Velas blockchain was used on Earth orbit
Velas performed a transaction in space, using a node. Thus, the Velas blockchain became the third to have its own device in Earth orbit. The first was bitcoin and Qtum.
The satellite itself was launched by SpaceX, and SpaceChain, a blockchain-based platform from Singapore, took part in the project. Spire Globe developed the device to analyze and process information in space.
The Velas node allows transactions in space, while it interacts with smart contracts. The device also allows the creation of NFTs. The device also allows the creation of NFTs. The whole process is that a team located on Earth sends a transaction to the satellite, but it is unsigned. In turn, the node receives its data, signs it, and sends the information back to Earth. Then the already processed transaction is uploaded to the Velas network, and the validators place it on the block.
In order for such a complex process to go smoothly and quickly, SpaceChain was involved in the project. The company is a leader in the emerging space economy sector. Its platform works with blockchain, developing its infrastructure to interact with future technologies.
The project from Velas carries great significance for the development of financial services. The ability to conduct transactions in space opens up great possibilities for expanding the options for using a centralized system. In addition, Velas representatives say they will continue to work with SpaceChain on the concept. In the near future, the companies intend to install the node on the ISS.Velas is a blockchain based on a hybrid Proof-of-Stake and Proof-of-History algorithm. Velas is compatible with many systems, so smart contracts can be created in different programming languages. In addition, this blockchain allows integration with processes using Ethereum without complex rework. The development of the blockchain belongs to the Velas Network of Switzerland. It was introduced in 2019.
The network processes more than 50 thousand transactions in just 1 second, for such a result the creators used several innovations. For example, they applied validator clustering, and the system also supports eBPF. Thanks to the last innovation, the virtual machine can work with the code directly in the kernel of the operating system. The speed of processing depends on the structure and the capacity of the provider. If it is properly set up, the throughput has the potential to increase to 70,000 operations per second.
The native blockchain token is VLX, which is used to pay transaction fees and payments to validators. Owners of such a token when depositing it in the Velas Wallet stack can receive remuneration. The wallet has full and mobile versions.