Blockchain technology is hailed as perhaps the most trustworthy mechanism for holding and distributing data. This is in large part due to the fact that it can run in a decentralized setting. The aspect of decentralization is one of the biggest reasons why people choose to look into the technology; having an ecosystem run outside of the confines of a rigid and centralized organization is highly sought after in an age where people have lost faith in heavily corporate bodies. Of course, it’s not just decentralization which makes blockchains so useful, it is also their ability to speedily process data, their immutability, and their resilience. Numerous blockchains such as Ethereum have shown the public that these tools can be relied upon, but it cannot be denied that the weakest link within a blockchain is that of humans. Or more accurately, human error.
Blockchains are not human resistant
If something goes wrong on a blockchain, it is almost always due to somebody either trying to damage it or because somebody with an administrative role failed to act correctly. Either way, the results can be detrimental. Nevertheless, we have no other option but to accept that such things sometimes happen, as there isn’t a way of running a blockchain which is fully resistant to human error or malicious activity.
This may be true, but with artificial intelligence, it is certainly possible to limit the necessity of human intervention by a significant degree. This is what Velas is doing with its blockchain. Velas has created its consensus algorithm, called AI-Operated Delegated Proof of Stake, which is used to manage certain important areas of the blockchain. An artificially intuitive neural network is implemented to have the final decision on which blocks are permitted to join the blockchain, how high block rewards should be, and when those block rewards should be issued. The Artificial Intuition specimens also control other features which traditional blockchains are unable to do, such as being able to speed up and slow down the speed of the network altogether. These are all fundamental elements of the Velas ecosystem and go a long way to making it more resistant to malicious or mistaken human behavior. In particular, it helps against combating 51% attacks, which can immobilize a blockchain if not discovered soon enough.
With the advances that Velas is making in the blockchain industry, it is easy to be optimistic about the future of the technology. By embracing artificial intelligence and implementing it in such prominent parts of their network, they are ensuring that their ecosystem is futureproof and stable enough to sustain the weight of many people, regardless of whether they act maliciously or not.