Velo Labs
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Velo Labs

Velo Labs 2020 Roadmap Status Update! Testnet!

2020 has been a milestone year for Velo Labs. Despite navigating the unexpected difficulties presented by the COVID-19 pandemic, the Velo Labs team issued the VELO token, listed VELO on its first exchange and forged meaningful partnerships with world class companies like Visa. However, 2020 will be remembered, first and foremost, as a year of development.

Early in the year, the Velo Labs team published an extensive roadmap. The team indicated that Velo Protocol, Testnet, Dashboard, Wallet and Mainnet milestones would all be hit prior to the end of the year. The Velo Labs team previously confirmed that all development targets for the Velo Protocol have been met, on schedule. This update covers the Testnet.

What is the Testnet?

To execute on their mission to build a Federated Credit Exchange Network connecting legacy finance, CeFi and DeFi industries, Velo Labs requires several functions that can only be achieved by Turing-complete smart contracts.

These advanced functions, which include the Velo Protocol’s Digital Credit Issuance Mechanism, Digital Reserve System and Hermes Warp Protocol, are accomplished using a proprietary blockchain called Evrynet. As is standard practice, the Velo Labs team has been using a testnet to ensure that every aspect of their Federated Credit Exchange Networks works as intended.

The Evrynet Testnet is identical to the eventual Evrynet Mainnet, with a couple major exceptions:

  • First, the Evrynet Testnet uses Testnet VELO tokens. This allows the Velo Labs team the freedom to experiment without having to use tokens with value.
  • Second, Velo Labs is controlling the activities of all Testnet environment participants to test as many scenarios as possible. This will, naturally, not be the case once the Evrynet Mainnet is released.

By using a testnet, the Velo Labs team is able to accurately simulate real-world environments to identify and correct any technical issues or unintended consequences. Users can examine Evrynet Testnet data using the Evrynet Blockchain Explorer.

How to use the Evrynet Blockchain Explorer?

When accessing the Evrynet Blockchain Explorer homepage, users are met with two panels: one charts daily transactions while the other lists the value of the test token. Please note that testnet tokens are given artificial dollar values for testing purposes.

Below these is a widget that visualizes each new block as they are produced. Users can hover over each block for further details.

The Evrynet Blockchain Explorer also lists an overview listing the block height, total number of transactions, total number of smart contracts and the total number of accounts.

The bottom of the homepage lists further details about the number of wallet addresses, individual blocks and transactions.

Users can also click through each block or transaction to view more detailed technical information. Alternatively, users can explore a comprehensive history of each block, transaction and account by clicking the relevant tab at the top of the homepage.

What is the current status of the Testnet?

The Velo Labs team launched the Testnet back in early September 2020. Since then, they have been hard at work testing each and every component of the Velo Protocol and the Federated Credit Exchange Network. With that said, the team is happy to announce no major issues surfaced during testing that would require any delay!

What still needs to be done?

After the launch of the Mainnet, the Testnet will continue to be maintained to test new features and iron out whatever technical quirks emerge in a controlled environment before rolling out updates to the Mainnet. The Evrynet Blockchain Explorer will also continue to be improved and updated. User feedback is always welcome at hello@velo.org.

This is the second in a five-part series providing updates on Velo Labs’ current status and latest developments. Part 1 revealed that development of the core components of the Velo Protocol has been completed and audited.

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Velo Protocol

A blockchain financial protocol enabling digital credit issuance and borderless asset transfers for businesses using a smart contract system