, Velas blockchain is already active and the token of the platform VLX is already listed on cryptocurrency exchanges.
In addition, the various wallets are also available for use.

FOR MORE INFORMATION ABOUT VELAS

Twitter: https://www.twitter.com/VelasBlockchain/

Telegram: https://t.me/velascommunity

Facebook: https://www.facebook.com/velasblockchain/

LinkedIn: https://www.linkedin.com/company/velas-ag

Medium: https://medium.com/@VelasBlockchain

Discord: https://discord.gg/CTcKpPc

GitHub: https://github.com/velas

Platform's Papers;
a. Blue paper: https://velas.com/VELAS-Blue_Paper.pdf

b. Technical paper: https://velas.com/VELAS-Technical_Paper.pdf

Website: https://velas.com/

Nodes: https://velas.com/wallets-desktop.html#nodes