Filipino AMA with Pinoy Crypto Community

9 min readOct 31, 2020

This AMA is implemented by Velas Philippines together with Pinoy Crypto Community, one of the largest Filipino Crypto Community Group that aims to provide great reviews from outstanding cryptocurrency projects in the space. The AMA commenced last October 31, 2020, 8PM (GMT +8). Velas CTO Roman Cherednik represented Velas along with participation from Shirly Valge, Alexander Von Kaldenberg and a special appearance of our Chief Research Officer, Dan Kondratiuk.

Read the official announcement here: https://t.me/VelasOfficial/468

AMA Structure:
📍Segment 1: Introduction
📍Segment 2: Questions from the Host
📍Segment 3: Questions from the Community
📍Segment 4: Closing Remarks

Host: Phantom | CM ✪

@Incredible1ne on Telegram

Velas Representative: Roman Cherednik

Velas Chief Technical Officer

Commencement

Phantom: Okay let’s begin!

Roman: [In reply to Phantom | CM ✪]
Sure
My name is Roman, CTO at Velas Network AG. I have a diverse industry background, including extensive and technology-heavy work in mass market blockchain apps, trading platforms and cybersecurity projects development. My passion is about building high-performing teams that discover and implement new technologies to yield competitive advantage.

So, Velas is the widescale ecosystem of decentralized products built on top of an innovative AI-powered blockchain platform. We build our technology with a focus on scalability, security, and decentralization to solve ubiquitous blockchain trilemma.

In the heart of our Ecosystem is AI technology, which leverages blockchain by optimizing its performance and helping other products to function. For example, on the Vortex (social media platform we build) AI is responsible for the moderation, labeling and recommendation of the content.

We have two development directions — Products and the layer of the Velas Chain. These two unite into the Velas Ecosystem.

Phantom: [In reply to roman_tik]
What blockchain project have you been working before?

Roman: [In reply to Phantom | CM ✪]
related to crypto, I used to work on a cryptoexchange as a CTO and later as a CTO at cybersecurity startup related to paswordless login ecosystem

Phantom: [In reply to roman_tik]
Can you please name that exchange?

Roman: [In reply to Phantom | CM ✪]
legally not able to, unfortunately

Phantom: [In reply to roman_tik]
Oh okay, i respect that

Velas is an smart contract platform correct?

Roman: [In reply to Phantom | CM ✪]
Yes, but not only
as I mentioned above, besides the high-performing blockchain layer powered by AI, Velas is also focused on the product layer that runs on the Velas Chain. Our flagship product Vortex is a bright example.
However, Velas Chain is open for anyone to deploy their DApp and leverage Velas Chain tech for their use case. Here, a good example would be the Symblox DeFi project that launched recently on Velas by an independent team.

Phantom: [In reply to roman_tik]
Cool! So symblox defi is a new project on velas blockchain that’s nice

My next question

When did Velas mainnet launch?

Hey @shirlyvalge welcome, you can also answer some question if you want 😊

@shirlyvalge maybe you can take this one

Shirly: [In reply to Phantom | CM ✪]

Hey, thanks :)

I’m project lead based in our HQ in Crypto Valley Zug, Switzerland.

It launched January 2019

Phantom: [In reply to Shirly Valge]
Oh i see, good to know thanks Shirley!

Now speaking decentralization

How many nodes currently active on your network? Please specify the community run nodes and team nodes

Our Question here are more focus technology side

Roman: [In reply to Phantom | CM ✪]
its hard to say how many there are exactly, as not all full nodes are discoverable.
Including exchanges, wallets and team nodes, roughly, I would say its around a hundred

Around a half of them are mining

Phantom: [In reply to roman_tik]
But velas is PoS right?

Roman: Yes

Phantom: Why mining involved on your chain?

Roman: [In reply to Phantom | CM ✪]
I refer to mining as to the process of creating blocks, not the PoW consensus

in PoS consensus masternodes mine blocks based on their stake/votes

Phantom: [In reply to roman_tik]
I see, but all active nodes should be visible and registered right?

How can you detect bad actors on the network if you can’t verify them all

Roman: [In reply to Phantom | CM ✪]
only the nodes that signed up to create blocks (masternodes / mining nodes)

[In reply to Phantom | CM ✪]
if we talk about the way AI is detecting malicious network activity, then there is no need to register all the nodes. Each individual masternode is monitoring the network by itself and recommends changes to network parameters through the system smart contract. If other masternodes (majority) recommend the same, then these parameters take effect

Phantom: [In reply to roman_tik]
Cool! Okay let’s move to my next question

How many projects/dapps currently working/integrating on velas ecosystem?

Roman: [In reply to Phantom | CM ✪]
Besides the ones Velas is developing, there is only Symblox that is live on mainnet for now. However, there is a few other projects we actively collaborate with in order to help them launch on Velas. We will announce more details about those soon.

Phantom: Why developers will choose Velas infrastructure to built for their products?

Roman: [In reply to Phantom | CM ✪]

Yeah, developers are a priority for us.
So our goal is to stay compatible with Ethereum stack/solidity to make it easy to migrate to Velas if developers have the existing apps running on Ethereum.
Additionally, we solve the problems they usually have with Ethereum, like low throughput and extremely high gas prices.

With Velas, they will benefit from 50k+ transactions per second and relatively nearly free transactions. Additionally, if their use case requires, Velas will offer tokenized BTC, ETH, and other assets tokenized on Velas with a decentralized custodian under the hood.

On top of that, Velas Wallet will have almost nothing in common with today’s cryptocurrency wallets which are not user-friendly and overloaded. Our Wallet will allow the user to login to any ecosystem service with just one tap — by using biometrics on the user’s phone. Users will be able to operate not only with many cryptos but also with fiat currencies thanks to the Velas integration with CoinPayments, where users can buy or exchange 1800+ crypto and 25+ fiat currencies.

All these put Velas in a good position for DeFi projects, for example.

Phantom: [In reply to roman_tik]
That’s amazing! Looks like a great future waiting on velas community!

Phantom: Okay last question before we open the chat for community for them to ask some question also

What is the use cases of vlx on velas network?

Roman: [In reply to Phantom | CM ✪]

Our VLX tokenomy is basically concentrated around these things:
⁃ Users can stake VLX in order to contribute to the overall network security by selecting credible masternodes and getting rewards for that thoughtful contribution
⁃ VLX is used to pay transaction fees
⁃ VLX will be the main utility token to power the products the Velas team will build on top of the chain

Phantom: Thank you @roman_tik for answering all those questions, now let’s the community ask and learned more about Velas.

Anyone can ask! Let’s go!!!

Community Question #1: Community support is one of the biggest aspects of a project’s success. Most projects have programs that interact with their users. Does VELAS have any special plans to attract and expand the community?

Roman:
It is a very good question as we belive the global and diverse community is a must in any project based on decentralization 🙂
We at Velas put a huge focus on our community and work hard to make it as wide as possible, because no decentralization is ever possible without a community being Global!

and this is just the beginning! So we do have plans on expanding it further, stay tuned!

Community Question #2: Staking is the most popular way to make users hold the projects coin so does Velas implement Staking?

Shirly: Velas already has implemented staking. You can stake on Velas wallet (web or desktop wallet.velas.com) from 10000VLX or from 1 VLX on Probit and BW.com

Community Question #3: what companies are you partnered with or seeking to partner with in future?

Shirly: Crypto Valley Association, CV Labs, Moscow institute of Artificial Intelligence (Z-Union), SEBA Bank, Symblox, Mind.AI , Coinpayments.net, Blockchain Suisse, BC Vault etc etc

BC Vault will support our staking on their hardware wallet
In the future we seek for partnerships with dApps or defi projects wanting to shift or build on Velas main-net

Roman:

Community Question #4: There are alot pf project lately so What is the main role of Velas in the world of crypto

Roman: It is true, there are thousands of projects in the crypto space, and we see hype projects almost every month. The problem is it rather weak projects from a technical perspective or only technology-oriented projects with no understanding of how to onboard non-crypto users at a massive scale.

We at Velas understand that blockchain is not enough and besides strong technical background, we strive to build valuable products, understandable not only for the crypto community but also for the people all around the world with no blockchain skills.

Community Question #5: What makes the VELAS project stand out more than the projects in the same direction at the moment?

Roman: We think the fact that Velas is an AI-powered blockchain platform is kind of unique we haven’t seen any project doing similar things. This is why we think we stand out.

Community Question #6: Crypto projects were closed in many countries due to improper regulation and licenses. How does your project solve these problems?

Shirly: We are headquartered and registered in a country, which I can confidently say is the most progressive in terms of crypto regulations. There is a strong support by the government. And we’re fully compliant with all the regulations. In Switzerland.

Phantom: Time is up!

Thank you @roman_tik & @shirlyvalge for your time and the rest of velas team for this wonderful AMA!

Guys if you have more questions you can ask them on velas community!

Here is the fundamental analysis of Velas network made by @nuance_crypto
We only give information we don’t give financial advice!
Invest at your own risk!

https://t.me/PinoyCommunityPh/468235

Shirly: Thank you for having us! You’re welcome to our friendly and engaged communities

Roman: Thank you, you rock guys!

Dan: Hey everyone, i am Chief Research Officer at Velas, I was following the AMA and i see some questions haven’t been answered yet :) i now AMA is closed but i believe @Incredible1ne will allow me to also make a few notes

Question: What are the future plans of Velas after releasing Symblox? When can we see an updated roadmap that shows your confidence about your production.

Dan: I would like to make a little remark here: Velas IS NOT developing Symblox. Symblox is a separate project that uses our platform to build their DeFi solution, so formally it wasn’t us releasing Symblox :)

Right now we are completely concentrated on re-branding, website redesign, Vortex Modules development, and recruitment. New Velas branding as well as a new design you will be able to see at the beginning of December. Regarding Vortex, we making interface prototypes while developing the infrastructure — Account Module, Privacy features in Wallet, Chat Module, and others. We are planning to educate the community step-by-step this is why right now we are working on 14 articles explaining what exactly we are doing.

Regarding roadmap — we won’t have it o a new website, but in a month we will be able to announce community more precise dates on our releases.

Question: What’s your outlook on the future of Cryptocurrencies and Blockchain? Can you tell me 1–3 things that VELAS looks forward to in the future?

Dan: We are huge blockchain believers and we know one day crypto will replace traditional banking system. Our further stepas looks as follows:

Website redesign
Attract DApps and independent developers to build on Velas
Release of Vortex

Question: As I can see many projects always used DEFI to be hyped, but no real use cases to be give. As one of the project in Defi Space how could you differentiate your project to other existing Decentralized Finance Project out there ? And what are your goals towards Defi Systems ?

Dan: We do not perceive Velas as a DeFi project. At first, we are a blockchain platform, at second we are a service provider that develops Vortex, but we are not building any particular DeFi service. We are open to anyone who wants to build on us, and as mentioned Roman, our technical capabilities make our platform attractable for DeFi solutions, but we are not a DeFi project.

Conclusion

Thank you everyone who attend our first Filipino AMA. For those those who missed the AMA and anyone who want to review, this transcript is for you and. Stay tuned for the future updates from Velas by following these links below:

Filipino AMA with Pinoy Crypto Community

Commencement

Anyone can ask! Let’s go!!!

Conclusion

Written by Velas Philippines

No responses yet