Velas Unveils New Wallets and Node Staking for Its AI Network

By Guest Author
August 30, 2019 Updated April 12, 2022
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Smart contracting blockchain Velas Network has taken a major step forward with a brace of new releases. In addition to deploying two new wallets, for web and desktop, the dPoS blockchain has commenced node staking for VLX token holders. The developments leave the Swiss-headquartered startup primely positioned ahead of its alpha launch. The next phase will see projects onboarded to launch dApps, AI products and other applications on the high throughput Velas Network.

Multicurrency Wallet With a Wealth of Features

Velas’ new wallets, for desktop and mobile, share a slew of features, including the same RSA-256-CBC encryption standard and mnemonic and seed phrase recovery. While both wallets are highly secure, the desktop build – available for Windows, MacOS and Linux – has been fortified against web-borne attacks such as phishing and IP spoofing. The web wallet, meanwhile, benefits from a number of additional features that enhance its usability. Chief among these is the ability to transact in multiple cryptocurrencies and to purchase VLX tokens. The token is meant to serve as a medium of exchange, as fuel for deploying smart contracts on the network, and as a discounted means of paying transaction fees within the wallet itself.

Despite benefiting from an experienced head in Alex Alexandrox, who founded in 2013, Velas Network will have its work cut out if it is to gain market share. As Ethereum’s well-documented scaling problems have ramped up, an array of sidechains, layer twos and brand new smart contracting protocols has sprung up. The winners will likely be the solutions that can combine technical excellence with strong network effects. Without forging a strong community of users, developers and partners willing to build upon them, even the most sophisticated of smart contracting protocols can’t be expected to thrive.

Artificial Intelligence Meets Artificial Intuition

AI is an integral part of Velas Network, powering the neural network that trains its consensus algorithm, and serving as the basis for the sort of projects the smart contracting platform hopes to attract. In addition to AI, Velas utilizes artificial intuition, which describes the ability of machines to emulate human consciousness. This intuition comes into play when each node on the Velas blockchain is assigned its own dataset for training purposes. Because each layer learns from the last, block cycles become more efficient and more resistant to attempts to game the system.

Blockchain and AI are two emerging technologies whose fate is frequently now lumped together. While critics of each school are prone to bemoaning the triumph of style over substance, beneath the buzzwords, there are working solutions being deployed that solve real-world problems. For all the hyperbole, there are clear cases where AI and blockchain have a shared purpose. In particular, the growth of the Internet of Things, comprised of sensors and devices situated at the edge of the cloud, will necessitate the sort of real-time processing with low latency that is best solved by AI. Examples of this include the use of driverless cars, whose systems must make sense of vast reams of data as it is received. Should this vision to become a reality, AI-based blockchain networks will have an opportunity to prove their worth.

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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