Intro
Velas is a blockchain project which uses AI to enhance it's functionality. Many blockchain projects are trying to integrate AI(Artificial Intelligence) with there blockchain. If successful it will provide immense use cases.
Many projects just use this buzzword to just get attention of investors and get funding as there is hype of AI based startups hence investors needs to be very cautious and check team's experience before loosening there purse for any such projects. It's been noticed that most of the so called AI projects don't use AI at all but yes there is significant progress going on this space and if we find any good project with solid team we must have a look on it. So let's discuss Velas, which looks a promising project.
AI use in Velas Blockchain
Velas blockchain uses AI-enhanced DPOS (AIDPOS) consensus for high volume transactions processing that reportedly does not come at the expense of decentralization and security.
In Velas blockchain each node forms its own dataset (training sample) from the blockchain data. From this data, a layered training of the genetic algorithm occurs and each additional layer learns from the preceding layer, according to the principle of an autoencoder. After the pre-training, the backpropagation method is applied to tighten the weights to a minimum. The network must be trained before the next block cycle.
Mind.ai partner of Velas is a startup working in research on AI and it's use cases. There internationally patented engine converts natural language into its own novel data structures, canonicals, to perform human-like reasoning.
Mind.ai main network will launch in Velas blockchain somewhere in Q3 2020.
Velas Team
Velas team is very solid as it's founder Alex Alexandrov already made a successful crypto project coinpayments.net in past which helps to accept crypto payments through most popular e-commerce solutions like shopify, woocommerce etc.
It's CTO Andrey Stehno also have a vast experience in development and has worked in Token0x and cardsaround.
You can get more details and get more updates by joining the Velas community in telegram below.
Price
Though price is not always the good metric we can judge a project in long term but nonetheless traders and investors do want to have indication of the buzz about the project.
At current price Velas has given a 200% return to it's earliest investors. Also at current low market cap it has much room to grow. It is one of the coin to look out for in low cap , it may prove out to be a gem if it delivers it's roadmap as there are not many AI powered blockchain crypto projects in the space.
Similar projects like Velas
We have very less known crypto projects in AI integrated blockchains but yes there are some projects and one that come to my mind is Fetch.ai.
Fetch.ai says it's blockchain will have many use cases like-
- Smart parking & congestion solution
- Commodity exchange & decentralized finance
- Smart eMobility & Electric Vehicle Infrastructure
- Energy
- Smart Cities
- Thermometer Agents
Velas : Benefits of AI integrated blockchains
- They can train and change themselves according to data and situation whereas normal blockchains work on fixed algorithm and can't change due to changing situations
- Can help in regulating fees, speed and checking attacks
- Help in automating many processes removing human intervention making process more efficient and cheaper
- IOT devices , use in Drones and gadgets
- Medical and Scientific research
Many other use cases are possible, it's just tip of iceberg ,once this technology matures we will see innumerous new use cases.
Conclusion
Velas is a next generation blockchain which if succeeds will improve the current blockchain systems manifolds. As AI is a highly experimental technology , there is a chance of failure and also it may happen that AI is just used as a buzzword as most of the AI projects being accused of in past. Nevertheless Velas looks to be a great project as it has delivered on it's roadmap till now and it will go fully functional with full AI capabilities next year.
You can definitely have this promising AI crypto project on your radar.
Disclaimer : This article is not an investment advice. Kindly do your own research before investing in any project.