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

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)

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 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.