Recap AMA Marcus Crypto x Velas
19:30PM (UTC+7) Saturday 12 December 2020
AMA have 3 parts:
💧1. Introduction
💧2. Answer question on Google form
💧3. Live ask
About Velas:
VELAS Network AG headquartered in Crypto Valley Zug, Switzerland is the first AI-operated DPoS blockchain and ecosystem, that allows to build dApps and smart contracts on its main-net, and solves the blockchain trilemma of scalability, security and decentralisation with the help of Artificial Intuition layer on its consensus.
Through the use of intelligent AI-operated DPOS consensus algorithm, corruptible human dependencies are removed resulting in a fault tolerance system preventing most major issues like the 51% attack and nothing-at-stake problem.
PART 1: Introduction
Host:
1. Can you give us a brief introduction of Velas?
Roman Cherednik – CTO at VELAS Community:
Velas is the widescale ecosystem of decentralized products built on top of an innovative AI-powered blockchain platform. We build our technology with a focus on scalability, security, and decentralization to solve ubiquitous blockchain trilemma.
We have two development directions – Products and the layer of the Velas Blockchain. These two unite into the Velas Ecosystem.
Velas Blockchain is designed to be fast, convenient and reliable, this is why we build it to be AI-powered, capable to handle more than 50k transactions a second, operating on low-fees and compatible with EVM/Solidity stack. Additionally, it comes with Velas Vault technology that enables nearly free and instant transfers of tokenized bitcoin, ether and other assets in a decentralized way.
Besides the layer of Velas Blockchain, we build BitOrbit – decentralized social media platform for chatting and sharing various types of content: images, audio, and video. BitOrbit is run on top and powered by the Velas Blockchain. Since censorship on centralized platforms sometimes is not transparent and questionable nowadays, we want to give all authority of content moderation and labeling into the hands of the community.
Host:
Thank you! Next question.
2. Can you tell us about your wallet, is it different compared to the other wallets?
Roman Cherednik – CTO at VELAS Community:
our BitOrbit Wallet will have almost nothing in common with today’s cryptocurrency wallets which are not user friendly and overloaded. The BitOrbit Wallet will allow user to login without a password to any ecosystem app with just one tap – by using biometrics on the user’s phone. Users will be able to operate with many crypto and fiat currencies thanks to the Velas integration with CoinPayments, where users can buy or exchange 1800+ crypto and 25+ fiat currencies.
Host:
Last question for part 1:
3. What is your roadmap for the next couple of quarters?
Roman Cherednik – CTO at VELAS Community:
We are releasing our new website in the next few hours which will present a whole new concept that unites all the things we build and rethought recently. In a nutshell, in December we will release our next-gen blockchain into open source. In Q1 we will present the early version of BitOrbit. In Q2 the community will get to see Velas Vault in action with fast and cheap tokenized bitcoin transfers between Velas Accounts. This will be only the beginning of a long list of exciting things that Velas has planned for this world.
PART 2: . Answer 5 questions on google form
1. @Prettyboy7
Can anonymous transactions be performed on the Velas network to hide transaction details to help protect the confidentiality of user information and tokens?
Roman Cherednik – CTO at VELAS Community:
This is actually the thing we are currently working on to add privacy into value transfers between BitOrbit Accounts and their actions on the platform. This will work on top of the base protocol layer, similar to the way TornadoCash or Zether work.
2. @dailygameee
Most DeFi projects get their yield from the platforms found in the Ethereum network. How do you get Yield on #VELAS Finance if you are in Velas blockchain? Do you have any interconnection with the different blockchains?
Roman Cherednik – CTO at VELAS Community:
Velas does not participate in DeFi directly, but acts as a platform for other projects that run on Velas. These projects can leverage the Velas technology components that bring possibilities to the next level, including DeFi. A good example is Symblox project that recently launched on Velas and now enjoys high transaction confirmation speed and throughput. They also have bridges to the Ethereum network so users can swap Ether, USDT and other assets in to their app.
3. @Loversss10
The security is the priority, what can the Velas platform guarantee or promise in terms of the security and privacy of its users? Also your smart contract was audited?
Roman Cherednik – CTO at VELAS Community:
We do not practice any guarantee approach as it is a phenomenon of our centralized past. On the contrary, we operate in a classic fashion of open source development where people can see the source code and make sure it does what it supposed to do per their expectation and measure the risks. From our side, yes we do sponsor bug bounties, hackathons, and periodic audits that collectively help us make our solution more reliable.
4. @ngocduong0503
What is the utility of $ VLX tokens ? What does determine the value/price for it, is there anything within your ecosystem that increases the demand for the $ VLX? Such as Coin Burn / BuyBack system or any Token Burn plan to increase the value of Token & attract Investors towards Stake to invest?
Roman Cherednik – CTO at VELAS Community:
Our VLX tokenomy is basically concentrated around these things:
– Users can stake VLX in order to contribute to the overall network security by selecting credible master nodes and getting rewards for that contribution.
– VLX is used to pay transaction fees.
– VLX will be the main utility token to power the products the Velas team will build on top of the chain.
5. @Rosane1a8
How can we use VELAS artificial intelligence for, would you explain us some use cases?
Roman Cherednik – CTO at VELAS Community:
This is something that our validators will benefit from. Artificial Intuition will be used to empower DPoS consensus mechanism and will be able to change network parameters dynamically. This is essential to let the network adapt to unusual circumstances and prevent various attacks. AI will continuously collect data from validator nodes to understand what is happening within the network. In case if some malicious or unusual activity appears, AI will recommend changing the values of those parameters which will make the network more secure, stable, faster, or whatever is needed at that moment in time.
PART 3: Free asking
1. @Giniwhite
Question: “ #VELAS has been widely billed as a potential major competitor to Bitcoin and Ethereum, even it’s named in top 50 blockchains. What are the key tools to achieve that position and what strategy will you apply to maintain it? How will Velas keep competitive?”
Roman Cherednik – CTO at VELAS Community:
At Velas, we believe in unity. Ethereum network has its benefits for sure. That is why Velas is going to complement it with the features that Ethereum does not provide, such as 50k+ transactions per second. On top of that users will be able to transact bitcoin, ether, and other assets on Velaschain much faster and almost at no cost. This way Velas will solve the problem of other chains that are costly and slow while adding unique features on top.
2. @Vengolina
Question: “Velas want to participate in many fields of the future. Is there any technology or solid basis for you to fulfill Velas mission in so many fields.?”
Roman Cherednik – CTO at VELAS Community:
Velaschain basically offers the highest speed of 50k+ transactions per second that is known today in the blockchain space. We also offer EVM/Solidity support, so existing apps can easily run on Velas. On top of these, we will offer Velas Vault technology that allows managing digital keys in a decentralized manner, which in turn will open up unlimited possibilities of fast and low-fee bitcoin and ether transfers between Velas accounts.
3.@dangjusticeq
Question: “How does Velas make your project easy to use and what kind of audience is it aimed at? How it encourages mass adoption.”
Roman Cherednik – CTO at VELAS Community:
Besides the technical aspect, our teams focus a lot on user experience. The product that runs on Velas will be able to leverage Velas Account technology that enables one-click sign-ins and one-click payments. We expect these two aspects to drastically simplify the experience of an average user dealing with a blockchain app, so eventually, people will not spot a difference compared to the experience they have with centralized platforms. So we have a really good position to achieve a high level of adoption.
4. @Mambotipl
Question: “How does Velas evaluate the importance of the user community? In the near future, does Velas have any special plans to attract and expand the community ?”
Roman Cherednik – CTO at VELAS Community:
It is a very good question as we belive the global and diverse community is a must in any project based on decentralization.
We at Velas put a huge focus on our community and work hard to make it as wide as possible, because no decentralization is ever possible without a community being Global!
These are our current hot spots across the world:
🌐 Global: https://t.me/velascommunity
Indonesian: https://t.me/VelasIndonesiaOfficial
Vietnamese: https://t.me/VelasVietnamOfficial
Indian: https://t.me/velasindia
Korean: https://t.me/velaskorea
Spanish: https://t.me/ComunidadVelasEspanol
African: https://t.me/velasafrica
Chinese: https://t.me/Velaschinaofficial
Russian: https://t.me/velasrussia
Arabic: https://t.me/velasarabic
Phillipines: https://t.me/velasphilippinesofficial
Turkey: https://t.me/velasturkey
and this is just the beginning! So we do have plans on expanding it further, stay tuned!
5. @btcltcrich
Question: “Velas recently partnered with Travala. From this partnership, what benefits will Velas get? And in the future, will we add more partnerships?”
Roman Cherednik – CTO at VELAS Community:
Yes, it is easier to change the world if you are not alone, so Velas is actively working on expanding its network of partners. And the recent partnership with Travala is a great example that brings closer the adoption of crypto. Now, anyone that books a hotel, flight, or travel can use VLX to save a significant portion of their travel budget. This is very exciting news!
AMA Marcus Crypto x Velas Event Winners:
Google form segment:
1. @Prettyboy7
2. @dailygameee
3. @Loversss10
4. @ngocduong0503
5. @Rosane1a8
Live asking segment:
1. @Giniwhite
2. @Vengolina
3. @dangjusticeq
4. @Mambotipl
5. @btcltcrich
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