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What can you tell us about your project?

Velas AG, headquartered in Switzerland, is a new AI-operated dPoS (delegated proof of stake) blockchain project and an ecosystem on which one can build AI projects, dApps, smart contracts, etc. It is founded by the CEO of the world’s first and biggest altcoin payment processor platform from 2013 – Coinpayments.net – Alex Alexandrov.

The purpose of Velas is to address and fix existing issues and challenges faced by most existing Blockchains, like centralization, 51% attack, nothing at stake problem, scalability, security, high upfront expenses, etc. It does so by using neural networks optimized by artificial intelligence to enhance its consensus algorithm.

What types of services offer?

VELAS is the backbone on which a whole ecosystem will run including crypto exchange, multisignature wallet and merchant platform. Companies such as Mind.AI are already building on the VELAS mainnet. Developers can integrate AI into projects or tokenise assets and use smart contracts for crowdfunding and transactions on the Velas blockchain (the same way as with Ethereum and ERC-20). Velas enables up to 30, 000 transactions per second thanks to AI optimization and Schnorr Signatures. By comparison, the Ethereum blockchain currently supports roughly 15 transactions per second.

Are you targeting the consumer or business market? How does the business model work?

Consumers can use our multi-signature wallet with custody solution launching under Coinpayments brand in July, or they can trade at discount on our fully licenced exchange launching in autumn 2019.

Businesses holding Velas (VLX) tokens can, additionally to previous services, use our payment processing platform Coinpayments.net at discount, by providing integrated crypto payment solutions to their customers.

The Velas token (VLX), which has been issued in limited amount, is the native token for the Velas blockchain, smart contracts, multi-signature wallet and custody solution, payment processing platform and fully licensed crypto exchange. The Velas token will be listed through an IEO (Initial Exchange Offering) and can be eventually purchased by consumers and businesses on the biggest and most popular crypto exchanges, in order to receive the previously mentioned benefits.

What can you tell us about what you have in the pipeline?

In July, Velas (VLX) tokens will be issued and transactions will run on the Velas Blockchain on four masternodes set up by network organizers. Our multisignature wallet and custody solution will also be launched.

By the end of summer, VLX will be publicly listed through a launch of an IEO. By the end of autumn, VELAS will be deployed on 10 masternodes which will test AI through network organizers on four servers.

A fully functional system will be launched by Q4 2020.

What differentiates your project from the competition?

The innovation and results achieved with the implementation of Artificial Intelligence and Artificial Intuition, and the completeness of our ecosystem.

Could you tell us more about your projects achievements so far?

Our payment processing platform has reached 3,000,000 users and merchants over six years, being the first and biggest altcoin payment processor in the world. This customer base is all involved in the whole Velas ecosystem from the beginning.

Could you tell us more about where you see your project in the future?

We see Velas as being the next evolutionary step towards a completely decentralized AI-driven ecosystem.

What are the key elements you want readers to take away from this interview?

AI solves many of the existing problems in the current crypto space.

Irish Tech News, 4 July, 2019

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