Velas Press Release

January 30, 2020, Zug, Switzerland

The developer teams of Web3 Space and Z-Union are joining Velas, the AI-powered blockchain project, to work on research and further development of its core technologies, as well as wider ecosystem applications. This expansion will significantly strengthen the project’s core team, improving and accelerating the research and development process to deliver Velas’ vision in the best and most innovative way.

The move was preliminarily announced in the Velas Community Telegram chat in January 2020:

“Great news on getting some very smart people joining our team. We are humbled and excited to have them agree to join us and help deliver our vision, not just in full but by also adding storage sharing to master odes on the network,” wrote Velas founder Alex Alexandrov.

Among the new Velas developer team members are Andrii Stehno, founder and CTO of Web3 Space and Token0x Platform, and Robert Vasilyev, co-founder and CEO of Z-Union and president of the Artificial Intelligence Development Laboratories Association (AILA). They are also bringing their teams to work on Velas with them.

The new teams will concentrate on сonducting research and experiments that will aid the development of a reputation model for Velas blockchain nodes, based on machine learning technologies and artificial neural networks at a fundamental level. They will also verify hypotheses on ways to achieve mass adoption of blockchain technology.


Additionally, the teams will help deliver the Velas wallet. This will comprise a fully 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 Velas wallet is due to be delivered in the coming weeks.

Velas representatives have declared that the project is receptive to further partnerships and collaborations as they strive for ecosystem building and promoting values that are shared by the whole blockchain and crypto community.

Velas is a next generation self-learning blockchain ecosystem project that implements an AI-powered Delegated Proof-of-Stake (AIDPOS) consensus mechanism for extremely improved scalability, high security and interoperability. Velas Network AG was founded in 2019 in Switzerland by Alex Alexandrov, co-founder and CEO of Canada-based CoinPayments, the leading 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 about making logical conclusions much in the same way as humans do. Mind AI is assisting 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.

Web3 Space is a team of developers, mathematicians and researchers in the cryptocurrency field engaged in identifying the impediments cryptocurrency mass adoption, determination of development options, and providing experimental models. Web3 Space’s product line includes Token0x network tokenization platform; multicurrency wallet;, a scalable cryptocurrency consensus without compromising decentralization, as well as other blockchain-related software. Members of the Web3 Space team often speak at conferences, explaining complex matters to wider audiences, and are also members of various blockchain developer communities.

Z-Union is a team of experts and developers in the field of data science & computer vision, engaged in the application of machine learning and deep learning technologies and their implementation in specific domains for leading companies in the United States, China and Russia. The Z-Union team is accelerating its research and development on the basis of machine intelligence laboratories of the leading technological universities of Russia — MIPT, Skoltech (Skolkovo Institute of Science and Technology), as well as Moscow State University. Z-Union is also the founder of the Artificial Intelligence Development Laboratories Association (ALRII), a partner, resident and participant of a number of technological and economic forums, conferences and contests., 21 November, 2019

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