Velas Network Blasts off Through Partnership with SpaceChain into the New-Age Space Race
January 13 2022 - 10:30AM
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While the space race for humanity began in the mid-1950s,
blockchain technology took its first steps outside Earth in
February 2018, and now Elon Musk has declared the start of the
space race in early June 2021. With the recent news that SpaceX was
going to carry some payload funded by Dogecoin, the latter was
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 13th. It lifted off from Space Launch Complex
40 at Cape Canaveral Space Force Station in Florida, at 10:25 a.m.
EST (1525GMT) A new space race has begun! — Elon Musk (@elonmusk)
June 6, 2021 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. According
to Velas, a high throughput EVM compatible and carbon-neutral
blockchain, the partnership will be a positive step to explore new
markets and use cases. The deal with SpaceChain, one of the few
blockchain companies extending distributed ledger technology to
serve the underexplored space industry, is unprecedented and
symbiotic. SpaceChain is building decentralized satellite
infrastructure to make it easily accessible for the new space
economy worth billions. Because of increasing private investments
and new business opportunities, the Bank of America predicts the
space economy to reach $1.4 trillion in a decade. Velas Join Forces
with SpaceChain The CEO of Velas, Farkhad Shagulyamov, noted the
first milestone reached when the Bitcoin’s transactions were beamed
from space. The Velas Network AG is following suit with its
partnership with SpaceChain, opening new horizons for blockchain
and its global users. He is quoted: “The space race has truly begun
and we don’t want to be left behind. Collaborating with SpaceChain
on this mission is a bold and historical achievement for Velas.
There are boundless possibilities and new opportunities created by
the integration of blockchain and space technologies. Velas is one
of the first blockchains to engage in this new space race. Velas
and SpaceChain aim to integrate their technology on the
International Space Station (ISS). Having a node on the ISS is a
challenging task as NASA has a rigorous evaluation and approval
process. 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. From this deal, the Velas Network will be
processing its technology via the SpaceChain decentralized
satellite infrastructure (DSI), leading to more decentralization
and better security, helping the network rebuff external attacks
while remaining censorship resistant. 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. In turn, this
broadly benefits blockchains, including Velas Network, beaming its
transactions via 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 joins the space race to become one of the first
blockchains operating in space above Earth 🌍 📄 Read the full press
release → https://t.co/bb00Uthrw1 Featured also on🔹 Cointelegraph
https://t.co/BXZlnaHEo3🔹 Cryptomode
https://t.co/kDdntfgc5s#cryptocurrency pic.twitter.com/Eu4UFMhU0R —
Velas (@VelasBlockchain) January 3, 2022 Velas in the Spotlight
Earlier in October 2021, Velas increased its developer grant to
$100 million from $5 million, announced early last year. The
project aims to attract builders of DeFi, NFTs, gaming, and other
exciting dApps on its rail through this program. Eligible projects
can receive up to $100k in funding. Applicants must include a
business plan, a pitch deck, technical details of their product,
and how it shall contribute positively to the Velas ecosystem. In
turn, successful projects would receive technical and marketing
support from the team. Through this program, Velas aims to expand
its ecosystem and Web3 reach. DVX Games Studio, a beneficiary,
recently launched the Block Attack Game on Velas.
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