The Velo project is a blockchain project that will revolutionize the financial industry. What is interesting about the project is that it was created by well-known figures in the Thai business community, including Mr. Chatchawan Chearavanont of Charoen Pokphand Group and Stellar co-founder Jed McCaleb. . Velo is actually an open protocol that allows its affiliates or anyone else to create digital credit. The valuable thing about this digital credit is that it can be used for many purposes in its business.
VELO coin price today
＄0.14 ≈ ¥0.98
##What is the total amount of VELO coin issued?
According to the editor's investigation, the total issuance of VELO coins is 30 billion, the circulation is 947 million, and the circulation rate is 3.2%. On a technical level, Velo is a series of smart contracts used to issue digital credits linked to fiat deposits, with values backed by VELO tokens on EvryNet. EvryNet is a protocol that supports multiple smart contract functions. VELO is a token issued on the Stellar blockchain network and is used for settlement and clearing of VELO token transactions.
When a trusted partner receives a legal currency deposit from the partner, they can immediately obtain digital credit of the same value by sending VELO tokens to the Velo protocol for mortgage. The existence of DRS is a key factor in ensuring that these digital credits are always guaranteed by enough VELO tokens and correspond to the original value of the legal currency deposited. But at the same time, the price of VELO tokens will fluctuate on the open market. The design of DRS ensures the anchoring of value by dynamically adjusting the number of VELO tokens, so that the correspondence between tokens and digital credit is as close as possible to 1:1.
Comprehensive introduction to the VELO coin project
Velo consists of a series of protocols and software objects that make up the components described in this article. To achieve its goals, Velo also draws inspiration from various blockchain technologies and software systems.
Velo is a set of smart contracts that issue digital credit through the EvryNet extension of the Stellar network. EvryNet is an extension on the Stellar blockchain network that supports smart contract functions. VELO tokens are issued on the Stellar blockchain network and are used for transaction settlement and clearing of VELO tokens.
VELO tokens and digital credits are ordinary Stellar assets and follow the rules and semantics of all Stellar assets. Stellar provides a solid foundation for maintaining a robust account balance ledger, but does not support the complex smart contract semantics necessary to build the entire Velo protocol. We can choose any smart contract platform to build smart contracts, such as Ethereum, Tendermint or Evrynet - a smart financial services platform.
The Velo protocol will use a cross-chain protocol called "Warp" co-developed with Evrynet to connect two different blockchains: one is the Stellar blockchain for real-time, reliable movement of digital assets ; One is the smart contract chain, which provides the ability to deploy and execute smart contracts to build a digital reserve system.
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