Velas (VLX) is a self-learning, self-optimizing blockchain platform for secure, interoperable, highly scalable smart contracts and transactions. Velas uses AI-powered DPoS (AIDPoS) consensus to secure the blockchain for high-volume transaction processing without sacrificing decentralization, stability, and security. Through the use of AIDPOS consensus algorithm, potentially damaged human-dependent factors are eliminated, making the system fault tolerant, preventing most major problems like 51 attacks. % and the problem is not so dangerous.
Advances and improvements of VLX
- Completely Decentralized Through AIDPoS
- AI chooses stakers based on blockchain needs
- Velas can only create blocks when requested
- Incredible scalability up to 30,000 transactions/second
- Block Producers Voted by Artificial Intuition
How does Velas work?
Velas uses an innovative, unique consensus mechanism. It is called “Artificial Intuition DPoS” (AIDPOS). The AIDPOS framework is at the core of the Velas blockchain, in which case it is supported by a theoretical process known as “Artificial Intuition”. That is, the technology mentioned above seeks to collect, identify, and evaluate patterns or relationships across all outgoing data sets. This process results in an extremely efficient blockchain operation.
The company claims that it can accommodate up to 30,000 transactions per second by generating blocks only when necessary while keeping the network safe from malicious activities and threats. This equates to one block of speed per second between 1 second and 2 minutes.
Features of VLX
Most blockchain networks only allow a single digital signature when processing transactions. These are usually individuals with access to the respective private key.
The technology ensures that each owner of a particular wallet signs the transaction before the Velas blockchain makes the transfer. This is especially useful in situations where joint accounts need to operate on a no-trust basis.
VLX Advanced Security Controls
However, the VLX development team claims that their native blockchain can handle up to 30,000 transactions per second. They also provide assurance of advanced security methods. Notably, due to the fundamental characteristics of the DPoS algorithm, the network is effectively protected against a fearsome 51% attack.
In fact, for a new block to be marked as valid, Velas requires at least 80% consensus. However, it is not technically impossible. Accessing a new cyclic block with 80% mostly malicious nodes is almost out of the question.
Furthermore, these protective controls ensure that the threat of a repeat attack does not exist.
Using the Velas wallet, users have the ability to support other cryptocurrencies along with the platform’s proprietary tokens. This includes categories like BTC, ETH, XRP, XMR, and EOS. Velas users can generate private key chains from within the wallet, store non-native coins (supported) and can also create multisite backups.
The intended uses of the Velas . blockchain
- Velas is the backbone of the entire ecosystem that will operate, including the exchange, multi-signature wallet, and merchant platform.
- Companies like Mind AI are building on Velas. Developers can integrate AI into projects.
- Companies can tokenize on Velas in a similar way to Ethereum and ERC-20 tokens.
Artificial intuition is a series of algorithms used to identify relationships and patterns in a data set. The network can adjust the inputs to produce the best possible results without redesigning the output criteria. Selected specifications of the Velas system include:
- Transactions per second: > 30000;
- Number of blocks per second: 1 second – 2 minutes (depends on AI calculation algorithm);
The block time depends on the network transmission (TPS). If the network has many transactions per second, the block time will be short. If the network has no transactions, the block time will be longer. In case an empty block is generated, it includes nothing but the block header and no body. The powered AI algorithm will be drawn from historical data of the following:
- The number of nodes of Velas
- Transactions per VelasCycle
- Special offer of VelasCycle
The neural algorithm will optimize the following parameters:
- Velas . node network
- Block size
- Block time
- Increase TPS
Velas .’s AI Application
The purpose of using AI on Velas Platform is to reduce the cost of consensus.
AI framework on Velas Platform:
- Incentivize nodes to reliably be present and active in the network, maximizing relevant scores/rewards.
- Block spam messages about fake transactions, thus increasing the quality of messages and resistance to cyber attacks.
- Forming phase time, thus speeding up TPS and reducing the overall workload of the computer network. In other words, it is about dynamic block generation time along with block generation allocation for nodes with higher computing power during times of high workload.
- Allocate rewards accurately and optimally.
The Velas blockchain platform uses a visually optimized artificial neural network to enhance its consensus algorithm. The purpose of Velas is to solve and overcome the problems and challenges existing with most blockchains today. Neural networks are used to calculate node operators rewards and block formation times. The matrix calculation is placed on the nodes of the network members to receive the reward. Similar to BTC miners, nodes need large computing resources to compute the matrix.
According to AZCoin News
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