Velas x BW.com AMA Transcript
The Questions & Answers / Ask-me-anything session with Velas founder & CEO Alex Alexandrov and Velas team members was conducted on April 10th, 2020 on BW.com exchange’s official telegram group.
Velas Network AG is an ecosystem startup based in Switzerland. It was founded in 2019 by Canadian citizen Alex Alexandrov, a prominent blockchain and crypto entrepreneur, and investor. He is also a founder of CoinPayments — world’s #1 payment gateway for cryptocurrencies; advisor and investor of Mind AI — a known Korean AI startup. Alex is consulting the FBI, Europol and several national governments on technology, cybersecurity, blockchain, and AI implementation.
Cathy (BW.com host):
We have a lot of questions from our community. So the first question: VLX has been out for a while, but some of our BW community members still know nothing about it. So I would like to ask Alex to introduce it first.
AAA (Alex Alexandrov — Velas founder & CEO):
With pleasure! Velas is a Virtual Expanding Learning Autonomous System or VELAS and VLX for short. This is an attempt of combining Artificial Intuition and blockchain. We are now in stage 2 of the project and launching smart contracts using Ethereum’s Solidity — standard smart contract language as it was most requested by devs. We also announced a resource sharing service VELASPHERE where GPU, CPU and DISK STORAGE can be shared on the Velas ecosystem and used to create decentralized internet.
We are also adding a decentralized social media platform to Velas wallet and would like to see everyone become a VELONIAN — a Velas citizen!
All the above-mentioned features will be available right in the Velas wallet — web, desktop and mobile. The idea is to create a wallet where you can upload files, make public profiles, search for dApps, watch videos and pictures and listen to the music. You’ll be able to chat with friends and share your life with other VELONIANS in full privacy and security provided by a decentralized system with AI.
All this is now ready and will be deployed during the weeks to come.
Also, we have a decentralized staking pool for those who want to stake right from the Velas wallet and keep their private keys. Also, partners like BW exchange will offer to stake with bonuses for those who’d rather use a trusted partner.
Cathy (BW.com host):
There are a lot of cool things about Velas. Let me ask my second question: What technology did VLX break through? What is its core? Did you encounter any difficulties during the breakthrough?
AAA (Velas founder & CEO):
Current Velas v2 had to innovate consensus model by creating a blockchain with consensus being a smart contract versus the traditional model of it being hard coded.
This allows our AI to analyse all data points in the network and over time suggest improvements via vote in the wallet, changing this smart contract and consensus of the blockchain as a result. This enables Velas to continuously improve itself at the core and over time as AI is being trusted, more people can choose to auto-agree to its suggestions and it will evolve even faster.
We also created a reputation layer which will allow better relationships between AI and the resource sharing nodes on the Velas network over time.
This is a revolution as it’s a brand new way of keeping network participants scored, which will allow AI to protect the network in case of an attack by restricting functions to reputable participants of the network only, those who earned their reputation over time. This will make cheating and other malicious behaviour impossible and allow the network to prevent attacks and defend itself like a living organism.
Cathy (BW.com host):
Thanks, Alex. it is really awesome! So can you share with us what decisive moments VLX has in the development process to make such a high-quality project?
AAA (Velas founder & CEO):
Absolutely! We have Z-Union join our team, they are leaders in AI development in Russia and advisors to the Artificial Intelligence Development Laboratories Association. We are excited to start deploying AI in the upcoming month once we reach full swap and release VELASPHERE.
This project is gaining a lot of interest from very competent developers and we are excited to have them join our global team.
Cathy (BW.com host):
My next question to the Velas team. How did Velas come up with the unique concept of implementing Artificial Intuition in the Velas ecosystem? What are the advantages that Artificial Intuition brings for Velas as well as its loyal users?
Andrii Stehno (Velas CTO):
AI will watch the blockchain lifecycle and propose consensus changes.
AAA (Velas founder & CEO):
The idea came from playing video games and realizing AI playing chess or VR table tennis can’t be beaten by humans anymore. At the same time, blockchains are constantly under attack, nothing-at-stake problem and 51% attack or in case of hashgraph 2/3 of the network have to be honest in order for it to work.
The idea was to use AI in order to protect the network live at all times. People are generally slower than machines and cannot be awake 24/7.
The main advantage of AI in the blockchain is the speed of response to trouble and detecting anomalies. Faster you can tell something is wrong faster it can go into defense mode, less likely an attacker will have a chance to cause any issues. This way we can have a very fast blockchain speed and not compromise security or decentralization.
BW.com community question:
I want to see VLX for $1. Have any ideas to grow?
Evguen Repetko (Velas Marketing Director of Europe):
Velas is here not to speculate on the future coin price but rather adding value to the ecosystem, as well as its products and services. Once those grow, the price will follow.
BW.com community question:
Will Velas also improve the automobile industry, maybe also work together with companies such as Tesla?
AAA (Velas founder & CEO):
At some point very possible, yes.
BW.com community question:
One day we will shop with VLX. Is it a dream, Alex?
AAA (Velas founder & CEO):
100%
Cathy (BW.com host):
Excellent. In the current global coronavirus crisis, some say blockchain+AI can help battle it. What’s your reading about it?
Evguen Repetko (Velas Marketing Director of Europe):
Just recently we’ve published an article on this on the Velas website. You can go to the website and check the NEWS section.
BW.com community question:
The issue that is currently on everyone’s lips is that of the COVID-19 pandemic, which has affected the world economy, this was reflected even in the sharp drop in BTC. How has this situation affected the VELAS project? Have they had to cancel face-to-face events and paralyze their schedule? What plans do you have to overcome or recover what is lost once we manage to get out of this pandemic, Alex Aleksandrov?
AAA (Velas founder & CEO):
We always work from home, and now we have more time less travel so for our project it’s been oddly positive. We, however, want to dedicate some GPU power in VELAPSHERE to help look for a cure of COVID-19 when it’s launched.
I am not worried about crypto prices right now. As Tether USD just added 2 billion new coins so I believe we will see a massive spike in all crypto prices very soon as BTC will halve in 35 days. All coins will follow.
So no worries just pick good projects and wait :)
BW.com community question:
Most investors only focus on the price of the token in the short term instead of the real value of the project. Can Velas tell me the benefits of long-term investors?
Andrii Stehno (Velas CTO):
From a developer’s point of view, the Velas ecosystem supports the developer’s way of thinking and is going to provide a great API for dApp devs. Not just smart contracts but also a distributed network of decentralized storage, CPU and GPU power for various use cases.
Also, we are creating an API for developers to integrate Velas with third-party apps.
AAA (Velas founder & CEO):
We are creating ways where everyone can earn in the ecosystem by contributing, by dedicating the free resources of your home computer or laptop.
And this will enable things like decentralized YouTube, SoundCloud or Spotify, file storage and social media like a decentralized Facebook which has privacy in mind, a private chat you can trust since all of these won’t be controlled by any centralized authority.
BW.com community question:
How to attract more users to want to use Velas products if the user has no experience at all?
AAA (Velas founder & CEO):
Tell them to use it as a multi-coin wallet. They will find out the rest in the process.
Andrii Stehno (Velas CTO):
We work on UX. To simplify it for the regular user
BW.com community question:
What’re the Algorithms which are used by Velas for fast and scalable transactions?
Andrii Stehno (Velas CTO):
In the current version of the Velas blockchain, we use our version of DPoS and Gossip. But we are currently building a monitoring tool which will be able to feed the network information to the self-learning AI that will make decisions on how to optimize the Velas network and increase the performance on the go without losing security and decentralization. So consider it as a dynamic consensus algorithm.
Cathy (BW.com host):
VLX is going to launch the trading competition on BW tomorrow. It is said that the prizes are extremely exciting. Can you introduce them in advance? Has VLX been so generous in giving back to users?
AAA (Velas founder & CEO):
Yes, all the information on the VLX trading competition and the prizes could be found right here. This is something we look forward to from our side too.
We want more people to get excited about Velas and what we spend so much of our time building and working on. This is not just work for us but what we love. And I, for one, am putting my whole energy and free time into this project from day one.
After building a very successful company called CoinPayments, which is now evaluated at $500 million, I have stepped down as CEO and now focus all my time on Velas.
I believe we will be in the top 10 coins this year so trading our coin makes sense short and long term as we are not going to stop working on this and delivering amazing results and news. I know how to build a successful business and I am blessed to have an amazing team in Velas I truly believe in.
Cathy (BW.com host):
There has been a lot of news and movement on VLX recently. Just now — the trading competition. I see staking as well. I see you have one of the highest annualized rewards for staking in the industry, what are the different possibilities?
Evguen Repetko (Velas Marketing Director of Europe):
For now, we have masternode staking for large holders where you can raise your own Velas masternode and stake 1 million VLX or more. We also offer pool staking (delegate stake) for smaller holders.
For your convenience, both staking options are now available right from the new Velas wallet! Completely decentralized and trustless way to stake your VLX. This way you keep your coins and control your staked funds with your own private keys at all times. You can also opt for trusted third-party staking like BW and more to come soon.
Also, you will be able to stake your free hardware resources in the VELAPSHERE service. It will be launched soon in the Velas wallet as well, so you’ll be able to earn VLX by sharing your CPU, GPU power and free disk space to the ecosystem. At the same time, other users and developers will be able to rent those decentralized resources for their own purposes. First, it will be AI-related things and then even more.
AAA (Velas founder & CEO):
We want to get Velas into as many hands as possible. As you know I started with nothing in 2011 and discovered Bitcoin, then Litecoin in early days and helped make those projects into what they are today by building businesses around them. First Coincable that helped early Bitcoin and Litecoin miners. Then CoinPayments. All because I got in early and helped out I made my wealth by contributing to the ecosystem. I want all VELONIANS to do the same now, get in our project early, find a way to build around it and grow it. And in a few years, you will be telling your own story of success!
Think of everyone you tell about Velas as a person you are giving a chance to change their life forever. Like I did when I told people about Bitcoin and Litecoin back in 2012. It’s no different to what I am saying now. And also, believe it or not, most people didn’t listen back then. I hope now they will :)
Cathy (BW.com host):
What are the benefits of staking VLX as opposed to other high-staking reward projects?
AAA (Velas founder & CEO):
Staking VLX is revolutionary as you can do it in your own wallet with very high yield and AI will adjust it so it’s always fair. Also when you stake in Velas wallet you NEVER give up your private keys and can choose to run your own node or dedicate your stake to other well run nodes which helps them get more reputation, while you still have control over your private keys and earn exactly same percentage of newly-minted VLX — this is very revolutionary.
BW.com community question:
In the future, do you think Velas will become the world’s largest cryptocurrency exchange? And if so, what will make you overcome your competitors in this market?
AAA (Velas founder & CEO):
I really do think we will be the biggest as we will add containers allowing all other crypto coins to securely live inside the Velas ecosystem.
BW.com community question:
Can you share with us some of the future plans, such as the marketing development plan and recent activity plan for the Velas team?
Evguen Repetko (Velas Marketing Director of Europe):
We are now publishing monthly Velas Ecosystem Reports and regular Tech Updates in our social media channels. For instance, Ecosystem Report #002 was published yesterday. Check it out now and come back regularly for more exciting news and announcements.
BW.com community question:
You organized an AMA session very rewarding and received a lot of questions related to utilities and technology, future vision etc. So now I want to ask what do you want to receive from the community?
AAA (Velas founder & CEO):
I want to receive support and long-term holders. But mainly when VELASPHERE is launched I want everyone to add spare PC resources to the network so our AI can learn. And you can earn at the same time. So it’s a win-win.
BW.com community question:
Could you give me 2 or 3 key points to convince me and other angel investors to invest in Velas for the long term?
AAA (Velas founder & CEO):
There are no good projects in 2020 that can compare to what Velas is doing as you can see from our media coverage and constant updates.
We are first to release working multi-coin wallet, and decentralized pool node staking and AI to protect the network. Also, all dApp builders will love us as we can simultaneously provide distributed storage and CPU/GPU power via VELASPHERE.
And for regular users: they will use Velas multi-currency wallet as secure and decentralized cloud storage for their private files. You can back up your picture music and video and share it with friends and family or publicly. The choice is yours. And even earn if it goes viral.
This will cause mainstream people to come to Velas services, as YouTube is really making people angry lately by deleting their videos and changing how the content creators and artists get paid.
Velas isn’t a centralized entity like YouTube, Facebook or Twitter who sell your data to earn their billions and on top of that censor your content. Velas is a decentralized ecosystem with no central party to control your files of content or what you do. You control your stuff in Velas! We just provide the framework with the help of the whole community.
BW.com community question:
What are the biggest challenges of building a product and functional user experience for crypto users? What are the biggest obstacles for the mainstream adoption of crypto?
Andrii Stehno (Velas CTO):
Crypto has its limits, but regular users do not want to know about them. They want to use it as a payment method without any delays and special knowledge. So the main challenge is to meet those expectations without sacrificing what crypto has to offer in contrast to the classical financial system: decentralization, censorship resistance, permissionless and trustless operation.
Cathy (BW.com host):
For those in China, mobile wallets are the most popular way to hold their coins. Does Velas have a mobile wallet? If so, what are its features? If not, is there a plan to develop one?
AAA (Velas founder & CEO):
Yes, so our mobile wallet is going to be the MOST SECURE mobile wallet ever released and will support many other coins. I suggest when it comes out in April 2020 (this month!) please switch to it! Any coins you hold move them to the Velas wallet when it comes to keeping yourself safe.
And always back up your seed 12 words! Split it into two paper pieces (6 words on each) and keep in different places. So if anyone will come looking and find one paper it’s only half. This way they can’t steal your coins ever.
Also, the Velas wallet will have a very cool new function I really wanted to emphasize. Some may find it funny but it adds security. You will be able to have a pin in emojis, so you can use numbers letters and 🤪😘🥰🤣 to log in to the wallet which will make it fun plus even harder to guess.
Cathy (BW.com host):
My last question is: What impact will the halving have on the price of Bitcoin and what range do you think it will hit this year?
AAA (Velas founder & CEO):
I think we will see Bitcoin at $50K this year and very possibly $100K in early 2021. This will have a massive impact on all of the digital economy as the world is all sitting at home and watching this event. I think all companies in the space will benefit.
I really want to see everyone rewarded for waiting out the Crypto Winter. I do believe the Crypto Spring is here already and we are about to enter the golden Crypto Summer!
BW.com community question:
On moving forward through your roadmap, what are your most important next priorities? Does the Velas team have enough fundamentalи (funds, community, etc) to achieve those milestones?
AAA (Velas founder & CEO):
Great question! Our main priority now is to deploy smart contracts and share API and documentation to start onboarding dApps developers and projects who want to build on Velas.
While launching decentralized pool staking video tutorials and VELASPHERE so everyone can start using VELASDRIVE instead of Google Drive and keep their data safe, private and decentralized. Also social media in order to start getting more VELONIAN citizens in the ecosystem.
As most of this is already 80% done we are doing testing and optimizing it now. As we just launched v2 and it’s been one week you will be amazed at what you will see with each week.
We do believe we have enough funding to get this done and a team that is more than capable.
Cathy (BW.com host):
Thank you Alex! The last question that got picked on the spot from a user is below: How will Velas empower Investors, companies, developers, platform users to deliver impactful solutions and bring value to people all over the world?
AAA (Velas founder & CEO):
Another great question. We will provide the tools for people to take their digital life back. Velas is not just a coin, we are an ECOSYSTEM where your whole digital life can be protected.
Companies will use it to build new services where user data is safe and for them, it’s cheaper to access resources than Amazon AWS or other commercial hosting solutions while paying in VLX directly to our users who provide these resources with no middlemen.
Also when VELONIAN influencers post their content, it will neither be filtered or censored, nor anyone will take a share from what they earn. All incentives will go to them directly as it should be, as your data belongs to you.
AAA (Velas founder & CEO):
Thank you so much, everyone! It’s been a great pleasure for me to chat with you! It is now time for me to start Friday workday here as we are at 7:15 AM here.
Please find me and our team in the Velas Community telegram chat, as well as keep track of our other social media channels. Those interested in technical questions, masternode stakers, potential and existing Velas ecosystem developers and builders, can also join our Velas Developers chat and have direct access to our technical team members.
We’re very excited to see the start of the BW pool staking of VLX, as well as the trading competition. We are very blessed to have BW as our partner on this and we thank them for the wonderful job they are doing!
Please stay with Velas and let’s go on this exciting journey together! I really enjoy talking to all of you and hearing your questions. Please, subscribe to our telegram channel Velas Official for ongoing news and announcements and our team and I will always keep you updated.
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