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Following significant team expansion, Velas is launching its previously announced decentralized, no-backend, multi-platform (including browser extension) multi-currency wallet.

The Velas wallet will be mnemonic-based (all individual coins’ sub-wallets will be based on one mnemonic phrase), lightweight and optimized for third-party integrations. It will utilize smart TX fees that will be calculated based on average price per byte.

The wallet doesn’t require backend and works directly with Velas public nodes. In the future it will also include staking, smart contract builder, decentralized exchange (DEX), and encrypted file storage tool. The wallet will essentially serve as a single window for these and all upcoming services within the Velas ecosystem.

For now, the Velas wallet will be introduced as a web/desktop version. The mobile versions for iOS and Android are coming soon.

News

Velas is a next generation self-learning blockchain ecosystem project that implements an AI-powered Delegated Proof-of-Stake (AIDPOS) consensus mechanism for dramatically improved scalability, high security and interoperability. Velas Network AG was founded in 2019 in Switzerland by Alex Alexandrov, co-founder and CEO of Cayman-based CoinPayments, the number one payment gateway for cryptocurrencies since 2013. In May 2019 Velas partnered with Mind AI, a Korean company that builds a framework for reasoning engines, to educate its AI on making logical conclusions in much in the same way as humans. Mind AI is aiding the process of developing Velas, a self-learning and constantly evolving blockchain which regulates itself according to the amount of various network conditions, traffic, load etc.

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