The advent of the blockchain technology has caused a ripple effect in various industries. The potential of the technology to enable a digital revolution is accepted by the masses. However, what is the blockchain technology can be combined with something else? Artificial Intelligence is another branch considered to be leading the way towards the digital revolution. The combination of blockchain and artificial intelligences’ technologies is a deadly one. It has unlimited possibilities and unexplored potential. Velas is a project that has combined both the novel technologies to create something unheard of.
What is Velas?
Velas was founded by Alex Alexandrov in 2019. Alexandrov is a prominent figure in the cryptocurrency market with other well-established projects under his belt. The network is backed by the Velas Network AG startup based in Switzerland. The network is essentially an AI-powered Delegated Proof-of-Stake blockchain or AIDPOS. It incorporates AI to further boost blockchain technology. It is an open-source platform and an ecosystem for the development of decentralized applications.
While Ethereum is considered as the queen of the market and the DeFi and dApp leader, it has limitations of its own. Velas, by combining blockchain and AI, presents a network that solves the architectural problems that Ethereum suffers from. The AI technology is leveraged in a way that optimizes the performance of the blockchain.
Velas supports smart contracts and is compatible with the Ethereum Virtual Machine. The AI-boosted performance of the blockchain is unmatched. It offers efficiency with low-cost and instantaneous transactions. The network also has a suite of other products. The Velas Account offers a password-less connection of blockchain applications with Google, PayPal and the likes without compromising on security. Velas also has its own access management system, vault for storing private keys and a wallet.
VLX future outlook
Velas has been one of the well-performing cryptocurrencies in the recent timeframes. At the time of writing, the cryptocurrency stands at a price level of $0.17. The cryptocurrency has been trending upwards with the price skirting close to its ATH. However, the uptrend may have been broken as VLX declined by 1% in the past twenty-four hours. Velas stands at a market rank of 136 in terms of capitalization.
The future outlook of the cryptocurrency is bullish and it is considered a good long-term investment. According to the estimates of Wallet Investor, the cryptocurrency is expected to reach a price of $0.21 in a year’s time. Continuing its uptrend, VLX is expected to be trading hands at $0.36 in five years’ time. Digital Coin Price is even more bullish on the cryptocurrency. They project a year-ending price of $0.27 and the price in 2026 to be near $0.64.