Posted 2 years ago | by Ben Armstrong
Velas Announces New Partnership After Making it to the Top 100 Amid Correction
Velas, the self-learning and self-upgrading blockchain, has recently made it to the top 100 as it announces new partnerships and the launch of its new hardware crypto wallet
To learn more about the project’s recent performance, BitBoy’s predictions for VLX, and the new hardware wallet the company will be launching, make sure to watch the latest youtube video:
Velas is Harvesting the Power of Artificial Intelligence by Applying it to Blockchain
Velas is a project with incredible potential in the crypto space that also has deep roots due to being tied to one of the biggest names in the space and former CEO of Coinpayments: Alex Alexandrov.
Mr. Alexandrov stepped down from the position at Coinpayments to put all of his focus in Velas, as he is one of the founders of the project.
Velas (Virtual Expanding Learning Autonomous System) is a self-learning blockchain network that has the potential to upgrade itself by using training data obtained from blocks in the chain with a training genetic algorithm.
The network can process up to 30k transactions per second by using an Artificial Intuition Delegated Proof of Stake (AIDPOS) consensus algorithm to improve the security, interoperability, and scalability of the blockchain.
Velas uses neural networks to train its Artificial Intelligence Engine and enable it to enhance the network’s consensus algorithm based on the current states of the nodes and information at its disposal at any given time, without the need for human intervention.
This provides the added advantage of further increasing the decentralization of the platform as less human intervention is needed for the upgrade and maintenance of the platform, although a team does oversight the AI’s performance.
Velas Performance has been Hot and Cold
Velas uses the VLX token to power itself by using it as fuel to create and execute the native smart contracts and pay for transactions in the network resulting from user interactions.
The project saw a slow start below the top 200 tokens for a long time due to CoinMarketCap’s methodology when grading the trust of projects based criteria like price, volume, supply, market capitalization, ranking, liquidity score, web traffic, and confidence indicators.
When Velas fixed the issues preventing it from getting in the top 100, it was already going on a correction that is still ongoing after its sudden rank gain which seems to be caused by the use of the old “Buy the Rumor, Sell the News” strategy.
As soon as Velas made it to the top 100, its value started increasing for a while, and then there was suddenly a drop as people sold their tokens to obtain small gains, which is a trend seen in every cryptocurrency at some point.
As most projects with potential often do, VLX seems to have long term potential which requires investors to hold it, which is always the favorite strategy at a time when crypto and blockchain projects are booming.
BC Vault and Velas Partner to Provide VLX Holders with a new Hardware Wallet
Velas recently announced a brand new hardware wallet which offers multiple features that are sure to be perfect for most crypto enthusiast.
The new wallet will be the result of a partnership with BC vault, a trusted crypto hardware wallet producer, which provides high-grade protection with staking functionality to VLX token holders.
BC Vault’s COO Dmitry Fedetov tweeted sharing his excitement about the collaborative effort by stating that the company was "thrilled to kick-off partnership with Velas and look forward to providing guaranteed security to Velas's asset holders in power combo with full chain support”.
BC Vault offers next-generation hardware wallets for cold storage with built-in crypto exchange capabilities and full support of the Velas blockchain, which should help users as Velas will be adding a feature to allow the exchange of cryptocurrencies natively.
BC Vault has some of of the most secure wallets out there due to its ultra-secure protocols that have to ensure one has never been hacked since the foundation of the company due to its approach to encrypted private keys and its state-of-the-art storage solutions
This partnership and the announcement of the exchange feature seem to spell big changes and additions for the Velas Ecosystem beyond the staking feature for VLX token holders
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