Velo October 2019 Roundup

A summary of Velo’s monthly activities & updates

Velo Team
Velo Team
Oct 31 · 2 min read

Welcome to the first edition of the Velo Protocol roundup!

It’s been a while since we announced Velo Protocol in Fortune Magazine, and since then a lot of activity has happened in our office. Even though the project itself seems new to the market, our team has been working on several iterations of the Velo Protocol in order to make a useful product that we hope drives real-world adoption of blockchain technology. We have some exciting news to share regarding our progress and upcoming testnet launch.

Testnet is coming in December 2019

We are buckling down to finish building a protocol for issuing a price-stable credit. Our official testnet will soon be released with SDKs for both developers and trusted partners so they can start integrating our product into their platforms. The first implementation of Velo Protocol, DRSv1, will also be open-source. This implementation is substantially centralized. However, each protocol component will be migrated to on-chain in DRSv2.

Here is a quick recap of what we have done in the last few months:

  • We are finishing the first implementation of Velo Protocol (DRSv1) where we keep all data on-chain while the generation of Stellar Smart Contracts (SSCs) for issuing and redeeming stable-credit are kept off-chain and centralized.
  • We then plan to kick-off the implementation of DRSv2 as we want to be more decentralized and more dynamic in terms of business logics. In order to expedite the migration of the protocol to DRSv2, we will use Stellar as our base-chain with an alternative smart contract solution. We believe this change will open up more opportunities in the long-run and provide a solid foundation to build from.
  • Apart from DRSv1, we will release the `gvel`, our command line tool, and faucet to enable developers, users, and trusted partners to play around with the protocol.

You can check the transactions above have been executed on Stellar testnet here:

What’s next?

Keeping our community updated is our priority. We will now give regular updates on Velo Protocol, covering all aspects related to products, marketing, and business partnerships. We have just announced our first partnership with Carry Protocol.

If facilitating mass adoption of blockchain technology is what interests you, don’t forget to subscribe to our Telegram and Twitter!

For more information & update, please follow:

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Velo Protocol

Velo Team

Written by

Velo Team

The next generation financial protocol built to enhance the current Credit and Reserve infrastructure using smart contract

Velo Protocol

Velo is the next generation financial protocol built to enhance the current Credit and Reserve infrastructure using smart contract reserve system to enable stable digital credit issuance and borderless value transfers for businesses.

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