The developers of Velas, an artificial intelligence-enhanced delegated proof-of-stake (AIDPoS)-based blockchain network, have identified the main problems in the existing distributed ledger technology (DLT)-enabled software architecture.
According to the Velas team, many of the current blockchain networks are centralized to some degree and scalability remains a challenge for most DLT-powered cryptoasset platforms.
Moreover, block producers – also known as transaction validators – are not always properly incentivized to take actions which would be in the network’s best interests.
Inherent Design Limitations with Existing Blockchains
As mentioned in an official presentation by the Velas management, major digital asset networks such as the Bitcoin (BTC) blockchain have been running at maximum capacity – which has effectively hampered their capacity due to their inherent design limitations.
In order to address these problems that plague the existing DLT-enabled platforms, the Velas development team is building a secure, interoperable and extremely scalable AIDPoS-based blockchain network.
As noted in the company’s presentation materials, the Velas platform is being designed in a manner which would allow it to process high-volume transactions without compromising on decentralization and network security.
Using Artificial Intelligence and Delegated Proof of Stake to Manage Network
When compared to the current blockchain-based networks, the Velas platform is fully decentralized though AI-enhanced DPoS. The innovative protocol design uses AI to select who is eligible for staking. This is arguably an improved and more reliable system for selecting stakers and transaction validators as it takes into account the blockchain network’s present needs or requirements.
As explained by its developers, Velas is an expanding, virtual, autonomous, learning system that creates blocks only when required, which can be every two seconds or every five minutes. Moreover, block producers are assessed by Velas’ built-in AI system and they can potentially build up their reputation over time, so that they may be selected in the future.
“Tremendous Scalability”: 30,000 Transactions per Second
The Velas protocol’s developers claim that their network will offer “tremendous scalability” as it will be able to process around 30,000 transactions per second (TPS).
According to Velas’ management, the AI-powered platform shows “competence without comprehension.” This is achieved by implementing a 100-strong ‘swarm’ of individual neural networks [that] work together” to establish distributed consensus, which is “overseen” by a single “AI entity.”
A “Malleable Blockchain” that Adapts to Meet Changing Network Requirements
As detailed by the Velas team, the blockchain-based protocol is “constantly learning” as swarms “premutate” in the event that consensus is not established. Moreover, the swarms continue to premutate until consensus is reached. At this point, the network “reassess itself.” These unique properties will allow the Velas network to adapt to meet network demands, the platform’s developers explained.
In order to implement a dynamic blockchain network that continually learns, the developers of Velas will reportedly create a complex system that consists of interconnected neural nets. The parameters on these neural nets will be adaptable to cater to specific requirements at any give point in time.
Disclaimer: The Velas project is currently under development and we will release more regarding this project as soon as they are provided to us. This information is not meant to influence any investment related decisions.