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

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While the space race for humanity began in the mid-1950s, blockchain technology took its first steps beyond Earth in February 2018, and now Elon Musk has announced the start of the Space Race in early June 2021. With recent news that SpaceX was going to carry some Dogecoin-funded payload The latter is likely to be the first cryptocurrency to reach 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 13. It lifted off from Space Launch Complex 40 at Cape Canaveral Space Force Station in Florida, 10:25 a.m. EDT (1525 GMT)

A new space race has begun!

– Elon Musk (@elonmusk) June 6, 2021

Now, Velas Network AG is collaborating with SpaceChain to leverage the space’s potential to improve security and scalability, details revealed from a press release on January 4, 2022. According to Velas, a high-throughput, carbon-neutral EVM-compliant blockchain, the partnership will be a positive step to explore the markets of New and use cases.

The deal with SpaceChain, one of the few blockchain companies extending distributed ledger technology to serve the undiscovered space industry, is an unprecedented symbiotic one.

SpaceChain is building a decentralized and accessible satellite infrastructure for the new multi-billion dollar space economy. Due to increased private investment and new business opportunities, Bank of America expects the space economy to reach $1.4 trillion within a decade.

Vilas joins forces with SpaceChain

Vilas CEO Farkhad Shagulyamov noted the first milestone reached when bitcoin transactions were teleported from space. Velas Network AG is following suit with its partnership with SpaceChain, which opens new horizons for the blockchain and its global users. Quote him:

“The space race has already begun and we don’t want to be left behind. Collaborating with SpaceChain on this mission is a bold and historic feat for Vilas. There are unlimited possibilities and new opportunities created through the merging of blockchain and space technologies. Vilas is one of the first blockchains to participate in the race. This new space Velas and SpaceChain aim to integrate their technology into the International Space Station (ISS).Having a node on the International Space Station is a challenging task as NASA has a rigorous evaluation and certification process in place. We are Velas co-founder and CEO Farhad Shagolyamov. We are confident that both Velas and SpaceChain have the technical expertise and resources to take blockchain technology to a new level.

With this transaction, Velas Network will process its technology across the Decentralized Satellite Infrastructure (DSI) SpaceChain, further decentralizing and improving security, helping the network fend off external attacks while still resisting censorship. The development team said that DSI is an alliance consortium and a multi-party owned “interconnected network of heterogeneous spacecraft” operating from different jurisdictions in low Earth orbit.

“We are excited to be a part of this huge leap in the industry. Vilas is currently the third blockchain to participate in this space race and we are delighted to work with this unique partner. SpaceChain’s expertise in these two arenas helps us rise to the future of commercial operations. We look forward to working closely with SpaceChain To create new solutions and experiences for our users and communities” – said Dragos Dumitrascu, Head of Global Partnerships at Velas.

This broad base makes DSI strong and secure against the strict regulations that may arise from any member’s site. In turn, this broadly benefits block chains, including the Velas Network, which transmits its transactions via DSI. Meanwhile, SpaceChain will take advantage of the high throughput of the Velas network of more than 75,000 TPS to launch cost-effective dApps, helping it make the space more accessible to users.

#Velas joins the space race to become one of the first blockchains operating in space above Earth

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Read the full press release → https://t.co/bb00Uthrw1

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Cointelegraph https://t.co/BXZlnaHEo3🔹 Crypto code https://t.co/kDdntfgc5s#cryptocurrency pic.twitter.com/Eu4UFMhU0R

— Velas (@VelasBlockchain) Jan 3, 2022

Vilas in the spotlight

Earlier in October 2021, Vilas raised the developer’s grant to $100 million from the $5 million, announced early last year. The project aims to attract DeFi builders, NFTs, games, and other exciting dApps on a railroad through this program. Eligible projects can receive funding of up to $100,000.

Applicants must include a business plan, presentation platform, technical details of their product, and how it will contribute positively to the Velas ecosystem. In return, successful projects will receive technical and marketing support from the team. Through this program, Velas aims to expand its ecosystem and access to Web3. DVX Games Studio, the benefactor, recently launched the Block Attack Game on Velas.

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