The AI-enhanced public blockchain VELAS has been awarded the ‘Blockchain Technology Innovation of the Year’ award at the 6th annual Finwise Cup event that took place this past weekend in Macau.
Velas CEO Alexander Alexandrov, who also founded crypto payments platform CoinPayments in 2013, delivered a keynote speech at the event, entitled “Velas: Enabling Secure, Interoperable, Scalable Transactions with Blockchain”
In the speech, he spoke of how Velas utilizes artificial intuition to improve several key issues that existing blockchain networks face, including high energy consumption, security threats, and a lack of scalability. The groundbreaking technology is able to automate processes on the blockchain that use artificial intuition to constantly revaluate and correct specific parameters in order to ensure the system always runs at optimal efficiency. The Velas blockchain represents the first-ever AI-enhanced, fully decentralized, automated and scalable blockchain network of its kind.
The Future of Distributed Financial Technology
The theme of the 6th annual Finwise Cup was “The Future of Distributed Financial Technology” and focused on new technologies that advanced the field of distributed finance (DeFi). Amongst some of the more high profile guests invited were former White House science and technology consultant Franklin Urteaga, Bitcoin.com chief executive Stefan Rust, cryptocurrency entrepreneur Brock Pierce, and executive director of the Gibraltar Stock Exchange Benjamin Soh.
Award winners are selected via a combined process of online voting and expert evaluation, with some other awards including best blockchain evangelist, global leader in blockchain, best blockchain developer, and best digital asset management platform. In winning the Blockchain Technology Innovation award, Velas was noted as helping to evolve and upgrade the current state of blockchain networks, offering lower upfront and transactional costs than EOS and higher security and scalability than Ethereum. In addition, the Velas blockchain is able to consistently improve itself through machine-learning capabilities, something not previously seen in any blockchain network. The use of AI on the Velas network also removes the threat of human error and helps prevent against common risks like a 51% attack.
The combined benefits of AI and blockchain
In various interviews following the award presentation, Alexandrov expanded on the combined benefits of AI and blockchain found in the Velas blockchain. He explained how its AI neural network can help to eliminate irregularities commonly found in blockchains and help to achieve a massive 30,000 transactions per second. This level of scalability is considerable when compared with the low transaction speeds found on the Bitcoin or Ethereum networks. AI-enhancement also helps to combat problems commonly found with voting in delegated proof-of-stake (DPoS) networks like EOS, in which elected ‘block producers’ (BPs) can collude amongst themselves in order to influence decisions on the network.
In addition to its wealth of AI-enhanced features, the Velas blockchain’s native VLX token benefits from being implemented as the application token in the CoinPayments ecosystem and its 3 million-strong userbase. In addition to CoinPayments, Velas has formed beneficial partnerships with the A.I. development firm Mind AI and pioneering crypto-financial services provider Blockchain Suisse.