Velas says substantial hurdles are holding the industry back. Many blockchains are centralized to some extent, and scalability is an ongoing concern that has yet to be addressed adequately. Although still relatively in their infancy, major networks such as Bitcoin and Ethereum are already running at maximum capacity — hampering efficiency and increasing costs. And, to compound the problem, Velas claims block producers are not always incentivized to work in the network’s best interests.
In what is being described as an “evolutionary leap” for blockchain, Velas says it builds upon established technology gradually introduced through Bitcoin, Ethereum and EOS — blockchains, smart contracts and reliable scalability — and adds something they cannot provide: artificial intelligence.
Velas (which stands for Virtual Expanding Learning Autonomous System) says it enables developers to integrate AI into their projects. Its ecosystem allows enterprises to tokenize for crowdfunding purposes, just like ERC-20 tokens seen on the Ethereum network. The company also says that its community will benefit from an existing user base of 3 million merchants and buyers as a result of a coin swap.
Building already underway
Organizations are already using Velas technology to build their products. One of the most prominent examples is Mind.AI, which is vying to create the world’s most sophisticated natural language-based reasoning engine. Whereas current AI systems are unable to think for themselves or explain their behavior, the company wants its infrastructure to think logically and in real time — “employing natural language processing skills such as reading and writing.”
Velas and Mind.AI say they have a shared vision for the future of artificial intelligence. Indeed, artificial intuition also forms a prominent part of the crypto startup’s offering. The company’s self-learning blockchain differs from rivals, constantly evolves, and only creates a new block when required. During busy periods, this could be every few seconds, or if it’s quieter, every few minutes. Artificial intuition also means that the size of these blocks can be adjusted to match the network’s needs. This flexibility is described as the silver bullet that can solve the “trilemma” facing public blockchains right now: scalability, decentralization and security.
According to Velas, its platform’s AI framework motivates nodes to be reliably present and active in the network, and simultaneously blocks messages about false transactions to increase the quality of messages and build resistance to attacks.
Velas has set out the vision for its ecosystem in five stages. The pre-alpha stage began in July 2019 — with the team creating the blockchain system structure and enabling tokens or custom digital assets to be created. Work also began to enable all CoinPaymentsCoins to be swapped on a 1:1 basis with VLX tokens. As a result, Velas says “anyone with a storefront on the web will be able to sell their products and services on the Velas blockchain.”
The alpha stage will follow in November 2019, creating a stable system and deploying Velas on 10 nodes. Multiwallet containers will also be introduced with public and private functions. March 2020 will see the beta stage commence — adding AI test nodes and further expanding support for leading cryptocurrencies in the multiwallet container system. Full decentralization will be achieved by July 2020, when the release candidate emerges in the fourth stage. Finally, a fully functional system is scheduled to launch in November 2020.
VLX tokens are going to be listed on their first exchanges in the beginning of September this year, and this launch will coincide with the launch of wallets for the desktop and web.