SatoshiClub keeps moving forward, opening new doors and welcoming everyone who is going to join us in this amazing AMA marathon! Today we would like to tell you about the AMA session with our friends from Velas. The AMA took place on August 14th and our guests were Shirly Valge – Velas Project Lead, Kalani Moe – The Global Marketing Director for Velas, roman_tik – Velas CTO, Nikita Romanov – principal data scientist of AI team.

The total reward pool was 500$ and has been splitted in 3 parts.

In this AMA Recap we will try to summarise the most interesting points for you.

Part 1 — introduction and questions from the Telegram&Bitcointalk community

Serg | Satoshi Club: Hello dear community! Our guests today are from @velascommunity

Irina K. | @satoshi_club: Welcome, friends

Kalani Moe: hello everyone

Irina K. | @satoshi_club: Thank you for taking the time to join us

Serg | Satoshi Club: We are glad to have you here. Please tell us a bit about yourselves and about Velas

roman_tik: hi everyone!

Irina K. | @satoshi_club: Who’s gonna start? @roman_tik @shirlyvalge @liftedbreed

Shirly Valge: I’m Shirly, Velas Project Lead, based in Zug, Crypto Valley, in our HQ. We have today our Global Head of Marketing and CTO and expert of A.I joining this AMA

Kalani Moe: My name is Kalani moe im the global marketing director for Velas been in blockchain for 5 year before working at Velas i also started a project called Divi where i was also the maketing director as well. happy to join you today and speak with this community.

Irina K. | @satoshi_club: Nice, thanks for sharing

Serg | Satoshi Club: what is the idea behind Velas? How did you start it?

Irina K. | @satoshi_club: Looking forward to @roman_tik ‘s intro as well

After that, we can start with part 1. We have 6 questions from our community

Shirly Valge: @nromanov1 our official A.I expert

roman_tik: Sure 🙂 Im the Velas CTO, joined the team recently, together with my extensive and technology-heavy work in blockchain, trading platforms and cybersecurity projects development experience! Happy to be here today!

Nikita Romanov: hello! I’m principal data scientist of AI team and working with Z-Union team

Serg | Satoshi Club: Nice to meet you, Nikita!

Q1 from bitcointalk user elimperiocontraataca26

How did Velas come up with the unique concept of implementing Artificial Intuition in the Velas ecosystem?

Shirly Valge: It all started from realising that Blockchains nowadays are still running to issues like centralisation, 51% attack, and scalability.

Serg | Satoshi Club: would you like to add more details to this question? or this is the full answer? 🙂

Irina K. | @satoshi_club: Maybe you can share how Artificial Intuition is solving/ dealing with this issues?

Shirly Valge: We investigated how to solve these different issues, and Artificial Intelligence has been evolving last 10 years, but the problem with artificial intelligence is that it’s data consuming, so artificial intuition is the answer, as it’s decentralised artificial intelligence

roman_tik: yeah, and the marriage of the transparency of blockchain and AI works well together to solve the issue 😉

Kalani Moe: also the idea was founded by our founder alex alaexandrov who has been in the blockchain space for almost 10 years he wanted to buld a blockchain that eliminates human error and functions at an optimal level taking away the small redundant tasks that can actually slow us down

Serg | Satoshi Club: this is my dream as well 😀 humans should do creative things, not small and repetitive tasks

Irina K. | @satoshi_club: Nice. Could you give us a few examples? What kind of tasks?

Kalani Moe: well for one consensus mechnism when it comes to validating content on our forthcoming product called vortex, thats just one thing, also when it comes validating nodes

Serg | Satoshi Club: thanks for explaining 🙂

Q2 from Telegram username @dani4697

Velas uses a Roll-DPoS consensus mechanism-a variant of Delegated Proof of Stake (DPoS). How effective is this new mechanism? Do errors often occur during operation?

Shirly Valge: We use a DPOS not Roll-DPOS and add an A.I layer on it which will optimize the consensus, so it will be called AIDPoS

Irina K. | @satoshi_club: Could you elaborate on this? What part of the consensus mechanism will it optimize?

roman_tik: yeah, so the idea is that the network has sometimes extreme conditions (like attack or increased load) and people are slow to react on that events to help the system with tailored configuration. Thats the moment AIDPoS will help, by automating those operations

Serg | Satoshi Club: nice clarification, Roman, I think this question is covered

Q3 from Telegram username @tungvodoi206

It is known that the AI(artificial intelligence) of Velas optimizes the network through “80/20 consensus”. Please explain in detail what the “80/20 consensus” is?

roman_tik: the idea is that the network needs to consolidate about 80% of the voting power to implement critical change (hardfork in old terms 🙂 ) rather than 51%, so this makes the networks more resistant to various attacks

Serg | Satoshi Club: 80% is a lot. Why did you choose this number? why not 70 or 90 for example?

Irina K. | @satoshi_club: Doesn’t this make the decision making process very, very slow?

roman_tik: its close to the well known pareto rule, but in fact it is just 2/3 of the votes (super majority), close to the way the democracy works (or should work) in the government 🙂

Serg | Satoshi Club: I see, thanks for explaining

roman_tik: so it is easier to understand the concept for the people who just start to explore the blockchain governance

Irina K. | @satoshi_club: That’s true. Comparing it with something that people already understand is the best way to explain a complex topic

Q4 from Telegram user @crypto_zones

What is Velas’s plan to grow and incentivize it’s developer’s community?

Kalani Moe: Velas has many plans to onboard developers like an open calll for developers and also working towards partnerships with some leading Dapp development firms. We plan on rolling out this out in the near fututre. We have had loads of inquiries and lots of excitement regarding this so we will make it a huge focus as we move forward if anyone wants to join our telegram develpers community heres the link to stay up to date with this initittive. https://t.me/VelasDevelopers Come say hi!

Serg | Satoshi Club: you have a nice community of developers here 🙂

Irina K. | @satoshi_club: Could you share what some dev firms are?

Kalani Moe: thanks, actually we will make that ann in the future but talking to multiple options at the moment.

Irina K. | @satoshi_club: More than 300 people. That’s a good number when talking about dev communties.

Serg | Satoshi Club: thanks for covering this Kalani!

Kalani Moe: well we hope to grow this a lot, were still only one year old 🙂

Serg | Satoshi Club: you made a good progress for a one year old project 🙂

Irina K. | @satoshi_club: Do you plan on having any grants? Or smt similar to this? To attract good minds I mean

Kalani Moe: yes one sec we have have medium article i will ink to you https://medium.com/@VelasBlockchain/dapp-developer-open-call-2fafd469cfda

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Serg | Satoshi Club: wish you good luck! You seem very determined to create a good product

Shirly Valge: Our incentives for developers to shift onto Velas Blockchain

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yes, we plan on launching university grants and set up A.I challenge on different crowdsourcing platforms like Riippen, Herox and Innocentives. Stay tuned on our official SM channels for the official announcement once we have launched a grant program. It is planned in very near future!

Q5 from Telegram user @alex_satang

Why you made the swap from coinpayments coin to VLX? Was it just a rebranding or it brought new functionalities as well?

Shirly Valge: The initial purpose of CPS coin was just to provide rabates on Coinpayments platform. After we restarted the whole project and swapped CPS 1:1 to Velas, we added overe time more and more new functionalities.

Serg | Satoshi Club: I see. Velas was not just a rebranding but an idea to add more functionalities as well. Thank for the answer

Irina K. | @satoshi_club: Can you give us an example of some functionalities?

Kalani Moe: We have added our own native wallet, delegate staking, mobile app for android and forthcoming ios app for starters. Vortex is a decentrilized content platform with ai enhanced content validation

Shirly Valge: as well Vortex, DePi. Velasphere too where you can stake your computer resources and earn rewards for it and DePI stands for Decentralised Positive Impact, which is a term Velas introduced.

Serg | Satoshi Club:

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Q6 from bitcointalk user let098765

Vlx wallet is available in web and desktop.When are you planning to released a mobile version of Vlx wallet? What is the most advance features of the wallet?

Shirly Valge: We have an android version of mobile wallet out.

Serg | Satoshi Club: Where can we find the android version? When I click on the mobile version on the website, I can’t find it 🙂

Shirly Valge: https://play.google.com/store/apps/details?id=com.velas.mobile_wallet&hl=en_US

Serg | Satoshi Club: I see, thanks!

Shirly Valge: We are still improving it and IOS wallet is being internally tested and launched very soon as well. This month.

Kalani Moe: We are getting ready for an version update soon

Part 2 — live questions from the Telegram community

Q1 from Telegram user @Trendingairdrop_s

What is the roadmap of Velas in 2020 Is there will be going to any changes on your current roadmap because of this Covid-19 thing?

Kalani Moe: Well, the world is changing very fast and we need to be agile because of changing global climate so we take it day by day and try to be as agile as possible. There are always moments where we need to make changes and adjustments but we like to believe we are ready for anything

Q2 from Telegram user @radmaxco

When will be more listings for VLX token?

Kalani Moe: we just listed on 3 new exchanges in the past 2 months hitbtc, Bittrex, bitcoin.com, and have many more top-level exchanges planned for the future. stay tuned!

Q3 from Telegram user @Tripty1

There are many decentralized wallets on the market, for example a great competitor is TrustWallet. How does Velas Wallet plan to position itself among the best wallets on the market?

Shirly Valge: Velas wallet will serve as one-stop solution for the whole Velas ecosystem, providing users access to wide range of dApps and funcitonalities, like delegate staking, masternode staking, Vortex- decentralised media content storing and sharing, Velasphere- decentralised and distributed sharing of computing power and disk space, Velas decentralised Messenger and many others. there is no other wallet out there, that provides users with everything under one place and our goal is to make it extremely user friendly, which will eventually lead the technology to be adopted by masses.

Q4 from Telegram user @sinahanna32

Artificial Intuition is the technology that is based on Velas , Is there any relation to “Artificial Intelligence”on the VELAS project? If yes please explain how the Artificial intelligence will take on Velas project?

Nikita Romanov: yes, of course it has a strong relation! we use a lot of data science things to cluster nodes, detect malicious behavior and predict the state of the blockchain metrics

Q5 from Telegram user @CrypTo_Damiya

Most people learned about the name #velas relatively recently. What are the biggest obstacles to mass adaptation of this solution (product)?

Kalani Moe: Wellbeing a project that is only one year old we have lots of work to do. We have large marketing efforts being set forth with detailed campaigns and outreach initiatives. Happy to note, our communities have grown by 30k members collectively between twitter youtube and telegram in the past 3 months. Excited for the future!

Q6 from Telegram user @Nguyendufb

Where I can stake VLX? Can you give me some benefits when I hold VLX in a long term ?

Kalani Moe: You can stake delegate directly in the web wallet as well as on some of our partner exchanges like BW.com or Probit.com something to note our wallet requires 10k vlx to delegate stake

Q7 from Telegram user @triptya

What is your growth plan? How do you attract users and developers?

Kalani Moe: we have fantastic growth so far but it’s a constant work in progress we have thriving international communities and partnerships with some of the leading blockchain pr firms. Also, we have an insane amount of daily content we release constant updates and ecosystem reports to keep the communities informed.

Q8 from Telegram user @Jhonathanch

What is Vortex? How does it work and how beneficial is it for VELAS and its users? Also, what are the problems that Vortex claims to solve in the ecosystem? Thank you!

roman_tik: Vortex is a decentralized content sharing platform with great focus on censorship resistance, flexible monetization models for the content creators and instant payment settlement. No other platform has done the same.

Q9 from Telegram user @starkyiv

How to keep motivation of using Velas Wallet for the long term?

Shirly Valge: with all the upcoming features that will be available to use via Velas wallet.

Q10 from Telegram user @Jonahapagu

in building an AI system like yours tremendous amount of Data is requiredwhat type of data did yo used in training your algorithm and how is this data sourced?

Nikita Romanov: nice question! we use 2 types of data source: historical data from mainnet and simulated data while the first thing is clear let me explain idea behind the second. we created a sandbox and can emulate inside any states of blockchain. we run such simulations a lot of times

Q11 from Telegram user @Jamesgta

Do you have plan to build your own Dex?

Shirly Valge: yes

Q12 from Telegram user @SutedjaDian

How many members do you currently have on your team?

Kalani Moe: we have a large global team while I don’t have the exact number on hand, I can say we are nearing 50 team members if you add the community managers. this doesn’t include external partners either. We’re growing every day and proud of our robust team

Q13 from Telegram user @Jafriiqbal12

What are the future plans for VELAS Project ? Do you have any exciting things down the pipeline that you can share?

Kalani Moe: lots of exciting plans and development in the pipeline – Vortex, new wallet UX/UI design Dapps launch, brand overhaul there’s too much to list but were gearing up for a big second half of the year

Part 3 – Quiz Results

In the final part we tested your knowledge in terms of Velas. They’ve prepared 4 questions for this part. The total reward pool for quiz was 300$.

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