ZUG, SWITZERLAND / December 17, 2020 / Velas (VLX), a high-throughput blockchain that autonomously maximizes efficiency and security on-the-fly, is on the verge of launching a major ecosystem revamp, with the release of a suite of new products.
The new update introduces a wide variety of new features and improvements to the Velas network, and is a major step towards its ambitions to become the most feature-complete blockchain ecosystem available. In the coming weeks and months, Velas will begin rolling out a suite of new products, centered around BitOrbit – a decentralized social media platform that has been in development since 2019.
The new products and solutions will form part of the Velas 3.0 ecosystem, taking a giant step closer to realizing the Velas vision and providing a truly usable, interoperable platform that empowers users to take control of their privacy and finances. The core tenets of Velas 3.0 include:
BitOrbit is a privacy-preserving social media platform based on the Velas blockchain. It includes a passwordless solution that allows users to seamlessly interact with the decentralized apps and content creators and includes a built-in wallet that can be used for creating trading platforms and directly interacting with consumers. All data stored on BitOrbit is completely decentralized and backed by the IPFS network.
It is an enhanced version of Telegram that features a built-in crypto wallet, decentralized applications (MicroApps), and a built-in video feed – all powered by Velas.
The Velas Wallet
Velas is building a wallet to support the developing VLX ecosystem. The wallet will be accessible directly through BitOrbit, and will provide support for VLX and Velas tokens, such as synthetic versions of most popular cryptocurrencies, including vBTC, vETH, vZEC – all of which have a bridge to their native blockchains.
To achieve the optimal balance of speed, throughput, and security, Velas will implement a novel consensus system known as AIDPOS, which will use machine learning to automatically adapt the Velas blockchain to changing circumstances, ensuring maximum performance and resilience at all times.
Building out its Dapp capabilities, Velas will soon support cross-platform decentralized applications for mobile devices. These will be accessible from chat applications like Telegram, where users can seamlessly interact with these MicroApps without any additional software requirements.
Velas will soon introduce its own passwordless authentication system, allowing users to securely access a variety of services without a password using just their Velas Account, while introducing unique authorization quotas to minimize risks.
Thanks to the Velas Account Module, users will soon be able to make cryptocurrency payments just as easily as using platforms like PayPal and WePay, helping to close the complexity gap between cryptocurrencies and traditional payment methods.
Velas Vault is a novel security solution that allows users to easily distribute the security of their funds and information to established market participants such as Google and Apple, by segmenting their passwords and keys and storing them on several servers. Velas Vault is required to recombine these keys, ensuring data remains safe even if these are individually compromised.
Velas Account API
Velas aims to streamline how users use APIs to interact with their wallets with the introduction of the BitOrbit Account API. Allowing users to securely control their wallets (e.g. stake, tip, join paid group, etc) securely via supporting external applications.
Velas will soon introduce instant payments, allowing users to pay for products without creating a new account. On the flip side, payment recipients can withdraw their funds immediately without a penalty on their platform of choice.
Content moderation on BitOrbit will be maintained by the community via validators that are selected by stakeholders. An AI module will be developed to help label content to help minimize the need for validator involvement when removing BitOrbit content.
Velas will produce a decentralized access management system, which allows users to control access to files on IPFS using multiple encryption types – producing a secure, but flexible decentralized file storage and transfer system for both casual and business users.
Velas is an advanced blockchain platform that uses a self-evolving delegated proof-of-stake (dPoS) network to ensure performance and security are maximized at all times. This uses an AI-powered system along with a network of node holders to automatically roll out adjustments to the blockchain without requiring a hard fork.
Recently named one of the top 50 crypto valley companies by CV VC, Velas is designed to eliminate the scaling and usability issues that often come with cryptocurrencies, and is accessed through the multi-asset Velas wallet – currently available for both mobile and desktop devices. For more information, visit: www.velas.com
CMO, Shirly Valge, Shirly@velas.com