Velas AG, based in Switzerland, is pioneering an innovative blockchain solution powered by AI. This delegated proof of stake (dPoS) platform serves as a robust ecosystem for developing AI-driven projects, decentralized applications (dApps), smart contracts, and more. Founded by Alex Alexandrov, who also established Coinpayments.net—the world's first and largest altcoin payment processing platform in 2013—Velas emerges from a vision to leverage proprietary technology rather than relying on third-party frameworks.
The transition from Coinpayments' CPS coin to Velas' native token (VLX) took place on July 4, 2019. This date signifies Velas' independence as a distinct entity, marking the commencement of the first phase outlined in its Technical Paper.
Velas aims to tackle prevalent issues that hinder many existing blockchains, such as centralization risks, vulnerabilities to 51% attacks, scalability challenges, security concerns, and high initial costs. By integrating neural networks that utilize artificial intuition, Velas significantly enhances its consensus mechanism, offering a more efficient and secure alternative in the blockchain landscape.