Velo is one of the famous cryptocurrency exchange projects that strongly combine DeFi and CeFi. Built and developed on the Stellar blockchain, Velo has now made quite a splash in this trading arena. So what is Velo?
Table of contents
- What is Velo?
- What problem does Velo need to solve?
- Get to know Velo's ecosystem
- Velo team, advisors and partners
- What is VELO Token?
- Project development roadmap
1. What is Velo?
The Velo protocol is a decentralized platform that brings sweeping changes to the digital credit issuance space and enables borderless asset transfers. The Velo protocol enables trusted partners – individuals and institutions – to issue and manage digital credits, easily, transparently and efficiently. To do this, Velo combines with Stellar, along with Evrynet's smart contract capabilities to provide formula-based transaction processing, custom asset zoning, collateralization, and calculations. other enhancements.
Stellar – blockchain has extremely fast transaction speed, which is the outstanding point that makes the transaction verification process on Velo much faster and more efficient than other competitors. Stellar has a transaction confirmation time of 3 to 5 seconds, an average transaction cost of US$0.01, and a transaction speed of over 3,000 transactions per second (tps). Stellar's transaction speed completely beats today's leading protocols such as Bitcoin, Ethereum, XRP.
2. What problem does Velo need to solve?
In the financial infrastructure market, especially in Southeast Asia, there is a dilemma that remittances are often fragmented. This means that there are many intermediary links in the money transfer, leading to high transaction fees.
Velo's solutions
So how did Velo solve this difficult problem? Velo uses a blockchain technology platform to issue digital credit accounts. These accounts will be flexibly adjusted to individual/business needs. Velo uses the native token VELO as collateral, representing the value of digital and fiat money in the network.
At the same time, this token also helps to ensure liquidity in the Velo network. By building a network of partners around the globe, Velo circumvents physical limitations in locations without banks or reputable transaction addresses or restricted regions, helping millions of people to make transfers. money easy, safe, fast and low cost.
3. Learn about Velo's ecosystem
Velo's ecosystem consists of 3 main components: cross-border remittance, Velo FCX and Velo token.
- Cross-border remittance: Velo creates a global, decentralized and interoperable payment network that allows partners – businesses and individuals – to transfer money/digital assets globally, through an easy to use, secure and compliant system.
- Velo FCX is an industry leading digital asset trading platform. Velo's exchange is built and customized to suit the needs of large individual and institutional investors. In the first quarter of this year, the exchange has officially launched the software and intends to complete all the general features in the third quarter.
- The VELO token is also an important component in the ecosystem that helps to secure financing for companies that are partnering with Velo, expanding opportunities for rewards and indirect investment for token holders.
4. Velo team, advisors and partners
Below is information about the project development team, advisory board and strategic partners of Velo Protocol.
Velo Protocol is developed by Velo Labs, headed by Chatchaval Jiaravanon (President), Tridbodi Arunanondcha (Vice President), Suvicha Sudchai (Product Manager) and IIya Zusman (CEO of Digital Finance).
The chairman of Velo is billionaire Chatchaval Jiaravanon. He is a member of the richest family in Thailand and is also the owner of the long-standing Fortune magazine. Besides, he is also the CEO of the investment group True Corporation PCL. In addition, he has held executive positions at many other companies such as Telecom Holding, WP Energy PCL, SVI PCL, Finansia Syrus Securities PCL, Ticon Industrial Connection PCL and AEON Thana Sinsap PCL
Advisory team
A team of experienced and well-known consultants in fields such as:
- JedMcCaleb – Co-Founder of Stellar Development Fund.
- David Mazières – Professor of Computer Science at Stanford & chief scientist of the Stellar Development Foundation.
- Robert Townsend – Professor of Economics at MIT, Carnegie Mello, and the University of Chicago.
- John Ng Pangilinan – Founder of Signum Capital.
- Paul Veradittakit – Partner of Pantera Capital.
Potential strategic partners
Not only has the support of Velo Labs, a team of experienced advisors, but Velo's strategic partners are also big names such as CP Group, Lightnet, SCB,...
5. What is VELO token?
The VELO token is the token of the Velo ecosystem. This token is used as collateral to lock the smart contract for the transfer of currencies and digital currencies. The purpose of VELO is to ensure digital credit liquidity. If the demand for digital credit increases, and the volume of transfers increases with more business partners and users, so does the value of this token.
Specifications of the VELO token
- Token Name: VELO
- Token Type: Utility Token
- Total supply: 30 billion tokens
- Initial circulating supply: 75 million tokens
- Allocation for listing: 200 million tokens
- Blockchain: Stellar
Allocate VELO tokens
- Exchange List: 0.7%
- Private Position: 4.9%
- Founder: 10.0%
- Velo Development Reserve: 23.3%
- Early backers and team: 7.9%
- Market development: 18.3%
- Future growth: 18.3%
- Reserves: 16.7%
VELO token release schedule
As reported by TokenInsight, Velo has come up with a relatively detailed and transparent token issuance mechanism and plan. Token issuance will be completed in 2 years. Meanwhile, the remaining amount of tokens is used a lot for project development, community building, strategic partner rewards and reserves for 5 years. Tokens used as a reserve will be locked forever. Such a token mechanism will help the project develop in a sustainable way.
6. Project development roadmap
Up to now, the project has completed most of the steps in the development roadmap (4 phases/total 5 phases). Below are the stages presented by Velo in the roadmap.
Phrase 0: Completed in Q4, 2020
- Complete Velo protocol.
- Run testnet.
- Create wallet.
- Launch mainnet.
Phrase 1: Completed by the end of Q1, 2021
- Forming a mechanism for issuing digital credit.
- Complete basic version of the digital reserve system.
Phrase 2: Completed by the end of Q3, 2021
- Launch of a decentralized cryptocurrency exchange to increase liquidity for VELO tokens and digital credits.
Phrase 3: Completed by the end of Q1, 2022
- Finalize the mechanism that allows the community to vote on Velo Protocol proposals.
Phrase 4: Expected to be completed before Q3, 2022
- Complete Reputation System, to assess the reputation of partners.
- Build a global network of fiat, digital credit and Velo tokens.
