Hello and welcome to this blog post about Velo VELO White Paper. I am very excited to know that you are interested in this amazing technology, you will be going to amazed by the incredible potential of the blockchain.
There is a lot to learn about this futuristic tech, lets get started to dive into the Velo VELO white paper and start to leverage it to build a more secure and trusted ecosystem for Industry 4.0 applications.
The aim of this blog post is to help you quickly understand about the philosophy behind the Velo VELO white paper.
I can ensue you that, you will be able to understand every bits and pieces related to Velo VELO after going through the Velo VELO white paper.
Without wasting any further time lets get started to dive right in and lets understand white paper first.
What is white paper?
A white paper is an informational, influential, well-structured document, usually published by an organization, to provide in-depth information about a specific solution.
A white paper is used to provide a good insight into the challenges for a specific problem and a proposed solution for the same.
Velo VELO White Paper
Velo VELO white paper will be going to provide you, all the information that is needed to get started with Velo VELO, including the inspiration for creating, the problem it is trying to solve and the solution proposed by Velo VELO white paper.
Velo’s core mission is to build a decentralized settlement network that allows partners to safely and securely transfer value between each other in a timely and transparent way. The initial focus is to serve partners in the remittance and money transfer markets of Southeast Asia. The immediate effects of Velo’s partners using Velo technology will be felt by the large population of underbanked and financially underserved in the region, as they enjoy lower fees, faster transactions, and wider coverage; all without having to directly interact with Velo technology or VELO tokens.
As the use of digital assets increase, there is a need for tools designed to bridge the gap between the physical and digital world. The barriers between various forms of digital payments must be knocked down for competitiveness and productivity to increase for all financial institutions, both large and small.
Velo’s objective is not to replace existing banking infrastructure or fiat money, but instead to complement and connect them to a wide array of partners through a blockchain payment system that also provides for trustless, guaranteed settlement. Velo’s technology basically acts as a guarantor to all digital credit transfers in the network, fostering trust by providing a collateral layer backing all transactions.
The collateral value is representative of the value of in the system. The Velo Network connects Trusted Partners, which are businesses that have been vetted and approved to join the network, to each other through the blockchain. This allows end users of each partner firm to access the benefits and services of other partner firms that are part of the Velo Network.
Digital credits are the medium of exchange, and their settlement is guaranteed by Velo. The VELO token is issued on the Stellar blockchain network, an open-source distributed ledger used specifically for payments. As described on stellar.org, “Stellar has no owner; if anything it’s owned by the public. The software runs across a decentralized, open network and handles millions of transactions each day. Like Bitcoin and Ethereum, Stellar relies on blockchain to keep the network in sync.” The VELO token is used by Trusted Partners as collateral for receiving digital credits and represents a value link between fiat deposits and digital credits.
The Velo Network is a permissioned settlement layer that avoids direct transfers of fiat money while still enabling participants to conduct efficient and secure cross-border transactions. As an optimized liquidity management layer, Velo aims to develop a collection of systems that will promote liquidity among partners and the ecosystem.
One such system will take the form of a decentralized exchange and yet another will intelligently search for cross-country balances that offset the net payment flow, allowing expedient clearing, and minimizing risk. Trusted Partners can exchange fiat money of one origin country for credits backed by VELO. Smart contracts will be employed to link VELO collateral to digital credits and actual fiat deposits, allowing digital credits to be used securely for intraday transactions with other Trusted Partners.Velo_Whitepaper_EN
To get more details about Velo VELO: Velo VELO Website
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