What is Velas?

Velas AG, founded by Alex Alexandrov in Switzerland, is a blockchain project that employs a delegated proof of stake (dPoS) consensus mechanism. The project aims to provide a platform for building artificial intelligence applications, decentralized applications (dApps), and smart contracts. Development began two years prior to its token launch, which occurred on July 4, 2019, when the Coinpayments Coin transitioned to Velas Coin (VLX).

The Velas platform seeks to address common challenges in existing blockchain technologies, such as centralization, security vulnerabilities, and scalability issues. It employs neural networks optimized by artificial intuition to enhance its consensus algorithm and aims to provide a more robust solution compared to traditional systems. The governance model and total supply cap specifics were not detailed in the source description.