What is Velo? Overview of the Velo project and the VELO Token Token

• What is Velo?
• What problem does Velo need to solve?
• Velo's solutions
• Learn about Velo's ecosystem
• Velo . Project Development Team, Advisors and Partners
• What is VELO token?
• Detailed information about VELO . Token
• VELO Token Allocation
• Token release schedule VELO
• Project development roadmap
• summary

Cross-border remittances are a potential area, directly benefiting from the strong connection between DeFi and CeFi. This is an area that the community is looking forward to. And Velo is a project on the Stellar platform that has made its mark in this area. So what is the Velo project? Is the VELO token a wise investment choice? Let's find out more details with TraderH4 in the article below!

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 – the blockchain with extremely fast transaction speed, 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. 

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. 

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. 

Velo . Project Development Team, Advisors and Partners

Below is information about the project development team, advisory board and strategic partners of Velo Protocol. 

Velo Labs

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.

Powerful strategic partners

Not only has the backing of Velo Labs, a team of experienced advisors, but Velo's strategic partners are also big men. 

CP Group

CP Group, also known as Charoen Pokphand Group, is one of the richest families in Thailand and ranks 21st among the richest families in the world, according to Bloomberg. Currently, this group is active in many fields including food production, animal feed, agriculture, retail and telecommunications. For easy visualization, CP's revenue is 16 times and the number of employees is 10 times that of Vingroup Vietnam. 

Lightnet

Lightnet Pte. Ltd. is a Fintech company headquartered in Singapore. Lightnet supports user disbursements, SME trade finance, with the aim of empowering bank debtors and SME trade finance with a comprehensive international remittance ecosystem. 

Lightnet Corporation uses Velo as its Blockchain protocol and positions itself as the next generation clearing and settlement network across the Asia Pacific region by leveraging blockchain and connecting existing financial systems. yes with its network of cash dealers and wallets. Lightnet's focus is on money transfer services in Southeast Asia, with an estimated $150 billion in annual revenue.

SCB – Siam Commercial Bank

SCB was established by Royal Charter on January 30, 1907 as the first Thai bank. SCB is in the top of the largest commercial banks in Thailand. King Vajiralongkorn is the largest shareholder, owning 23.35% of SCB shares. SCB is also a long-standing bank operating in Thailand, Cambodia and Myanmar. With over 110 years of experience in the industry, SCB is the leading financial services bank in Thailand with deep expertise.

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.

Detailed information about 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
• Token Utility: Digital Credit Score Creation and Digital Credit Mortgage
• Token blockchain platform: 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. 

Currently, according to updated information on CoinMarketCap, from 2020 to now, Velo has only released 1.23 billion VELO out of the project's total supply of 30 billion tokens. 

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 of 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. 

summary

As such, we have shared details of the Velo project. Hopefully through the article readers know what Velo is and get important information about this project. Velo is a project backed by Thailand's leading billionaire, a team of advisors and well-known strategic partners in the industry. However, the market is downtrend and Velo also has to compete fiercely with many of today's top DeFi protocols. Therefore, readers need to carefully study the project and choose the right investment time.