VELAS KOREA AMA With SIXDONG
SIXDONG (HOST): We have a lot of questions from our community. Thank you for the Korean user’s interest. While working as a Velas community manager, I am also studying the project. We will start the AMA in earnest after we introduce the project first. Alex, are you ready?
AAA (VELAS CEO): let’s do it I am ready
Sixdong, [17.06.20 23:14]
Although it was recently listed on the Korean exchange Probit, Korean users are still not familiar with VELAS
So I would like to ask Alex to introduce VELAS first.
AAA (VELAS CEO): Virtual Expanding Learning Autonomous System
AAA, [17.06.20 23:17]
This is the first of its kind blockchain build using solidity smart contracts VM and dynamic smart contract consensus model along with AIDPOS and resource sharing VELASHPHERE
AAA, [17.06.20 23:17]
the idea is to create a blockchain which optimizes itself for scalability and defense
AAA, [17.06.20 23:18]
while maintaining aspects of storage and best routes for computation power
AAA, [17.06.20 23:18]
Every user earn reputation
AAA, [17.06.20 23:19]
for their actions and people can participate now by starting their reputation scoring with 1mil vlx full node for the network or by being a delegate on an existing node with just 10k vlx commitment
AAA, [17.06.20 23:19]
this starts earning reputation and will allow more trust and ways to help and earn in the future
AAA, [17.06.20 23:19]
this is our quick intro
Sixdong, [17.06.20 23:22]
Thank you for your specific explanation. There were more than 100 pre-questions, so it was difficult to select questions. We’ve selected a total of 10 questions, and we’ll start the first question now.
Sixdong, [17.06.20 23:23]
Q1. @openice
Sixdong, [17.06.20 23:23]
1. I think AI is the most important keyword in the Velas project.
AI generally means artificial intelligence, but I know that AI in Velas means Artificial
intuition.
Please explain this in more detail.
2. I think the Coronavirus has been affecting the world recently.
It is thought to have a lot of impact on the progress of the Velas project as a whole.
How is the Velas team responding to this problem?
3. Velas’ development progress and roadmaps seem to be an excellent project to solve the
problems in the cryptocurrency market.
However, many investors value price rather than future value.
I would like to know if you are preparing a marketing or promotional plan for these
investors’ needs.
Sixdong, [17.06.20 23:23]
@openice has a lot of questions, so please answer them slowly.
AAA, [17.06.20 23:27]
1. I think AI is the most important keyword in the Velas project.
AI generally means artificial intelligence, but I know that AI in Velas means Artificial
intuition.
Please explain this in more detail.
So artificial Intuition is our own branded name as we wanted to convey its function and not to trigger fear associated with intelligence as most people think it will end the world and such. It is a self-learning neural net which will optimize communication channels between 19 nodes in any active epoch, qualify best nodes to be selected based on a variety of performance result, choose the appropriate path for each transaction sent on the network and will even return how fast this txs will confirm before you send using predicting models
AAA, [17.06.20 23:28]
along these lines, it will also be trained in public, and any user will have to download it and run it along with their full node
AAA, [17.06.20 23:28]
this will perform actions on their behalf and under their watchful eye and will have another ai overseeing actions of the decentralized ai from 4 nodes of foundation
AAA, [17.06.20 23:28]
to make sure everyone is honest and all is acting as it should
AAA, [17.06.20 23:29]
additionally as we introduce storage layer now or velasphere where users can rent out their GPU CPU and HDD space ai will be used to optimize viral content and delete unnecessary duplicates if it’s not as popular and overall manage geo availability of nodes and content based on requests
AAA, [17.06.20 23:30]
same as with network storage nodes and CPU and GPU nodes will run their ai on their machines to provide optimizations to how they server the network
AAA, [17.06.20 23:30]
and this will earn them more coin
AAA, [17.06.20 23:30]
and help train models better thus improving everyone’s experience
AAA, [17.06.20 23:31]
the idea behind Intuition and how its different
AAA, [17.06.20 23:31]
intelligence is a central system server which collects a ton of data to make decisions
AAA, [17.06.20 23:32]
intuition is a network of ais which are trained first then deployed in a swarm to watch over each other’s decisions like nodes in the network and must reach consensus
AAA, [17.06.20 23:32]
this allows less data for training and learning in a deployment like human brain anticipating danger and optimizing tasks you often do first
AAA, [17.06.20 23:32]
it also sounds cooler haha
AAA, [17.06.20 23:33]
2. I think the Coronavirus has been affecting the world recently.
It is thought to have a lot of impact on the progress of the Velas project as a whole.
How is the Velas team responding to this problem?
AAA, [17.06.20 23:34]
This is very true, by the way, I love Korea and spent a combined three months there in 2019 and 2018. I am thrilled to hear you were not severely effected by COVID, and its something you should be very proud of!
AAA, [17.06.20 23:34]
it, of course, created many delays in our roadmap
AAA, [17.06.20 23:34]
and restricted travel
AAA, [17.06.20 23:35]
but our team works from home very well and all my companies I run with an option for all employees to work from home including myself
AAA, [17.06.20 23:35]
this has been how we work since 2013
AAA, [17.06.20 23:36]
so this helped a lot being prepared and as you can see we are moving forward and doing weekly updates and hitting milestones while most are waiting this out
AAA, [17.06.20 23:36]
I do miss seeing people though and can’t wait for life to go back to normal
AAA, [17.06.20 23:36]
3. Velas’ development progress and roadmaps seem to be a good project to solve the
problems in the cryptocurrency market.
However, many investors value price rather than future value.
I would like to know if you are preparing a marketing or promotional plan for these
investors’ needs.
AAA, [17.06.20 23:37]
I understand investors fully are interested in price this is why I’m not talking to them haha
AAA, [17.06.20 23:38]
I am personally more interested in the community who sees our vision understands I don’t give up on any company or project until its successful since 2011 in crypto space, and this is my passion, and I want to see it through. When we prove all we are set out to do the price will not be a problem
AAA, [17.06.20 23:38]
if you ask Satoshi about price back in 1st year of bitcoin, he or she would tell you same thing
AAA, [17.06.20 23:39]
only scam projects are driven by price and die quickly
AAA, [17.06.20 23:40]
real projects care about expansion of the ecosystem, proof of their improvements and optimizations in the real world achieving the desired outcome
AAA, [17.06.20 23:40]
stability and an enterprise-grade solid system for business and users
AAA, [17.06.20 23:40]
those aspects are what I am focused on more, and right now we want wallet users, nodes and delegates as many as possible
AAA, [17.06.20 23:41]
this will allow us to do the coolest blockchain project world has ever seen and I mean it
AAA, [17.06.20 23:41]
we are not in promise land or raising funds we are actually live deployment and constantly rolling out real product stage so don’t evaluate us as ico with price, please
Sixdong, [17.06.20 23:42]
Thank you for your sincere reply.
Sixdong, [17.06.20 23:42]
Q2. @koreaboss
Sixdong, [17.06.20 23:42]
I saw something about VORTEX on velas Twitter. Can you explain it to us in more detail?
AAA, [17.06.20 23:43]
OK so to help you understand better what we are building we have three categories
AAA, [17.06.20 23:43]
VELAS or VLX is the blockchain and GAS or coin
AAA, [17.06.20 23:44]
this allows bringing together ai smart consensus and dapps
AAA, [17.06.20 23:44]
VELAS is where you can set up your coin node and delegate your coins to nodes
AAA, [17.06.20 23:45]
send and receive coins and create addresses
AAA, [17.06.20 23:45]
in VELASPHERE section of your wallet, we make a separation for the hardware part of the ecosystem where if you don’t have coins staked or a node or you do but want to participate more and earn more
AAA, [17.06.20 23:46]
VELASPHERE is where you go to allocate % of your GPU CPU and HDD also internet Bandwidth to rent to system
AAA, [17.06.20 23:47]
min is 5% max is 80% unless its a dedicated machine in which case you have to click red box accepting terms it may be too slow to use for daily use
AAA, [17.06.20 23:47]
but will earn most vlx
AAA, [17.06.20 23:48]
this section is where you become VELONIAN by investing in our infrastructure and help other VELONIANS around the universe to secure share what they need and communicate in another section designed for interactions use VORTEX
AAA, [17.06.20 23:49]
Vortex is where you go to get lost uploading videos to share images, files create your own web pages too
AAA, [17.06.20 23:49]
and chat with friends and people around the world
AAA, [17.06.20 23:49]
also, search for dapps
AAA, [17.06.20 23:49]
all in the wallet under VORTEX
AAA, [17.06.20 23:49]
it will be actual user-driven ecosystem build on top of resources provided by VELASPHERE and powered by AI of VELAS and its coin
Sixdong, [17.06.20 23:51]
Q3. @liberator09
Sixdong, [17.06.20 23:51]
If there is no reward for creators, I think there will be fewer users using VORTEX. If there is a reward, how would you deal with the problem of uploading videos while ignoring copyrights to get compensation?
AAA, [17.06.20 23:52]
If there is no reward for creators, I think there will be fewer users using a vortex. There is a reward, how would you deal with the problem of uploading videos while ignoring copyrights to get compensation?
AAA, [17.06.20 23:53]
there are a very complex monetization and file governance model
AAA, [17.06.20 23:53]
we don’t want to patent it but also want to be first to roll out
AAA, [17.06.20 23:53]
that will be our way of saying we did it first
AAA, [17.06.20 23:54]
it will allow FULLY uncensored upload of any content and also all the terrible stuff and Copywrite things can be made unavailable at the cost of the uploader and their risk
AAA, [17.06.20 23:54]
all done via voting consensus
AAA, [17.06.20 23:54]
it’s quite amazing actually but I can’t explain it yet haha sorry
AAA, [17.06.20 23:54]
so for monetization
AAA, [17.06.20 23:55]
they will be able to get tips for likes in vlx, BTC, eth and all erc20, zcash and monero plus all vlx tokens
AAA, [17.06.20 23:55]
for start
AAA, [17.06.20 23:55]
also, you will be able to allow ads to run with your content and get paid for it
AAA, [17.06.20 23:56]
with profit directly to content providers those who do want to watch ads can just pay a fee to watch instead
AAA, [17.06.20 23:56]
also, content providers can choose to allow free available and limit amount of time to be played free and then charge a small fee in vlx to watch rest, and after one payment you have replay access forever in your wallet
AAA, [17.06.20 23:57]
along with interactive questionnaires in comments allowing to monetize and gamify all content
AAA, [17.06.20 23:57]
also if anyone uploads someone else content, they can take ownership back via a vote
AAA, [17.06.20 23:59]
this is not Vtube only, and also that was a dev name real name now is VORTEX for all of it. Under one different search tabs, it will be video, audio, images and social media platform based around our chat system which uses gossip protocol between nodes and your private key will be encryption key so no way to surveil your communication. Also, live streams
AAA, [18.06.20 00:00]
VORTEX is where Velonian’s (citizens of VELASPHERE) will live a new life of full freedom and cooperation
Sixdong, [18.06.20 00:01]
Q4. @Ccv567
Sixdong, [18.06.20 00:01]
HOW TO BECOME A VELAS MASTERNODE, What are the benefits of STAKING?
AAA, [18.06.20 00:04]
To become a master node, you need GOOD 10core processor AMD Ryzen 7 3700X 8-Core or intel i7 8core
AAA, [18.06.20 00:04]
and 1 million vlx
AAA, [18.06.20 00:04]
also good uptime and fast internet connection we recommend 1Gbps
AAA, [18.06.20 00:05]
those nodes serve as the backbone and need to be powerful also they will be tested hard
AAA, [18.06.20 00:05]
we are rolling out the solution to use testnet 2 and 3 to qualify nodes for mainnet
AAA, [18.06.20 00:06]
testnet 3 will be used for ai full training using the same hardware as our testnets run on the same nodes and will be using scripts to push it to limits and break it as often as possible
AAA, [18.06.20 00:06]
if your machines survive testnet 3 it goes on to testnet 2
AAA, [18.06.20 00:07]
there its more stable and we recommend developers try their dapps there first
AAA, [18.06.20 00:07]
once it sits there its in a queue to be validator in mainnet every 6 hours and 19 will enter
AAA, [18.06.20 00:08]
to be fair all validators even in the main net will be downgraded occasionally to test3 to see if their machines can handle the full load so if it ever occurs, we know they can handle it and if not that will signal to then its time to upgrade
AAA, [18.06.20 00:09]
easier is to delegate on nodes already running you keep your private keys and can become delegate from velas wallet in 2 min
AAA, [18.06.20 00:09]
with 3 clicks
AAA, [18.06.20 00:09]
you earn the same share as node based on % of what you add to their pool
AAA, [18.06.20 00:09]
and never expose your private keys
AAA, [18.06.20 00:10]
also, you start earning reputation which will allow you to take ownership of more tasks in VORTEX and earn more later
AAA, [18.06.20 00:10]
so sooner you start your reputation cycle the better as our ai is already gathering data to train
AAA, [18.06.20 00:10]
so all actions now are going to count
Sixdong, [18.06.20 00:13]
Q5. @jaehoon3052
Sixdong, [18.06.20 00:13]
VELAS said that once the artificial intelligence system is fully integrated, the transfer fee will be reduced to zero. I want to know how this is actually possible. Cuz if that becomes true, there’s no benefit to maintaining nodes, is there?
AAA, [18.06.20 00:14]
VELAS said that once the artificial intelligence system is fully integrated, the transfer fee will be reduced to zero. I want to know how this is actually possible. Cuz if that becomes true, there’s no benefit to maintaining nodes, is there?
AAA, [18.06.20 00:15]
That is the holy grail yes
AAA, [18.06.20 00:15]
however even with no fees for txs
AAA, [18.06.20 00:16]
nodes still create coins at inflation rate set by ai which can range from 0.5–8% annual inflation between all nodes and DELEGATES
AAA, [18.06.20 00:16]
which means is how velas expands supply and gets vlx into hands of people helping network vs. using fees
AAA, [18.06.20 00:16]
anyone can become a delegate and take a revenue share from the node
AAA, [18.06.20 00:16]
to protect the NODEs, we have a clever system
AAA, [18.06.20 00:18]
if what they originally staked is less than 40% of what is deligated on their node or for example you stake 1million, but delegates put 9million on top you should get 10% share, but we protect nodes for running hardware and always guarantee they will get 40% share before the split. In cases where they have 1mil and users, 1mil on top in total split is even for everyone. AS you can see on delegate page in the wallet, it shows % full on each node indicating how much room it has left until an uneven split
AAA, [18.06.20 00:18]
but this takes care of people who invest in hardware
AAA, [18.06.20 00:19]
yes newly created coins in each block
AAA, [18.06.20 00:19]
we can also allow free txs
AAA, [18.06.20 00:20]
between any wallet that is delegate staking or running a node quite easily
AAA, [18.06.20 00:20]
but the goal is to make it free for all
Sixdong, [18.06.20 00:22]
Let’s move on to the next question.
Sixdong, [18.06.20 00:22]
Q6. @y000n000
Sixdong, [18.06.20 00:23]
Q1) 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.
Q2) I understood that the AI framework upon Velas platform would motivate (by giving rewards back) for the network(node) participants to participate in the network actively.
How could you deal with the abuse that may occur at this time? (Because the reward is maximized, intelligent abusing will also increase)
Q3) I understand that multisig wallets are currently provided as a service only for exchanges or companies.
Will Velas be able to make it available to individuals as soon as possible?
AAA, [18.06.20 00:23]
Q1) 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.
AAA, [18.06.20 00:24]
Since each node and delegates who get selected in to file ownership groups plus all resource sharing nodes will run their sets of AI to optimize their tasks and free themselves of repetitive tasks while earning more
AAA, [18.06.20 00:25]
it will also communicate with master nodes ai and make global improvements suggestions via vote using dynamic consensus
AAA, [18.06.20 00:26]
80/20 means suggestion has to come from at least 20% of the network and voted to accept as change by 80% to implement
AAA, [18.06.20 00:26]
or has to be confirmed it offers improvements
AAA, [18.06.20 00:27]
these numbers are not final yet and will also become dynamic for ai models as we see now
AAA, [18.06.20 00:27]
Q2) I understood that the AI framework upon Velas platform would motivate (by giving rewards back) for the network(node) participants to participate in the network actively.
How could you deal with the abuse that may occur at this time? (Because the reward is maximized, intelligent abusing will also increase)
AAA, [18.06.20 00:28]
Well AI will not give rewards it will enhance your ability to earn and eventually be a requirement for your node to join Epoch as without it you will not be able to keep up as human
AAA, [18.06.20 00:28]
same with validation of files on network
AAA, [18.06.20 00:29]
once your reputation is good you can train ai to do that task for you automating your job and income but still claiming responsibility for its decisions on votes as it will derank you if it does wrong decisions and you have to keep training it vs just doing repetitive tasks
AAA, [18.06.20 00:29]
think of AI as personal assistant
AAA, [18.06.20 00:30]
each node, each file node and each resource node
AAA, [18.06.20 00:30]
all have one at first and after time it will be promoted to manager
AAA, [18.06.20 00:30]
by users, as they see its capable of making a good decision and ones who do it first will have an advantage over others
AAA, [18.06.20 00:31]
but still can be thrown out reputation-wise if it makes mistakes
AAA, [18.06.20 00:31]
so it's like this
AAA, [18.06.20 00:31]
if you work at a candy packing factory
AAA, [18.06.20 00:31]
and your boss tells you we are getting robots to replace your job
AAA, [18.06.20 00:31]
well in velasphere we say you can get one yourself
AAA, [18.06.20 00:31]
but you are responsible for its quality of work
AAA, [18.06.20 00:32]
we pay you not hourly but based on the amount of candy you pack
AAA, [18.06.20 00:32]
so you decide you do it yourself or get a machine
AAA, [18.06.20 00:32]
and we have machine monitoring the production line and sorting outcome
AAA, [18.06.20 00:32]
to catch bad players and poor quality
AAA, [18.06.20 00:33]
and reward better quality so they can either sell upgraded ai to others or keep the advantage to themselves
AAA, [18.06.20 00:33]
Q3) I understand that multisig wallets are currently provided as a service only for exchanges or companies.
Will Velas be able to make it available to individuals as soon as possible?
AAA, [18.06.20 00:34]
Multi sig is being added to velas wallets this summer
AAA, [18.06.20 00:34]
we are also working a deal right now for hardware wallets
AAA, [18.06.20 00:34]
we were going to make our own first but COVID travel ban we realized we need it and it will be faster to work with existing companies for now
AAA, [18.06.20 00:34]
so we have 2 hardware wallet integrations for velas coming this year
AAA, [18.06.20 00:35]
and own wallet multi-sig based on smart contracts
Sixdong, [18.06.20 00:39]
Q7. @luckyjasonon
Sixdong, [18.06.20 00:40]
As shown in the main page of the VELAS homepage, the main focus of VELAS seems to be a one-stop solution between digital assets through multi-currency wallets. However, there is some inconvenience to users when registering a web wallet.
First, when I first made a web wallet, I couldn’t type mnemonic phrases all at once, but I had to type them one by one. I think it takes too long than necessary.
Second, I think it is uncomfortable that the mobile version is not developed yet. It’s been a long time since your PC’s traffic was outstripped by your mobile. It says that it is currently under development, but I wish mobile would come out before the web.
I’d like to know if VELAS is aware of and if so, how you are gonna try to resolve these issues.
AAA, [18.06.20 00:40]
OK so now let's think about the mnemonic and why we ask you to enter it one by one in random order
AAA, [18.06.20 00:41]
when you get 24 words
AAA, [18.06.20 00:41]
and write them down in same order any hacker with keylogger or malware on your computer can capture it and steal ALL your coins
AAA, [18.06.20 00:41]
now 24 words
AAA, [18.06.20 00:42]
is 24x24 combinations think of 24 character long password based off 24 random keys on keyboard how hard is it to crack it even if you know all 24 keys on the keyboard but not the order
AAA, [18.06.20 00:43]
that's how hard it will be to guess correct order of your seed for a hacker if you machine was compromised when you created the wallet and believe me many of your don't have clean machines, its just a fact
AAA, [18.06.20 00:43]
so its security over convenience and ill force security every time
AAA, [18.06.20 00:43]
its best that way for you and the whole ecosystem
AAA, [18.06.20 00:45]
Mobile version is developed now, we have not launched it yet due to main focus on chain stability and 5 exchange listings in June , Bittrex is one, we also have bitcoin.com hitbtc, changly pro and changly all next 2 weeks
AAA, [18.06.20 00:45]
it was supposed to be out few weeks ago but community asked for more exchanges integrations so we focused on it
AAA, [18.06.20 00:45]
it will be out sometime in next 7 days however so don't worry its coming :)
AAA, [18.06.20 00:46]
releasing mobile before web does not make sense from a development point of view as its hard to make changes to apps and web-based we can modify instantly until we get it perfect and understand that UI is making sense to users.
AAA, [18.06.20 00:46]
some times what you think is a good UI and what users do isn't same lol
AAA, [18.06.20 00:47]
learning it on web is always best first
AAA, [18.06.20 00:47]
once you understand this version has fewer support issues from users getting lost you are ready to do desktop and mobile apps
AAA, [18.06.20 00:47]
another way around is a disaster if its confusing after release and you hurt yourself
Sixdong, [18.06.20 00:49]
Q8. @kanghannamja
VELAS가 많은 플랫폼 코인들의 문제점을 해결한다고 하셧습니다. 그 중 대표적인 플랫폼은 이더리움(ETH)이 있습니다. 이더리움은 최근에 전송실수로 인한 전송비용 오류가 꽤 자주 발생하고는 합니다. 나중에 수수료를 제로로 하신다고 하셨지만 그 전에는 수수료를 잘못적어서 과독하게 내게되는경우도 발생할 수 있을것 같은데요. 이런 문제도 인공직관으로 예방이 가능한가요?
You said VELAS solves the problems of many platform coins. One of them is Ethereum (ETH). Ethereum has been quite frequent transmission cost errors recently due to transmission mistakes. VELAS said transaction fee would be zero later, but before that, if you write the wrong commission, you might be overcharged. Is it possible to prevent this problem through artificial Intuition?
AAA, [18.06.20 00:50]
YES 100%
AAA, [18.06.20 00:50]
best way to solve this issues is through active management and quick routes optimizations between validator nodes
AAA, [18.06.20 00:51]
making sure nodes are synced to correct amount of validator nodes before tx is sent and that it travels shortest path possible to receive confirmation in the block
AAA, [18.06.20 00:52]
the gas amount can be reduced using such optimizations and eventually removed all together using what we call AI send
AAA, [18.06.20 00:52]
which velas is working towards
AAA, [18.06.20 00:52]
you will still have traditional send option
AAA, [18.06.20 00:53]
ai should drastically reduce cost and return time it will take to complete it
AAA, [18.06.20 00:53]
along with future cross-chain interactions like dex
AAA, [18.06.20 00:54]
which will take best trade route too using ai swap
AAA, [18.06.20 00:54]
vs regular
AAA, [18.06.20 00:54]
until ai functions become the default
AAA, [18.06.20 00:54]
thanks, everyone for all your wonderful questions
Alexander, [18.06.20 00:55]
Those were some serious questions. Thanks for giving them so much thought Korea!
AAA, [18.06.20 00:55]
please join us as delegators on nodes and become a #velonian start building reputation and you will have many new ways to participate and earn open to you first in July and Aug
AAA, [18.06.20 00:55]
reputation is the strongest currency in velas
AAA, [18.06.20 00:56]
don't delay start building it by participation :)
AAA, [18.06.20 00:56]
I have to end it here everyone
AAA, [18.06.20 00:56]
it was a pleasure
Sixdong, [18.06.20 00:57]
Thank you very much.
AAA, [18.06.20 00:57]
See you all when I'm back in Korea after flight resume again I cant wait to visit your wonderful country again!
AAA, [18.06.20 00:57]
I'll be sure to announce dates here when it's confirmed
