What Is Velo (VELO)?

Velo (VELO) is a next-generation financial platform based on blockchain technology. The Velo protocol is a decentralized settlement network that consists of a digital credit issuance mechanism and a digital reserve system. Digital credit products refer to the new and innovative form of acquiring electronic money from the emerging digital financial services market. The components permit trusted partners to tap into the functional efficiency, clarity of the Velo protocol, and distributed ledger technology. Velo aims to make a decentralized payment network that permits its trusted partners to transfer value among one another securely, quickly, and with utmost transparency. 

Interestingly, the Velo platform further aims to solve the issues of local adoption of blockchain technology in the current geography of financial services. The Velo network employs a smart contract system to encourage digital insurance and borderless asset transfer for businesses. Smart contracts are just like regular contracts; however, instead of being drafted on paper, these contracts run in the form of protocols on the blockchain. 

The network suggests aiding in issuing collateral-backed digital credits for the possibilities of use in the real world. Velo ecosystem's focus would be on business partners in the payment and money transfer. According to its whitepaper, the Velo platform's technology essentially supports all digital credit transfers in the network.

Further, the VELO tokens are the native tokens developed to settle digital credits issued in the ecosystem. With the growing value of digital credits, the token holders' value also increases. The tokens are issued on the Stellar blockchain network. Stellar blockchain is an open-source circulated ledger used precisely for payments. The tokens' trusted partners must purchase VELO tokens to obtain digital credits to meet functional demands.  

History of Velo (VELO)

Mike Kennedy founded the Velo platform and serves as its CEO. The token's total supply is 29,999,999,991.00 VELO tokens.