Velas Network Blasts off Through Partnership with SpaceChain into the New-Age Space Race

January 13, 2022

The space race began for humans in the 1950s. Blockchain technology made its first moves outside Earth in February 2018. Elon Musk declared that the race will begin in June 2021. Recent news about SpaceX carrying a Dogecoin-funded payload meant that this cryptocurrency was most likely to make it to the Moon. Elon Musk’s SpaceX Falcon 9 rocket launched the Transporter 3 rideshare mission with several small satellites for government and industry customers on January 13th. At 10:25 AM EST, it lifted off from Space Launch Complex 40 in Cape Canaveral Space Force Station (Florida), (1525 GMT).

Now, Velas Network AG is joining hands with SpaceChain to tap space’s potential for better security and scalability, details from a press release on January 4, 2022, reveal. The partnership, which Velas claims is a compatible high-throughput EVM and carbon neutral blockchain, will allow for the exploration of new markets and applications.

SpaceChain is a unique partnership that extends distributed ledger technology for the unexplored space sector.

SpaceChain has begun to build a decentralized satellite infrastructure in order to be easily accessible by the billion-dollar new space economy. The Bank of America expects that the global space economy will reach $1.4 trillion by 2020, thanks to increased private investment and new business opportunities.

SpaceChain joins forces with Velas

The CEO of Velas, Farkhad Shagulyamov, noted the first milestone reached when the Bitcoin’s transactions were beamed from space. With its collaboration with SpaceChain and Velas Network AG, the partnership opens new opportunities for blockchain users worldwide. Here he is:

“The space race has truly begun and we don’t want to be left behind. Velas’ bold, historic accomplishment is to collaborate with SpaceChain for this mission. The integration of space and blockchain technologies opens up new possibilities. Velas is among the first blockchains that has entered this new race for space. SpaceChain and Velas plan to combine their technologies on the International Space Station. NASA requires a thorough approval and evaluation process to allow for a NASA node at the ISS. This makes it difficult. We are confident that both Velas and SpaceChain have the required technical expertise and resources to take blockchain technology to a new level,” said Farkhad Shagulyamov, Velas co-founder and CEO.

With this agreement, Velas Network will process its technology through the SpaceChain satellite infrastructure (DSI). The deal provides more decentralization as well as better security. This allows the network to rebuff outside attacks and remain censorship free. The DSI, the development team said, is an alliance consortium and a “mesh-network of heterogeneous spacecraft” owned by multiple parties operating from different jurisdictions in low earth orbit.

“We are excited to be part of such significant leaps in the industry. Velas is currently the third blockchain to engage in this space race and we’re happy to work with such a unique partner. SpaceChain’s expertise in these two arenas helps us skyrocket to the future of business operations. We look forward to working closely with SpaceChain to create new solutions and experiences for our users and communities” – Dragos Dumitrascu, Head of Global Partnerships at Velas, said.

This broad base makes the DSI robust and secure against stringent regulations that may originate from any member’s location. This benefits all blockchains including Velas Network that beams transactions over the DSI. Meanwhile, SpaceChain would leverage the Velas Network’s high throughput of over 75k TPS to launch cost-effective dApps, helping them make space more accessible to users.

Velas are in the Spotlight

Velas announced in early 2018 that it had increased its developer grant from $5 million to $100 million and will now do so again in October 2021. This program aims at attracting builders of DeFi and NFTs as well as gaming and other exciting applications to its rail network. Funding up to $100k can be available for eligible projects.

All applicants must submit a business plan, pitch deck and technical details. Successful projects will receive marketing and technical support from the team. Velas hopes this program will help it expand its Web3 reach and network. DVX Games Studio was a beneficiary and recently released the Block Attack Game via Velas.

 

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