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Swiss-based Velas, a smart contract platform enabled by Artificial Intuition, has confirmed the official launch of its master nodes staking program. Operating on an AI delegated proof-of-stake consensus (AIDPoS), anyone with the minimum Velas (VLX) coin stake can now participate as a masternode. The launch is part of the project’s alpha release, with a beta launch slated for early next year.

Under a dPoS consensus model, tokens can be used in two ways, either for electing nodes or for staking as part of the block production process. The launch of the Velas masternode staking program enables network participants to use VLX tokens for the second purpose.

The Velas model is that the platform’s artificial intuition algorithm will ultimately be the determinant of block reward allocation. However, the company is still developing this feature in preparation for the beta launch. Therefore, it has set the interim masternode block rewards at 8%, which is higher than EOS is currently paying out.

To operate a full masternode, participants will need a minimum stake of one million VLX tokens, which is worth around $30,000 at the current price of VLX. They’ll also need the necessary GPU power, and a Velas wallet. The wallets are available in web and desktop versions, with the latter downloadable for the Windows, MacOS, and Linux operating systems.

If you can’t fork out for the necessary minimum stake of VLX tokens but still want a shot at participating in the block rewards, then you can participate in a VLX pool. By creating an account with CoinPayments, VLX holders can stake their coins in a masternode pool, where block rewards will be distributed among participants.

When the Velas platform is live, it will use AI as a critical component of the dPoS consensus process. A learning algorithm will select network participants by reputation, along with determining block rewards.

AI and Blockchain – a Popular Convergence

The marriage of AI and blockchain is proving to be a popular one. This week, it emerged that the AI and fintech branch of China’s largest insurance company has filed for an IPO in the US. OneConnect, an arm of insurer Ping An, listed a $100m share offering, a small portion of its total valuation of $7.5 billion, according to the FT.

OneConnect will use the funds raised to expand its international operations. Part of this will be developing the Hong Kong Monetary Authority’s interbank blockchain trade finance platform, servicing 13 banks. While the firm deals in multiple technologies, including blockchain and big data, it predominantly sees itself as an AI company.

AI and blockchain convergence projects such as SingularityNET and FetchAI have also been gaining steady traction recently. In October, Grey Swan and FetchAI announced they were integrating their platforms to offer smart market-making and smart margin lending, marrying conventional derivatives and the decentralized economy.

Elsewhere, SingularityNET confirmed a collaboration with TODA to host its decentralized AI market place on the platform. The initiative is designed to make SingularityNET interoperable between different blockchains, although its focus will remain on Ethereum.


Guest Author , 2019-11-17 13:59:49

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.

While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock

Nick Chong , 2019-11-10 12:00:38

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