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February 28, 2024

Interoperability in Velo’s Network and Beyond‍

Interoperability as a part of Velo’s mission: “To be Trustless, Formless, Borderless and Limitless”

The term interoperability in blockchain means being able to bridge out into other protocols, networks and ecosystems by way of cross-chains, bridges and other forms of technical architecture. This is done with the dynamic  aim of  improving liquidity flows, information sharing, partnership works and synergising of the strong points of different projects.

The Nascent Rise of CBDCs

We are currently in the time before retail mass adoption for the CBDCs (Central Bank Digital Currencies) of the world. Currently there are over a 100 countries working on programmes and pilots for their respective national digital currencies and before this can be implemented, there would need to be a consensus to bridge networks and different protocols together.

This is illustrated by the fact that currently, many projects in the crypto and blockchain space, although some are not government funded and backed compared to XRP (Ripple Labs), are still working on interoperability.

This is a sign of the nascent rise of the coming digital blockchain financial system in which the most probable outcome will lead to digital currencies officiated by individual sovereign states. But before that, there will have to be a foundation laid out and this is done through the current “cryptocurrency age”.

By increasing interoperability between different networks, it is akin to using “a standard gauge for trains operating in different countries”. 

How is Velo Going to Usher This In?

XRP and Ripple is currently working on the standardization of this blockchain financial system by being a bridge asset between different countries’ CBDCs and one of Velo’s core mission is to be the “Ripple of Asia” through the use of her own stablecoins and VELO tokens.

Like XRP, VELO will also be a utility token that allows one to conduct blockchain transactions faster, cheaper and more efficiently compared to traditional methods of remittance companies via the use of her sister company, Lightnet and her slew of TradFi, DeFi and blockchain partners.

Formlessness will be through this new form of decentralized currencies which will be the great equalizer for all, especially those who cannot have access to banking services in regions like Africa and even economically challenged countries in South America where Bitcoin was the game changer for many.

Borderlessness will be a thing of the past as the world works to a new digital age and eventually, a one world currency that will tap on this future interoperability.

Many will feel that the implications for this will be limitless and here at Velo, we will take it step by step to see what else can be offered in order to help the underprivileged, economically challenged and financially excluded.

This is done through our vast product suite with Universe (our hybrid DEX), Orbit (a crypto-to-fiat payments super app that will tap on the coming 2024 Thai government’s free crypto giveaway for the masses), Velo Finance (a staking platform utilizing VELO tokens) and many other services that we plan to unroll over the next few years. Along with Velo’s sister company, Lightnet - blockchain transactions across borders for both institutions and retail users will be facilitated.

Velo Labs - Supercharging the Velocity of Money as we head into the CBDC age.

Written by Sean Lai